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11794.643870944452 10048.49 10235.239384381915 9949.76 10161.111983761215 10860.89 11125.343859323373 8430.62 8520.439191843843 8704.31 8819.486513357462 9204.91 9351.544482286097 9999.99 10000 10195.73 10241.803589679586 10434.77 10511.689387431208 32970.17 38759.91 12956.57 16982.62 20052.49 25723.27 21006.39 26450.71 10000.02 11183.00 13583.35 11732.37 13489.27 14587.33 15452.50 17106.22 10000.00 10298.26 11466.80 9154.23 9341.16 10889.68 false 0000711175 N-1A true true true true true true true true true true true true true true true true true true true true true true true true true true true true N-CSR Prudential Series Fund 2025-12-31 PSF Global Portfolio Class I <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">This annual shareholder report contains important information about the Class I shares of PSF Global Portfolio (the “Portfolio”) for the period of </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">January 1, 2025 to December 31, 2025.</div> annual shareholder report <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">You can find additional information about the Portfolio at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">www.prudential.com/variableinsuranceportfolios</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">. You can also request this </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">information by contacting us at (800) 346-3778.</div> www.prudential.com/variableinsuranceportfolios (800) 346-3778 This report describes changes to the Portfolio that occurred during the reporting period. <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">(Based on a hypothetical $10,000 investment)</div><div style="color:#000000;font-family:Arial Narrow;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">PSF Global Portfolio—Class I</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$65</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">0.59%</div></div></div></td></tr></table></div> 65 0.0059 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT AFFECTED THE PORTFOLIO’S PERFORMANCE DURING THE REPORTING PERIOD?</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">The Portfolio’s strongest contribution to performance compared to its benchmark came from a few key areas. The Global Core 1% Tracking </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Error sleeve sub-advised by PGIM Quantitative Solutions (PQS) delivered particularly impressive results relative to the MSCI World Index </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">(GD) and served as the main driver of outperformance during the reporting period. Growth-focused exposures—including the State Street </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">SPDR S&amp;P 500 Growth ETF and the Vanguard S&amp;P 500 Growth ETF—also added meaningful value, as growth-oriented companies continued </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">to lead the market. In addition, PSF PGIM Jennison Value Portfolio contributed to performance, benefiting from its ability to identify attractive </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">opportunities within the value segment.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Strategic asset allocation tilts detracted modestly from the Portfolio’s return during the reporting period. Within manager and security selection, </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">the Vanguard Dividend Appreciation ETF struggled in the “risk on” environment that prevailed for much of the reporting period. The PSF PGIM </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Jennison Growth Portfolio lagged the MSCI USA Large Growth Index, reflecting the continued dominance of mega cap stocks within the </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">benchmark. Allocations to S&amp;P 500 Value ETFs detracted from performance as well. The PSF Small-Cap Stock Index Portfolio </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">underperformed due to its higher quality bias as the market saw a rally in lower quality, non-earning small companies. Finally, the PGIM </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Jennison International Opportunities Fund lagged the MSCI EAFE Growth Index, as value-oriented stocks led the international equity market </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">during the reporting period.</div></div></div> The Portfolio's past performance is not a good predictor of the Portfolio's future performance. <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">The returns do not reflect the deduction </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.</div> <img alt=" " src="g53527g1psfglobalcl1.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Average Annual Total Returns as of December 31, 2025</div></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">One Year (%)</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Five Years (%)</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Ten Years (%)</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">22.03%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">10.04%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">11.41%</div></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">MSCI World Index (GD)</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">21.60%</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">12.66%</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">12.74%</div></div></div></td></tr></table> Portfolio 0.2203 0.1004 0.1141 MSCI World Index (GD) 0.216 0.1266 0.1274 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?</div><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15.27pt;display:inline;">1,068,341,241</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Number of portfolio holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">537</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:31.16pt;display:inline;">5,177,112</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">123%</div></div></div></td></tr></table> 1068341241 537 5177112 1.23 <div style="float:left;height:8pt;margin-left:48pt;margin-top:40pt;width:528pt"><div style="line-height:14.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 12/31/2025?</div></div></div><div style="clear:both"> </div><div style="float:left;margin-left:48pt;margin-top:18pt;width:258pt;min-height:323pt"><div style="line-height:1.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div><div style="line-height:1.0pt;margin-top:-1pt;text-align:left"> </div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Industry Classification</div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr> <tr style="height:40pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Affiliated Mutual Fund - Short-Term Investment </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">(1.2% represents investments purchased with </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">collateral from securities on loan)</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">32.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Unaffiliated Exchange-Traded Funds - Equity</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">12.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Semiconductors &amp; Semiconductor Equipment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">6.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Software</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">4.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Banks</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">4.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Interactive Media &amp; Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Technology Hardware, Storage &amp; Peripherals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Pharmaceuticals</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Capital Markets</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Financial Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Broadline Retail</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Oil, Gas &amp; Consumable Fuels</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Aerospace &amp; Defense</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Insurance</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Automobiles</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Machinery</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Metals &amp; Mining</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:13pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Health Care Equipment &amp; Supplies</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr></table></div></div><div style="float:left;margin-left:12pt;margin-top:18pt;width:258pt;min-height:323pt"><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Industry Classification</div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Consumer Staples Distribution &amp; Retail</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Biotechnology</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Health Care Providers &amp; Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">IT Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Specialty Retail</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electronic Equipment, Instruments &amp; Components</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Food Products</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electrical Equipment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electric Utilities</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Hotels, Restaurants &amp; Leisure</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Diversified Telecommunication Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Entertainment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Industrial Conglomerates</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Others*</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">8.2%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">101.1%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">(1.1)%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">100.0%</div></div></div></div></td></tr></table></div><div style="line-height:1.0pt;text-align:right"><div style="color:#000000;font-family:Arial Narrow;font-size:1pt;line-height:1pt;display:inline;"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:auto"> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:8.53pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">*</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:249.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">Consists of Industries that each make up less than 0.5% of the Portfolio's net assets</div></div></div></td></tr></table></div></div> 0.328 0.123 0.062 0.043 0.042 0.034 0.029 0.023 0.02 0.017 0.017 0.016 0.016 0.015 0.014 0.012 0.01 0.01 0.01 0.01 0.01 0.01 0.008 0.008 0.007 0.007 0.007 0.006 0.005 0.005 0.005 0.082 1.011 -0.011 1 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WERE THERE ANY SIGNIFICANT CHANGES TO THE PORTFOLIO THIS YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">The following is a summary of certain changes to the Portfolio since January 1, 2025.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Effective May 1, 2025, the Board of Trustees of Advanced Series Trust approved removing LSV Asset Management, Massachusetts Financial </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Services Company, T. Rowe Price Associates, Inc. and William Blair Investment Management, LLC as subadvisers to the Portfolio. In </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">connection with these changes certain revisions were made to the Portfolio’s principal investment strategies to reflect the different mix of </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">subadvisers of the Portfolio, and the Portfolio’s principal risk disclosure was revised to include Exchange-Traded Funds (ETF) Risk and Fund of </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Funds Risk as principal risks of the Portfolio. </div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">PGIM Investments LLC, the investment manager of the Portfolio (the “Manager”), agreed to contractually waive 0.0465% of its investment </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">management fee through April 30, 2025. This arrangement was terminated after completion of this term. Effective May 1, 2025, the Manager </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">agreed to contractually limit expenses to 0.705% through June 30, 2026.  </div></div></div><div style="line-height:12.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">For more complete information, you should review the Portfolio’s current prospectus including any applicable supplements, and the Portfolio’s next </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">prospectus, which we expect to be available by May 1, 2026, at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">www.prudential.com/variableinsuranceportfolios</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">or by request at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">(800) 346-3778.</div></div></div> 2025-01-01 www.prudential.com/variableinsuranceportfolios (800) 346-3778 PSF Global Portfolio Class III <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">This annual shareholder report contains important information about the Class III shares of PSF Global Portfolio (the “Portfolio”) for the period of </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">January 1, 2025 to December 31, 2025.</div> annual shareholder report <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">You can find additional information about the Portfolio at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">www.prudential.com/variableinsuranceportfolios</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">. You can also request this </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">information by contacting us at (800) 346-3778.</div> www.prudential.com/variableinsuranceportfolios (800) 346-3778 This report describes changes to the Portfolio that occurred during the reporting period. <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">(Based on a hypothetical $10,000 investment)</div><div style="color:#000000;font-family:Arial Narrow;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">PSF Global Portfolio—Class III</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$92</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">0.83%</div></div></div></td></tr></table></div> 92 0.0083 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT AFFECTED THE PORTFOLIO’S PERFORMANCE DURING THE REPORTING PERIOD?</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">The Portfolio’s strongest contribution to performance compared to its benchmark came from a few key areas. The Global Core 1% Tracking </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Error sleeve sub-advised by PGIM Quantitative Solutions (PQS) delivered particularly impressive results relative to the MSCI World Index </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">(GD) and served as the main driver of outperformance during the reporting period. Growth-focused exposures—including the State Street </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">SPDR S&amp;P 500 Growth ETF and the Vanguard S&amp;P 500 Growth ETF—also added meaningful value, as growth-oriented companies continued </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">to lead the market. In addition, PSF PGIM Jennison Value Portfolio contributed to performance, benefiting from its ability to identify attractive </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">opportunities within the value segment.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Strategic asset allocation tilts detracted modestly from the Portfolio’s return during the reporting period. Within manager and security selection, </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">the Vanguard Dividend Appreciation ETF struggled in the “risk on” environment that prevailed for much of the reporting period. The PSF PGIM </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Jennison Growth Portfolio lagged the MSCI USA Large Growth Index, reflecting the continued dominance of mega cap stocks within the </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">benchmark. Allocations to S&amp;P 500 Value ETFs detracted from performance as well. The PSF Small-Cap Stock Index Portfolio </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">underperformed due to its higher quality bias as the market saw a rally in lower quality, non-earning small companies. Finally, the PGIM </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Jennison International Opportunities Fund lagged the MSCI EAFE Growth Index, as value-oriented stocks led the international equity market </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">during the reporting period.</div></div></div><div style="line-height:0.00pt;text-align:left"><div style="color:#000000;float:right;font-family:Arial;font-size:9.70pt;line-height:0.00pt;display:inline;"> </div><div style="color:#000000;font-family:Arial;font-size:9.70pt;line-height:0.00pt;display:inline;"> </div></div> The Portfolio's past performance is not a good predictor of the Portfolio's future performance. <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">The returns do not reflect the deduction </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.</div> <img alt=" " src="g53527g2psfglobalcl3.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="3" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Average Annual Total Returns as of December 31, 2025</div></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:351.14pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">One Year (%)</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Since Inception (%)</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:351.14pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">21.73%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">8.13%</div></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:351.14pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">MSCI World Index (GD)</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">21.60%</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">11.33%</div></div></div></td></tr></table><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:italic;display:inline;">Portfolio Inception: 04/26/2021. </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">Since Inception returns are provided because the Portfolio has less than 10 fiscal years of returns. Since Inception returns for the Indexes are </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">measured from the closest month-end to the Portfolio’s inception date.</div></div></div> Portfolio 0.2173 0.0813 MSCI World Index (GD) 0.216 0.1133 2021-04-26 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?</div><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15.27pt;display:inline;">1,068,341,241</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Number of portfolio holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">537</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:31.16pt;display:inline;">5,177,112</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">123%</div></div></div></td></tr></table> 1068341241 537 5177112 1.23 <div style="float:left;height:8pt;margin-left:48pt;margin-top:40pt;width:528pt"><div style="line-height:14.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 12/31/2025?</div></div></div><div style="clear:both"> </div><div style="float:left;margin-left:48pt;margin-top:18pt;width:258pt;min-height:323pt"><div style="line-height:1.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div><div style="line-height:1.0pt;margin-top:-1pt;text-align:left"> </div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Industry Classification</div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr> <tr style="height:40pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Affiliated Mutual Fund - Short-Term Investment </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">(1.2% represents investments purchased with </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">collateral from securities on loan)</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">32.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Unaffiliated Exchange-Traded Funds - Equity</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">12.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Semiconductors &amp; Semiconductor Equipment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">6.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Software</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">4.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Banks</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">4.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Interactive Media &amp; Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Technology Hardware, Storage &amp; Peripherals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Pharmaceuticals</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Capital Markets</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Financial Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Broadline Retail</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Oil, Gas &amp; Consumable Fuels</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Aerospace &amp; Defense</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Insurance</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Automobiles</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Machinery</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Metals &amp; Mining</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:13pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Health Care Equipment &amp; Supplies</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr></table></div></div><div style="float:left;margin-left:12pt;margin-top:18pt;width:258pt;min-height:323pt"><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Industry Classification</div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Consumer Staples Distribution &amp; Retail</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Biotechnology</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Health Care Providers &amp; Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">IT Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Specialty Retail</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electronic Equipment, Instruments &amp; Components</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Food Products</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electrical Equipment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electric Utilities</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Hotels, Restaurants &amp; Leisure</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Diversified Telecommunication Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Entertainment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Industrial Conglomerates</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Others*</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">8.2%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">101.1%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">(1.1)%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">100.0%</div></div></div></div></td></tr></table></div><div style="line-height:1.0pt;text-align:right"><div style="color:#000000;font-family:Arial Narrow;font-size:1pt;line-height:1pt;display:inline;"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:auto"> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:8.53pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">*</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:249.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">Consists of Industries that each make up less than 0.5% of the Portfolio's net assets</div></div></div></td></tr></table></div></div><div style="clear:both"> </div> 0.328 0.123 0.062 0.043 0.042 0.034 0.029 0.023 0.02 0.017 0.017 0.016 0.016 0.015 0.014 0.012 0.01 0.01 0.01 0.01 0.01 0.01 0.008 0.008 0.007 0.007 0.007 0.006 0.005 0.005 0.005 0.082 1.011 -0.011 1 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WERE THERE ANY SIGNIFICANT CHANGES TO THE PORTFOLIO THIS YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">The following is a summary of certain changes to the Portfolio since January 1, 2025.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Effective May 1, 2025, the Board of Trustees of Advanced Series Trust approved removing LSV Asset Management, Massachusetts Financial </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Services Company, T. Rowe Price Associates, Inc. and William Blair Investment Management, LLC as subadvisers to the Portfolio. In </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">connection with these changes certain revisions were made to the Portfolio’s principal investment strategies to reflect the different mix of </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">subadvisers of the Portfolio, and the Portfolio’s principal risk disclosure was revised to include Exchange-Traded Funds (ETF) Risk and Fund of </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Funds Risk as principal risks of the Portfolio. </div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">PGIM Investments LLC, the investment manager of the Portfolio (the “Manager”), agreed to contractually waive 0.0465% of its investment </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">management fee through April 30, 2025. This arrangement was terminated after completion of this term. Effective May 1, 2025, the Manager </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">agreed to contractually limit expenses to 0.705% through June 30, 2026. </div></div></div><div style="line-height:12.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">For more complete information, you should review the Portfolio’s current prospectus including any applicable supplements, and the Portfolio’s next </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">prospectus, which we expect to be available by May 1, 2026, at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">www.prudential.com/variableinsuranceportfolios</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">or by request at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">(800) 346-3778.</div></div></div> 2025-01-01 www.prudential.com/variableinsuranceportfolios (800) 346-3778. PSF PGIM 50/50 Balanced Portfolio Class I <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">This annual shareholder report contains important information about the Class I shares of PSF PGIM 50/50 Balanced Portfolio (the “Portfolio”) <div style="display:inline;">for </div></div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">the period of January 1, 2025 to December 31, 2025.</div> annual shareholder report <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">You can find additional information about the Portfolio at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">www.prudential.com/variableinsuranceportfolios</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">. You can also request this </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">information by contacting us at (800) 346-3778.</div> www.prudential.com/variableinsuranceportfolios (800) 346-3778 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">(Based on a hypothetical $10,000 investment)</div><div style="color:#000000;font-family:Arial Narrow;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">PSF PGIM 50/50 Balanced Portfolio—Class I</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$62</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">0.58%</div></div></div></td></tr></table></div> 62 0.0058 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT AFFECTED THE PORTFOLIO’S PERFORMANCE DURING THE REPORTING PERIOD?</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks during the </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">reporting period. The announcement of “Liberation Day” tariffs in April 2025 triggered a sharp sell-off, but equity markets recovered and gained </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">additional ground after the US administration softened its position on its trade and tariff policies.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Three Federal Reserve policy rate cuts positively impacted US stocks during the reporting period. Fixed income assets also posted gains </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">following the interest rate cuts but were much more modest than the returns posted by risk assets.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">An overweight allocation to equities contributed to the Portfolio’s performance relative to its Custom Blended Index during the reporting period. </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">The Portfolio was broadly overweight equities, with this weight increasing in the second half of the reporting period at the expense of </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">fixed income.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">The underweight allocation to fixed income also contributed to performance, as fixed income lagged risk assets over the reporting period.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Non-US stocks outperformed US equities during the reporting period. This benefitted the Portfolio’s off-benchmark position in international </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">equities, which steadily increased during the reporting period. The Portfolio held a very modest position in S&amp;P 500 Index futures, which </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">provided flexibility to manage equity exposure and had a slightly positive impact on performance.</div></div></div> The Portfolio's past performance is not a good predictor of the Portfolio's future performance. <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">The returns do not reflect the deduction </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.</div> <img alt=" " src="g53527g3psfpgim5050cl1.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Average Annual Total Returns as of December 31, 2025</div></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">One Year (%)</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Five Years (%)</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Ten Years (%)</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">12.16%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">7.20%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">8.19%</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">S&amp;P 500 Index</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">17.88%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">14.42%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">14.82%</div></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Custom Blended Index*</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">12.34%</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">7.41%</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">8.54%</div></div></div></td></tr></table><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">*The Portfolio’s Custom Blended Index is a model portfolio consisting of the S&amp;P 500 Index (50%), Bloomberg US Aggregate Bond Index (40%), and FTSE 3-Month US Treasury <div style="display:inline;">Bill </div></div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">Index (10%).</div></div></div> Portfolio 0.1216 0.072 0.0819 S&P 500 Index 0.1788 0.1442 0.1482 Custom Blended Index 0.1234 0.0741 0.0854 <div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?</div><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15.27pt;display:inline;">2,837,935,068</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Number of portfolio holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1,725</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:26.63pt;display:inline;">14,980,771</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">54%</div></div></div></td></tr></table> 2837935068 1725 14980771 0.54 <div style="float:left;height:8pt;margin-left:48pt;margin-top:40pt;width:528pt"><div style="line-height:14.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 12/31/2025?</div></div></div><div style="clear:both"> </div><div style="float:left;margin-left:48pt;margin-top:18pt;width:258pt;min-height:413pt"><div style="line-height:1.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div><div style="line-height:1.0pt;margin-top:-1pt;text-align:left"> </div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Industry Classification</div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr> <tr style="height:40pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Affiliated Mutual Fund - Short-Term Investment </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">(1.6% represents investments purchased with </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">collateral from securities on loan)</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">12.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">U.S. Government Agency Obligations</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">10.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Semiconductors &amp; Semiconductor Equipment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">7.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Software</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">5.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Banks</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">5.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Interactive Media &amp; Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">4.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Collateralized Loan Obligations</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">4.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Technology Hardware, Storage &amp; Peripherals</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Commercial Mortgage-Backed Securities</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Automobiles</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Pharmaceuticals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Broadline Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Financial Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Capital Markets</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Aerospace &amp; Defense</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Oil, Gas &amp; Consumable Fuels</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">U.S. Treasury Obligations</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Insurance</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Health Care Equipment &amp; Supplies</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Residential Mortgage-Backed Securities</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electric</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Hotels, Restaurants &amp; Leisure</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.9%</div></div></div></td></tr> <tr style="height:13pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Consumer Staples Distribution &amp; Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.9%</div></div></div></td></tr></table></div></div><div style="float:left;margin-left:12pt;margin-top:18pt;width:258pt;min-height:413pt"><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Industry Classification</div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Specialty Retail</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Biotechnology</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Health Care Providers &amp; Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Machinery</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Pipelines</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electric Utilities</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Telecommunications</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Entertainment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Chemicals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Beverages</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Sovereign Bonds</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">IT Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Media</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Life Sciences Tools &amp; Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Communications Equipment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Others*</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">12.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Options Purchased</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.0%**</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Options Written</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">(0.0)%**</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">101.4%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">(1.4)%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">100.0%</div></div></div></div></td></tr></table></div><div style="line-height:1.0pt;text-align:right"><div style="color:#000000;font-family:Arial Narrow;font-size:1pt;line-height:1pt;display:inline;"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:11.05pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">*</div></div></div></td> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:246.