Prudential Retirement · managing your retirement savings. By sharing this information, Prudential Retirement is not acting as your fiduciary as defined by the Department of Labor

RS_LT_RE75_01

Please See the Next Page for Important Disclosure Information

Plan Name: Archdiocesan Employees Savings and ThriftPlan

Plan Number: 008000-000001

1020155 008000000001C120191117165531

Dear Employee,

Prudential Retirement,

Saving for retirement is one of the most important things you can do to provide for your financial future. That’s why we arepleased to offer you an easy, convenient, and powerful way to help you prepare for a more secure retirement – theArchdiocesan Employees Savings and Thrift Plan, serviced by Prudential Retirement®.

This booklet offers more information to help you maximize the benefits of the plan and enjoy greater financial security tomorrow.Please take a moment to review the enclosed information.

Manage your account onlineYou can set up and start managing your account at www.prudential.com/online/retirement. Just click “Register Now” andfollow the instructions to create your username and password, review or update your investments, and more. You can alsoreview the plan features and rules by clicking the “Plan Information” tab after logging in to your account.

Save paper and time with electronic deliveryReceiving retirement plan materials electronically isn’t just environmentally sound. It can also cut your clutter—and simplify yourlife. Log in to your account online, view your Profile, and update your Delivery Preferences to E-Delivery to sign up for thisservice.

Get ready at PreparewithPru.comTake advantage of Prudential’s online education center. It can show you how to get the most out of the retirement plan,understand asset allocation, help manage debt, and more, all in an easy-to-use, interactive format.

This material is intended to provide information only. This material is not intended as advice or recommendation about investing ormanaging your retirement savings. By sharing this information, Prudential Retirement is not acting as your fiduciary as defined by theDepartment of Labor or otherwise. If you need investment advice, please consult with a qualified professional.

Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT, or its affiliates.PRIAC is a Prudential Financial company.

Neither Prudential Financial nor its representatives are tax or legal advisors. Please consult your legal or tax advisor with specific questions.

© 2019 Prudential Financial Inc. and its related entities. Prudential, the Prudential logo, the Rock symbol and Bring Your Challenges are servicemarks of Prudential Financial Inc. and its related entities, registered in many jurisdictions worldwide.

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Additional help when you need itSuccessful retirement saving can mean having the tools, resources, and people who help you make the right decisions. Theplan can help you find the freedom to retire on your terms. Visit Prudential online or call 1-877-778-2100 for help with managingyour account and answering your questions Monday through Friday, 8 a.m. to 9 p.m. ET.

Preparing for tomorrow starts today. By taking advantage of all that the plan offers, you can be on the path to a morecomfortable, fulfilling retirement.

Sincerely,

Richard L. Runde

Archdiocesan Employees Savings and Thrift Plan

2Contributions are subject to certain limits set by federal tax law and, as a result, may be limited accordingly.

Investors should consider the fund’s investment objectives, risks, charges and expenses before investing. The prospectus, and, if available,the summary prospectus, contains complete information about the investment options available through your plan. Please call1-877-778-2100 for a free prospectus, and, if available, a summary prospectus that contains this and other information about our mutualfunds. You should read the prospectus and the summary prospectus, if available, carefully before investing. You can lose money by investingin securities.Shares of the registered mutual funds are offered by Prudential Investment Management Services LLC (PIMS), a Prudential Financial company.This material is intended to provide information only. This material is not intended as advice or recommendation about investing or managing your retirement savings. Bysharing this information, Prudential Retirement® is not acting as your fiduciary as defined by the Department of Labor or otherwise. If you need investment advice, pleaseconsult with a qualified professional.

GoalMaker’s model allocations are based on generally accepted financial theories that take into account the historic returns of different asset classes. But, of course, pastperformance of any investment does not guarantee future results. Participants should consider their other assets, income and investments (e.g. equity in a home, Social Securitybenefits, individual retirement plan investments, etc.) in addition to their interest in the plan, to the extent those items are not taken into account in the model. Participantsshould also periodically reassess their GoalMaker investments to make sure their model portfolio continues to correspond to their changing attitudes and retirement time horizon.

This material not intended to serve as advice or recommendation about investing or managing your retirement savings. Prudential Retirement is not acting as your fiduciary asdefined by the Department of Labor’s Fiduciary rule or otherwise.Participants using the Retirement Income Calculator should consider other assets, income and investments (e.g., equity in a home, Social Security benefits, individual retirementplan investments, etc.) when assessing the adequacy of the estimated income stream as provided by this tool. The Retirement Income Calculator is hypothetical, for illustrationonly and not intended to represent performance of any specific investment, which may fluctuate. There is no assurance that retirement income objectives will be met. You can losemoney by investing in securities.

Withdrawals are taxed at ordinary income tax rates. Withdrawals before age 59½ may also be subject to a 10% tax penalty.

It is possible to lose money by investing in securities. Neither Prudential Financial nor any of its affiliates provide tax or legal advice for which you should consult your qualifiedprofessional.

Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT, or its affiliates. PRIAC is a Prudential Financialcompany.

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retirement challenge

1. Complete and return the simple tear-offform in the back of this booklet

2. Decide how much to contribute.The Retirement Income Calculator can help youdetermine an appropriate amount. Register youraccount online to use the calculator after you enroll.

3. Choose your investments.See “Investing Is Easy” at right for more. Refer to theenclosed booklet to review all of your investmentoptions.

don't forget...Register your account at www.prudential.com/online/retirement afteryou complete enrollment. It’s important to keep an eye on your account tohelp ensure that your financial future is on track. You can quickly trackand manage your account, update your email address and more!

can’t wait?Complete and return the enclosed tear-off form.

meet yoursecure financial future

a great opportunity for a more

• The employer may make contributions to your account; this amount mayvary from year to year.

Plan FeaturesYour employer may be one of the best ways to save more for your future. Youwill be eligible to enroll after you reach age 21. You may enroll anytime aftermeeting your eligibility requirement. Among the benefits:• Automatic saving through payroll deduction. You may contribute up to

$19,000 in 2019 ($25,000 if you are at least age 50 or will be this year). Youmay contribute 0% to 100% of your annual pay before taxes are deducted.2

• A wide array of investments, including options for easily selecting yourinvestment mix.

• Online tools and resources from our plan provider, Prudential, to help youmanage your account.

• You may roll over money to your account, in any amount, from another similarretirement plan. Refer to the plan’s SPD for further information.

• You may be able to access your retirement savings before retirement througha loan or in-service withdrawal or hardship withdrawal, but suchwithdrawals may be limited and should be used as a last resort. For moredetails, please review the enclosed booklet.

• And much more! For additional information on other plan provisions,please review the enclosed booklet.

Archdiocesan Employees Savings and Thrift Plan

008000000001W120191117165531

GoalMaker® is an optional tool that helps you choose investments based on yourexpected years to retirement and your investor style. It guides you to a model portfolioof available investments, then rebalances your account quarterly to ensure yourportfolio stays on target. In applying particular asset allocation models to yourindividual situation, you should consider your other assets, income, and investments(e.g., equity in a home, Social Security benefits, individual retirement planinvestments, savings accounts, and interests in other qualified and nonqualifiedplans) in addition to your interests in the plan.

Morningstar uses a holistic, total wealth approach steeped in research that considersan investor's unique risk preferences and risk capacity to map an investor to the mostappropriate overall stock and bond mix in weights represent the optimal combinationof "accumulation-orientated" chacteristics vs. given the unique profile of the investor.

...Or create your own portfolio.You have access to a wide range of investments that gives you the flexibility to build aportfolio that reflects your needs and helps you work toward your goals. Remember,asset allocation and diversification do not assure a profit or protect against loss in adeclining market. Please see the reverse for more information.

investing is easy with GoalMaker

PLAN HIGHLIGHTS

1

On the following pages, you will find important informationabout the Archdiocesan Employees Savings and Thrift Plan.The information in the guide is just an overview of the plan'sfeatures. For more detailed information about your plan, youcan request your plan’s Summary Plan Description (SPD)from your Plan Administrator.