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">Consists of Industries that each make up less than 0.5% of the Portfolio's net assets</div></div></div></td></tr> <tr style="height:12pt"> <td style="padding-bottom:1.5pt;padding-top:3pt;vertical-align:Top;width:11.05pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">**</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:3pt;vertical-align:Top;width:246.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">Less than 0.05%</div></div></div></td></tr></table></div></div> 0.128 0.10 0.074 0.054 0.051 0.042 0.04 0.038 0.037 0.031 0.021 0.02 0.02 0.019 0.018 0.014 0.013 0.012 0.011 0.01 0.01 0.01 0.009 0.009 0.009 0.009 0.008 0.008 0.008 0.008 0.007 0.007 0.006 0.006 0.005 0.005 0.005 0.005 0.005 0.122 0 0 1.014 -0.014 1 PSF PGIM 50/50 Balanced Portfolio Class III <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">This annual shareholder report contains important information about the Class III shares of PSF PGIM 50/50 Balanced Portfolio (the “Portfolio”) </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">for the period of January 1, 2025 to December 31, 2025.</div> annual shareholder report <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">You can find additional information about the Portfolio at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">www.prudential.com/variableinsuranceportfolios</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">. You can also request <div style="display:inline;">this </div></div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">information by contacting us at (800) 346-3778.</div> www.prudential.com/variableinsuranceportfolios (800) 346-3778 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">(Based on a hypothetical $10,000 investment)</div><div style="color:#000000;font-family:Arial Narrow;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">PSF PGIM 50/50 Balanced Portfolio—Class III</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$88</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">0.83%</div></div></div></td></tr></table></div> 88 0.0083 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT AFFECTED THE PORTFOLIO’S PERFORMANCE DURING THE REPORTING PERIOD?</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks during the </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">reporting period. The announcement of “Liberation Day” tariffs in April 2025 triggered a sharp sell-off, but equity markets recovered and gained </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">additional ground after the US administration softened its position on its trade and tariff policies.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Three Federal Reserve policy rate cuts positively impacted US stocks during the reporting period. Fixed income assets also posted gains </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">following the interest rate cuts but were much more modest than the returns posted by risk assets.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">An overweight allocation to equities contributed to the Portfolio’s performance relative to its Custom Blended Index during the reporting period. </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">The Portfolio was broadly overweight equities, with this weight increasing in the second half of the reporting period at the expense of </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">fixed income.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">The underweight allocation to fixed income also contributed to performance, as fixed income lagged risk assets over the reporting period.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Non-US stocks outperformed US equities during the reporting period. This benefitted the Portfolio’s off-benchmark position in international </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">equities, which steadily increased during the reporting period. The Portfolio held a very modest position in S&amp;P 500 Index futures, which </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">provided flexibility to manage equity exposure and had a slightly positive impact on performance.</div></div></div> The Portfolio's past performance is not a good predictor of the Portfolio's future performance. <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">The returns do not reflect the deduction </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.</div> <img alt=" " src="g53527g4psfpgim5050cl3.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="3" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Average Annual Total Returns as of December 31, 2025</div></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:351.14pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">One Year (%)</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Since Inception (%)</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:351.14pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">11.89%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">6.31%</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:351.14pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">S&amp;P 500 Index</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">17.88%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">12.79%</div></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:351.14pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Custom Blended Index*</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">12.34%</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">6.89%</div></div></div></td></tr></table><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:italic;display:inline;">Portfolio Inception: 04/26/2021. </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">Since Inception returns are provided because the Portfolio has less than 10 fiscal years of returns. Since Inception returns for the Indexes are </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">measured from the closest month-end to the Portfolio’s inception date.</div></div></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">*The Portfolio’s Custom Blended Index is a model portfolio consisting of the S&amp;P 500 Index (50%), Bloomberg US Aggregate Bond Index (40%), and FTSE 3-Month US Treasury Bill </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">Index (10%).</div></div></div> Portfolio 0.1189 0.0631 S&P 500 Index 0.1788 0.1279 Custom Blended Index 0.1234 0.0689 2021-04-26 <div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?</div><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15.27pt;display:inline;">2,837,935,068</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Number of portfolio holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1,725</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:26.63pt;display:inline;">14,980,771</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">54%</div></div></div></td></tr></table> 2837935068 1725 14980771 0.54 <div style="float:left;height:8pt;margin-left:48pt;margin-top:40pt;width:528pt"><div style="line-height:14.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 12/31/2025?</div></div></div><div style="clear:both"> </div><div style="float:left;margin-left:48pt;margin-top:18pt;width:258pt;min-height:413pt"><div style="line-height:1.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div><div style="line-height:1.0pt;margin-top:-1pt;text-align:left"> </div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Industry Classification</div><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr> <tr style="height:40pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Affiliated Mutual Fund - Short-Term Investment </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">(1.6% represents investments purchased with </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">collateral from securities on loan)</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">12.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">U.S. Government Agency Obligations</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">10.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Semiconductors &amp; Semiconductor Equipment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">7.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Software</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">5.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Banks</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">5.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Interactive Media &amp; Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">4.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Collateralized Loan Obligations</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">4.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Technology Hardware, Storage &amp; Peripherals</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Commercial Mortgage-Backed Securities</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Automobiles</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Pharmaceuticals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Broadline Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Financial Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Capital Markets</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Aerospace &amp; Defense</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Oil, Gas &amp; Consumable Fuels</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">U.S. Treasury Obligations</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Insurance</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Health Care Equipment &amp; Supplies</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Residential Mortgage-Backed Securities</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electric</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Hotels, Restaurants &amp; Leisure</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.9%</div></div></div></td></tr> <tr style="height:13pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Consumer Staples Distribution &amp; Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.9%</div></div></div></td></tr></table></div></div><div style="float:left;margin-left:12pt;margin-top:18pt;width:258pt;min-height:413pt"><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Industry Classification </div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Specialty Retail</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Biotechnology</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Health Care Providers &amp; Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Machinery</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Pipelines</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electric Utilities</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Telecommunications</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Entertainment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Chemicals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Beverages</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Sovereign Bonds</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">IT Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Media</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Life Sciences Tools &amp; Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Communications Equipment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Others*</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">12.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Options Purchased</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.0%**</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Options Written</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">(0.0)%**</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">101.4%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">(1.4)%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">100.0%</div></div></div></div></td></tr></table></div><div style="line-height:1.0pt;text-align:right"><div style="color:#000000;font-family:Arial Narrow;font-size:1pt;line-height:1pt;display:inline;"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:11.05pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">*</div></div></div></td> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:246.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">Consists of Industries that each make up less than 0.5% of the Portfolio's net assets</div></div></div></td></tr> <tr style="height:12pt"> <td style="padding-bottom:1.5pt;padding-top:3pt;vertical-align:Top;width:11.05pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">**</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:3pt;vertical-align:Top;width:246.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">Less than 0.05%</div></div></div></td></tr></table></div></div><div style="clear:both"> </div> 0.128 0.10 0.074 0.054 0.051 0.042 0.04 0.038 0.037 0.031 0.021 0.02 0.02 0.019 0.018 0.014 0.013 0.012 0.011 0.01 0.01 0.01 0.009 0.009 0.009 0.009 0.008 0.008 0.008 0.008 0.007 0.007 0.006 0.006 0.005 0.005 0.005 0.005 0.005 0.122 0 0 1.014 -0.014 1 PSF PGIM Ballast Portfolio Class I <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">This annual shareholder report contains important information about the Class I shares of PSF PGIM Ballast Portfolio (the “Portfolio”) for <div style="display:inline;">the </div></div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">period of June 18, 2025 to December 31, 2025.</div> annual shareholder report <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">You can find additional information about the Portfolio at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">www.prudential.com/variableinsuranceportfolios</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">. You can also request this </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">information by contacting us at (800) 346-3778.</div> www.prudential.com/variableinsuranceportfolios (800) 346-3778 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">(Based on a hypothetical $10,000 investment)</div><div style="color:#000000;font-family:Arial Narrow;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">PSF PGIM Ballast Portfolio—Class I</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$39</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">0.70%</div></div></div></td></tr></table></div> 39 0.007 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT AFFECTED THE PORTFOLIO’S PERFORMANCE DURING THE REPORTING PERIOD?</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">During the reporting period, global financial markets posted strong gains driven by robust artificial intelligence (AI) and technology demand, </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">solid corporate earnings, and a series of interest rate cuts. The Bloomberg US Aggregate Bond Index continued to climb in the fourth quarter, </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">building on upward momentum from earlier in 2025. While returns were more muted in US Treasuries, yields were supported by the three rate </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">cuts in September, October, and December 2025, as the Federal Open Market Committee (FOMC) determined that labor market weakness </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">warranted easing despite sticky inflation.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">The Portfolio benefited from higher average equity exposure of 67% compared to its baseline of 60%, as the S&amp;P 500 Index was up </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">meaningfully during the reporting period. Call option prices were also positively impacted by increases in implied volatility. Average portfolio </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">duration was shorter relative to the Bloomberg US Intermediate Government Bond Index over the reporting period, but interest rate exposure </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">also added relative value.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">A decrease in interest rates, increases in the implied dividend yield, and option time decay had a negative impact on call option prices over the </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">reporting period. Option time decay is the reduction in the value of an option as the time to the expiration date of the option </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">contract approaches.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Call options on the S&amp;P 500 are a key component of the Portfolio, and how it generates equity exposure and aims to achieve the targeted </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">convex payoff profile. During the reporting period, exposure to S&amp;P 500 Index call options had a positive impact on the Portfolio’s performance.</div></div></div> The Portfolio's past performance is not a good predictor of the Portfolio's future performance. <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">The returns do not reflect the deduction </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.</div> <img alt=" " src="g53527g5psfpgimballastcl1.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="2" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.0pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Total Returns as of December 31, 2025</div></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:436.2pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Since Inception (%)</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:436.2pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">10.00%</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:436.2pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">S&amp;P 500 Index</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">11.00%</div></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:436.2pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Custom Blended Index*</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">7.51%</div></div></div></td></tr></table><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:italic;display:inline;">Portfolio Inception: 06/18/2025 </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">Since Inception returns are provided because the Portfolio has less than 10 fiscal years of returns. Since Inception returns for the Indexes are </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">measured from the closest month-end to the Portfolio’s inception date.</div></div></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">*The Portfolio’s Custom Blended Index is a model portfolio consisting of the S&amp;P 500 Index (60%) and Bloomberg US Government Bond Index (40%).</div></div></div> Portfolio 0.10 S&P 500 Index 0.11 Custom Blended Index 0.0751 2025-06-18 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?</div><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:31.16pt;display:inline;">5,558,088</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Number of portfolio holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">10</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:62.94pt;display:inline;">0</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0%</div></div></div></td></tr></table> 5558088 10 0 0 <div style="line-height:14.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 12/31/2025?</div><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Industry Classification</div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">U.S. Treasury Obligations</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">40.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Options Purchased</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">25.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">U.S. Government Agency Obligations</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">18.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Affiliated Mutual Fund - Short-Term Investment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">12.6%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Unaffiliated Exchange-Traded Funds - Equity</div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.8%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">99.8%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Other assets in excess of liabilities</div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.2%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">100.0%</div></div></div></div></td></tr></table></div> 0.402 0.254 0.188 0.126 0.028 0.998 0.002 1 PSF PGIM Flexible Managed Portfolio Class I <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">This annual shareholder report contains important information about the Class I shares of PSF PGIM Flexible Managed Portfolio (the “Portfolio”) </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">for the period of January 1, 2025 to December 31, 2025.</div> annual shareholder report <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">You can find additional information about the Portfolio at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">www.prudential.com/variableinsuranceportfolios</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">. You can also request <div style="display:inline;">this </div></div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">information by contacting us at (800) 346-3778.</div> www.prudential.com/variableinsuranceportfolios (800) 346-3778 This report describes changes to the Portfolio that occurred during the reporting period. <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">(Based on a hypothetical $10,000 investment)</div><div style="color:#000000;font-family:Arial Narrow;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">PSF PGIM Flexible Managed Portfolio—Class I</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$66</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">0.62%</div></div></div></td></tr></table></div> 66 0.0062 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT AFFECTED THE PORTFOLIO’S PERFORMANCE DURING THE REPORTING PERIOD?</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks during the </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">reporting period. The announcement of “Liberation Day” tariffs in April 2025 triggered a sharp sell-off, but equity markets recovered and gained </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">additional ground after the US administration softened its position on its trade and tariff policies.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Three Federal Reserve policy rate cuts positively impacted US stocks during the reporting period. Fixed income assets also posted gains </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">following the interest rate cuts but were much more modest than the returns posted by risk assets.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">An overweight allocation to equities contributed to the Portfolio’s performance relative to its Custom Blended Index during the reporting period. </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">The Portfolio was broadly overweight equities, with this weight increasing in the second half of the reporting period at the expense of </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">fixed income.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">The underweight allocation to fixed income also contributed to performance as fixed income lagged risk assets over the reporting period.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Non-US stocks outperformed US equities during the reporting period. This benefited the Portfolio’s off-benchmark position in international </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">equities, which steadily increased during the reporting period. The Portfolio held a very modest position in S&amp;P 500 Index futures, which </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">provided flexibility to manage equity exposure and had a slightly positive impact on performance.</div></div></div> The Portfolio's past performance is not a good predictor of the Portfolio's future performance. <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">The returns do not reflect the deduction </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.</div> <img alt=" " src="g53527g6psfpgimflexmgdcl1.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Average Annual Total Returns as of December 31, 2025</div></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">One Year (%)</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Five Years (%)</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Ten Years (%)</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">13.16%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">9.06%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">9.26%</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">S&amp;P 500 Index</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">17.88%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">14.42%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">14.82%</div></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Custom Blended Index*</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">13.55%</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">8.68%</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">9.80%</div></div></div></td></tr></table><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">*The Portfolio’s Custom Blended Index is a model portfolio consisting of the S&amp;P 500 Index (60%), Bloomberg US Aggregate Bond Index (35%), and FTSE 3-Month US Treasury Bill </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">Index (5%).</div></div></div> Portfolio 0.1316 0.0906 0.0926 S&P 500 Index 0.1788 0.1442 0.1482 Custom Blended Index 0.1355 0.0868 0.098 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?</div><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15.27pt;display:inline;">5,270,831,176</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Number of portfolio holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1,679</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:26.63pt;display:inline;">30,222,762</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">117%</div></div></div></td></tr></table> 5270831176 1679 30222762 1.17 <div style="float:left;height:8pt;margin-left:48pt;margin-top:40pt;width:528pt"><div style="line-height:14.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 12/31/2025?</div></div></div><div style="clear:both"> </div><div style="float:left;margin-left:48pt;margin-top:18pt;width:258pt;min-height:443pt"><div style="line-height:1.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div><div style="line-height:1.0pt;margin-top:-1pt;text-align:left"> </div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Industry Classification</div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Semiconductors &amp; Semiconductor Equipment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">8.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">U.S. Government Agency Obligations</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">8.7%</div></div></div></td></tr> <tr style="height:39pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Affiliated Mutual Fund - Short-Term Investment </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">(1.9% represents investments purchased with </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">collateral from securities on loan)</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">7.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Software</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">6.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Interactive Media &amp; Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">4.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Banks</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">4.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Technology Hardware, Storage &amp; Peripherals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">4.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Collateralized Loan Obligations</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">4.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Commercial Mortgage-Backed Securities</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Automobiles</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Pharmaceuticals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Broadline Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Financial Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Capital Markets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Oil, Gas &amp; Consumable Fuels</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Aerospace &amp; Defense</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Insurance</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Consumer Staples Distribution &amp; Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Health Care Providers &amp; Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Biotechnology</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Health Care Equipment &amp; Supplies</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Machinery</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Hotels, Restaurants &amp; Leisure</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Specialty Retail</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:13pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electric Utilities</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr></table></div></div><div style="float:left;margin-left:12pt;margin-top:18pt;width:258pt;min-height:443pt"><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Industry Classification</div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electric</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Residential Mortgage-Backed Securities</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">U.S. Treasury Obligations</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Entertainment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Pipelines</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">IT Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Chemicals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electrical Equipment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Telecommunications</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Beverages</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Ground Transportation</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Consumer Finance</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electronic Equipment, Instruments &amp; Components</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Life Sciences Tools &amp; Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Diversified Telecommunication Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Oil &amp; Gas</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Communications Equipment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Media</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Others*</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">9.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Options Purchased</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.0%**</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Options Written</div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">(0.0)%**</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">101.7%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">(1.7)%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">100.0%</div></div></div></div></td></tr></table></div><div style="line-height:1.0pt;text-align:right"><div style="color:#000000;font-family:Arial Narrow;font-size:1pt;line-height:1pt;display:inline;"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:11.05pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">*</div></div></div></td> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:246.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">Consists of Industries that each make up less than 0.5% of the Portfolio's net assets</div></div></div></td></tr> <tr style="height:12pt"> <td style="padding-bottom:1.5pt;padding-top:3pt;vertical-align:Top;width:11.05pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">**</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:3pt;vertical-align:Top;width:246.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">Less than 0.05%</div></div></div></td></tr></table></div></div> 0.089 0.087 0.076 0.065 0.049 0.047 0.047 0.041 0.032 0.032 0.025 0.024 0.023 0.022 0.018 0.017 0.014 0.012 0.012 0.012 0.012 0.012 0.011 0.01 0.01 0.01 0.009 0.008 0.008 0.008 0.007 0.007 0.007 0.007 0.006 0.006 0.006 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.094 0 0 1.017 -0.017 1 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WERE THERE ANY SIGNIFICANT CHANGES TO THE PORTFOLIO THIS YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">The following is a summary of certain changes to the Portfolio since January 1, 2025.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;"></div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">PGIM Investments LLC, the investment manager of the Portfolio, agreed to contractually limit expenses to 0.62% through June 30, 2025. This </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">arrangement was terminated after completion of this term and its termination did not have an impact on the Portfolio’s total annual operating </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">expenses during the period.</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;"></div></div></div><div style="line-height:12.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">For more complete information, you should review the Portfolio’s current prospectus including any applicable supplements, and the Portfolio’s next </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">prospectus, which we expect to be available by May 1, 2026, at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">www.prudential.com/variableinsuranceportfolios</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">or by request at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">(800) 346-3778.</div></div></div> 2025-01-01 <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">PGIM Investments LLC, the investment manager of the Portfolio, agreed to contractually limit expenses to 0.62% through June 30, 2025. This </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">arrangement was terminated after completion of this term and its termination did not have an impact on the Portfolio’s total annual operating </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">expenses during the period.</div> www.prudential.com/variableinsuranceportfolios (800) 346-3778 PSF PGIM Flexible Managed Portfolio Class III <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">This annual shareholder report contains important information about the Class III shares of PSF PGIM Flexible Managed Portfolio (the “Portfolio”) </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">for the period of January 1, 2025 to December 31, 2025.</div> annual shareholder report <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">You can find additional information about the Portfolio at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">www.prudential.com/variableinsuranceportfolios</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">. You can also request <div style="display:inline;">this </div></div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">information by contacting us at (800) 346-3778.</div> www.prudential.com/variableinsuranceportfolios (800) 346-3778 This report describes changes to the Portfolio that occurred during the reporting period. <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">(Based on a hypothetical $10,000 investment)</div><div style="color:#000000;font-family:Arial Narrow;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">PSF PGIM Flexible Managed Portfolio—Class III</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$93</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">0.87%</div></div></div></td></tr></table></div> 93 0.0087 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT AFFECTED THE PORTFOLIO’S PERFORMANCE DURING THE REPORTING PERIOD?</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks during the </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">reporting period. The announcement of “Liberation Day” tariffs in April 2025 triggered a sharp sell-off, but equity markets recovered and gained </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">additional ground after the US administration softened its position on its trade and tariff policies.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Three Federal Reserve policy rate cuts positively impacted US stocks during the reporting period. Fixed income assets also posted gains </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">following the interest rate cuts but were much more modest than the returns posted by risk assets.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">An overweight allocation to equities contributed to the Portfolio’s performance relative to its Custom Blended Index during the reporting period. </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">The Portfolio was broadly overweight equities, with this weight increasing in the second half of the reporting period at the expense of </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">fixed income.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">The underweight allocation to fixed income also contributed to performance as fixed income lagged risk assets over the reporting period.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Non-US stocks outperformed US equities during the reporting period. This benefited the Portfolio’s off-benchmark position in international </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">equities, which steadily increased during the reporting period. The Portfolio held a very modest position in S&amp;P 500 Index futures, which </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">provided flexibility to manage equity exposure and had a slightly positive impact on performance.</div></div></div> The Portfolio's past performance is not a good predictor of the Portfolio's future performance. <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">The returns do not reflect the deduction </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.</div> <img alt=" " src="g53527g7psfpgimflexmgdcl3.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="3" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Average Annual Total Returns as of December 31, 2025</div></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:351.14pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">One Year (%)</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Since Inception (%)</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:351.14pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">12.87%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">7.59%</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:351.14pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">S&amp;P 500 Index</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">17.88%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">12.79%</div></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:351.14pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Custom Blended Index*</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">13.55%</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">7.97%</div></div></div></td></tr></table><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:italic;display:inline;">Portfolio Inception: 04/26/2021. </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">Since Inception returns are provided because the Portfolio has less than 10 fiscal years of returns. Since Inception returns for the Indexes are </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">measured from the closest month-end to the Portfolio’s inception date.</div></div></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">*The Portfolio’s Custom Blended Index is a model portfolio consisting of the S&amp;P 500 Index (60%), Bloomberg US Aggregate Bond Index (35%), and FTSE 3-Month US Treasury Bill </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">Index (5%).</div></div></div> Portfolio 0.1287 0.0759 S&P 500 Index 0.1788 0.1279 Custom Blended Index 0.1355 0.0797 2021-04-26 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?</div><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15.27pt;display:inline;">5,270,831,176</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Number of portfolio holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1,679</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:26.63pt;display:inline;">30,222,762</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">117%</div></div></div></td></tr></table> 5270831176 1679 30222762 1.17 <div style="float:left;height:8pt;margin-left:48pt;margin-top:40pt;width:528pt"><div style="line-height:14.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 12/31/2025?</div></div></div><div style="clear:both"> </div><div style="float:left;margin-left:48pt;margin-top:18pt;width:258pt;min-height:443pt"><div style="line-height:1.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div><div style="line-height:1.0pt;margin-top:-1pt;text-align:left"> </div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Industry Classification</div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Semiconductors &amp; Semiconductor Equipment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">8.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">U.S. Government Agency Obligations</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">8.7%</div></div></div></td></tr> <tr style="height:39pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Affiliated Mutual Fund - Short-Term Investment </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">(1.9% represents investments purchased with </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">collateral from securities on loan)</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">7.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Software</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">6.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Interactive Media &amp; Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">4.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Banks</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">4.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Technology Hardware, Storage &amp; Peripherals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">4.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Collateralized Loan Obligations</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">4.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Commercial Mortgage-Backed Securities</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Automobiles</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Pharmaceuticals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Broadline Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Financial Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Capital Markets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Oil, Gas &amp; Consumable Fuels</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Aerospace &amp; Defense</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Insurance</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Consumer Staples Distribution &amp; Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Health Care Providers &amp; Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Biotechnology</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Health Care Equipment &amp; Supplies</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Machinery</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Hotels, Restaurants &amp; Leisure</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Specialty Retail</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:13pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electric Utilities</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr></table></div></div><div style="float:left;margin-left:12pt;margin-top:18pt;width:258pt;min-height:443pt"><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Industry Classification</div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electric</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Residential Mortgage-Backed Securities</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">U.S. Treasury Obligations</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Entertainment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Pipelines</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">IT Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Chemicals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electrical Equipment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Telecommunications</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Beverages</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Ground Transportation</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Consumer Finance</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electronic Equipment, Instruments &amp; Components</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Life Sciences Tools &amp; Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Diversified Telecommunication Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Oil &amp; Gas</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Communications Equipment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Media</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Others*</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">9.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Options Purchased</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.0%**</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Options Written</div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">(0.0)%**</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">101.7%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">(1.7)%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">100.0%</div></div></div></div></td></tr></table></div><div style="line-height:1.0pt;text-align:right"><div style="color:#000000;font-family:Arial Narrow;font-size:1pt;line-height:1pt;display:inline;"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:11.05pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">*</div></div></div></td> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:246.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">Consists of Industries that each make up less than 0.5% of the Portfolio's net assets</div></div></div></td></tr> <tr style="height:12pt"> <td style="padding-bottom:1.5pt;padding-top:3pt;vertical-align:Top;width:11.05pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">**</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:3pt;vertical-align:Top;width:246.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">Less than 0.05%</div></div></div></td></tr></table></div></div> 0.089 0.087 0.076 0.065 0.049 0.047 0.047 0.041 0.032 0.032 0.025 0.024 0.023 0.022 0.018 0.017 0.014 0.012 0.012 0.012 0.012 0.012 0.011 0.01 0.01 0.01 0.009 0.008 0.008 0.008 0.007 0.007 0.007 0.007 0.006 0.006 0.006 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.094 0 0 1.017 -0.017 1 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WERE THERE ANY SIGNIFICANT CHANGES TO THE PORTFOLIO THIS YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">The following is a summary of certain changes to the Portfolio since January 1, 2025.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;"></div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">PGIM Investments LLC, the investment manager of the Portfolio, agreed to contractually limit expenses to 0.62% through June 30, 2025. This </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">arrangement was terminated after completion of this term and its termination did not have an impact on the Portfolio’s total annual operating </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">expenses during the period.</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">For more complete information, you should review the Portfolio’s current prospectus including any applicable supplements, and the Portfolio’s next </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">prospectus, which we expect to be available by May 1, 2026, at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">www.prudential.com/variableinsuranceportfolios</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">or by request at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">(800) 346-3778.</div></div></div> 2025-01-01 <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">PGIM Investments LLC, the investment manager of the Portfolio, agreed to contractually limit expenses to 0.62% through June 30, 2025. This </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">arrangement was terminated after completion of this term and its termination did not have an impact on the Portfolio’s total annual operating </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">expenses during the period.</div> www.prudential.com/variableinsuranceportfolios (800) 346-3778 PSF PGIM Government Money Market Portfolio Class I <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">This annual shareholder report contains important information about the Class I shares of PSF PGIM Government Money Market Portfolio (the </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">“Portfolio”) for the period of January 1, 2025 to December 31, 2025.</div> annual shareholder report <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">You can find additional information about the Portfolio at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">www.prudential.com/variableinsuranceportfolios</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">. You can also request this </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">information by contacting us at (800) 346-3778.</div> www.prudential.com/variableinsuranceportfolios (800) 346-3778 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">(Based on a hypothetical $10,000 investment)</div><div style="color:#000000;font-family:Arial Narrow;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">PSF PGIM Government Money Market Portfolio—Class I</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$33</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">0.32%</div></div></div></td></tr></table> 33 0.0032 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?</div><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15.27pt;display:inline;">1,440,313,777</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Number of portfolio holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">88</div></div></div></td></tr> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:31.16pt;display:inline;">4,350,676</div></div></div></td></tr></table> 1440313777 88 4350676 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 12/31/2025?</div><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Sector Classification</div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Repurchase Agreements</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">39.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">U.S. Government Agency Obligations</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">34.2%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">U.S. Treasury Obligations</div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">28.4%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">102.1%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">(2.1)%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">100.0%</div></div></div></div></td></tr></table> 0.395 0.342 0.284 1.021 -0.021 1 PSF PGIM Government Money Market Portfolio Class III <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">This annual shareholder report contains important information about the Class III shares of PSF PGIM Government Money Market Portfolio (the </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">“Portfolio”) for the period of January 1, 2025 to December 31, 2025.</div> annual shareholder report <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">You can find additional information about the Portfolio at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">www.prudential.com/variableinsuranceportfolios</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">. You can also request this </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">information by contacting us at (800) 346-3778.</div> www.prudential.com/variableinsuranceportfolios (800) 346-3778 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">(Based on a hypothetical $10,000 investment)</div><div style="color:#000000;font-family:Arial Narrow;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">PSF PGIM Government Money Market Portfolio—Class III</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$58</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">0.57%</div></div></div></td></tr></table> 58 0.0057 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?</div><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15.27pt;display:inline;">1,440,313,777</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Number of portfolio holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">88</div></div></div></td></tr> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:31.16pt;display:inline;">4,350,676</div></div></div></td></tr></table> 1440313777 88 4350676 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 12/31/2025?</div><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Sector Classification</div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Repurchase Agreements</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">39.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">U.S. Government Agency Obligations</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">34.2%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">U.S. Treasury Obligations</div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">28.4%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">102.1%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">(2.1)%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">100.0%</div></div></div></div></td></tr></table> 0.395 0.342 0.284 1.021 -0.021 1 PSF PGIM High Yield Bond Portfolio Class I <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">This annual shareholder report contains important information about the Class I shares of PSF PGIM High Yield Bond Portfolio (the “Portfolio”) for </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">the period of January 1, 2025 to December 31, 2025.</div> annual shareholder report <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">You can find additional information about the Portfolio at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">www.prudential.com/variableinsuranceportfolios</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">. You can also request this </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">information by contacting us at (800) 346-3778.</div> www.prudential.com/variableinsuranceportfolios (800) 346-3778 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">(Based on a hypothetical $10,000 investment)</div><div style="color:#000000;font-family:Arial Narrow;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">PSF PGIM High Yield Bond Portfolio—Class I</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$60</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">0.57%</div></div></div></td></tr></table> 60 0.0057 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT AFFECTED THE PORTFOLIO’S PERFORMANCE DURING THE REPORTING PERIOD?</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">US high yield bonds posted solid total returns over the reporting period amid resilient economic growth, stable corporate earnings, and light net </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">new supply compared with inflows of approximately $18.2 billion into high yield bond mutual funds and exchange-traded funds. Higher-quality </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">bonds generally outperformed lower-quality bonds, with BB-rated bonds outperforming both B-rated and CCC-rated bonds.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">During the reporting period, security selection in the telecom, health care &amp; pharmaceutical, and retailers &amp; restaurants sectors contributed to </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">returns relative to the Bloomberg US Corporate High Yield 1% Issuer Capped Index. Overweights to the cable &amp; satellite and midstream energy </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">sectors, as well as an underweight to the technology sector also contributed to the Portfolio’s performance, as did an overweight to the </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">emerging markets high yield bond sector.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Security selection in the chemicals, consumer non-cyclical, and automotive sectors detracted from performance, as did underweights to the </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">media &amp; entertainment, retailers &amp; restaurants, and automotive sectors. An underweight allocation to the U.S. high yield bond market and an </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">overweight to the U.S. bank loan market also detracted from performance during the reporting period.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">During the reporting period, the Portfolio used U.S. Treasury futures and total <div style="display:inline;">return </div>swaps to manage interest rate risk, which we believe is a </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">more efficient way of managing interest rate risk than through the purchase and sale of bonds. The impact of futures and swaps detracted from </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">performance. The Portfolio also used credit derivatives in the form of the credit default swap index (CDX) and credit default swaps to manage </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">the overall risk profile of the Portfolio, which had a positive impact on performance.</div></div></div> The Portfolio's past performance is not a good predictor of the Portfolio's future performance. <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">The returns do not reflect the deduction </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.</div> <div style="margin-top:18pt;text-align:left"> <img alt=" " src="g53527g10psfpgimhiyieldcl1.jpg" style="height:216pt;width:531pt"/><div style="color:#000000;font-family:Arial;font-size:9.70pt;line-height:1pt;display:inline;"> </div></div> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Average Annual Total Returns as of December 31, 2025</div></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;"><div style="display:inline;">One </div>Year (%)</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Five Years (%)</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Ten Years (%)</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">8.90%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">4.85%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">6.92%</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Bloomberg US Aggregate Bond Index*</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">7.30%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">-0.36%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">2.01%</div></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Bloomberg US Corporate High Yield 1% Issuer Capped Index</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">8.62%</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">4.51%</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">6.46%</div></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">*The Portfolio compares its performance against this broad-based index in response to regulatory requirements.</div></div></div> Portfolio 0.089 0.0485 0.0692 Bloomberg US Aggregate Bond Index 0.073 -0.0036 0.0201 Bloomberg US Corporate High Yield 1% Issuer Capped Index 0.0862 0.0451 0.0646 <div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?</div><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:22.1pt;display:inline;">685,718,179</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Number of portfolio holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">799</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:31.16pt;display:inline;">3,684,522</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">77%</div></div></div></td></tr></table></div> 685718179 799 3684522 0.77 <div style="line-height:14.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 12/31/2025?</div><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Credit Quality</div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Total </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Investments</div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">AAA</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">AA</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">5.2</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">BBB</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.7</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">BB</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">39.5</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">B</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">32.9</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">CCC and Below</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">15.0</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">NR</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.1</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Cash/Cash Equivalents</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.9</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Total Investments</div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">100.0</div></div></div></div></td></tr></table> 0.007 0.052 0.027 0.395 0.329 0.15 0.031 0.009 1 <div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">Credit quality ratings shown above reflect the middle rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investor Service, Inc. </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">(Moody’s), S&amp;P Global Ratings (S&amp;P), or Fitch, Inc. (Fitch) if ratings differ.  Where applicable, ratings are converted to the comparable S&amp;P/Fitch rating category to illustrate credit </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">rating breakdowns.  These NRSROs are independent and are widely used.  The Not Rated (NR) category consists of securities that have not been rated by a NRSRO.  Unrated </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">investments do not necessarily indicate low credit quality. The ratings category may include derivative instruments that could have a negative value. Credit quality ratings are subject to </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">change. Values may not sum to 100.0% due to rounding.</div> PSF PGIM High Yield Bond Portfolio Class III <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">This annual shareholder report contains important information about the Class III shares of PSF PGIM High Yield Bond Portfolio (the “Portfolio”) </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">for the period of January 1, 2025 to December 31, 2025.</div> annual shareholder report <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">You can find additional information about the Portfolio at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">www.prudential.com/variableinsuranceportfolios</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">. You can also request this </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">information by contacting us at (800) 346-3778.</div> www.prudential.com/variableinsuranceportfolios (800) 346-3778 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">(Based on a hypothetical $10,000 investment)</div><div style="color:#000000;font-family:Arial Narrow;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">PSF PGIM High Yield Bond Portfolio—Class III</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$86</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">0.82%</div></div></div></td></tr></table> 86 0.0082 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT AFFECTED THE PORTFOLIO’S PERFORMANCE DURING THE REPORTING PERIOD?</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">US high yield bonds posted solid total returns over the reporting period amid resilient economic growth, stable corporate earnings, and light net </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">new supply compared with inflows of approximately $18.2 billion into high yield bond mutual funds and exchange-traded funds. Higher-quality </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">bonds generally outperformed lower-quality bonds, with BB-rated bonds outperforming both B-rated and CCC-rated bonds.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">During the reporting period, security selection in the telecom, health care &amp; pharmaceutical, and retailers &amp; restaurants sectors contributed to </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">returns relative to the Bloomberg US Corporate High Yield 1% Issuer Capped Index. Overweights to the cable &amp; satellite and midstream energy </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">sectors, as well as an underweight to the technology sector also contributed to the Portfolio’s performance, as did an overweight to the </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">emerging markets high yield bond sector.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Security selection in the chemicals, consumer non-cyclical, and automotive sectors detracted from performance, as did underweights to the </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">media &amp; entertainment, retailers &amp; restaurants, and automotive sectors. An underweight allocation to the U.S. high yield bond market and an </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">overweight to the U.S. bank loan market also detracted from performance during the reporting period.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">During the reporting period, the Portfolio used U.S. Treasury futures and total return swaps to manage interest rate risk, which we believe is a </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">more efficient way of managing interest rate risk than through the purchase and sale of bonds. The impact of futures and swaps detracted from </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">performance. The Portfolio also used credit derivatives in the form of the credit default swap index (CDX) and credit default swaps to manage </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">the overall risk profile of the Portfolio, which had a positive impact on performance.</div></div></div> The Portfolio's past performance is not a good predictor of the Portfolio's future performance. <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">The returns do not reflect the deduction </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.</div> <div style="margin-top:18pt;text-align:left"> <img alt=" " src="g53527g11psfpgimhiyieldcl3.jpg" style="height:216pt;width:531pt"/><div style="color:#000000;font-family:Arial;font-size:9.70pt;line-height:1pt;display:inline;"> </div></div> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="3" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Average Annual Total Returns as of December 31, 2025</div></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:351.14pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">One Year (%)</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Since Inception (%)</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:351.14pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">8.71%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">4.11%</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:351.14pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Bloomberg US Aggregate Bond Index*</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">7.30%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">0.18%</div></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:351.14pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Bloomberg US Corporate High Yield 1% Issuer Capped Index</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">8.62%</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">4.40%</div></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:italic;display:inline;">Portfolio Inception: 04/26/2021. </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">Since Inception returns are provided because the Portfolio has less than 10 fiscal <div style="display:inline;">years </div>of returns. Since Inception returns for the Indexes are </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">measured from the closest month-end to the Portfolio’s inception date.</div></div></div><div style="margin-top:6pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">*The Portfolio compares its performance against this broad-based index in response to regulatory requirements.</div></div> Portfolio 0.0871 0.0411 Bloomberg US Aggregate Bond Index 0.073 0.0018 Bloomberg US Corporate High Yield 1% Issuer Capped Index 0.0862 0.044 2021-04-26 <div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?</div><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:22.1pt;display:inline;">685,718,179</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Number of portfolio holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">799</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:31.16pt;display:inline;">3,684,522</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">77%</div></div></div></td></tr></table></div> 685718179 799 3684522 0.77 <div style="line-height:14.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 12/31/2025?</div><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Credit Quality</div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Total </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Investments</div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">AAA</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">AA</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">5.2</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">BBB</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.7</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">BB</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">39.5</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">B</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">32.9</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">CCC and Below</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">15.0</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">NR</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.1</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Cash/Cash Equivalents</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.9</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Total Investments</div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">100.0</div></div></div></div></td></tr></table> 0.007 0.052 0.027 0.395 0.329 0.15 0.031 0.009 1 <div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">Credit quality ratings shown above reflect the middle rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investor Service, Inc. </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">(Moody’s), S&amp;P Global Ratings (S&amp;P), or Fitch, Inc. (Fitch) if ratings differ.  Where applicable, ratings are converted to the comparable S&amp;P/Fitch rating category to illustrate credit </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">rating breakdowns.  These NRSROs are independent and are widely used.  The Not Rated (NR) category consists of securities that have not been rated by a NRSRO.  Unrated </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">investments do not necessarily indicate low credit quality. The ratings category may include derivative instruments that could have a negative value. Credit quality ratings are subject to </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">change. Values may not sum to 100.0% due to rounding.</div> PSF PGIM Jennison Blend Portfolio Class I <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">This annual shareholder report contains important information about the Class I shares of PSF PGIM Jennison Blend Portfolio (the “Portfolio”) for </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">the period of January 1, 2025 to December 31, 2025.</div> annual shareholder report <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">You can find additional information about the Portfolio at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">www.prudential.com/variableinsuranceportfolios</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">. You can also request this </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">information by contacting us at (800) 346-3778.</div> www.prudential.com/variableinsuranceportfolios (800) 346-3778 This report describes changes to the Portfolio that occurred during the reporting period. <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">(Based on a hypothetical $10,000 investment)</div><div style="color:#000000;font-family:Arial Narrow;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">PSF PGIM Jennison Blend Portfolio—Class I</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$50</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">0.46%</div></div></div></td></tr></table> 50 0.0046 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT AFFECTED THE PORTFOLIO’S PERFORMANCE DURING THE REPORTING PERIOD?</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">US equities generally posted solid gains for the reporting period, supported by investor enthusiasm around artificial intelligence (AI), resilient </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">corporate earnings, and three Federal Reserve rate cuts later in the period. Investor confidence remained robust, even as volatility and policy </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">uncertainty persisted throughout the reporting period. In broad terms, large cap stocks, represented by the Russell 1000 Index, outperformed </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">small cap stocks, represented by the Russell 2000 Index. Meanwhile, growth stocks, represented by the Russell 1000 Growth Index, </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">outperformed value stocks, represented by the Russell 1000 Value Index.