Excessive trading can harm a fund’s performance and theretirement security of long-term investors. Mutual fundcompanies and other providers of retirement investmentproducts have rules prohibiting this practice in order toprotect the interests of all investors. The Excessive TradingMonitoring Program is part of Prudential’s ongoingcommitment to help all our investors grow and protect theirwealth. The program is designed to identify participants whoare engaging in excessive trading of one plan investment foranother plan investment and to stop such trading. Visitwww.prudential.com/online/retirement for moreinformation.

This plan follows guidelines set forth by 404(c). In dealingwith participant investment self-direction, 404(c) hasgarnered much interest as a means for plan sponsors toavoid or reduce fiduciary liability for participant investmentchoices in a participant-directed investment plan. This planchooses to comply with specific requirements regardinginformation about investment options, number and type ofinvestment options, as well as an ability to move balancesbetween those options on a reasonably frequent basis.

ENROLLMENT AND ELIGIBILITY

• You will be eligible to enroll after you reach age 21. Youmay enroll at anytime, after meeting your eligibilityrequirement.

YOUR CONTRIBUTIONS

You may contribute:

• 0% to 100% of your annual pay before taxes arededucted.*

• If you will be at least 50 years old in 2019, you are alsoeligible to make an additional before-tax catch-upcontribution of $6,000 per year.

• You may change your contribution amount any time.

• You may roll over money to your account, in any amount,from another similar retirement plan. Refer to the SPD forfurther information.

* In 2019, federal tax law allows you to make before-tax contributionsto your retirement plan up to $19,000.

YOUR EMPLOYER�S CONTRIBUTIONSThe employer may make contributions to your account; thisamount may vary from year to year.

In 2019, federal tax law allows employee and employercontributions up to a combined total of $56,000 or 100% ofcompensation, whichever is less.

You can direct employer contributions to any investment inyour plan.

WHAT IS VESTING?

"Vesting" refers to your ownership of the money in youraccount. You are always 100% vested in your owncontributions, but it may take longer to become vested inyour employer’s contributions. Refer to the vesting schedulefor details about your employer contributions.

The vesting schedule below applies to the following source:

• EMPLOYER MATCH

You will be vested in your employer contributions based onthe following vesting schedule:

Years of service Percentagevested

After 1 year 20%

After 2 years 40%

After 3 years 60%

After 4 years 80%

After 5 years 100%

ACCESSING YOUR MONEY

You may be able to access money in your retirement planaccount through a loan, in-service withdrawal, or a hardshipwithdrawal.

LOANS

Your plan allows you totake:

1 loan at one time

Application fee: $95 for each loan

Processing fee: $12.50 quarterly

Method of repayment: Coupon or ACH

Tax consequences: If loan is not paid in full, taxconsequences will apply.

Prepayment available: Yes

PLAN HIGHLIGHTS

21 A ari N A r T

GENERAL PURPOSE

Interest rate: Prime rate plus 1%*

Minimum loan: $1,000

Maximum loan: 50% of your vested accountbalance, up to $50,000 in a12 month period*

Repayment period: 0 to 5 years

*Interest is paid back to participant’s account. Additional information aboutloan calculations and loan interest rate details can be found in your plan’sloan policy.

In-service withdrawals*While employed, you may make in-service withdrawalswithin plan restrictions.

Hardship withdrawals*While employed, you may take a withdrawal request due toa financial hardship, within plan restrictions.

One of the following requirements must apply to qualify forhardship withdrawal:

• Purchase or construction of a principal residence• Payment for higher education expenses• Major medical expenses• Preventing eviction from, or foreclosure on, a principal

residence• Expenses and losses as a result of a federally declared

disaster• Additional requirements to qualify for a hardship

withdrawal can be located in the plan's SPD.*Withdrawals: The taxable portion of a withdrawal is taxedas ordinary income and will be subject to an additional earlydistribution penalty tax if you receive the withdrawal beforeage 59½. The total amount of the withdrawal may not bemore than the amount required to meet your immediatefinancial need, however, you may have the option to“gross-up” the amount you receive to cover taxes. You maywant to consult a tax professional before taking a withdrawalfrom the plan.

Important note!Amounts withdrawn before age 59½ may be subject to a10% federal income tax penalty, applicable taxes andplan restrictions. Withdrawals are generally taxed atordinary income tax rates.

RETIRING OR LEAVING THE EMPLOYER

It's important to learn about all options regarding youraccount balance before you retire or separate from service.You will need to make a decision about what to do with yourvested account balance when one of the following eventsoccurs:

• Your employment with The Archdiocese of Dubuqueends.

• You retire from The Archdiocese of Dubuque at thenormal retirement age of 65.

• You become permanently disabled.• Your death. Your beneficiary is entitled to your account

balance when you die; they are responsible for allfederal income tax imposed. Distribution upon deathmay also be subject to federal and state inheritance andestate taxes.

• If you separate from service before the year you reachage 55, you may be subject to an additional earlywithdrawal penalty tax if you receive a taxabledistribution prior to age 59 ½.

When any of the events listed above occur, you or yourbeneficiary will have several distribution options. It’simportant to understand each of the distribution optionslisted in your plan’s Summary Plan Description, before youmake your decision. For assistance, please contact aPrudential representative at 1-877-778-2100.

Keeping it in the plan

At the time benefits are payable, the amount of your vestedaccount balance will determine how your account is handled.Refer to the schedule below :

Your vestedaccount balance

Impact toyour money

Less than $1,000 Paid in lump sum, regardlessof prior elections*

Greater than $1,000but less than $5,000

If you do not choose to receivea distribution, Prudential willfollow the direction of the plan.

Greater than $5,000 Excluding rollovercontributions, your money willcontinue to grow tax-deferredin your account.

*Standard 20% withheld.

PLAN HIGHLIGHTS

31 A ari N A r T

Directly rolling it over

You can choose to move or “roll” money over into anotherqualified retirement plan, a Traditional Individual RetirementAccount (IRA), or Roth IRA. This allows your money tocontinue growing tax-deferred. This is based on ourunderstanding of the tax law. You may wish to discuss thismatter with your tax advisor. Because each situation isunique, neither we nor our representatives can provide taxor legal advice.

Lump sumYou may choose to take a full or partial lump sumdistribution. A 20% federal income tax may be applied.

INVESTMENT TYPES

This section is designed to provide general informationabout different types of investments. Not all plans offerinvestments in every category. Information about the specificinvestments offered through your plan is available in theInvestment Options section of this guide. The main types ofinvestments in which participants generally invest:

Stable-Value Investments: These investments combinesafety of principal, liquidity and a competitive rate of returnwith potentially improved earnings power versus alternativeshort-term investments.

Fixed-Income Investments: Invest in corporate andgovernment bonds. They can go up or down in value eachday, so they carry more risk than stable-value investments,but also offer more opportunity for a potentially larger return.Fixed income investment mutual funds are subject to interestrate risk; their value will decline as interest rates rise.

Stocks/Equities: Stock funds also called equity investmentsrepresent ownership in funds, which own shares ofcorporations. Stock funds offer you a chance to share in theprofits or losses of those corporations. Stock funds have thepotential for higher returns, but they carry more risk than theother investment options.

Allocation: Allocation investments combine fixed-incomeand stock components to offer you a combination of theinterest income from fixed-income investments and thegrowth potential of stock investments. As a result, allocationinvestments typically do not experience the full ups anddowns of the stock market.

Retirement Income: Although they may vary in structure,these options are designed to provide a steady stream ofincome for life.

INVESTMENT OPTIONS

Archdiocesan Employees Savings and Thrift Plan offers aselection of investments to choose from. You can decidehow you want your money invested, and may move moneybetween investments anytime. Please refer to thedisclosures at the end of this section for a description of anyrestrictions that may apply.

Stable ValueGuaranteed Income Fund*¤

Fixed Income - Core Plus BondCore Plus Bond / PGIM Fund*Large Cap - ValueLarge Cap Value / LSV Asset Management*Large Cap - BlendDryden S&P 500 Index FundLarge Cap - GrowthAve Maria Growth FundLarge Cap Growth / JP Morgan Investment ManagementFund*Mid Cap - ValueMid Cap Value / Integrity Fund*Mid Cap - BlendVanguard Mid-Cap Index Fund Admiral SharesQMA Mid Cap Quantitative Core Equity FundMid Cap - GrowthMid Cap Growth I Fund (managed by Ivy)*Small Cap - ValueSmall Cap Value / Vaughan Nelson Fund*Small Cap - BlendVanguard Small-Cap Index Fund Admiral SharesSmall Cap Blend / Glenmede FundSmall Cap - GrowthSmall Cap Growth / Emerald Fund*International - BlendInternational Blend / AQR Fund*International - Emerging MarketEmerging Markets Equity / QMA Fund*Sector - Domestic Real EstateReal Estate / American Century Fund*These investments are included in your plan’s GoalMakerportfolios. These investments are subject to change. Youwill be notified in writing in advance of any such change.