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Positions in information technology, communication services, industrials, consumer discretionary, and financials sectors drove the Portfolio’s </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">solid absolute performance during the reporting period. The Portfolio outperformed its benchmark, the S&amp;P 500 Index, for the reporting period </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">largely due to security selection within industrials, communication services, and consumer discretionary sectors.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">On the downside, the Portfolio’s security selection in financials and healthcare sectors, along with an underweight to the information technology </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">sector, were the largest headwinds to performance relative to its S&amp;P 500 benchmark.</div></div></div> The Portfolio's past performance is not a good predictor of the Portfolio's future performance. <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">The returns do not reflect the deduction </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.</div> <div style="margin-top:18pt;text-align:left"> <img alt=" " src="g53527g12psfpgimjennblndcl1.jpg" style="height:216pt;width:531pt"/><div style="color:#000000;font-family:Arial;font-size:9.70pt;line-height:1pt;display:inline;"> </div></div> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Average Annual Total Returns as of December 31, 2025</div></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">One Year (%)</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Five Years (%)</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Ten Years (%)</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">18.52%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">12.33%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">13.96%</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">S&amp;P 500 Index</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">17.88%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">14.42%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">14.82%</div></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Russell 1000 Index</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">17.37%</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">13.59%</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">14.59%</div></div></div></td></tr></table></div> Portfolio 0.1852 0.1233 0.1396 S&P 500 Index 0.1788 0.1442 0.1482 Russell 1000 Index 0.1737 0.1359 0.1459 <div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?</div><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15.27pt;display:inline;">7,924,509,446</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Number of portfolio holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">92</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:26.63pt;display:inline;">32,112,759</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">95%</div></div></div></td></tr></table></div> 7924509446 92 32112759 0.95 <div style="float:left;height:8pt;margin-left:48pt;margin-top:40pt;width:528pt"><div style="line-height:14.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE <div style="display:inline;">PORTFOLIO’S </div>HOLDINGS AS OF 12/31/2025?</div></div></div><div style="clear:both"> </div><div style="float:left;margin-left:48pt;margin-top:18pt;width:258pt;min-height:338pt"><div style="line-height:1.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div><div style="line-height:1.0pt;margin-top:-1pt;text-align:left"> </div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Industry Classification</div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Semiconductors &amp; Semiconductor Equipment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">13.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Interactive Media &amp; Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">9.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Banks</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">8.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Software</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">7.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Technology Hardware, Storage &amp; Peripherals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">7.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Aerospace &amp; Defense</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">4.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Broadline Retail</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">4.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Pharmaceuticals</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.9%</div></div></div></td></tr> <tr style="height:39pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Affiliated Mutual Fund - Short-Term Investment </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">(3.2% represents investments purchased with </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">collateral from securities on loan)</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Oil, Gas &amp; Consumable Fuels</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Insurance</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Biotechnology</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Specialty Retail</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Ground Transportation</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Automobiles</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Financial Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electric Utilities</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Communications Equipment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.0%</div></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Capital Markets</div></div></div></td> <td style="padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.7%</div></div></div></td></tr></table></div></div><div style="float:left;margin-left:12pt;margin-top:18pt;width:258pt;min-height:338pt"><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Industry <div style="display:inline;">Classification</div></div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr> <tr style="height:16pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">IT Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Diversified Telecommunication Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Consumer Staples Distribution &amp; Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electronic Equipment, Instruments &amp; Components</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Entertainment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Multi-Utilities</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electrical Equipment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Machinery</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Health Care Providers &amp; Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Textiles, Apparel &amp; Luxury Goods</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Industrial REITs</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Energy Equipment &amp; Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Specialized REITs</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Health Care <div style="display:inline;">Technology</div></div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Others*</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.3%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">103.2%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">(3.2)%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">100.0%</div></div></div></div></td></tr></table></div><div style="line-height:1.0pt;text-align:right"><div style="color:#000000;font-family:Arial Narrow;font-size:1pt;line-height:1pt;display:inline;"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:auto"> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:8.53pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">*</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:249.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">Consists of Industries that each make up less than 0.5% of the Portfolio's net assets</div></div></div></td></tr></table></div></div> 0.133 0.093 0.089 0.076 0.073 0.048 0.04 0.039 0.039 0.038 0.035 0.028 0.026 0.025 0.023 0.022 0.02 0.02 0.017 0.016 0.014 0.012 0.011 0.01 0.01 0.008 0.008 0.007 0.007 0.007 0.005 0.005 0.005 0.023 1.032 -0.032 1 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WERE THERE ANY SIGNIFICANT CHANGES TO THE PORTFOLIO THIS YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">The following is a summary of certain changes to the Portfolio since January 1, 2025.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Effective April 12, 2025, PGIM Investments LLC, the investment manager of the Portfolio, agreed to contractually waive 0.012% of its </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">investment management fee through June 30, 2026.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">At a meeting of the shareholders of PSF Natural Resources Portfolio (the “Target Portfolio”) held on March 25, 2025, shareholders of the </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Target Portfolio approved the reorganization of the Target Portfolio into the Portfolio (the “Reorganization”). The Reorganization was completed </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">on April 11, 2025.</div>   </div></div></div><div style="line-height:12.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">For more complete information, you should review the Portfolio’s current prospectus including any applicable supplements, and the Portfolio’s next </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">prospectus, which we expect to be available by May 1, 2026, at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">www.prudential.com/variableinsuranceportfolios</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">or by request at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">(800) 346-3778.</div></div></div> 2025-01-01 <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">At a meeting of the shareholders of PSF Natural Resources Portfolio (the “Target Portfolio”) held on March 25, 2025, shareholders of the </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Target Portfolio approved the reorganization of the Target Portfolio into the Portfolio (the “Reorganization”). The Reorganization was completed </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">on April 11, 2025.</div> www.prudential.com/variableinsuranceportfolios (800) 346-3778 PSF PGIM Jennison Blend Portfolio Class II <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">This annual shareholder report contains important information about the Class II shares of PSF PGIM Jennison Blend Portfolio (the “Portfolio”) for </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">the period of January 1, 2025 to December 31, 2025.</div> annual shareholder report <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">You can find additional information about the Portfolio at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">www.prudential.com/variableinsuranceportfolios</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">. You can also request this </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">information by contacting us at (800) 346-3778.</div> www.prudential.com/variableinsuranceportfolios (800) 346-3778 This report describes changes to the Portfolio that occurred during the reporting period. <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">(Based on a hypothetical $10,000 investment)</div><div style="color:#000000;font-family:Arial Narrow;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">PSF PGIM Jennison Blend Portfolio—Class II</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$94</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">0.86%</div></div></div></td></tr></table> 94 0.0086 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT AFFECTED THE PORTFOLIO’S PERFORMANCE DURING THE REPORTING PERIOD?</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">US equities generally posted solid gains for the reporting period, supported by investor enthusiasm around artificial intelligence (AI), resilient </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">corporate earnings, and three Federal Reserve rate cuts later in the period. Investor confidence remained robust, even as volatility and policy </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">uncertainty persisted throughout the reporting period. In broad terms, large cap stocks, represented by the Russell 1000 Index, outperformed </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">small cap stocks, represented by the Russell 2000 Index. Meanwhile, growth stocks, represented by the Russell 1000 Growth Index, </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">outperformed value stocks, represented by the Russell 1000 Value Index.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Positions in information technology, communication services, industrials, consumer discretionary, and financials sectors drove the Portfolio’s </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">solid absolute performance during the reporting period. The Portfolio outperformed its benchmark, the S&amp;P 500 Index, for the reporting period </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">largely due to security selection within industrials, communication services, and consumer discretionary sectors.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">On the downside, the Portfolio’s security selection in financials and healthcare sectors, along with an underweight to the information technology </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">sector, were the largest headwinds to performance relative to its S&amp;P 500 benchmark.</div></div></div> The Portfolio's past performance is not a good predictor of the Portfolio's future performance. <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">The returns do not reflect the deduction </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.</div> <div style="margin-top:18pt;text-align:left"> <img alt=" " src="g53527g13psfpgimjennblndcl2.jpg" style="height:216pt;width:531pt"/><div style="color:#000000;font-family:Arial;font-size:9.70pt;line-height:1pt;display:inline;"> </div></div> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Average Annual Total Returns as of December 31, 2025</div></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">One Year (%)</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Five Years (%)</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Ten Years (%)</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">18.05%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">11.88%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">13.50%</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">S&amp;P 500 Index</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">17.88%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">14.42%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">14.82%</div></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Russell 1000 Index</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">17.37%</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">13.59%</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">14.59%</div></div></div></td></tr></table></div> Portfolio 0.1805 0.1188 0.135 S&P 500 Index 0.1788 0.1442 0.1482 Russell 1000 Index 0.1737 0.1359 0.1459 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?</div><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15.27pt;display:inline;">7,924,509,446</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Number of portfolio holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">92</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:26.63pt;display:inline;">32,112,759</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">95%</div></div></div></td></tr></table></div> 7924509446 92 32112759 0.95 <div style="float:left;height:8pt;margin-left:48pt;margin-top:40pt;width:528pt"><div style="line-height:14.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 12/31/2025?</div></div></div><div style="clear:both"> </div><div style="float:left;margin-left:48pt;margin-top:18pt;width:258pt;min-height:338pt"><div style="line-height:1.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div><div style="line-height:1.0pt;margin-top:-1pt;text-align:left"> </div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Industry Classification</div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Semiconductors &amp; Semiconductor Equipment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">13.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Interactive Media &amp; Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">9.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Banks</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">8.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Software</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">7.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Technology Hardware, Storage &amp; Peripherals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">7.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Aerospace &amp; Defense</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">4.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Broadline Retail</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">4.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Pharmaceuticals</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.9%</div></div></div></td></tr> <tr style="height:39pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Affiliated Mutual Fund - Short-Term Investment </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">(3.2% represents investments purchased with </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">collateral from securities on loan)</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Oil, Gas &amp; Consumable Fuels</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Insurance</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Biotechnology</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Specialty Retail</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Ground Transportation</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Automobiles</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Financial Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electric Utilities</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Communications Equipment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.0%</div></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Capital Markets</div></div></div></td> <td style="padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.7%</div></div></div></td></tr></table></div></div><div style="float:left;margin-left:12pt;margin-top:18pt;width:258pt;min-height:338pt"><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Industry Classification</div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr> <tr style="height:16pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">IT Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Diversified Telecommunication Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Consumer Staples Distribution &amp; Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electronic Equipment, Instruments &amp; Components</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Entertainment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Multi-Utilities</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electrical Equipment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Machinery</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Health Care Providers &amp; Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Textiles, Apparel &amp; Luxury Goods</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Industrial REITs</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Energy Equipment &amp; Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Specialized REITs</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Health Care Technology</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Others*</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.3%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">103.2%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">(3.2)%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">100.0%</div></div></div></div></td></tr></table></div><div style="line-height:1.0pt;text-align:right"><div style="color:#000000;font-family:Arial Narrow;font-size:1pt;line-height:1pt;display:inline;"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:auto"> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:8.53pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">*</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:249.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">Consists of Industries that each make up less than 0.5% of the Portfolio's net assets</div></div></div></td></tr></table></div></div> 0.133 0.093 0.089 0.076 0.073 0.048 0.04 0.039 0.039 0.038 0.035 0.028 0.026 0.025 0.023 0.022 0.02 0.02 0.017 0.016 0.014 0.012 0.011 0.01 0.01 0.008 0.008 0.007 0.007 0.007 0.005 0.005 0.005 0.023 1.032 -0.032 1 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WERE THERE ANY SIGNIFICANT CHANGES TO THE PORTFOLIO THIS YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">The following is a summary of certain changes to the Portfolio since January 1, 2025.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Effective April 12, 2025, PGIM Investments LLC, the investment manager of the Portfolio, agreed to contractually waive 0.012% of its </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">investment management fee through June 30, 2026. </div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">At a meeting of the shareholders of PSF Natural Resources Portfolio (the “Target Portfolio”) held on March 25, 2025, shareholders of the </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Target Portfolio approved the reorganization of the Target Portfolio into the Portfolio (the “Reorganization”). The Reorganization was completed </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">on April 11, 2025.</div>   </div></div></div><div style="line-height:12.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">For more complete information, you should review the Portfolio’s current prospectus including any applicable supplements, and the Portfolio’s next </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">prospectus, which we expect to be <div style="display:inline;">available </div>by May 1, 2026, at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">www.prudential.com/variableinsuranceportfolios</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">or by request at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">(800) 346-3778.</div></div></div> 2025-01-01 <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">At a meeting of the shareholders of PSF Natural Resources Portfolio (the “Target Portfolio”) held on March 25, 2025, shareholders of the </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Target Portfolio approved the reorganization of the Target Portfolio into the Portfolio (the “Reorganization”). The Reorganization was completed </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">on April 11, 2025.</div> www.prudential.com/variableinsuranceportfolios (800) 346-3778 PSF PGIM Jennison Blend Portfolio Class III <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">This annual shareholder report contains important information about the Class III shares of PSF PGIM Jennison Blend Portfolio (the “Portfolio”) </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">for the period of January 1, 2025 to December 31, 2025.</div> annual shareholder report <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">You can find additional information about the Portfolio at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">www.prudential.com/variableinsuranceportfolios</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">. You can also request this </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">information by contacting us at (800) 346-3778.</div> www.prudential.com/variableinsuranceportfolios (800) 346-3778 This report describes changes to the Portfolio that occurred during the reporting period. <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">(Based on a hypothetical $10,000 investment)</div><div style="color:#000000;font-family:Arial Narrow;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">PSF PGIM Jennison Blend Portfolio—Class III</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$77</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">0.71%</div></div></div></td></tr></table> 77 0.0071 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT AFFECTED THE PORTFOLIO’S PERFORMANCE DURING THE REPORTING PERIOD?</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">US equities generally posted solid gains for the reporting period, supported by investor enthusiasm around artificial intelligence (AI), resilient </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">corporate earnings, and three Federal Reserve rate cuts later in the period. Investor confidence remained robust, even as volatility and policy </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">uncertainty persisted throughout the reporting period. In broad terms, large cap stocks, represented by the Russell 1000 Index, outperformed </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">small cap stocks, represented by the Russell 2000 Index. Meanwhile, growth stocks, represented by the Russell 1000 Growth Index, </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">outperformed value stocks, represented by the Russell 1000 Value Index.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Positions in information technology, communication services, industrials, consumer discretionary, and financials sectors drove the Portfolio’s </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">solid absolute performance during the reporting period. The Portfolio outperformed its benchmark, the S&amp;P 500 Index, for the reporting period </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">largely due to security selection within industrials, communication services, and consumer discretionary sectors.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">On the downside, the Portfolio’s security selection in financials and healthcare sectors, along with an underweight to the information technology </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">sector, were the largest headwinds to performance relative to its S&amp;P 500 benchmark.</div></div></div> The Portfolio's past performance is not a good predictor of the Portfolio's future performance. <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">The returns do not reflect the deduction </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.</div> <div style="margin-top:18pt;text-align:left"> <img alt=" " src="g53527g14psfpgimjennblndcl3.jpg" style="height:216pt;width:531pt"/><div style="color:#000000;font-family:Arial;font-size:9.70pt;line-height:1pt;display:inline;"> </div></div> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="3" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Average Annual Total Returns as of December 31, 2025</div></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:351.14pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">One Year (%)</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Since Inception (%)</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:351.14pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">18.23%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">11.16%</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:351.14pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">S&amp;P 500 Index</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">17.88%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">12.79%</div></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:351.14pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Russell 1000 Index</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">17.37%</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">11.96%</div></div></div></td></tr></table></div><div style="margin-top:6pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:italic;display:inline;">Portfolio Inception: 04/26/2021. </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">Since Inception returns are provided because the Portfolio has less than 10 fiscal years of returns. Since Inception returns for the Indexes are </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">measured from the closest month-end to the Portfolio’s inception date.</div></div> Portfolio 0.1823 0.1116 S&P 500 Index 0.1788 0.1279 Russell 1000 Index 0.1737 0.1196 2021-04-26 <div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?</div><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15.27pt;display:inline;">7,924,509,446</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Number of portfolio holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">92</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:26.63pt;display:inline;">32,112,759</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">95%</div></div></div></td></tr></table></div> 7924509446 92 32112759 0.95 <div style="float:left;height:8pt;margin-left:48pt;margin-top:40pt;width:528pt"><div style="line-height:14.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 12/31/2025?</div></div></div><div style="clear:both"> </div><div style="float:left;margin-left:48pt;margin-top:18pt;width:258pt;min-height:338pt"><div style="line-height:1.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div><div style="line-height:1.0pt;margin-top:-1pt;text-align:left"> </div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Industry Classification</div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Semiconductors &amp; Semiconductor Equipment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">13.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Interactive Media &amp; Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">9.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Banks</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">8.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Software</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">7.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Technology Hardware, Storage &amp; Peripherals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">7.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Aerospace &amp; Defense</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">4.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Broadline Retail</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">4.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Pharmaceuticals</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.9%</div></div></div></td></tr> <tr style="height:39pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Affiliated Mutual Fund - Short-Term Investment </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">(3.2% represents investments purchased with </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">collateral from securities on loan)</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Oil, Gas &amp; Consumable Fuels</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Insurance</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Biotechnology</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Specialty Retail</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Ground Transportation</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Automobiles</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Financial Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electric Utilities</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Communications Equipment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.0%</div></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Capital Markets</div></div></div></td> <td style="padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.7%</div></div></div></td></tr></table></div></div><div style="float:left;margin-left:12pt;margin-top:18pt;width:258pt;min-height:338pt"><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Industry Classification</div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr> <tr style="height:16pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">IT Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Diversified Telecommunication Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Consumer Staples Distribution &amp; Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electronic Equipment, Instruments &amp; Components</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Entertainment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Multi-Utilities</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electrical Equipment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Machinery</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Health Care Providers &amp; Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Textiles, Apparel &amp; Luxury Goods</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Industrial REITs</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Energy Equipment &amp; Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Specialized REITs</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Health Care Technology</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Others*</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.3%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">103.2%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">(3.2)%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">100.0%</div></div></div></div></td></tr></table></div><div style="line-height:1.0pt;text-align:right"><div style="color:#000000;font-family:Arial Narrow;font-size:1pt;line-height:1pt;display:inline;"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:auto"> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:8.53pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">*</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:249.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">Consists of Industries that each make up less than 0.5% of the Portfolio's net assets</div></div></div></td></tr></table></div></div><div style="clear:both"> </div> 0.133 0.093 0.089 0.076 0.073 0.048 0.04 0.039 0.039 0.038 0.035 0.028 0.026 0.025 0.023 0.022 0.02 0.02 0.017 0.016 0.014 0.012 0.011 0.01 0.01 0.008 0.008 0.007 0.007 0.007 0.005 0.005 0.005 0.023 1.032 -0.032 1 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WERE THERE ANY SIGNIFICANT CHANGES TO THE PORTFOLIO THIS YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">The following is a summary of certain changes to the Portfolio since January 1, 2025.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Effective April 12, 2025, PGIM Investments LLC, the investment manager of the Portfolio, agreed to contractually waive 0.012% of its </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">investment management fee through June 30, 2026. </div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">At a meeting of the shareholders of PSF Natural Resources Portfolio (the “Target Portfolio”) held on March 25, 2025, shareholders of the </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Target Portfolio approved the reorganization of the Target Portfolio into the Portfolio (the “Reorganization”). The Reorganization was completed </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">on April 11, 2025.</div>   </div></div></div><div style="line-height:12.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">For more complete information, you should review the <div style="display:inline;">Portfolio’s </div>current prospectus including any applicable supplements, and the Portfolio’s next </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">prospectus, which we expect to be available by May 1, 2026, at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">www.prudential.com/variableinsuranceportfolios</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">or by request at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">(800) 346-3778.</div></div></div> 2025-01-01 <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">At a meeting of the shareholders of PSF Natural Resources Portfolio (the “Target Portfolio”) held on March 25, 2025, shareholders of the </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Target Portfolio approved the reorganization of the Target Portfolio into the Portfolio (the “Reorganization”). The Reorganization was completed </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">on April 11, 2025.</div> www.prudential.com/variableinsuranceportfolios (800) 346-3778 PSF PGIM Jennison Growth Portfolio Class I <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class I shares of PSF PGIM Jennison Growth Portfolio (the “Portfolio”) </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for the period of January 1, 2025 to December 31, 2025.