¤Generally, distributions resulting from your termination ofemployment, retirement, death or disability, hardshipwithdrawals and minimum required distributions will alwaysbe paid in full without any fees or restrictions and will not bedeferred. Prudential reserves the right to defer certain otherwithdrawals from GIF assets if your plan's pool levelcashflow exceeds 10% of the pool's beginning of calendaryear balance. A pool consists of similar contracts that arefunded with us in the same calendar year. This availability ofwithdrawals and distributions is subject to the specificprovision of your retirement plan.

Amounts withdrawn from this investment may not betransferred to a competing fund for a period of 90 days afterthe withdrawal date. Competing funds are generally shortterm fixed income investments, money market investments,or stable value investments that may be available in yourplan.

If the SEC has suspended or otherwise restricted trading, oranother emergency outside of our control exists, Prudentialmay defer transfers, distributions or disbursements for up tosix months.

PLAN HIGHLIGHTS

40 A ari N A r T

GOALMAKER

Your retirement plan offers GoalMaker®, an optionaleasy-to-use asset allocation program that will invest yourcontributions in a portfolio that matches your investor styleand years to retirement.

By enrolling in GoalMaker, you direct Prudential toimmediately reinvest your future contributions and existingaccount balance (if applicable) to match this investmentallocation. Your entire account will be rebalanced accordingto this portfolio unless a restriction is in place or a portion ofyour account is invested in a restricted source that isn’tavailable through GoalMaker. Of course, as your goals andyears to retirement change, you can select a new portfolioat any time without charges or penalties. Making anallocation change, however, will cause you to no longer beenrolled in the GoalMaker program.

The GoalMaker portfolio you choose will be automaticallyrebalanced at a frequency determined by your plan.Automatic rebalancing with GoalMaker ensures your assetallocation stays in line with your original investmentobjectives. During the rebalancing process, money is movedamong investments in your GoalMaker portfolio to maintainthe allocation percentages you choose.

Additionally, GoalMaker’s optional age adjustment featureautomatically adjusts your allocations over time, based onthe number of years you have left until retirement. How doesit work? If you choose a conservative investor portfolio with11-15 years to retirement, once you reach an age that bringsyou ten years before your expected retirement age, youraccount will automatically be updated to the conservativeinvestor portfolio with 6-10 years to retirement.

To see how your money would be invested across variousasset classes, find your Investor Style code in the chartbelow that matches your investing style.

GoalMaker Allocations

PLAN HIGHLIGHTS

5A ari N A r T

Conservative Moderate Aggressive

C01 C02 C03 C04 M01 M02 M03 M04 R01 R02 R03 R04

Investment options 0-5years

6-10years

11-15years

16+years

0-5years

6-10years

11-15years

16+years

0-5years

6-10years

11-15years

16+years

Stable Value

Guaranteed Income Fund 44% 39% 23% 14% 35% 23% 16% 7% 21% 16% 9% 0%

Fixed Income (Long Term &Intermediate)

Core Plus Bond / PGIM Fund 32% 27% 26% 16% 25% 26% 19% 8% 25% 19% 11% 0%

Large Cap Stock - Growth

Large Cap Growth / JP MorganInvestment Management Fund

5% 7% 11% 15% 8% 11% 14% 17% 12% 14% 16% 19%

Large Cap Stock - Value

Large Cap Value / LSV AssetManagement

5% 7% 11% 15% 8% 11% 14% 17% 12% 14% 16% 19%

Small/Mid Cap Stock -Growth

Mid Cap Growth I Fund(managed by Ivy)

2% 2% 3% 4% 3% 3% 4% 5% 3% 4% 5% 7%

Small Cap Growth / EmeraldFund

1% 2% 3% 4% 2% 3% 3% 5% 3% 3% 5% 6%

Small/Mid Cap Stock - Value

Small Cap Value / VaughanNelson Fund

1% 2% 3% 4% 2% 3% 3% 5% 3% 3% 5% 6%

Mid Cap Value / Integrity Fund 2% 2% 3% 4% 3% 3% 4% 5% 3% 4% 5% 7%

International Stock

International Blend / AQR Fund 6% 9% 13% 17% 11% 13% 17% 22% 14% 17% 20% 26%

Diversified Emerging Markets

Emerging Markets Equity / QMAFund

2% 3% 4% 7% 3% 4% 6% 9% 4% 6% 8% 10%

61016709-00001-00 0 A ari N A r T

Keep in mind that application of asset allocation and diversification concepts does not ensure safety of principal and interest. It ispossible to lose money by investing in securities.

Morningstar uses a holistic, total wealth approach steeped in research that considers an investor's unique risk preferences and riskcapacity to map an investor to the most appropriate overall stock and bond mix in weights represent the optimal combination of"accumulation-orientated" chacteristics vs. given the unique profile of the investor.

In applying particular asset allocation models to your individual situation, you should consider your other assets, income, andinvestments (e.g., equity in a home, Social Security benefits, individual retirement plan investments, savings accounts, and interestsin other qualified and non-qualified plans) in addition to your interests in the plan.

There are other designated investment alternatives that have similar risk and return characteristics available to you. More informationon these investment alternatives is available in the fund fact sheets included in this guide.

For informational or educational purposes only. This material is not intended as advice or recommendation about investing ormanaging your retirement savings. By sharing it, Prudential Retirement is not acting as your fiduciary as defined by the Department ofLabor's Fiduciary rule or otherwise. If you need investment advice, please consult with a qualified professional.

RSMP217

Investment Performance and Disclosures Performance as of 10/31/2019

Please Note: Investment Categories are organized from least aggressive to most aggressive.This is the performance of all available investment options in your plan.

1017075-00001-00 7

Average Annual Returns

OneYear

%

3Years

%

5Years

%

10 Years or{Since

Inception}%

InceptionDate

GrossExpense

Ratio*%

NetExpense

Ratio*%

FeeWaiver

ExpirationDate**

Stable Value

Guaranteed Income Fund 2.19% 2.08% 1.98% 2.17% 0.10 0.10 N/A

Fixed Income - Core Plus Bond

Core Plus Bond / PGIM Fund 12.83% 4.68% 4.42% 4.36% 0.52 0.52 N/A

Large Cap - Value

Large Cap Value / LSV AssetManagement

8.58% 10.38% 6.84% 11.94% 0.92 0.92 N/A

Large Cap - Blend

Dryden S&P 500 Index Fund 14.25% 14.80% 10.68% 13.59% 0.09 0.09 N/A

Large Cap - Growth

Ave Maria Growth Fund 21.60% 18.84% 12.69% 14.51% 0.97 0.97 N/ALarge Cap Growth / JP MorganInvestment Management Fund

15.34% 20.70% 13.37% 13.88% 0.92 0.92 N/A

Mid Cap - Value

Mid Cap Value / Integrity Fund 8.51% 9.48% 6.80% 12.82% 0.91 0.91 N/A

Mid Cap - Blend

Vanguard Mid-Cap Index FundAdmiral Shares

14.39% 12.24% 8.70% 13.68% 0.05 0.05 N/A

QMA Mid Cap Quantitative CoreEquity Fund

7.85% 9.14% 7.89% 13.79% 0.77 0.77 N/A

Mid Cap - Growth

Mid Cap Growth I Fund (managed byIvy)

21.05% 20.47% 11.53% 13.64% 1.10 1.10 N/A

Small Cap - Value

Small Cap Value / Vaughan NelsonFund

8.96% 7.61% 6.45% 10.88% 1.12 1.12 N/A

Small Cap - Blend

Vanguard Small-Cap Index FundAdmiral Shares

8.70% 11.76% 8.02% 13.33% 0.05 0.05 N/A

Small Cap Blend / Glenmede Fund -2.31% 7.43% 4.90% 9.40% 1.17 1.17 N/A

Past performance does not guarantee future results and current performance may be lower or higher than the pastperformance quoted. The performance in this report is based in part, on adjusted historical returns of the oldest share class ofthe fund, which has been adjusted to reflect the fees and expenses of this share class. The investment return and principal valuewill fluctuate and share/units when sold may be worth more or less than the original cost. For more information, log on to theOnline Retirement Center at www.prudential.com/online/retirement and choose "Investment Performance" under your Planaccount.