</div> annual shareholder report <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Portfolio at </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">www.prudential.com/variableinsuranceportfolios</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request this </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information by contacting us at (800) 346-3778.</div> www.prudential.com/variableinsuranceportfolios (800) 346-3778 This report describes changes to the Portfolio that occurred during the reporting period. <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PSF PGIM Jennison Growth Portfolio—Class I</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$65</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.61%</div></div></div></td></tr></table> 65 0.0061 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE PORTFOLIO’S PERFORMANCE DURING THE REPORTING PERIOD?</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">US equities posted solid gains for the reporting period, supported by investor enthusiasm around artificial intelligence (AI), resilient corporate </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">earnings, and three Federal Reserve rate cuts later in the period. Volatility picked up late in the year amid renewed questions about AI-related </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment and elevated valuations, but moderating economic growth and ongoing adoption of AI technologies helped sustain investor </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">confidence and risk appetite.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Positions in the information technology, communication services, and industrials sectors were the largest contributors to the Portfolio’s solid </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">absolute performance during the reporting period. Relative to the Russell 1000 Growth Index, security selection within the industrials and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consumer staples sectors added the most value. The Portfolio’s overweight allocation to the communication services sector also benefited </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relative Portfolio performance.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">While the Portfolio delivered solid absolute performance in 2025, returns lagged the Russell 1000 Growth Index for the reporting period. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Relative underperformance was largely driven by stock selection in the information technology, communication services, and healthcare </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sectors. The Portfolio’s underweight allocation to the technology sector and overweight allocation to the consumer discretionary sector also </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">acted as headwinds to relative returns during the reporting period.</div></div></div> The Portfolio's past performance is not a good predictor of the Portfolio's future performance. <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">The returns do not reflect the deduction </div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.</div></div> <img alt=" " src="g53527g15psfpgimjenngwthcl1.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Average Annual Total Returns as of December 31, 2025</div></div></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Ten Years (%)</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">14.27%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.69%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">16.62%</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">17.88%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">14.42%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">14.82%</div></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;">Russell 1000 Growth Index</div></div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">18.56%</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.32%</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">18.13%</div></div></div></td></tr></table> Portfolio 0.1427 0.1069 0.1662 S&P 500 Index 0.1788 0.1442 0.1482 Russell 1000 Growth Index 0.1856 0.1532 0.1813 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 15.27pt; letter-spacing: 0px; top: 0px;display:inline;">4,667,442,797</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of portfolio holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">48</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">25,148,316</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">34%</div></div></div></td></tr></table> 4667442797 48 25148316 0.34 <div style="float:left;height:8pt;margin-left:48pt;margin-top:40pt;width:528pt"><div style="line-height:14.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 12/31/2025?</div></div></div><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:48pt;margin-top:18pt;width:258pt;min-height:239pt"><div style="line-height: 1pt; text-align: left; font-size: 1pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:1.0pt;margin-top:-1pt;text-align:left"> </div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Industry Classification</div></div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">% of Net </div></div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Assets</div></div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Semiconductors &amp; Semiconductor Equipment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">19.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Software</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">14.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Interactive Media &amp; Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">11.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Broadline Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">7.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Technology Hardware, Storage &amp; Peripherals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">5.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Financial Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">5.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Entertainment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">5.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Pharmaceuticals</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Aerospace &amp; Defense</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Automobiles</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Consumer Staples Distribution &amp; Retail</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">IT Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Health Care Equipment &amp; Supplies</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.0%</div></div></div></td></tr> <tr style="height:13pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Electric Utilities</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.8%</div></div></div></td></tr></table></div></div><div style="float:left;margin-left:12pt;margin-top:18pt;width:258pt;min-height:239pt"><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Industry Classification</div></div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">% of Net </div></div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Assets</div></div></div></div></td></tr> <tr style="height:40pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.8% represents investments purchased with </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">collateral from securities on loan)</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Specialty Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Capital Markets</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Biotechnology</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Electronic Equipment, Instruments &amp; Components</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Hotels, Restaurants &amp; Leisure</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.9%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Others*</div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.3%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.8%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.8)%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</div></div></div></div></td></tr></table></div><div style="line-height: 1pt; text-align: right; font-size: 1pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:auto"> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:8.53pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">*</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:249.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Consists of Industries that each make up less than 0.5% of the Portfolio's net assets</div></div></div></td></tr></table></div></div> 0.194 0.141 0.112 0.079 0.058 0.053 0.051 0.047 0.042 0.04 0.032 0.031 0.03 0.018 0.016 0.016 0.013 0.012 0.011 0.009 0.003 1.008 -0.008 1 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WERE THERE ANY SIGNIFICANT CHANGES TO THE PORTFOLIO THIS YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following is a summary of certain changes to the Portfolio since January 1, 2025.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Effective April 12, 2025, PGIM Investments LLC, the investment manager of the Portfolio, agreed to contractually waive 0.015% of its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment management fee through June 30, 2026. </div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">At a meeting of the shareholders of PSF Mid-Cap Growth Portfolio (the “Target Portfolio”) held on March 25, 2025, shareholders of the Target </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio approved the reorganization of the Target Portfolio into the Portfolio (the “Reorganization”). The Reorganization was completed on </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">April 11, 2025.</div>   </div></div></div><div style="line-height:12.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For more complete information, you should review the Portfolio’s current prospectus including any applicable supplements, and the Portfolio’s next </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prospectus, which we expect to be available by May 1, 2026, at </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">www.prudential.com/variableinsuranceportfolios</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or by request at </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(800) 346-3778.</div></div></div> 2025-01-01 <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">At a meeting of the shareholders of PSF Mid-Cap Growth Portfolio (the “Target Portfolio”) held on March 25, 2025, shareholders of the Target </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio approved the reorganization of the Target Portfolio into the Portfolio (the “Reorganization”). The Reorganization was completed on </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">April 11, 2025.</div> www.prudential.com/variableinsuranceportfolios (800) 346-3778. PSF PGIM Jennison Growth Portfolio Class II <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class II shares of PSF PGIM Jennison Growth Portfolio (the “Portfolio”) </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for the period of January 1, 2025 to December 31, 2025.</div> annual shareholder report <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Portfolio at </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">www.prudential.com/variableinsuranceportfolios</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request this </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information by contacting us at (800) 346-3778.</div> www.prudential.com/variableinsuranceportfolios (800) 346-3778 This report describes changes to the Portfolio that occurred during the reporting period. <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PSF PGIM Jennison Growth Portfolio—Class II</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$108</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.01%</div></div></div></td></tr></table> 108 0.0101 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE PORTFOLIO’S PERFORMANCE DURING THE REPORTING PERIOD?</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">US equities posted solid gains for the reporting period, supported by investor enthusiasm around artificial intelligence (AI), resilient corporate </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">earnings, and three Federal Reserve rate cuts later in the period. Volatility picked up late in the year amid renewed questions about AI-related </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment and elevated valuations, but moderating economic growth and ongoing adoption of AI technologies helped sustain investor </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">confidence and risk appetite.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Positions in the information technology, communication services, and industrials sectors were the largest contributors to the Portfolio’s solid </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">absolute performance during the reporting period. Relative to the Russell 1000 Growth Index, security selection within the industrials and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consumer staples sectors added the most value. The Portfolio’s overweight allocation to the communication services sector also benefited </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">relative Portfolio performance.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">While the Portfolio delivered solid absolute performance in 2025, returns lagged the Russell 1000 Growth Index for the reporting period. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Relative underperformance was largely driven by stock selection in the information technology, communication services, and healthcare </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sectors. The Portfolio’s underweight allocation to the technology sector and overweight allocation to the consumer discretionary sector also </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">acted as headwinds to relative returns during the reporting period.</div></div></div> The Portfolio's past performance is not a good predictor of the Portfolio's future performance. <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">The returns do not reflect the deduction </div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.</div></div> <img alt=" " src="g53527g16psfpgimjenngwthcl2.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Average Annual Total Returns as of December 31, 2025</div></div></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Ten Years (%)</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">13.81%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.25%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">16.15%</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">17.88%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">14.42%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">14.82%</div></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Russell 1000 Growth Index</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">18.56%</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.32%</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">18.13%</div></div></div></td></tr></table> Portfolio 0.1381 0.1025 0.1615 S&P 500 Index 0.1788 0.1442 0.1482 Russell 1000 Growth Index 0.1856 0.1532 0.1813 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 15.27pt; letter-spacing: 0px; top: 0px;display:inline;">4,667,442,797</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of portfolio holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">48</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">25,148,316</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">34%</div></div></div></td></tr></table> 4667442797 48 25148316 0.34 <div style="float:left;height:8pt;margin-left:48pt;margin-top:40pt;width:528pt"><div style="line-height:14.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 12/31/2025?</div></div></div><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:48pt;margin-top:18pt;width:258pt;min-height:239pt"><div style="line-height: 1pt; text-align: left; font-size: 1pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:1.0pt;margin-top:-1pt;text-align:left"> </div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Industry Classification</div></div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">% of Net </div></div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Assets</div></div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Semiconductors &amp; Semiconductor Equipment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">19.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Software</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">14.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Interactive Media &amp; Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">11.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Broadline Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">7.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Technology Hardware, Storage &amp; Peripherals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">5.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Financial Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">5.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Entertainment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">5.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Pharmaceuticals</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Aerospace &amp; Defense</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Automobiles</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Consumer Staples Distribution &amp; Retail</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">IT Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Health Care Equipment &amp; Supplies</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.0%</div></div></div></td></tr> <tr style="height:13pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Electric Utilities</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.8%</div></div></div></td></tr></table></div></div><div style="float:left;margin-left:12pt;margin-top:18pt;width:258pt;min-height:239pt"><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Industry Classification</div></div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">% of Net </div></div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Assets</div></div></div></div></td></tr> <tr style="height:40pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.8% represents investments purchased with </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">collateral from securities on loan)</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Specialty Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Capital Markets</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Biotechnology</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Electronic Equipment, Instruments &amp; Components</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Hotels, Restaurants &amp; Leisure</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.9%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Others*</div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.3%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.8%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.8)%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</div></div></div></div></td></tr></table></div><div style="line-height: 1pt; text-align: right; font-size: 1pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:auto"> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:8.53pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">*</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:249.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Consists of Industries that each make up less than 0.5% of the Portfolio's net assets</div></div></div></td></tr></table></div></div> 0.194 0.141 0.112 0.079 0.058 0.053 0.051 0.047 0.042 0.04 0.032 0.031 0.03 0.018 0.016 0.016 0.013 0.012 0.011 0.009 0.003 1.008 -0.008 1 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WERE THERE ANY SIGNIFICANT CHANGES TO THE PORTFOLIO THIS YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following is a summary of certain changes to the Portfolio since<div style="display:inline;"> January 1, 2025</div>.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Effective April 12, 2025, PGIM Investments LLC, the investment manager of the Portfolio, agreed to contractually waive 0.015% of its </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment management fee through June 30, 2026. </div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">At a meeting of the shareholders of PSF Mid-Cap Growth Portfolio (the “Target Portfolio”) held on March 25, 2025, shareholders of the Target </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio approved the reorganization of the Target Portfolio into the Portfolio (the “Reorganization”). The Reorganization was completed on </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">April 11, 2025.</div>   </div></div></div><div style="line-height:12.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For more complete information, you should review the Portfolio’s current prospectus including any applicable supplements, and the Portfolio’s next </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prospectus, which we expect to be available by May 1, 2026, at </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">www.prudential.com/variableinsuranceportfolios</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or by request at </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(800) 346-3778.</div></div></div> 2025-01-01 <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">At a meeting of the shareholders of PSF Mid-Cap Growth Portfolio (the “Target Portfolio”) held on March 25, 2025, shareholders of the Target </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio approved the reorganization of the Target Portfolio into the Portfolio (the “Reorganization”). The Reorganization was completed on </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">April 11, 2025.</div> www.prudential.com/variableinsuranceportfolios (800) 346-3778 PSF PGIM Jennison Growth Portfolio Class III <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">This annual shareholder report contains important information about the Class III shares of PSF PGIM Jennison Growth Portfolio (the “Portfolio”) </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">for the period of January 1, 2025 to December 31, 2025.</div> annual shareholder report <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">You can find additional information about the Portfolio at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">www.prudential.com/variableinsuranceportfolios</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">. You can also request this </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">information by contacting us at (800) 346-3778.</div> www.prudential.com/variableinsuranceportfolios (800) 346-3778 This report describes changes to the Portfolio that occurred during the reporting period. <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">(Based on a hypothetical $10,000 investment)</div><div style="color:#000000;font-family:Arial Narrow;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">PSF PGIM Jennison Growth Portfolio—Class III</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$92</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">0.86%</div></div></div></td></tr></table> 92 0.0086 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT AFFECTED THE PORTFOLIO’S PERFORMANCE DURING THE REPORTING PERIOD?</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">US equities posted solid gains for the reporting period, supported by investor enthusiasm around artificial intelligence (AI), resilient corporate </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">earnings, and three Federal Reserve rate cuts later in the period. Volatility picked up late in the year amid renewed questions about AI-related </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">investment and elevated valuations, but moderating economic growth and ongoing adoption of AI technologies helped sustain investor </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">confidence and risk appetite.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Positions in the information technology, communication services, and industrials sectors were the largest contributors to the Portfolio’s solid </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">absolute performance during the reporting period. Relative to the Russell 1000 Growth Index, security selection within the industrials and </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">consumer staples sectors added the most value. The Portfolio’s overweight allocation to the communication services sector also benefited </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">relative Portfolio performance.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">While the Portfolio delivered solid absolute performance in 2025, returns lagged the Russell 1000 Growth Index for the reporting period. </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Relative underperformance was largely driven by stock selection in the information technology, communication services, and healthcare </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">sectors. The Portfolio’s underweight allocation to the technology sector and overweight allocation to the consumer discretionary sector also </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">acted as headwinds to relative returns during the reporting period.</div></div></div> The Portfolio's past performance is not a good predictor of the Portfolio's future performance. <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">The returns do not reflect the deduction </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.</div> <img alt=" " src="g53527g17psfpgimjenngwthcl3.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="3" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Average Annual Total Returns as of December 31, 2025</div></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:351.14pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">One Year (%)</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Since Inception (%)</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:351.14pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">13.98%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">10.17%</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:351.14pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">S&amp;P 500 Index</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">17.88%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">12.79%</div></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:351.14pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Russell 1000 Growth Index</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">18.56%</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">14.64%</div></div></div></td></tr></table><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:italic;display:inline;">Portfolio Inception: 04/26/2021. </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">Since Inception returns are provided because the Portfolio has less than 10 fiscal years of returns. Since Inception returns for the Indexes are </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">measured from the closest month-end to the Portfolio’s inception date.</div></div></div> Portfolio 0.1398 0.1017 S&P 500 Index 0.1788 0.1279 Russell 1000 Growth Index 0.1856 0.1464 2021-04-26 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?</div><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15.27pt;display:inline;">4,667,442,797</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Number of portfolio holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">48</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:26.63pt;display:inline;">25,148,316</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">34%</div></div></div></td></tr></table> 4667442797 48 25148316 0.34 <div style="float:left;height:8pt;margin-left:48pt;margin-top:40pt;width:528pt"><div style="line-height:14.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 12/31/2025?</div></div></div><div style="clear:both"> </div><div style="float:left;margin-left:48pt;margin-top:18pt;width:258pt;min-height:239pt"><div style="line-height:1.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div><div style="line-height:1.0pt;margin-top:-1pt;text-align:left"> </div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Industry Classification</div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Semiconductors &amp; Semiconductor Equipment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">19.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Software</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">14.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Interactive Media &amp; Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">11.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Broadline Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">7.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Technology Hardware, Storage &amp; Peripherals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">5.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Financial Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">5.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Entertainment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">5.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Pharmaceuticals</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">4.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Aerospace &amp; Defense</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">4.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Automobiles</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">4.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Consumer Staples Distribution &amp; Retail</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">IT Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Health Care Equipment &amp; Supplies</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.0%</div></div></div></td></tr> <tr style="height:13pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electric Utilities</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.8%</div></div></div></td></tr></table></div></div><div style="float:left;margin-left:12pt;margin-top:18pt;width:258pt;min-height:239pt"><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Industry Classification</div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr> <tr style="height:40pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Affiliated Mutual Fund - Short-Term Investment </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">(0.8% represents investments purchased with </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">collateral from securities on loan)</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Specialty Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Capital Markets</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Biotechnology</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electronic Equipment, Instruments &amp; Components</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Hotels, Restaurants &amp; Leisure</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.9%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Others*</div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.3%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">100.8%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">(0.8)%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">100.0%</div></div></div></div></td></tr></table></div><div style="line-height:1.0pt;text-align:right"><div style="color:#000000;font-family:Arial Narrow;font-size:1pt;line-height:1pt;display:inline;"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:auto"> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:8.53pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">*</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:249.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">Consists of Industries that each make up less than 0.5% of the Portfolio's net assets</div></div></div></td></tr></table></div></div> 0.194 0.141 0.112 0.079 0.058 0.053 0.051 0.047 0.042 0.04 0.032 0.031 0.03 0.018 0.016 0.016 0.013 0.012 0.011 0.009 0.003 1.008 -0.008 1 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WERE THERE ANY SIGNIFICANT CHANGES TO THE PORTFOLIO THIS YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">The following is a summary of certain changes to the Portfolio since January 1, 2025.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Effective April 12, 2025, PGIM Investments LLC, the investment manager of the Portfolio, agreed to contractually waive 0.015% of its </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">investment management fee through June 30, 2026. </div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">At a meeting of the shareholders of PSF Mid-Cap Growth Portfolio (the “Target Portfolio”) held on March 25, 2025, shareholders of the Target </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Portfolio approved the reorganization of the Target Portfolio into the Portfolio (the “Reorganization”). The Reorganization was completed on </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">April 11, 2025.</div>   </div></div></div><div style="line-height:12.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">For more complete information, you should review the Portfolio’s current prospectus including any applicable supplements, and the Portfolio’s next </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">prospectus, which we expect to be available by May 1, 2026, at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">www.prudential.com/variableinsuranceportfolios</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;display:inline;"> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">or by request at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">(800) 346-3778.</div></div></div> 2025-01-01 <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">At a meeting of the shareholders of PSF Mid-Cap Growth Portfolio (the “Target Portfolio”) held on March 25, 2025, shareholders of the Target </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Portfolio approved the reorganization of the Target Portfolio into the Portfolio (the “Reorganization”). The Reorganization was completed on </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">April 11, 2025.</div> www.prudential.com/variableinsuranceportfolios (800) 346-3778 PSF PGIM Jennison Value Portfolio Class I <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">This annual shareholder report contains important information about the Class I shares of PSF PGIM Jennison Value Portfolio (the “Portfolio”) for </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">the period of January 1, 2025 to December 31, 2025.</div> annual shareholder report <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">You can find additional information about the Portfolio at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">www.prudential.com/variableinsuranceportfolios</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">. You can also request this </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">information by contacting us at (800) 346-3778.</div> www.prudential.com/variableinsuranceportfolios (800) 346-3778 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">(Based on a hypothetical $10,000 investment)</div><div style="color:#000000;font-family:Arial Narrow;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">PSF PGIM Jennison Value Portfolio—Class I</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$47</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">0.43%</div></div></div></td></tr></table> 47 0.0043 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT AFFECTED THE PORTFOLIO’S PERFORMANCE DURING THE REPORTING PERIOD?</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">US equities generally posted strong gains for the reporting period, supported by investor enthusiasm regarding artificial intelligence </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">(AI) investment, resilient corporate earnings, and three Federal Reserve rate cuts late in the period. Investor confidence and risk appetite </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">remained robust, even as volatility and policy uncertainty persisted. For the year, the Russell 1000 Value Index posted solid gains but lagged </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">the Russell 1000 Growth Index.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Security selection in the industrials, financials, information technology, and consumer sectors was the main contributor to absolute </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">performance. The Portfolio outperformed the Russell 1000 Value Index, driven by positions in the industrials and consumer sectors.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">On the downside, the Portfolio’s security selection in the information technology and utilities sectors detracted most from relative performance.</div></div></div> The Portfolio's past performance is not a good predictor of the Portfolio's future performance. <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">The returns do not reflect the deduction </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.</div> <img alt=" " src="g53527g18psfpgimjennvalcl1.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Average Annual Total Returns as of December 31, 2025</div></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">One Year (%)</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Five Years (%)</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Ten Years (%)</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">16.88%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">13.90%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">11.39%</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">S&amp;P 500 Index</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">17.88%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">14.42%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">14.82%</div></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Russell 1000 Value Index</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">15.91%</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">11.33%</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">10.53%</div></div></div></td></tr></table> Portfolio 0.1688 0.139 0.1139 S&P 500 Index 0.1788 0.1442 0.1482 Russell 1000 Value Index 0.1591 0.1133 0.1053 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?</div><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15.27pt;display:inline;">2,052,594,529</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Number of portfolio holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">67</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:31.16pt;display:inline;">7,575,141</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">38%</div></div></div></td></tr></table></div> 2052594529 67 7575141 0.38 <div style="float:left;height:8pt;margin-left:48pt;margin-top:40pt;width:528pt"><div style="line-height:14.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 12/31/2025?</div></div></div><div style="clear:both"> </div><div style="float:left;margin-left:48pt;margin-top:18pt;width:258pt;min-height:353pt"><div style="line-height:1.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div><div style="line-height:1.0pt;margin-top:-1pt;text-align:left"> </div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Industry Classification</div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Banks</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">12.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Oil, Gas &amp; Consumable Fuels</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">7.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Aerospace &amp; Defense</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">7.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Semiconductors &amp; Semiconductor Equipment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">6.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Pharmaceuticals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">5.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Multi-Utilities</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">5.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Insurance</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">5.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Interactive Media &amp; Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">5.0%</div></div></div></td></tr> <tr style="height:39pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Affiliated Mutual Fund - Short-Term Investment </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">(3.9% represents investments purchased with </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">collateral from securities on loan)</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">4.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Consumer Staples Distribution &amp; Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Capital Markets</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Machinery</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Automobiles</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Software</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Communications Equipment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Personal Care Products</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Chemicals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Building Products</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Industrial Conglomerates</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.7%</div></div></div></td></tr> <tr style="height:13pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Entertainment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.7%</div></div></div></td></tr></table></div></div><div style="float:left;margin-left:12pt;margin-top:18pt;width:258pt;min-height:353pt"><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Industry Classification</div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Residential REITs</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Broadline Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Household Durables</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Ground Transportation</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Specialized REITs</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Biotechnology</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Technology Hardware, Storage &amp; Peripherals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Specialty Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Industrial REITs</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Trading Companies &amp; Distributors</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Hotels, Restaurants &amp; Leisure</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Health Care Providers &amp; Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Health Care Equipment &amp; Supplies</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">IT Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electric Utilities</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Beverages</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">103.9%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">(3.9)%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">100.0%</div></div></div></div></td></tr></table></div></div> 0.123 0.078 0.073 0.065 0.053 0.052 0.05 0.05 0.048 0.036 0.036 0.03 0.024 0.023 0.022 0.022 0.02 0.019 0.017 0.017 0.016 0.015 0.014 0.013 0.013 0.013 0.012 0.012 0.012 0.011 0.01 0.009 0.009 0.008 0.007 0.007 1.039 -0.039 1 PSF PGIM Jennison Value Portfolio Class II <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">This annual shareholder report contains important information about the Class II shares of PSF PGIM Jennison Value Portfolio (the “Portfolio”) for </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">the period of January 1, 2025 to December 31, 2025.</div> annual shareholder report <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">You can find additional information about the Portfolio at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">www.prudential.com/variableinsuranceportfolios</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">. You can also request this </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">information by contacting us at (800) 346-3778.</div> www.prudential.com/variableinsuranceportfolios (800) 346-3778 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">(Based on a hypothetical $10,000 investment)</div><div style="color:#000000;font-family:Arial Narrow;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">PSF PGIM Jennison Value Portfolio—Class II</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$90</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">0.83%</div></div></div></td></tr></table> 90 0.0083 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT AFFECTED THE PORTFOLIO’S PERFORMANCE DURING THE REPORTING PERIOD?</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">US equities generally posted strong gains for the reporting period, supported by investor enthusiasm regarding artificial intelligence </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">(AI) investment, resilient corporate earnings, and three Federal Reserve rate cuts late in the period. Investor confidence and risk appetite </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">remained robust, even as volatility and policy uncertainty persisted. For the year, the Russell 1000 Value Index posted solid gains but lagged </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">the Russell 1000 Growth Index.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Security selection in the industrials, financials, information technology, and consumer sectors was the main contributor to absolute </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">performance. The Portfolio outperformed the Russell 1000 Value Index, driven by positions in the industrials and consumer sectors.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">On the downside, the Portfolio’s security selection in the information technology and utilities sectors detracted most from relative performance.</div></div></div> The Portfolio's past performance is not a good predictor of the Portfolio's future performance. <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">The returns do not reflect the deduction </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.</div> <img alt=" " src="g53527g19psfpgimjennvalcl2.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Average Annual Total Returns as of December 31, 2025</div></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">One Year (%)</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Five Years (%)</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Ten Years (%)</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">16.41%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">13.45%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">10.94%</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">S&amp;P 500 Index</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">17.88%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">14.42%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">14.82%</div></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Russell 1000 Value Index</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">15.91%</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">11.33%</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">10.53%</div></div></div></td></tr></table> Portfolio 0.1641 0.1345 0.1094 S&P 500 Index 0.1788 0.1442 0.1482 Russell 1000 Value Index 0.1591 0.1133 0.1053 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?</div><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15.27pt;display:inline;">2,052,594,529</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Number of portfolio holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">67</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:31.16pt;display:inline;">7,575,141</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">38%</div></div></div></td></tr></table></div> 2052594529 67 7575141 0.38 <div style="float:left;height:8pt;margin-left:48pt;margin-top:40pt;width:528pt"><div style="line-height:14.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 12/31/2025?</div></div></div><div style="clear:both"> </div><div style="float:left;margin-left:48pt;margin-top:18pt;width:258pt;min-height:353pt"><div style="line-height:1.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div><div style="line-height:1.0pt;margin-top:-1pt;text-align:left"> </div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Industry Classification</div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Banks</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">12.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Oil, Gas &amp; Consumable Fuels</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">7.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Aerospace &amp; Defense</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">7.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Semiconductors &amp; Semiconductor Equipment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">6.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Pharmaceuticals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">5.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Multi-Utilities</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">5.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Insurance</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">5.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Interactive Media &amp; Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">5.0%</div></div></div></td></tr> <tr style="height:39pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Affiliated Mutual Fund - Short-Term Investment </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">(3.9% represents investments purchased with </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">collateral from securities on loan)</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">4.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Consumer Staples Distribution &amp; Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Capital Markets</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Machinery</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Automobiles</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Software</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Communications Equipment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Personal Care Products</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Chemicals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Building Products</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Industrial Conglomerates</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.7%</div></div></div></td></tr> <tr style="height:13pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Entertainment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.7%</div></div></div></td></tr></table></div></div><div style="float:left;margin-left:12pt;margin-top:18pt;width:258pt;min-height:353pt"><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Industry Classification</div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Residential REITs</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Broadline Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Household Durables</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Ground Transportation</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Specialized REITs</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Biotechnology</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Technology Hardware, Storage &amp; Peripherals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Specialty Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Industrial REITs</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Trading Companies &amp; Distributors</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Hotels, Restaurants &amp; Leisure</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Health Care Providers &amp; Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Health Care Equipment &amp; Supplies</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">IT Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electric Utilities</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Beverages</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">103.9%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">(3.9)%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">100.0%</div></div></div></div></td></tr></table></div></div> 0.123 0.078 0.073 0.065 0.053 0.052 0.05 0.05 0.048 0.036 0.036 0.03 0.024 0.023 0.022 0.022 0.02 0.019 0.017 0.017 0.016 0.015 0.014 0.013 0.013 0.013 0.012 0.012 0.012 0.011 0.01 0.009 0.009 0.008 0.007 0.007 1.039 -0.039 1 PSF PGIM Jennison Value Portfolio Class III <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class III shares of PSF PGIM Jennison Value Portfolio (the “Portfolio”) </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for the period of January 1, 2025 to December 31, 2025.</div> annual shareholder report <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Portfolio at </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">www.prudential.com/variableinsuranceportfolios</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request this </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information by contacting us at (800) 346-3778.</div> www.prudential.com/variableinsuranceportfolios (800) 346-3778 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?</div></div> </div> <div style="line-height:12.0pt;margin-top:1pt;text-align:left"> <div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> </td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"> <div style="line-height:13.0pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div> </div> </td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"> <div style="line-height:13.0pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div> </div> </td> </tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PSF PGIM Jennison Value Portfolio—Class III</div></div> </div> </td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$74</div></div> </div> </td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.68%</div></div> </div> </td> </tr> </table> 74 0.0068 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE PORTFOLIO’S PERFORMANCE DURING THE REPORTING PERIOD?</div></div> </div> <div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div></div> <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">US equities generally posted strong gains for the reporting period, supported by investor enthusiasm regarding artificial intelligence </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(AI) investment, resilient corporate earnings, and three Federal Reserve rate cuts late in the period. Investor confidence and risk appetite </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">remained robust, even as volatility and policy uncertainty persisted. For the year, the Russell 1000 Value Index posted solid gains but lagged </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Russell 1000 Growth Index.</div></div> </div> <div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div></div> <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Security selection in the industrials, financials, information technology, and consumer sectors was the main contributor to absolute </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">performance. The Portfolio outperformed the Russell 1000 Value Index, driven by positions in the industrials and consumer sectors.</div></div> </div> <div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div></div> <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">On the downside, the Portfolio’s security selection in the information technology and utilities sectors detracted most from relative performance.</div></div> </div> The Portfolio's past performance is not a good predictor of the Portfolio's future performance. <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">The returns do not reflect the deduction </div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.</div></div> <img alt=" " src="g53527g20psfpgimjennvalcl3.jpg" style="height:216pt;width:531pt"/><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.7pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div> <div style="line-height:10.0pt;margin-top:6pt;text-align:left"> <div style="margin-top: 6pt; font-size: 8pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> <div style="line-height:1.0pt;margin-top:5pt;text-align:left"> <div style="margin-top:5pt"></div> </div> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="3" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Average Annual Total Returns as of December 31, 2025</div></div></div> </div> </td> </tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:351.14pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> </td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"> <div style="line-height:13.0pt;text-align:left"> <div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</div></div> </div> </td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:91.8pt"> <div style="line-height:13.0pt;text-align:left"> <div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:351.14pt"><div style="line-height:13.0pt;text-align:left"> <div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio</div></div> </div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"> <div style="line-height:13.0pt;text-align:left"> <div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">16.59%</div></div> </div> </td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:91.8pt"> <div style="line-height:13.0pt;text-align:left"> <div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.30%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:351.14pt"><div style="line-height:13.0pt;text-align:left"> <div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index</div></div> </div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"> <div style="line-height:13.0pt;text-align:left"> <div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">17.88%</div></div> </div> </td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:91.8pt"> <div style="line-height:13.0pt;text-align:left"> <div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.79%</div></div> </div> </td> </tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:351.14pt"><div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Russell 1000 Value Index</div></div> </div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.91%</div></div> </div> </td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:91.8pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.73%</div></div> </div> </td> </tr> </table> </div> <div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Portfolio Inception: 04/26/2021. </div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception returns are provided because the Portfolio has less than 10 fiscal years of returns. Since Inception returns for the Indexes are </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">measured from the closest month-end to the Portfolio’s inception date.</div></div> Portfolio 0.1659 0.113 S&P 500 Index 0.1788 0.1279 Russell 1000 Value Index 0.1591 0.0873 2021-04-26 <div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"> <div style="line-height:13pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio’s net assets</div></div> </div> </td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"> <div style="line-height:13pt;text-align:left"> <div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 15.27pt; letter-spacing: 0px; top: 0px;display:inline;">2,052,594,529</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"> <div style="line-height:13pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of portfolio holdings</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"> <div style="line-height:13pt;text-align:left"> <div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">67</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"> <div style="line-height:13pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</div></div> </div> </td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"> <div style="line-height:13pt;text-align:left"> <div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 31.16pt; letter-spacing: 0px; top: 0px;display:inline;">7,575,141</div></div> </div> </td> </tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"> <div style="line-height:13pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</div></div> </div> </td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"> <div style="line-height:13pt;text-align:left"> <div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">38%</div></div> </div> </td> </tr> </table> 2052594529 67 7575141 0.38 <div style="float:left;height:8pt;margin-left:48pt;margin-top:40pt;width:528pt"> <div style="line-height:14.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 12/31/2025?</div></div> </div> <div style="clear: both; max-height: 0px;"></div> <div style="float:left;margin-left:48pt;margin-top:18pt;width:258pt;min-height:353pt"> <div style="line-height: 1pt; text-align: left; font-size: 1pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="line-height:1.0pt;margin-top:-1pt;text-align:left"></div> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Industry Classification</div></div></div> </div> </td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">% of Net </div></div></div> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Assets</div></div></div> </div> </td> </tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Banks</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">12.3%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Oil, Gas &amp; Consumable Fuels</div></div> </div> </td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">7.8%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Aerospace &amp; Defense</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">7.3%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Semiconductors &amp; Semiconductor Equipment</div></div> </div> </td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">6.5%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Pharmaceuticals</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">5.3%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Multi-Utilities</div></div> </div> </td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">5.2%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Insurance</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">5.0%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Interactive Media &amp; Services</div></div> </div> </td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">5.0%</div></div> </div> </td> </tr> <tr style="height:39pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment </div></div> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(3.9% represents investments purchased with </div></div> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">collateral from securities on loan)</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.8%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Consumer Staples Distribution &amp; Retail</div></div> </div> </td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.6%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Capital Markets</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.6%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Machinery</div></div> </div> </td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.0%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Automobiles</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.4%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Software</div></div> </div> </td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.3%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Communications Equipment</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.2%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Personal Care Products</div></div> </div> </td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.2%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Chemicals</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.0%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Building Products</div></div> </div> </td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.9%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Industrial Conglomerates</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.7%</div></div> </div> </td> </tr> <tr style="height:13pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Entertainment</div></div> </div> </td> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.7%</div></div> </div> </td> </tr> </table> </div> </div> <div style="float:left;margin-left:12pt;margin-top:18pt;width:258pt;min-height:353pt"> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Industry Classification</div></div></div> </div> </td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">% of Net </div></div></div> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Assets</div></div></div> </div> </td> </tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Residential REITs</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.6%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Broadline Retail</div></div> </div> </td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.5%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Household Durables</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.4%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Ground Transportation</div></div> </div> </td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.3%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Specialized REITs</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.3%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Biotechnology</div></div> </div> </td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.3%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Technology Hardware, Storage &amp; Peripherals</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.2%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Specialty Retail</div></div> </div> </td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.2%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Industrial REITs</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.2%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Trading Companies &amp; Distributors</div></div> </div> </td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.1%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Hotels, Restaurants &amp; Leisure</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.0%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Health Care Providers &amp; Services</div></div> </div> </td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.9%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Health Care Equipment &amp; Supplies</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.9%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">IT Services</div></div> </div> </td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.8%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Electric Utilities</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.7%</div></div> </div> </td> </tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Beverages</div></div> </div> </td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:13.0pt;text-align:left"> <div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"> <div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.7%</div></div> </div> </div> </td> </tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">103.9%</div></div> </div> </td> </tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</div></div> </div> </td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:13.0pt;text-align:left"> <div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"> <div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(3.9)%</div></div> </div> </div> </td> </tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> </td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"> <div style="line-height:13.0pt;text-align:left"> <div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"> <div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</div></div> </div> </div> </td> </tr> </table> </div> </div> 0.123 0.078 0.073 0.065 0.053 0.052 0.05 0.05 0.048 0.036 0.036 0.03 0.024 0.023 0.022 0.022 0.02 0.019 0.017 0.017 0.016 0.015 0.014 0.013 0.013 0.013 0.012 0.012 0.012 0.011 0.01 0.009 0.009 0.008 0.007 0.007 1.039 -0.039 1 PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio Class III <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">This annual shareholder report contains important information about the Class III shares of PSF PGIM Laddered Allocation S&amp;P 500 Buffer 12 </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Portfolio (the “Portfolio”) for the period of June 18, 2025 to December 31, 2025.</div> annual shareholder report <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">You can find additional information about the Portfolio at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">www.prudential.com/variableinsuranceportfolios</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">. You can also request this </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">information by contacting us at (800) 346-3778.</div> www.prudential.com/variableinsuranceportfolios (800) 346-3778 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">(Based on a hypothetical $10,000 investment)</div><div style="color:#000000;font-family:Arial Narrow;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">PSF PGIM Laddered Allocation S&amp;P 500 Buffer 12 Portfolio—Class III</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$48</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">0.85%</div></div></div></td></tr></table> 48 0.0085 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT AFFECTED THE PORTFOLIO’S PERFORMANCE DURING THE REPORTING PERIOD?</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">The Portfolio buys and holds an equal-weighted portfolio of the 12 PGIM Large-Cap Buffer 12% ETFs (January to December) (each, an </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">“Underlying ETF”). The Portfolio itself does not directly invest in any derivatives and does not provide any stated buffer against losses. Because </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">each Underlying ETF invests substantially all of its assets in customized equity or index option contracts known as Flexible Exchange Options </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">(FLEX Options) on the SPDR S&amp;P 500 ETF Trust (SPY), each Underlying ETF’s performance is primarily driven by the SPY, although other </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">factors like changes in volatility or interest rates can impact the value of the FLEX Options.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks during the </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">reporting period. The announcement of “Liberation Day” tariffs by the US administration in April 2025 triggered a sharp selloff in US stocks. </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">However, as the administration softened its position on its trade and tariff policies, US equity markets recovered and gained additional ground </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">through the end of the reporting period. In addition, US equities benefited from the Federal Reserve’s decision to lower policy rates towards the </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">end of the year.</div></div></div> The Portfolio's past performance is not a good predictor of the Portfolio's future performance. <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">The returns do not reflect the deduction </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.</div> <img alt=" " src="g53527g21psfpgimbuffer12cl3.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="2" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.0pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Total Returns as of December 31, 2025</div></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:436.2pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Since Inception (%)</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:436.2pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">9.20%</div></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:436.2pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">S&amp;P 500 Price Return Index</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">10.32%</div></div></div></td></tr></table><div style="margin-top:6pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:italic;display:inline;">Portfolio Inception: 06/18/2025 </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">Since Inception returns are provided because the Portfolio has less than 10 fiscal years of returns. Since Inception returns for the Indexes are </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">measured from the closest month-end to the Portfolio’s inception date.</div></div> Portfolio 0.092 S&P 500 Price Return Index 0.1032 2025-06-18 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?</div><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:37.99pt;display:inline;">517,586</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Number of portfolio holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">13</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:62.94pt;display:inline;">0</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">20%</div></div></div></td></tr></table> 517586 13 0 0.20 <div style="line-height:14.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 12/31/2025?