RSMP2171017075-00001-008

Average Annual Returns

OneYear

%

3Years

%

5Years

%

10 Years or{Since

Inception}%

InceptionDate

GrossExpense

Ratio*%

NetExpense

Ratio*%

FeeWaiver

ExpirationDate**

Small Cap - Growth

Small Cap Growth / Emerald Fund 8.61% 15.05% 10.30% 13.31% 1.05 1.05 N/A

International - Blend

International Blend / AQR Fund 8.16% 5.00% 2.22% 4.78% 1.23 1.23 N/A

International - Emerging Market

Emerging Markets Equity / QMAFund

7.40% 5.82% 1.13% 3.45% 1.23 1.23 N/A

Sector - Domestic Real Estate

Real Estate / American CenturyFund

30.39% 11.03% 9.05% 14.31% 0.92 0.92 N/A

Past performance does not guarantee future results and current performance may be lower or higher than the pastperformance quoted. The performance in this report is based in part, on adjusted historical returns of the oldest share class ofthe fund, which has been adjusted to reflect the fees and expenses of this share class. The investment return and principal valuewill fluctuate and share/units when sold may be worth more or less than the original cost. For more information, log on to theOnline Retirement Center at www.prudential.com/online/retirement and choose "Investment Performance" under your Planaccount.

These returns are net of investment-related fees and charges as well as current contract fees (including asset charges). Your actualrate of return may differ from these returns depending on your specific account activity (including the timing of your contributions andpurchases and other account transactions), and any changes in contract charges. Investments in the market-valued funds involvethe risk and reward associated with the securities market. Investment performance reflects true period earnings. The InceptionDate represents the date assets were first invested in the fund or the date a specific share class was initiated. "N/A"indicated the fund was not in existence or data was not available/applicable at the time this statement was printed.Performance is based on 10 years when an Inception Date is not displayed.

*The net and gross expenses shown include the total operating expenses of the funds and the indirect expense of the funds'underlying portfolio. Your investment returns are reduced by various fees and expenses. For each plan investment option, the"Expense Ratio" columns show these charges as an annual percentage. Depending on the type of investment, these charges arepaid to Prudential or to unaffiliated mutual fund complexes or bank collective trusts. If your plan has mutual fund investment options,the Expense Ratio is not reduced by any fee or expense waivers from the fund complex, and therefore the actual Expense Ratio maybe lower. For other investment options, the benefit of any waivers is reflected in the Expense Ratio shown.

**An expense waiver is the elimination of all or part of a fund's expenses and fees. The waiver may be contractual or voluntary innature, and the expiration date indicates when the waiver is set to expire. In certain circumstances, fund companies may not set anexplicit expiration date, but have the discretion to subsequently set an expiration date or withdraw the waiver at any time. As a result,expiration dates can change and may range from short-term to long-term commitments. Please reference the fund prospectus forfurther information on expense waivers before making an investment decision.

Some mutual funds and bank collective trusts, or their affiliates, compensate Prudential for selling their shares and servicing yourretirement plan, as detailed in the Fact Sheet for that investment option. For other investment options, the charges reflected in theExpense Ratio are typically deducted by Prudential in return for investment and recordkeeping services, and product distribution. Forsome plans, the charges also enable Prudential to satisfy the plan's request for allowances to defray plan expenses. Your retirementplan may not include investment options with lower fee structures or lower cost share classes in order to compensate Prudential, inthe aggregate, for servicing your retirement plan.

Performance displayed for periods beginning earlier than the "Inception Date" is based on the historical returns of the oldest shareclass of the fund, adjusted to reflect the fees and expenses of this share class. "Since Inception" performance when shown is based onthe actual performance of this share class.

Fund Fact Sheet User's GuideThis guide will help provide a glossary of terms and benchmark definitions commonly found onfund fact sheets.In providing this information Prudential Retirement is not undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity.Prudential Retirement may benefit from advisory and other fees paid to it or its affiliates for managing, selling, or settling of the Prudential mutual fundsand other investment products or securities offered by Prudential Retirement or its affiliates. Investment vehicles sponsored or managed by aPrudential Retirement affiliate generate more revenue for the Prudential enterprise than non-proprietary investment vehicles. Prudential Retirement'ssales personnel generally receive greater compensation if plan assets are invested in proprietary investment vehicles. Prudential Retirement maybenefit directly from the difference between investment earnings of Prudential Retirement's stable value funds and the amount credited to deposits inthose funds. Prudential Retirement may also benefit from broker-dealer or other entities' co-sponsorship of Prudential conferences.

AllocationWe break down the investment holdings into general investmentclasses. The pie chart shows how much emphasis is placed on stocks,bonds or cash. We also show how much is held in foreign stocks. Bondinvestments replace the portfolio allocation chart with the following:Quality Distribution: We reveal the quality of the bonds in a bond-heavyportfolio, from least risky to most risky, with the percentage assigned toeach.

Benchmark PerformanceThe holdings and characteristics may differ from those of thebenchmark(s), and such differences may be material. Factors affectingportfolio performance that do not affect benchmark performance mayinclude portfolio rebalancing, the timing of cash flows, credit quality,diversification and differences in volatility. In addition, financial indicesdo not reflect the impact of fees, applicable taxes or trading costs whichreduce returns. Unless otherwise noted, financial indices assumereinvestment of dividends. You cannot make a direct investment in anindex. The statistical data regarding such indices has not beenindependently verified.

Expense RatioThe net and gross expenses shown include the total operating expensesof the funds and the indirect expenses of the funds’ underlying portfolios.Your investment returns are reduced by various fees and expenses. Foreach plan investment option, the “Expense Ratio” presentation showsthese charges as an annual percentage. Depending on the type ofinvestment, these charges are paid to Prudential or to unaffiliated mutualfund complexes or bank collective trusts. For mutual funds the ExpenseRatio is not reduced by any fee or expense waivers from the fundcomplex (i.e., Gross Expense Ratio), and therefore the actual ExpenseRatio may be lower. For other investment options, including separateaccounts and bank collective trusts, the benefit of any waivers isreflected in the Expense Ratio (i.e., Net Expense Ratio). Not all fundscharge an Expense Ratio. Please see specific fund factsheets for details.

Fund/Portfolio CategoryMorningstar, an investment research and investment management firm,assigns each mutual fund to a category, based on their actualinvestment style as measured by their underlying portfolio holdings overthe past three years. Categories for Manager of Managers separateaccounts are determined by Prudential.

Morningstar Style BoxThe Morningstar Style BoxTM reveals a fund's investment strategy. Forequity funds the vertical axis shows the market capitalization of the longstocks owned and the horizontal axis shows investment style (value,blend, or growth).

For fixed-income funds, the vertical axis shows the credit quality of thelong bonds owned and the horizontal axis shows interest rate sensitivityas measured by a bond's effective duration.

Morningstar Style Box (continued)

Morningstar seeks credit rating information from fund companies on aperiodic basis (e.g., quarterly). In compiling credit rating informationMorningstar accepts credit ratings reported by fund companies that havebeen issued by all Nationally Recognized Statistical RatingOrganizations (NRSROs). For a list of all NRSROs, please visithttp://www.sec.gov/divisions/marketreg/ratingagency.htm. Additionally,Morningstar accepts foreign credit ratings from widely recognized orregistered rating agencies. If two rating organizations/agencies haverated a security, fund companies are to report the lower rating; if three ormore organizations/agencies have rated a security, fund companies areto report the median rating, and in cases where there are more than twoorganization/agency ratings and a median rating does not exist, fundcompanies are to use the lower of the two middle ratings. PLEASENOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a creditrating on the fund. An NRSRO or rating agency ratings can change fromtime-to-time.