</div><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Industry Classification</div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Affiliated Exchange-Traded Funds - Equity</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">96.3%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Affiliated Mutual Fund - Short-Term Investment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.2%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">96.5%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Other assets in excess of liabilities</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.5%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">100.0%</div></div></div></div></td></tr></table> 0.963 0.002 0.965 0.035 1 PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio Class III <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">This annual shareholder report contains important information about the Class III shares of PSF PGIM Laddered Allocation S&amp;P 500 Buffer 20 </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Portfolio (the “Portfolio”) for the period of June 18, 2025 to December 31, 2025.</div> annual shareholder report <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">You can find additional information about the Portfolio at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">www.prudential.com/variableinsuranceportfolios</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">. You can also request this </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">information by contacting us at (800) 346-3778.</div> www.prudential.com/variableinsuranceportfolios (800) 346-3778 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">(Based on a hypothetical $10,000 investment)</div><div style="color:#000000;font-family:Arial Narrow;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">PSF PGIM Laddered Allocation S&amp;P 500 Buffer 20 Portfolio—Class III</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$47</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">0.85%</div></div></div></td></tr></table> 47 0.0085 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT AFFECTED THE PORTFOLIO’S PERFORMANCE DURING THE REPORTING PERIOD?</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">The Portfolio buys and holds an equal-weighted portfolio of the 12 PGIM Large-Cap Buffer 20% ETFs (January to December) (each, an </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">“Underlying ETF”). The Portfolio itself does not directly invest in any derivatives and does not provide any stated buffer against losses. Because </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">each Underlying ETF invests substantially all of its assets in customized equity or index option contracts known as Flexible Exchange Options </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">(FLEX Options) on the SPDR S&amp;P 500 ETF Trust (SPY), each Underlying ETF’s performance is primarily driven by the SPY, although other </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">factors like changes in volatility or interest rates can impact the value of the FLEX Options.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks during this </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">reporting period. The announcement of “Liberation Day” tariffs in April 2025 triggered a sharp selloff in US stocks. However, as the </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">administration softened its position on its trade and tariff policies, US equity markets recovered and gained additional ground through the end of </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">the reporting period. In addition, US equities benefited from the Federal Reserve’s decision to lower policy rates towards the end of the year.</div></div></div> The Portfolio's past performance is not a good predictor of the Portfolio's future performance. <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">The returns do not reflect the deduction </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.</div> <img alt=" " src="g53527g22psfpgimbuffer20cl3.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="2" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.0pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Total Returns as of December 31, 2025</div></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:436.2pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Since Inception (%)</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:436.2pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">6.80%</div></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:436.2pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">S&amp;P 500 Price Return Index</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">10.32%</div></div></div></td></tr></table><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:italic;display:inline;">Portfolio Inception: 06/18/2025 </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">Since Inception returns are provided because the Portfolio has less than 10 fiscal years of returns. Since Inception returns for the Indexes are </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">measured from the closest month-end to the Portfolio’s inception date.</div></div></div> Portfolio 0.068 S&P 500 Price Return Index 0.1032 2025-06-18 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?</div><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:37.99pt;display:inline;">600,406</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Number of portfolio holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">13</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:62.94pt;display:inline;">0</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">32%</div></div></div></td></tr></table> 600406 13 0 0.32 <div style="line-height:14.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 12/31/2025?</div><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Industry Classification</div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Affiliated Exchange-Traded Funds - Equity</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">96.7%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Affiliated Mutual Fund - Short-Term Investment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">97.7%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Other assets in excess of liabilities</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.3%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">100.0%</div></div></div></div></td></tr></table> 0.967 0.01 0.977 0.023 1 PSF PGIM Total Return Bond Portfolio Class I <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class I shares of PSF PGIM Total Return Bond Portfolio (the “Portfolio”) </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for the period of January 1, 2025 to December 31, 2025.</div> annual shareholder report <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Portfolio at </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">www.prudential.com/variableinsuranceportfolios</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request this </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information by contacting us at (800) 346-3778.</div> www.prudential.com/variableinsuranceportfolios (800) 346-3778 This report describes changes to the Portfolio that occurred during the reporting period. <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PSF PGIM Total Return Bond Portfolio—Class I</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$45</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.43%</div></div></div></td></tr></table> 45 0.0043 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE PORTFOLIO’S PERFORMANCE DURING THE REPORTING PERIOD?</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">During the reporting period, US Treasury yields declined and the yield curve steepened while credit spreads across a broad range of fixed </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income assets generally tightened as demand for yield remained robust. The US Federal Reserve’s easing cycle, which was paused in the first </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">half of 2025, resumed with 25-basis point (bps) interest rate cuts in September, October, and December.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Security selection and sector allocation were the main drivers of the Portfolio’s outperformance versus the Bloomberg US Aggregate Bond </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Index during the reporting period. Overweight allocations to, and security selection in, the collateralized loan obligations and non-agency </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateralized mortgage-backed securities (CMBS) sectors contributed to performance. Security selection in the high yield sector, along with </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security selection and an underweight allocation to the investment grade corporate bond sector, also contributed to performance. Duration </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates) and yield curve positioning (a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">yield curve is a line graph that illustrates the relationship between the yields and maturities of fixed income securities and is created by plotting </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the yields of different maturities for the same type of bonds) contributed to the Portfolio’s performance during the reporting period.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Selection in US Treasuries and emerging markets, along with an overweight allocation to the high yield sector, detracted from performance.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">During the reporting period, the Portfolio used total return swaps, interest rate swaps, and futures to help manage duration and yield curve </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exposure, which in aggregate had a negative impact on performance. The Portfolio also used credit derivatives in the form of credit default </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">swaps and the Credit Default Swap Index to manage credit risk, which contributed to performance.</div></div></div> The Portfolio's past performance is not a good predictor of the Portfolio's future performance. <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">The returns do not reflect the deduction </div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.</div></div> <img alt=" " src="g53527g23psfpgimtotrtnbdcl1.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Average Annual Total Returns as of December 31, 2025</div></div></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Ten Years (%)</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.80%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.14%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">3.17%</div></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.30%</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.36%</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.01%</div></div></div></td></tr></table> Portfolio 0.078 0.0014 0.0317 Bloomberg US Aggregate Bond Index 0.073 -0.0036 0.0201 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 15.27pt; letter-spacing: 0px; top: 0px;display:inline;">2,460,240,787</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of portfolio holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1,862</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 31.16pt; letter-spacing: 0px; top: 0px;display:inline;">9,606,239</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">96%</div></div></div></td></tr></table> 2460240787 1862 9606239 0.96 <div style="line-height:14.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 12/31/2025?</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Credit Quality</div></div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">% of Total </div></div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investments</div></div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">AAA</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">27.7</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">AA</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">26.7</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">A</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">11.9</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">BBB</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">14.5</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">BB</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">5.8</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">B</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.4</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">CCC and Below</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.3</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">NR</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">6.5</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Cash/Cash Equivalents</div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.2</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total Investments</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0</div></div></div></div></td></tr></table></div> 0.277 0.267 0.119 0.145 0.058 0.034 0.013 0.065 0.022 1 <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Credit quality ratings shown above reflect the middle rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investor Service, Inc. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">(Moody’s), S&amp;P Global Ratings (S&amp;P), or Fitch, Inc. (Fitch) if ratings differ.  Where applicable, ratings are converted to the comparable S&amp;P/Fitch rating category to illustrate credit </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">rating breakdowns.  These NRSROs are independent and are widely used.  The Not Rated (NR) category consists of securities that have not been rated by a NRSRO.  Unrated </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">investments do not necessarily indicate low credit quality. The ratings category may include derivative instruments that could have a negative value. Credit quality ratings are subject to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">change. Values may not sum to 100.0% due to rounding.</div> <div style="line-height:14.0pt;margin-top:12.0pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WERE THERE ANY SIGNIFICANT CHANGES TO THE PORTFOLIO THIS YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:6.0pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following is a summary of certain changes to the Portfolio since January 1, 2025.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12.0pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">At a meeting of the shareholders of PSF PGIM Government Income Portfolio (the “Target Portfolio”) held on March 25, 2025, shareholders of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Target Portfolio approved the reorganization of the Target Portfolio into the Portfolio (the “Reorganization”). The Reorganization was </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">completed on April 25, 2025.</div> <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:12.0pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For more complete information, you should review the Portfolio’s current prospectus including</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> any applicable supplements, and the Portfolio’s next </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prospectus, which we expect to be available by May 1, 2026, at </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">www.prudential.com/variableinsuranceportfolios</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or by request at </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(800) 346-3778.</div></div></div> 2025-01-01 <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">At a meeting of the shareholders of PSF PGIM Government Income Portfolio (the “Target Portfolio”) held on March 25, 2025, shareholders of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Target Portfolio approved the reorganization of the Target Portfolio into the Portfolio (the “Reorganization”). The Reorganization was </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">completed on April 25, 2025.</div> www.prudential.com/variableinsuranceportfolios (800) 346-3778 PSF PGIM Total Return Bond Portfolio Class III <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class III shares of PSF PGIM Total Return Bond Portfolio (the “Portfolio”) </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for the period of January 1, 2025 to December 31, 2025.</div> annual shareholder report <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Portfolio at </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">www.prudential.com/variableinsuranceportfolios</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request this </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">information by contacting us at (800) 346-3778.</div> www.prudential.com/variableinsuranceportfolios (800) 346-3778 This report describes changes to the Portfolio that occurred during the reporting period. <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PSF PGIM Total Return Bond Portfolio—Class III</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$71</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.68%</div></div></div></td></tr></table> 71 0.0068 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE PORTFOLIO’S PERFORMANCE DURING THE REPORTING PERIOD?</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">During the reporting period, US Treasury yields declined and the yield curve steepened while credit spreads across a broad range of fixed </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">income assets generally tightened as demand for yield remained robust. The US Federal Reserve’s easing cycle, which was paused in the first </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">half of 2025, resumed with 25-basis point (bps) interest rate cuts in September, October, and December.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Security selection and sector allocation were the main drivers of the Portfolio’s outperformance versus the Bloomberg US Aggregate Bond </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Index during the reporting period. Overweight allocations to, and security selection in, the collateralized loan obligations and non-agency </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">collateralized mortgage-backed securities (CMBS) sectors contributed to performance. Security selection in the high yield sector, along with </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">security selection and an underweight allocation to the investment grade corporate bond sector, also contributed to performance. Duration </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates) and yield curve positioning (a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">yield curve is a line graph that illustrates the relationship between the yields and maturities of fixed income securities and is created by plotting </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the yields of different maturities for the same type of bonds) contributed to the Portfolio’s performance during the reporting period.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Selection in US Treasuries and emerging markets, along with an overweight allocation to the high yield sector, detracted from performance.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">During the reporting period, the Portfolio used total return swaps, interest rate swaps, and futures to help manage duration and yield curve </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">exposure, which in aggregate had a negative impact on performance. The Portfolio also used credit derivatives in the form of credit default </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">swaps and the Credit Default Swap Index to manage credit risk, which contributed to performance.</div></div></div> The Portfolio's past performance is not a good predictor of the Portfolio's future performance. <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">The returns do not reflect the deduction </div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.</div></div> <img alt=" " src="g53527g24psfpgimtotrtnbdcl3.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="3" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Average Annual Total Returns as of December 31, 2025</div></div></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:351.14pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:351.14pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.53%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.48%</div></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:351.14pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.30%</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.18%</div></div></div></td></tr></table> Portfolio 0.0753 0.0048 Bloomberg US Aggregate Bond Index 0.073 0.0018 2021-04-26 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 15.27pt; letter-spacing: 0px; top: 0px;display:inline;">2,460,240,787</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of portfolio holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1,862</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 31.16pt; letter-spacing: 0px; top: 0px;display:inline;">9,606,239</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">96%</div></div></div></td></tr></table></div> 2460240787 1862 9606239 0.96 <div style="line-height:14.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 12/31/2025?</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Credit Quality</div></div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">% of Total </div></div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investments</div></div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">AAA</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">27.7</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">AA</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">26.7</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">A</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">11.9</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">BBB</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">14.5</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">BB</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">5.8</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">B</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.4</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">CCC and Below</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.3</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">NR</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">6.5</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Cash/Cash Equivalents</div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.2</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total Investments</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0</div></div></div></div></td></tr></table></div> 0.277 0.267 0.119 0.145 0.058 0.034 0.013 0.065 0.022 1 <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Credit quality ratings shown above reflect the middle rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investor Service, Inc. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">(Moody’s), S&amp;P Global Ratings (S&amp;P), or Fitch, Inc. (Fitch) if ratings differ.  Where applicable, ratings are converted to the comparable S&amp;P/Fitch rating category to illustrate credit </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">rating breakdowns.  These NRSROs are independent and are widely used.  The Not Rated (NR) category consists of securities that have not been rated by a NRSRO.  Unrated </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">investments do not necessarily indicate low credit quality. The ratings category may include derivative instruments that could have a negative value. Credit quality ratings are subject to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">change. Values may not sum to 100.0% due to rounding.</div> <div style="line-height:14.0pt;margin-top:12.0pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WERE THERE ANY SIGNIFICANT CHANGES TO THE PORTFOLIO THIS YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:6.0pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following is a summary of certain changes to the Portfolio since January 1, 2025.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12.0pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">At a meeting of the shareholders of PSF PGIM Government Income Portfolio (the “Target Portfolio”) held on March 25, 2025, shareholders of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Target Portfolio approved the reorganization of the Target Portfolio into the Portfolio (the “Reorganization”). The Reorganization was </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">completed on April 25, 2025.</div> <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:12.0pt;margin-top:12.0pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For more complete information, you should review the Portfolio’s current prospectus including any applicable supplements, and the Portfolio’s next </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">prospectus, which we expect to be available by May 1, 2026, at </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">www.prudential.com/variableinsuranceportfolios</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or by request at </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(800) 346-3778.</div></div></div> 2025-01-01 <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">At a meeting of the shareholders of PSF PGIM Government Income Portfolio (the “Target Portfolio”) held on March 25, 2025, shareholders of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Target Portfolio approved the reorganization of the Target Portfolio into the Portfolio (the “Reorganization”). The Reorganization was </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">completed on April 25, 2025.</div> www.prudential.com/variableinsuranceportfolios (800) 346-3778 PSF Small-Cap Stock Index Portfolio Class I <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">This <div style="display:inline;">annual shareholder report contains</div> important information about the Class I shares of PSF Small-Cap Stock Index Portfolio (the “Portfolio”) </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">for the period of January 1, 2025 to December 31, 2025.</div> annual shareholder report <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">You can find additional information about the Portfolio at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">www.prudential.com/variableinsuranceportfolios</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">. You can also request this </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">information by contacting us at (800) 346-3778.</div> www.prudential.com/variableinsuranceportfolios (800) 346-3778 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">(Based on a hypothetical $10,000 investment)</div><div style="color:#000000;font-family:Arial Narrow;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">PSF Small-Cap Stock Index Portfolio—Class I</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$39</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">0.38%</div></div></div></td></tr></table> 39 0.0038 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT AFFECTED THE PORTFOLIO’S PERFORMANCE DURING THE REPORTING PERIOD?</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">In the first quarter, the Trump administration’s tariff policies caused significant disruption to the economic landscape. The uncertain outlook on </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">the future of the economy negatively affected domestic stocks, particularly small caps.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">US equities finished the second quarter in positive territory despite a downturn in April 2025 that was precipitated by the Trump administration’s </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">tariff announcement. Despite inflation worries and rising tensions in the Middle East, US equities rebounded into positive territory after the </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">President announced a pause on the use of the new tariffs. Large-cap stocks in the US once again outperformed small-cap stocks.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">US equities posted a strong third quarter. Investor enthusiasm around artificial intelligence, corporate earnings growth, and a September </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">federal funds rate cut provided momentum for the positive returns and overshadowed concerns about tariffs, trade wars, and an impending </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">government shutdown.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">In the face of the longest government shutdown in history and rising job cuts, US equities registered gains in the fourth quarter. US equities </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">reacted positively to the Federal Reserve lowering interest rates while indicating additional reductions could follow if inflation continues to fall. </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">The S&amp;P 500 Index ended the year with a 17.88% gain while the S&amp;P 600 rose 6.02%.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">The Portfolio used stock index futures to equitize cash and enhance Portfolio liquidity, which had a negligible effect on performance during the </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">reporting period.</div></div></div> The Portfolio's past performance is not a good predictor of the Portfolio's future performance. <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">The returns do not reflect the deduction </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.</div> <img alt=" " src="g53527g25psfsmcapstckindcl1.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Average Annual Total Returns as of December 31, 2025</div></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">One Year (%)</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Five Years (%)</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Ten Years (%)</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">5.69%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">6.97%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">9.52%</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">S&amp;P 500 Index*</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">17.88%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">14.42%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">14.82%</div></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">S&amp;P SmallCap 600 Index</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">6.02%</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">7.31%</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">9.81%</div></div></div></td></tr></table><div style="margin-top:6pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">*The Portfolio compares its performance against this broad-based index in response to regulatory requirements.</div></div> Portfolio 0.0569 0.0697 0.0952 S&P 500 Index 0.1788 0.1442 0.1482 S&P SmallCap 600 Index 0.0602 0.0731 0.0981 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?</div><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15.27pt;display:inline;">1,310,339,674</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Number of portfolio holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">608</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:31.16pt;display:inline;">4,322,190</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">28%</div></div></div></td></tr></table> 1310339674 608 4322190 0.28 <div style="float:left;height:8pt;margin-left:48pt;margin-top:40pt;width:528pt"><div style="line-height:14.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 12/31/2025?</div></div></div><div style="clear:both"> </div><div style="float:left;margin-left:48pt;margin-top:18pt;width:258pt;min-height:518pt"><div style="line-height:1.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div><div style="line-height:1.0pt;margin-top:-1pt;text-align:left"> </div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Industry Classification</div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr> <tr style="height:40pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Affiliated Mutual Fund - Short-Term Investment </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">(30.5% represents investments purchased with </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">collateral from securities on loan)</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">31.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Banks</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">8.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electronic Equipment, Instruments &amp; Components</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">4.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Machinery</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">4.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Biotechnology</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Semiconductors &amp; Semiconductor Equipment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Software</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Chemicals</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Specialty Retail</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Capital Markets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Health Care Equipment &amp; Supplies</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Household Durables</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Building Products</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Insurance</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Commercial Services &amp; Supplies</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Oil, Gas &amp; Consumable Fuels</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Hotels, Restaurants &amp; Leisure</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Financial Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Health Care Providers &amp; Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Energy Equipment &amp; Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Pharmaceuticals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Unaffiliated Exchange-Traded Funds - Equity</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Construction &amp; Engineering</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Retail REITs</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Professional Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Automobile Components</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Communications Equipment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Trading Companies &amp; Distributors</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Metals &amp; Mining</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Diversified Consumer Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Hotel &amp; Resort REITs</div></div></div></td> <td style="padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr></table></div></div><div style="float:left;margin-left:12pt;margin-top:18pt;width:258pt;min-height:518pt"><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Industry Classification</div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr> <tr style="height:16pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Food Products</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Aerospace &amp; Defense</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Mortgage Real Estate Investment Trusts (REITs)</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Interactive Media &amp; Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Consumer Finance</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Health Care REITs</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Textiles, Apparel &amp; Luxury Goods</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Diversified Telecommunication Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Specialized REITs</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Diversified REITs</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Office REITs</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Industrial REITs</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Consumer Staples Distribution &amp; Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electrical Equipment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Gas Utilities</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Real Estate Management &amp; Development</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Ground Transportation</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Containers &amp; Packaging</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electric Utilities</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Water Utilities</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Broadline Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Distributors</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Passenger Airlines</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Media</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Entertainment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Household Products</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Others*</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.7%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">130.5%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">(30.5)%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">100.0%</div></div></div></div></td></tr></table></div><div style="line-height:1.0pt;text-align:right"><div style="color:#000000;font-family:Arial Narrow;font-size:1pt;line-height:1pt;display:inline;"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:auto"> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:8.53pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">*</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:249.