For credit quality, Morningstar combines the credit rating informationprovided by the fund companies with an average default rate calculationto come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to thescale used by a leading NRSRO. Bond funds are assigned a style boxplacement of "low", "medium", or "high" based on their average creditquality. Funds with a low credit quality are those whose weightedaverage credit quality is determined to be less than "BBB-"; medium arethose less than "AA-", but greater or equal to "BBB-"; and high are thosewith a weighted-average credit quality of "AA-" or higher. Whenclassifying a bond portfolio, Morningstar first maps the NRSRO creditratings of the underlying holdings to their respective default rates (asdetermined by Morningstar's analysis of actual historical default rates).Morningstar then averages these default rates to determine the averagedefault rate for the entire bond fund. Finally, Morningstar maps thisaverage default rate to its corresponding credit rating along a convexcurve.

For interest-rate sensitivity, Morningstar obtains from fund companiesthe average effective duration. Generally, Morningstar classifies a fixed-income fund's interest rate sensitivity based on the effective duration ofthe Morningstar Core Bond Index (MCBI), which is currently three years.The classification of Limited will be assigned to those funds whoseaverage effective duration is between 25% to 75% of MCBI's averageeffective duration; funds whose average effective duration is between75% to 125% of the MCBI will be classified as Moderate; and those thatare at 125% or greater of the average effective duration of the MCBI willbe classified as Extensive. For municipal bond funds, Morningstar alsoobtains from fund companies the average effective duration. In thesecases static breakpoints are utilized. These breakpoints are as follows:(i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but lessthan 7 years; and (iii) Extensive: more than 7 years. In addition, for non-US taxable and non-US domiciled fixed income funds static duration

Fund Fact Sheet User's Guide Page 1 1013935

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Morningstar Style Box (continued)breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii)Moderate: greater than 3.5 and less than equal to 6 years; (iii)Extensive: greater than 6 years.

Morningstar Style Box/Investment Style BoxWhile the category description tells you how the portfolio has been run inthe past, the Style Box is a snapshot of what the portfolio currently owns.For equity separate accounts, Investment Style Box data is based on aquarter lag and assigned by Prudential.

Morningstar Volatility RankThe Morningstar Volatility Rank is an investment's 3-year standarddeviation overall percentile rank within its US open-end, VA/L fund, orVA/L subaccount universe. The investment with the lowest standarddeviation receives a rank of 1. We then classify investment portfolios ashaving one of three volatility levels relative to all types of mutual funds:Low, Moderate, and High. Investments with wider ranges of returns arelabeled "high," as they are considered riskier than "low" volatilityinvestments, which have had smaller ranges of returns.

©2019 Morningstar. All Rights Reserved. The information containedherein: (1) is proprietary to Morningstar and/or its content providers; (2)may not be copied or distributed; and (3) is not warranted to beaccurate, complete or timely. Neither Morningstar nor its contentproviders are responsible for any damages or losses arising from anyuse of this information. Past performance is no guarantee of futureresults.

Overall Morningstar Rating Portfolio's Overall Rating

Morningstar RatingTM (Open End Mutual Funds, Closed End Funds, orVariable Annuity Underlying Funds)For each fund with at least a three-year history, Morningstar calculates aMorningstar Rating™ based on a Morningstar Risk-Adjusted Returnmeasure that accounts for variation in a funds' monthly performance(including the effects of sales charges, loads, and redemption fees),placing more emphasis on downward variations and rewardingconsistent performance. The top 10% of funds in each category receive5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, thenext 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Eachshare class is counted as a fraction of one fund within this scale andrated separately, which may cause slight variations in the distributionpercentages.) The Overall Morningstar Rating for a fund is derived froma weighted average of the performance figures associated with itsthree-, five-, and ten-year (if applicable) Morningstar Rating metrics.Past performance is no guarantee of future results.

Morningstar RatingTM (Group Annuity- Variable Annuity Subaccounts)The Morningstar Rating™ is provided for those group variable annuitieswith at least a three-year history. Ratings are based on the groupvariable annuity's Morningstar Risk-Adjusted Return measure whichaccounts for variation in monthly performance, placing more emphasison downward variations and rewarding consistent performance.Morningstar compares each group variable annuity's risk-adjusted returnto the open-end mutual fund rating breakpoints for that category. Thegroup variable annuity Morningstar Rating does not affect the retailmutual fund data published by Morningstar. Consistent with the open-end mutual fund ratings, the top 10% of group variable annuities in eachcategory receive 5 stars, the next 22.5% receive 4 stars, the next 35%receive 3 stars, the next 22.5% receive 2 stars and the bottom 10%receive 1 star. The Overall Morningstar Rating for each group variableannuity is derived from a weighted average of the performance figuresassociated with its three-, five- and ten-year (if applicable) MorningstarRating metrics. Past performance is no guarantee of future results.

Overall Morningstar Rating Portfolio's Overall Rating (continued)Morningstar RatingTM (Based on Extended Performance)Please note, some of the Morningstar proprietary calculations, includingthe Morningstar Rating™, are not customarily calculated based onadjusted historical returns. The evaluation of this investment does notaffect the retail mutual fund data published by Morningstar. For eachretail mutual fund with at least a three year history, Morningstarcalculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthlyperformance (including the effects of sales charges, loads, andredemption fees), placing more emphasis on downward variations andrewarding consistent performance. The top 10% of funds in eachcategory receive 5 stars, the next 22.5% receive 4 stars, the next 35%receive 3 stars, the next 22.5% receive 2 stars and the bottom 10%receive 1 star. (Each share class is counted as a fraction of one fundwithin this scale and rated separately, which may cause slight variationsin the distribution percentages.) The Overall Morningstar Rating for aretail mutual fund is derived from a weighted average of the performancefigures associated with its three-, five- and ten-year (if applicable)Morningstar Rating metrics. This investment's independent MorningstarRating metric is then compared against the retail mutual fund universebreakpoints to determine its hypothetical rating. Past performance is noguarantee of future results.

PerformanceThe total return is shown for the quarter, year-to-date and precedingyear, as well as the average annual total return for the past three, five,and 10 years if available. Since inception is also provided whenapplicable. To provide you with a point of comparison, the returns of thebenchmark indexes are also provided.

Portfolio ManagerThe name of the person(s) who determines which stocks, bonds andcash equivalents belong in the investment portfolio.

Sector AllocationMorningstar classifies each stock holding into 11 major industrial sectorsfor all Retail, Non-Qualified and Variable Annuity Fact sheets. The topfive are listed on the Fund Fact Sheets. For Manager of ManagersInstitutional Equity Sub-Advised Separate Accounts Source of SectorClassification: S&P/MSCI.

Top Five HoldingsThe top holdings are the investment in the fund with the greatest weightand therefore, with the most influence on a portfolio's returns.

Description of PRIAC Separate Accounts

In addition to registered mutual funds and bank collective trust funds,PRIAC makes available an array of insurance company separateaccounts ("Separate Account") from which the retirement plan's fiduciarycan construct the investment lineup for your retirement plan. A PRIACSeparate Account is an insurance company separate account whoseinvestors include only qualified retirement plans and certaingovernmental retirement plans. PRIAC makes most Separate Accountsavailable as commingled investment vehicles; however, in certaininstances, PRIAC may make a Separate Account available only to asingle retirement plan client.

PRIAC offers a variety of different types of Separate Accounts through agroup annuity contract issued by PRIAC. Each retirement plan's fiduciaryis generally responsible for all investment decisions related to its planand for selecting the investment options for the retirement plan'sinvestment lineup. Each retirement plan's fiduciary is also responsible formonitoring and, if necessary, replacing the investment options on theretirement lineup. The following is a general description of the types of


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Separate Accounts offered by PRIAC.

A Custom Client Separate Account PRIAC provides investors with theinformation in this Fact Sheet to assist them in making investmentdecisions regarding the Fund. Investors must determine whether anyother information is necessary in making those decisions. The investor issolely responsible for obtaining any other information required by theinvestor, which may not be available from PRIAC. To the extent PRIACprovides such information, PRIAC makes no warranty as to the accuracyof such information and makes no undertaking to continue to providesuch information unless PRIAC agrees to continue to provide suchinformation in writing. The investor is solely responsible for the decisionto invest or continue to invest in the Fund. PRIAC assumes noresponsibility for any investor's decision to invest or continue to invest inthe Fund. Selection or termination of the Fund on a retirement plan'sinvestment line-up is the sole responsibility of each retirement plan'sfiduciary. These Separate Accounts are not part of the Manager ofManager's program.

ISelect Platform: Limitation of PRIAC's Responsibilities InstitutionalSelect Separate Accounts. PRIAC provides investors with theinformation in this Fact Sheet to assist them in making investmentdecisions regarding the Fund. Investors must determine whether anyother information is necessary in making those decisions. The investor issolely responsible for obtaining any other information required by theinvestor, which may not be available from PRIAC. The investor is solelyresponsible for the decision to invest or continue to invest in the Fund.PRIAC assumes no responsibility for any investor's decision to invest orcontinue to invest in the Fund. These Separate Accounts are not part ofthe Manager-of-Managers program and therefore, PRIAC does notassume any responsibility with respect to the selection, monitoring, orreplacement of the investment manager. Selection or termination of theFund on a retirement plan's investment line-up is the sole responsibilityof each retirement plan's fiduciary.

PRIAC Manager-of-Managers Institutional Sub-Advised SeparateAccounts - With respect to separate accounts designated by Prudentialas Institutional Sub-Advised Funds under the Manager-of-ManagersProgram, PRIAC acknowledges it is a fiduciary as defined by ERISASection 3(38), as amended, for the selection, monitoring, and, ifnecessary, the replacement of the investment manager. Selection ortermination of the fund on a retirement plan's investment line-up is thesole responsibility of each retirement plan's fiduciary.

PRIAC Manager-of-Managers Retail-Branded Sub-Advised SeparateAccounts With respect to separate accounts designated by Prudentialas Retail-Branded Sub-Advised Funds under the Manager-of-ManagersProgram, PRIAC acknowledges it is a fiduciary as defined by ERISASection 3(38), as amended, for the selection, monitoring, and ifnecessary, replacement of the investment manager. Selection ortermination of the Fund on a retirement plan's investment line-up is thesole responsibility of each retirement plan's fiduciary.

Proprietary Separate Accounts Proprietary Funds are managed by anaffiliate of PRIAC. Although PRIAC may provide periodic monitoring withrespect to certain Proprietary Funds, Proprietary Funds are not part ofPRIAC's Manager-of-Managers Program, and therefore, PRIAC doesnot assume any responsibility with respect to the selection, monitoring,or replacement of the investment manager. Selection or termination ofthe Fund on a retirement plan's investment line-up is the soleresponsibility of each retirement plan's fiduciary.

Prudential Retirement Separate Account Fund-of-Fund and TargetDate Products: These separate accounts are manufactured by PRIACand comprised of multiple underlying investment options. For fund-of-fund separate accounts for which PRIAC serves as an ERISA §3(38)investment manager, PRIAC is responsible for the selection, monitoringand replacement of underlying funds. This type of Separate Accountoffered by PRIAC is not part of the Manager of Manager's program, andtherefore, unless otherwise noted, PRIAC does not assume anyresponsibility with respect to the selection, monitoring, or replacement ofthe investment manager.

Custom Plan Investment Options (RecordkeepingConstructs)

These investment options are designed and maintained by your plansponsor and/or the plan's investment adviser and are not investmentoptions offered by PRIAC. PRIAC provides investors with the informationin this Fact Sheet to assist them in making investment decisionsregarding the investment option. Investors must determine whether anyother information is necessary in making those decisions. The investor issolely responsible for obtaining any other information required by theinvestor, which may not be available from PRIAC. The investor is solelyresponsible for the decision to invest or continue to invest in theinvestment option. PRIAC assumes no responsibility for any investor'sdecision to invest or continue to invest in the investment option.Selection or termination of the Fund on a retirement plan's investmentline-up is the sole responsibility of each retirement plan's fiduciary.These investment options are not part of the Manager-of-Managersprogram.

Description of PICA Separate Accounts

The Prudential Insurance Company of America, Inc. (PICA) makesavailable group annuity insurance contracts such as variable annuitiesand insurance company separate accounts to institutional clients. Eachretirement plan's fiduciary is generally responsible for all investmentdecisions related to its plan and for selecting the investment options forthe retirement plan's investment lineup. Each retirement plan's fiduciaryis also responsible for monitoring and, if necessary, replacing theinvestment options on the retirement plan's investment lineup.

For More Information

Para hablar con un representante de servicios al cliente en español (uotros lenguajes), por favor, llama a nuestro numero gratuito 800 entrelas 8:00 a.m. y las 8:00 p.m., Hora del Este, días de trabajo. (Tospeak with a Prudential Service Representative through an interpreter inSpanish (or other languages), please call our tollfree number week-daysbetween 8:00 a.m. and 8:00 p.m. Eastern Time.)

Mutual funds are distributed by Prudential Investment ManagementServices LLC. (PIMS) a registered broker-dealer. QMA (QMA LLC,effective 3/20/19), Jennison Associates LLC and PGIM, Inc. areregistered investment advisors. All are Prudential Financial companiesand affiliates of Prudential Retirement Insurance and Annuity Company(PRIAC). PGIM Fixed Income and Prudential Real Estate Investors areunits of PGIM, Inc. Effective January 4, 2016, Prudential InvestmentManagement ("PIM") rebranded itself as PGIM to coincide with theexpansion of its businesses around the world. Prudential TrustCompany, a Pennsylvania trust company, is located in Scranton,Pennsylvania and is an indirect subsidiary of Prudential Financial, Inc.Prudential Trust Company engages PGIM Fixed Income, JennisonAssociates LLC and QMA as sub-advisors.


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QMA is the primary business name of QMA LLC.


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Benchmark Definitions

MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever forany data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products. Certain informationcontained in this product or report is derived by PGIM, Inc. in part from MSCI's EAFE, Emerging Markets™, Europe ex U.K., Japan Net Dividend,Pacific Ex Japan Net Dividend and/or United Kingdom Net Dividend Index (the "Index Data"). However, MSCI has not reviewed this product orreport, and MSCI does not endorse or express any opinion regarding this product or report or any analysis or other information contained herein or theauthor or source of any such information or analysis. Neither MSCI nor any third party involved in or related to the computing or compiling of the IndexData makes any express or implied warranties, representations or guarantees concerning the Index Data or any information or data derived therefrom,and in no event shall MSCI or any third party have any liability for any direct, indirect, special, punitive, consequential or any other damages (incudinglost profits) relating to any use of this information. Any use of the Index Data requires a direct license from MSCI. None of the Index Data is intended toconstitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

Source: Bloomberg Barclays Indices, POINT ©2019 Bloomberg Barclays Inc.:"Bloomberg Barclays and POINT are registered trademarks ofBloomberg Barclays Inc. or its affiliates".

Source: London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Goup"). ©LSE Group 2019. FTSE Russell is a tradingname of certain of the LSE Group companies ["FTSE®" "Russell®", "FTSE Russell®", "MTS®", "FTSE4Good®", "ICB®", "Mergent®, The YieldBook®,"] is/are a trade mark(s) of the relevant LSE Group Companies and is/are used by any other LSE Group company under license. "TMX®" is atrade mark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Groupcompany which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or dataand no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted withoutthe relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication."

20% Citi 3 Month T-Bill/55% Bloomberg Barclays Agg/19% Russell3000/6% MSCI EAFE (NET) An unmanaged, weighted averagecomposite consisting of the Citigroup Three Month T-Bill (20%),Bloomberg Barclays Aggregate Bond Index (55%), MSCI EAFE (net)(6%) and the Russell 3000 Index (19%).

3 Year Constant Maturity Treasury Index Market yield on U.S.Treasury securities at 3-year constant maturity, quoted on investmentbasis.

5 Yr Treasury Avg Yield Market yield on U.S. Treasury securities at 5-year constant maturity, quoted on investment basis.

60% MSCI ACWI Index / 40% Bloomberg Barclay's Global AggregateIndex An unmanaged, weighted average composite consisting of the60% MSCI All Country World Index, 40% Bloomberg BarcalysAggregate.

60% R1000VALUE/40% Bloomberg Barclays G/C INT Anunmanaged, weighted average composite consisting of the Russell 1000Value Index (60%) and the Bloomberg Barclays U.S. IntermediateGov't/Credit Index (40%).

60% Russell 1000 / 40% Bloomberg Barclays Aggregate Anunmanaged, weighted average composite consisting of the 60% Russell1000, 40% Bloomberg Barclays Aggregate.