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">Consists of Industries that each make up less than 0.5% of the Portfolio's net assets</div></div></div></td></tr></table></div></div> 0.312 0.083 0.044 0.041 0.039 0.038 0.037 0.035 0.033 0.032 0.032 0.029 0.026 0.025 0.023 0.023 0.022 0.022 0.021 0.021 0.02 0.019 0.019 0.015 0.014 0.014 0.012 0.011 0.01 0.01 0.01 0.01 0.01 0.009 0.009 0.008 0.008 0.008 0.008 0.007 0.007 0.007 0.007 0.007 0.006 0.006 0.006 0.006 0.006 0.006 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.037 1.305 -0.305 1 PSF Small-Cap Stock Index Portfolio Class III <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">This annual shareholder report contains important information about the Class III shares of PSF Small-Cap Stock Index Portfolio (the “Portfolio”) </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">for the period of January 1, 2025 to December 31, 2025.</div> annual shareholder report <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">You can find additional information about the Portfolio at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">www.prudential.com/variableinsuranceportfolios</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">. You can also request this </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">information by contacting us at (800) 346-3778.</div> www.prudential.com/variableinsuranceportfolios (800) 346-3778 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">(Based on a hypothetical $10,000 investment)</div><div style="color:#000000;font-family:Arial Narrow;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">PSF Small-Cap Stock Index Portfolio—Class III</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$65</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">0.63%</div></div></div></td></tr></table> 65 0.0063 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT AFFECTED THE PORTFOLIO’S PERFORMANCE DURING THE REPORTING PERIOD?</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">In the first quarter, the Trump administration’s tariff policies caused significant disruption to the economic landscape. The uncertain outlook on </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">the future of the economy negatively affected domestic stocks, particularly small caps.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">US equities finished the second quarter in positive territory despite a downturn in April 2025 that was precipitated by the Trump administration’s </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">tariff announcement. Despite inflation worries and rising tensions in the Middle East, US equities rebounded into positive territory after the </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">President announced a pause on the use of the new tariffs. Large-cap stocks in the US once again outperformed small-cap stocks.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">US equities posted a strong third quarter. Investor enthusiasm around artificial intelligence, corporate earnings growth, and a September </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">federal funds rate cut provided momentum for the positive returns and overshadowed concerns about tariffs, trade wars, and an impending </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">government shutdown.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">In the face of the longest government shutdown in history and rising job cuts, US equities registered gains in the fourth quarter. US equities </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">reacted positively to the Federal Reserve lowering interest rates while indicating additional reductions could follow if inflation continues to fall. </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">The S&amp;P 500 Index ended the year with a 17.88% gain while the S&amp;P 600 rose 6.02%.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">The Portfolio used stock index futures to equitize cash and enhance Portfolio liquidity, which had a negligible effect on performance during the </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">reporting period.</div></div></div> The Portfolio's past performance is not a good predictor of the Portfolio's future performance. <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">The returns do not reflect the deduction </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.</div> <img alt=" " src="g53527g26psfsmcapstckindcl3.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="3" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Average Annual Total Returns as of December 31, 2025</div></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:351.14pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">One Year (%)</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Since Inception (%)</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:351.14pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">5.42%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">2.93%</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:351.14pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">S&amp;P 500 Index*</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">17.88%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">12.79%</div></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:351.14pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">S&amp;P SmallCap 600 Index</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">6.02%</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">3.60%</div></div></div></td></tr></table><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:italic;display:inline;">Portfolio Inception: 04/26/2021. </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">Since Inception returns are provided because the Portfolio has less than 10 fiscal years of returns. Since Inception returns for the Indexes are </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">measured from the closest month-end to the Portfolio’s inception date.</div></div></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">*The Portfolio compares its performance against this broad-based index in response to regulatory requirements.</div></div></div> Portfolio 0.0542 0.0293 S&P 500 Index 0.1788 0.1279 S&P SmallCap 600 Index 0.0602 0.036 2021-04-26 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?</div><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15.27pt;display:inline;">1,310,339,674</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Number of portfolio holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">608</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:31.16pt;display:inline;">4,322,190</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">28%</div></div></div></td></tr></table> 1310339674 608 4322190 0.28 <div style="float:left;height:8pt;margin-left:48pt;margin-top:40pt;width:528pt"><div style="line-height:14.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 12/31/2025?</div></div></div><div style="clear:both"> </div><div style="float:left;margin-left:48pt;margin-top:18pt;width:258pt;min-height:518pt"><div style="line-height:1.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div><div style="line-height:1.0pt;margin-top:-1pt;text-align:left"> </div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Industry Classification</div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr> <tr style="height:40pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Affiliated Mutual Fund - Short-Term Investment </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">(30.5% represents investments purchased with </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">collateral from securities on loan)</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">31.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Banks</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">8.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electronic Equipment, Instruments &amp; Components</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">4.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Machinery</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">4.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Biotechnology</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Semiconductors &amp; Semiconductor Equipment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Software</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Chemicals</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Specialty Retail</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Capital Markets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Health Care Equipment &amp; Supplies</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Household Durables</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Building Products</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Insurance</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Commercial Services &amp; Supplies</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Oil, Gas &amp; Consumable Fuels</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Hotels, Restaurants &amp; Leisure</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Financial Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Health Care Providers &amp; Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Energy Equipment &amp; Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Pharmaceuticals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Unaffiliated Exchange-Traded Funds - Equity</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Construction &amp; Engineering</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Retail REITs</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Professional Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Automobile Components</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Communications Equipment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Trading Companies &amp; Distributors</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Metals &amp; Mining</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Diversified Consumer Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Hotel &amp; Resort REITs</div></div></div></td> <td style="padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr></table></div></div><div style="float:left;margin-left:12pt;margin-top:18pt;width:258pt;min-height:518pt"><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Industry Classification</div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr> <tr style="height:16pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Food Products</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Aerospace &amp; Defense</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Mortgage Real Estate Investment Trusts (REITs)</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Interactive Media &amp; Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Consumer Finance</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Health Care REITs</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Textiles, Apparel &amp; Luxury Goods</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Diversified Telecommunication Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Specialized REITs</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Diversified REITs</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Office REITs</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Industrial REITs</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Consumer Staples Distribution &amp; Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electrical Equipment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Gas Utilities</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Real Estate Management &amp; Development</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Ground Transportation</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Containers &amp; Packaging</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electric Utilities</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Water Utilities</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Broadline Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Distributors</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Passenger Airlines</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Media</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Entertainment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Household Products</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Others*</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.7%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">130.5%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">(30.5)%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">100.0%</div></div></div></div></td></tr></table></div><div style="line-height:1.0pt;text-align:right"><div style="color:#000000;font-family:Arial Narrow;font-size:1pt;line-height:1pt;display:inline;"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:auto"> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:8.53pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">*</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:249.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">Consists of Industries that each make up less than 0.5% of the Portfolio's net assets</div></div></div></td></tr></table></div></div> 0.312 0.083 0.044 0.041 0.039 0.038 0.037 0.035 0.033 0.032 0.032 0.029 0.026 0.025 0.023 0.023 0.022 0.022 0.021 0.021 0.02 0.019 0.019 0.015 0.014 0.014 0.012 0.011 0.01 0.01 0.01 0.01 0.01 0.009 0.009 0.008 0.008 0.008 0.008 0.007 0.007 0.007 0.007 0.007 0.006 0.006 0.006 0.006 0.006 0.006 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.037 1.305 -0.305 1 PSF Stock Index Portfolio Class I <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">This annual shareholder report contains important information about the Class I shares of PSF Stock Index Portfolio (the “Portfolio”) for the period </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">of January 1, 2025 to December 31, 2025.</div> annual shareholder report <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">You can find additional information about the Portfolio at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">www.prudential.com/variableinsuranceportfolios</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">. You can also request this </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">information by contacting us at (800) 346-3778.</div> www.prudential.com/variableinsuranceportfolios (800) 346-3778 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">(Based on a hypothetical $10,000 investment)</div><div style="color:#000000;font-family:Arial Narrow;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">PSF Stock Index Portfolio—Class I</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$27</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">0.25%</div></div></div></td></tr></table> 27 0.0025 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT AFFECTED THE PORTFOLIO’S PERFORMANCE DURING THE REPORTING PERIOD?</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">In the first quarter, the Trump administration’s tariff policies caused significant disruption to the economic landscape. The uncertain outlook on </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">the future of the economy negatively affected domestic stocks, particularly small caps.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">US equities finished the second quarter in positive territory despite a downturn in April 2025 that was precipitated by the Trump administration’s </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">tariff announcement. Despite inflation worries and rising tensions in the Middle East, US equities rebounded into positive territory after the </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">President announced a pause on the new tariffs. Large-cap stocks in the US once again outperformed small-cap stocks.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">US equities posted a strong third quarter. Investor enthusiasm around artificial intelligence, corporate earnings growth and a September 2025 </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">federal funds rate cut provided momentum for the positive returns and overshadowed concerns about tariffs, trade wars, and an impending </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">government shutdown.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">In the face of the longest government shutdown in history and rising job cuts, US equities registered a gain in the fourth quarter. US equities </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">reacted positively to the Federal Reserve lowering interest rates while indicating additional reductions could follow if inflation continues to fall. </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">The S&amp;P 500 Index ended the year with a 17.88% gain while the S&amp;P 600 rose 6.02%.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">The Portfolio used stock index futures to equitize cash and enhance Portfolio liquidity, which had a negligible effect on performance during the </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">reporting period.</div></div></div> The Portfolio's past performance is not a good predictor of the Portfolio's future performance. <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">The returns do not reflect the deduction </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.</div> <img alt=" " src="g53527g27psfstockindexcl1.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Average Annual Total Returns as of December 31, 2025</div></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">One Year (%)</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Five Years (%)</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Ten Years (%)</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">17.56%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">14.09%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">14.51%</div></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">S&amp;P 500 Index</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">17.88%</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">14.42%</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">14.82%</div></div></div></td></tr></table> Portfolio 0.1756 0.1409 0.1451 S&P 500 Index 0.1788 0.1442 0.1482 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME KEY PORTFOLIO STATISTI<div style="display:inline;">C</div>S AS OF 12/31/2025?</div><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:10.74pt;display:inline;">10,282,203,043</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Number of portfolio holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">508</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:26.63pt;display:inline;">22,364,441</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2%</div></div></div></td></tr></table> 10282203043 508 22364441 0.02 <div style="float:left;height:8pt;margin-left:48pt;margin-top:40pt;width:528pt"><div style="line-height:14.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 12/31/2025?</div></div></div><div style="clear:both"> </div><div style="float:left;margin-left:48pt;margin-top:18pt;width:258pt;min-height:383pt"><div style="line-height:1.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div><div style="line-height:1.0pt;margin-top:-1pt;text-align:left"> </div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Industry Classification</div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Semiconductors &amp; Semiconductor Equipment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">13.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Software</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">9.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Interactive Media &amp; Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">7.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Technology Hardware, Storage &amp; Peripherals</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">7.1%</div></div></div></td></tr> <tr style="height:39pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Affiliated Mutual Fund - Short-Term Investment </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">(3.2% represents investments purchased with </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">collateral from securities on loan)</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">5.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Broadline Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Financial Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Banks</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Capital Markets</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Pharmaceuticals</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Oil, Gas &amp; Consumable Fuels</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Automobiles</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Aerospace &amp; Defense</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Health Care Equipment &amp; Supplies</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Hotels, Restaurants &amp; Leisure</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Consumer Staples Distribution &amp; Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Insurance</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Specialty Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Biotechnology</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Health Care Providers &amp; Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Machinery</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.5%</div></div></div></td></tr> <tr style="height:13pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Unaffiliated Exchange-Traded Funds - Equity</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.5%</div></div></div></td></tr></table></div></div><div style="float:left;margin-left:12pt;margin-top:18pt;width:258pt;min-height:383pt"><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Industry Classification</div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electric Utilities</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Entertainment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Beverages</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">IT Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Chemicals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Life Sciences Tools &amp; Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Communications Equipment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electrical Equipment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Ground Transportation</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Household Products</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electronic Equipment, Instruments &amp; Components</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Specialized REITs</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Consumer Finance</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Diversified Telecommunication Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Tobacco</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Multi-Utilities</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Professional Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Others*</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">6.0%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">103.2%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">(3.2)%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">100.0%</div></div></div></div></td></tr></table></div><div style="line-height:1.0pt;text-align:right"><div style="color:#000000;font-family:Arial Narrow;font-size:1pt;line-height:1pt;display:inline;"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:auto"> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:8.53pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">*</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:249.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">Consists of Industries that each make up less than 0.5% of the Portfolio's net assets</div></div></div></td></tr></table></div></div> 0.137 0.099 0.078 0.071 0.053 0.038 0.037 0.035 0.033 0.032 0.025 0.023 0.021 0.02 0.018 0.017 0.017 0.016 0.016 0.016 0.015 0.015 0.014 0.013 0.01 0.009 0.009 0.009 0.009 0.008 0.008 0.008 0.007 0.007 0.006 0.006 0.006 0.006 0.005 0.06 1.032 -0.032 1 PSF Stock Index Portfolio Class III <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">This annual shareholder report contains important information about the Class III shares of PSF Stock Index Portfolio (the “Portfolio”) for the </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">period of January 1, 2025 to December 31, 2025.</div> annual shareholder report <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">You can find additional information about the Portfolio at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">www.prudential.com/variableinsuranceportfolios</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">. You can also request this </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">information by contacting us at (800) 346-3778.</div> www.prudential.com/variableinsuranceportfolios (800) 346-3778 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?</div></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">(Based on a hypothetical $10,000 investment)</div><div style="color:#000000;font-family:Arial Narrow;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">PSF Stock Index Portfolio—Class III</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$54</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">0.50%</div></div></div></td></tr></table> 54 0.005 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT AFFECTED THE PORTFOLIO’S PERFORMANCE DURING THE REPORTING PERIOD?</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">In the first quarter, the Trump administration’s tariff policies caused significant disruption to the economic landscape. The uncertain outlook on </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">the future of the economy negatively affected domestic stocks, particularly small caps.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">US equities finished the second quarter in positive territory despite a downturn in April 2025 that was precipitated by the Trump administration’s </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">tariff announcement. Despite inflation worries and rising tensions in the Middle East, US equities rebounded into positive territory after the </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">President announced a pause on the new tariffs. Large-cap stocks in the US once again outperformed small-cap stocks.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">US equities posted a strong third quarter. Investor enthusiasm around artificial intelligence, corporate earnings growth and a September 2025 </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">federal funds rate cut provided momentum for the positive returns and overshadowed concerns about tariffs, trade wars, and an impending </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">government shutdown.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">In the face of the longest government shutdown in history and rising job cuts, US equities registered a gain in the fourth quarter. US equities </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">reacted positively to the Federal Reserve lowering interest rates while indicating additional reductions could follow if inflation continues to fall. </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">The S&amp;P 500 Index ended the year with a 17.88% gain while the S&amp;P 600 rose 6.02%.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial Narrow;font-size:7pt;margin-left:-10pt;display:inline;">■</div> <div> </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">The Portfolio used stock index futures to equitize cash and enhance Portfolio liquidity, which had a negligible effect on performance during the </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">reporting period.</div></div></div> The Portfolio's past performance is not a good predictor of the Portfolio's future performance. <div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">The returns do not reflect the deduction </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.</div> <img alt=" " src="g53527g28psfstockindexcl3.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="3" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Average Annual Total Returns as of December 31, 2025</div></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:351.14pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">One Year (%)</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Since Inception (%)</div></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:351.14pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">17.27%</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">12.14%</div></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:351.14pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">S&amp;P 500 Index</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">17.88%</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">12.79%</div></div></div></td></tr></table><div style="margin-top:6pt"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-style:italic;display:inline;">Portfolio Inception: 04/26/2021. </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">Since Inception returns are provided because the Portfolio has less than 10 fiscal years of returns. Since Inception returns for the Indexes are </div><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;display:inline;">measured from the closest month-end to the Portfolio’s inception date.</div></div> Portfolio 0.1727 0.1214 S&P 500 Index 0.1788 0.1279 2021-04-26 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?</div><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:10.74pt;display:inline;">10,282,203,043</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Number of portfolio holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">508</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:26.63pt;display:inline;">22,364,441</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2%</div></div></div></td></tr></table> 10282203043 508 22364441 0.02 <div style="float:left;height:8pt;margin-left:48pt;margin-top:40pt;width:528pt"><div style="line-height:14.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME CHA<div style="display:inline;">R</div>ACTERISTICS OF THE PORTFOLIO’S HOLDINGS AS OF 12/31/2025?</div></div></div><div style="clear:both"> </div><div style="float:left;margin-left:48pt;margin-top:18pt;width:258pt;min-height:383pt"><div style="line-height:1.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div><div style="line-height:1.0pt;margin-top:-1pt;text-align:left"> </div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Industry Classification</div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Semiconductors &amp; Semiconductor Equipment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">13.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Software</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">9.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Interactive Media &amp; Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">7.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Technology Hardware, Storage &amp; Peripherals</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">7.1%</div></div></div></td></tr> <tr style="height:39pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Affiliated Mutual Fund - Short-Term Investment </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">(3.2% represents investments purchased with </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">collateral from securities on loan)</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">5.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Broadline Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Financial Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Banks</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Capital Markets</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Pharmaceuticals</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Oil, Gas &amp; Consumable Fuels</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Automobiles</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Aerospace &amp; Defense</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Health Care Equipment &amp; Supplies</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Hotels, Restaurants &amp; Leisure</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Consumer Staples Distribution &amp; Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Insurance</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Specialty Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Biotechnology</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Health Care Providers &amp; Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Machinery</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.5%</div></div></div></td></tr> <tr style="height:13pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Unaffiliated Exchange-Traded Funds - Equity</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.5%</div></div></div></td></tr></table></div></div><div style="float:left;margin-left:12pt;margin-top:18pt;width:258pt;min-height:383pt"><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Industry Classification</div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electric Utilities</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Entertainment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Beverages</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">IT Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Chemicals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Life Sciences Tools &amp; Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Communications Equipment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electrical Equipment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Ground Transportation</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Household Products</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electronic Equipment, Instruments &amp; Components</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Specialized REITs</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Consumer Finance</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Diversified Telecommunication Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Tobacco</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Multi-Utilities</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Professional Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Others*</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">6.0%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">103.2%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">(3.2)%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">100.0%</div></div></div></div></td></tr></table></div><div style="line-height:1.0pt;text-align:right"><div style="color:#000000;font-family:Arial Narrow;font-size:1pt;line-height:1pt;display:inline;"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:auto"> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:8.53pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">*</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:249.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;display:inline;">Consists of Industries that each make up less than 0.5% of the Portfolio's net assets</div></div></div></td></tr></table></div></div> 0.137 0.099 0.078 0.071 0.053 0.038 0.037 0.035 0.033 0.032 0.025 0.023 0.021 0.02 0.018 0.017 0.017 0.016 0.016 0.016 0.015 0.015 0.014 0.013 0.01 0.009 0.009 0.009 0.009 0.008 0.008 0.008 0.007 0.007 0.006 0.006 0.006 0.006 0.005 0.06 1.032 -0.032 1 Consists of Industries that each make up less than 0.5% of the Portfolio's net assets The Portfolio’s Custom Blended Index is a model portfolio consisting of the S&P 500 Index (50%), Bloomberg US Aggregate Bond Index (40%), and FTSE 3-Month US Treasury Bill Index (10%). Less than 0.05% The Portfolio’s Custom Blended Index is a model portfolio consisting of the S&P 500 Index (60%) and Bloomberg US Government Bond Index (40%). The Portfolio’s Custom Blended Index is a model portfolio consisting of the S&P 500 Index (60%), Bloomberg US Aggregate Bond Index (35%), and FTSE 3-Month US Treasury Bill Index (5%). The Portfolio compares its performance against this broad-based index in response to regulatory requirements.