60% Russell 1000 Growth / 40% Bloomberg Barclays IntermediateGovernment Credit An unmanaged, weighted average composite indexconsisting of the Russell 1000 Growth Index (60%) and the BloombergBarclays Intermediate Government Credit Index (40%).

60% Russell 1000 Growth Index/40% Bloomberg Barclays U.S.Aggregate Bond Index An unmanaged, weighted average compositeconsisting of the Russell 1000® Growth Index (60%) and the BloombergBarclays Aggregate Bond Index (40%).

60% Russell 1000 Growth Index/40% Bloomberg Barclays U.S.Intermediate Government/Credit Index An unmanaged, weightedaverage composite consisting of the Russell 1000 Growth Index (60%)and the Bloomberg Barclays Intermediate U.S. Government/Credit Index

(40%).

60% Russell 1000 Value Index/40% Bloomberg Barclays U.S.Aggregate Bond Index An unmanaged, weighted average compositeconsisting of the Russell 1000 Value Index (60%) and the BloombergBarclays Aggregate Bond Index (40%).

60% S&P 500 Index/40% Bloomberg Barclays U.S. Aggregate BondIndex An unmanaged, weighted average composite Index that consistsof the S&P 500 Index (60%) and the Bloomberg Barclays U.S.Aggregate Bond Index (40%).

65% 5 Yr Treasury/35% S&P 500 An unmanaged, weighted averagecomposite consisting of the 65% 5 Yr Treasury Avg Yield, 35% S&P 500Index.

65% Russell 1000 Value / 35% Bloomberg Barclays Corporate A IntAn unmanaged, weighted average composite consisting of the 35%Bloomberg Barclays Corporate A Index 35%, 65% Russell 1000 Value.

Academic Strategies Asset Allocation Index The custom benchmarkreflects Bloomberg Barclays Aggregate Bond Index 35%, MSCI EAFE13%, Russell 3000 Index 52%.

Balanced Asset Allocation Index The custom benchmark reflectsBloomberg Barclays Aggregate Bond Index 45%, MSCI EAFE 11%,Russell 3000 Index 44%.

BlackRock SCF Customized Index An unmanaged, weighted averagecomposite consisting of 41.4% Bloomberg Barclays U.S. TIPS Index,37% FTSE ERPA/NAREIT Developed Real Estate Index, 21.5%Bloomberg Roll Select Commodity Index, (reflects no deductions forfees, expenses or taxes)

Bloomberg Barclays Corporate High Yield Index The BloombergBarclays US Corporate High Yield Bond Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securitiesare classified as high yield if the middle rating of Moody's, Fitch and S&Pis Ba1/BB+/BB+ or below. Bonds from issuers with an emerging marketscountry of risk, based on Barclays EM country definition, are excluded.


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Bloomberg Barclays EM Local Currency Government TR USD TheBloomberg Barclays Emerging Markets Local Currency GovernmentIndex is a flagship index that measures the performance of localcurrency Emerging Markets (EM) debt.

Bloomberg Barclays Global Aggregate Bond Index Ex-US (USDHedged) Measures the performance of global investment grade fixed-rate debt markets that excludes USD-dominated securities.

Bloomberg Barclays Global Aggregate ex-US (Unhedged) Index TheBloomberg Barclays Global Aggregate Index is a measure of globalinvestment grade debt from 24 local currency markets. This multi-currency benchmark includes treasury, government-related, corporateand securitized fixed-rate bonds from both developed and emergingmarkets issuers.

Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RICCapped Index Barclays Global Aggregate ex-USD Float Adjusted RICCapped Index ETFs gather total assets under management of $16.20B.The average expense ratio is 0.09%.

Bloomberg Barclays Global index Bloomberg Barclays Global indexprovides a broad based measure of the international investment gradebond market. The index combines the U.S. Aggregate Index with dollar-denominated versions of the Pan-European Index and the Japanese,Canadian, Australian and New Zealand components of the GlobalTreasury Index.

Bloomberg Barclays Government 1-3 Year Index The index measuresthe performance of the U.S. Treasury and U.S. Agency Indices withmaturities of 1-3 years, including Treasuries and U.S. agencydebentures. It is a component of the U.S. Government/Credit Index andthe U.S. Aggregate Index.

Bloomberg Barclays Government 1-5 Yr TR USD Barclays USGovernment 1-5 Year Unmanaged index that measures the performanceof 1-5 year government bonds issued by the US Treasury.

Bloomberg Barclays Government Bond Index Measures theperformance of the U.S. Treasury and U.S. Agency Indices, includingTreasuries and U.S. agency debentures. It is a component of the U.S.Government/Credit Index and the U.S. Aggregate Index.

Bloomberg Barclays Government/Corporate 1 Yr Duration TR USDThe index measures the performance of investment grade, U.S.denominated, fixed-rate securities excluding STRIPS, TIPS and floaters.Its minimum index rating is A3 and the max maturity is 5 years.

Bloomberg Barclays Municipal 10 Yr 8-12 Index Measures theperformance of USD-denominated long-term tax exempt bond marketwith maturities of 10 years (8-12), including state and local generalobligation bonds, revenue bonds, insured bonds, and pre-refundedbonds.

Bloomberg Barclays Municipal 20 Yr 17-22 Index Measures theperformance of USD-denominated long-term tax exempt bond marketwith maturities of 20 years (17-22), including state and local generalobligation bonds, revenue bonds, insured bonds, and pre-refundedbonds.

Bloomberg Barclays Municipal 3 Yr 2-4 Index Measures theperformance of USD-denominated long-term tax exempt bond marketwith maturities of 3 years(2-4), including state and local generalobligation bonds, revenue bonds, insured bonds, and pre-refundedbonds.

Bloomberg Barclays Municipal Bond Index The Barclays MunicipalManaged Money Index is a rules-based, market-value-weighted tax-exempt bond market index.

Bloomberg Barclays Municipal California Exempt TR Measures theperformance of USD-denominated long-term tax exempt bond market,including California bonds only.

Bloomberg Barclays Municipal New York Exempt TR Measures theperformance of USD-denominated long-term tax exempt bond market,including New York bonds only.

Bloomberg Barclays Roll Select Commodity Index The BloombergRoll Select Commodity Index (BCOMRS or "Roll Select") is a dynamicversion of the Bloomberg Commodity Index ("BCOM") that aims tomitigate the effects of contango market structure on index performance.

Bloomberg Barclays Treasury Long Term Index The index measuresthe performance of public obligations of the U.S. Treasury withmaturities of 10 years and greater, including securities roll up to the U.S.Aggregate, U.S. Universal, and Global Aggregate Indices.

Bloomberg Barclays U.S. Aggregate Bond Index Measures theperformance of investment grade, U.S. dollar-denominated, fixed-ratetaxable bond market, including Treasuries, government-related andcorporate securities, MBS (agency fixed-rate and hybrid ARM pass-through's), ABS, and CMBS. It rolls up into other Bloomberg Barclaysflagship indices, such as the multi-currency Global Aggregate Index andthe U.S. Universal Index, which includes high yield and emergingmarkets debt.

Bloomberg Barclays U.S. Aggregate Float Adjusted Index TheBloomberg Barclays US Aggregate Bond Index is a broad-basedbenchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includesTreasuries, government-related and corporate securities, MBS (agencyfixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency andnon-agency).

Bloomberg Barclays U.S. Corporate High-Yield Index Measures theperformance of USD-denominated, non-investment grade, fixed-rate,taxable corporate bonds, including corporate bonds, fixed-rate bullet,putable, and callable bonds, SEC Rule 144A securities, Original issuezeros, Pay-in-kind (PIK) bonds, Fixed-rate and fixed-to-floating capitalsecurities.

Bloomberg Barclays U.S. Credit Index Measures the performance ofthe US Corporate and a non-corporate component that includes foreignagencies, sovereigns, supranationals and local authorities. It is a subsetof the US Government/Credit Index and the US Aggregate Index.

Bloomberg Barclays U.S. Government Bond Index Measures theperformance of the U.S. Treasury and U.S. Agency Indices, includingTreasuries and U.S. agency debentures. It is a component of the U.S.Government/Credit Index and the U.S. Aggregate Index.

Bloomberg Barclays U.S. Government Long Index Measures theperformance of the U.S. Treasury and U.S. Agency Indices withmaturities of 10 years and greater, including Treasuries and U.S. agencydebentures. It is a component of the U.S. Government/Credit Index andthe U.S. Aggregate Index.

Bloomberg Barclays U.S. Government/Credit 1-3 Year Index Theindex measures the performance of non-securitized component of theU.S. Aggregate Index with maturities of 1-3 years,including Treasuries,government-related issues and corporates. It is a subset of the U.S.


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Aggregate Index.

Bloomberg Barclays U.S. Government/Credit 1-5 Year IndexMeasures the performance of the non-securitized component of the U.S.Aggregate Index including treasuries, government-related issues andcorporates with maturities of one to five years. It is a subset of the U.S.Aggregate Index.

Bloomberg Barclays U.S. Government/Credit 5-10 Year IndexMeasures the performance of the US Corporate and a non-corporatecomponent with maturities of 5-10 year that includes foreign agencies,sovereigns, supranationals and local authorities. It is a subset of the USGovernment/Credit Index and the US Aggregate Index.

Bloomberg Barclays U.S. Government/Credit Index Measures theperformance of non-securitized component of the U.S. Aggregate Indexincluding Treasuries, government-related issues and corporates. It is asubset of the U.S. Aggregate Index.

Bloomberg Barclays U.S. High Yield Bond Index, 2% Issuer CappedMeasures the performance of USD-denominated, non-investment grade,fixed-rate, taxable corporate bonds. It follows the same rules as theuncapped index but limits the exposure of each issuer to 2% of the totalmarket value and redistributes any excess market value index-wide on apro-rata basis.

Bloomberg Barclays U.S. Intermediate Government/ Credit IndexMeasures the performance of the U.S. investment grade fixed rate bondmarket, with index components for Agencies, Financial Institutions,Industrial, Treasuries and Utility, with remaining time to maturity of 1-10years. It's a custom index.

Bloomberg Barclays U.S. Long Term Credit Index Measures theperformance of the US Corporate and a non-corporate component thatincludes foreign agencies, sovereigns, supranationals and localauthorities with maturities of 10 years and greater. It is a subset of theUS Government/Credit Index and the US Aggregate Index.

Bloomberg Barclays U.S. Mortgage Backed Securities IndexMeasures the performance of the agency mortgage-backed pass-through securities (both fixed-rate and hybrid ARM) issued by GinnieMae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC).

Bloomberg Barclays U.S. Municipal Index Measures the performanceof USD-denominated long-term tax exempt bond market, including stateand local general obligation bonds, revenue bonds, insured bonds, andpre-refunded bonds.

Bloomberg Barclays U.S. Treasury Inflation Notes: 1-10 Year Theindex measures the performance of inflation-protected securities issuedby the U.S. Treasury (TIPS).

Bloomberg Barclays U.S. Treasury Inflation-Protected Securities(TIPS) 0-5 Year Index The Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index is a market-capitalization-weighted index that includes all inflation-protected public obligationsissued by the U.S. Treasury with remaining maturities of less than fiveyears.

Bloomberg Barclays U.S. Treasury Inflation-Protected Securities(TIPS) Index Measures the performance of rules-based, market value-weighted inflation-protected securities issued by the U.S. Treasury. It isa subset of the Global Inflation-Linked Index (Series-L).

Bloomberg Barclays U.S. Universal Index Measures the performanceof USD-denominated, taxable bonds that are rated either investment

grade or high-yield. It represents the union of the U.S. Aggregate Index,U.S. Corporate High Yield Index, Investment Grade 144A Index,Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISAeligible portion of the CMBS Index.

Bloomberg Barclays US Corporate Bond TR USD The BloombergBarclays US Corporate Bond Index measures the investment grade,fixed-rate, taxable corporate bond market. It includes USD-denominatedsecurities publicly issued by US and non-US industrial, utility andfinancial issuers.

Bloomberg Barclays US Government Treasury 1-3 Year Index Theindex measures the performance of the U.S. Treasury and U.S. AgencyIndices with maturities of 1-3 years, including Treasuries and U.S.agency debentures. It is a component of the U.S. Government/CreditIndex and the U.S. Aggregate Index.

Bloomberg Barclays US Government/Credit Long TR USD TheBloomberg Barclays US Government/Credit Bond Index is a broad-based flagship benchmark that measures the non-securitizedcomponent of the US Aggregate Index. It includes investment grade, USdollar-denominated, fixed-rate Treasuries, government-related andcorporate securities.

Bloomberg Barclays US Treasury Inflation Notes TR Index Value TheIndex measures the performance of the U.S. treasury inflation-linkedbond market. Securities must be rated investment grade as defined bythe Index methodology. The principal and the interest of all constituentbonds must be inflation-linked and denominated in U.S. Dollars. NominalU.S. Treasury bonds, floating rate bonds and STRIPS are excluded.

Bloomberg Commodity Index Measures the performance of futurecontracts on physical commodities which traded on US exchanges andLondon Metal Exchange. The commodity weightings are based onproduction and liquidity, subject to weighting restrictions applied annually.

BofAML All Convertible All Qualities BofAML All Convertible AllQualities measures the performance of convertible bonds.

BofAML Preferred Stock Fixed Rate TR USD BofAML Preferred StockFixed Rate TR USD measures the performance of preferred stocksecurities.

Capital Growth Asset Allocation Index The custom benchmark reflectsBloomberg Barclays Aggregate Bond Index 25%, MSCI EAFE 15%,Russell 3000 Index 60%.

Carpenters Balanced Benchmark The custom benchmark reflects 5Year Treasury Average Yield (15%), Bloomberg Barclays AggregateBond Index (40%), Bloomberg Barclays Corporate High Yield BondIndex (5%), S&P 500 Index (20%), MSCI EAFE (net) Index (10%),Russell 2000 Growth Index (5%) and Russell 2000 Value Index (5%).

Carpenters' Retirement 2015 Benchmark The custom benchmarkreflects 5 Yr Treasury Avg Yield (12.5%), Bloomberg BarclaysAggregate Bond Index (33%), Bloomberg Barclays Corporate High YieldIndex (4.5%), MSCI EAFE (net) (7%), Russell 2000 Growth Index (2%),Russell 2000 Value Index (2%), Russell MidCap Growth Index (2.5%),Russell MidCap Value Index (2.5%), S&P 500 Index (26%), MSCI EAFEGrowth (net) (4%) , MSCI EAFE Value (net) (4%).

Carpenters' Retirement 2020 Benchmark The custom benchmarkreflects 5 Yr Treasury Avg Yield (10%), Bloomberg Barclays AggregateBond Index (26.5%), Bloomberg Barclays Corporate High Yield Index(3.5%), MSCI EAFE (net) (9%), Russell 2000 Growth Index (2%),Russell 2000 Value Index (2.5%), Russell MidCap Growth Index (3%),


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Russell MidCap Value Index (3%), S&P 500 Index (31.5%), MSCI EAFEGrowth (net) (4.5%( , MSCI EAFE Value (net) (4.5%).

Carpenters' Retirement 2025 Benchmark The custom benchmarkreflects 5 Yr Treasury Avg Yield (7.5%), Bloomberg Barclays AggregateBond Index (20%), Bloomberg Barclays Corporate High Yield Index(2.5%), MSCI EAFE (net) (10%), Russell 2000 Growth Index (2.5%),Russell 2000 Value Index (3%), Russell MidCap Growth Index (3.5%),Russell MidCap Value Index (3.5%), S&P 500 Index (36.5%), MSCIEAFE Growth (net) (5.5%) , MSCI EAFE Value (net) (5.5%).

Carpenters' Retirement 2030 Benchmark The custom benchmarkreflects 5 Yr Treasury Avg Yield (5%), Bloomberg Barclays AggregateBond Index (13%), Bloomberg Barclays Corporate High Yield Index(2%), MSCI EAFE (net) (12%), Russell 2000 Growth Index (3%),Russell 2000 Value Index (3.5%), Russell MidCap Growth Index (4%),Russell MidCap Value Index (4%), S&P 500 Index (41.5%), MSCI EAFEGrowth (net) (6%) , MSCI EAFE Value (net) (6%).

Carpenters' Retirement 2035 Benchmark The custom benchmarkreflects 5 Yr Treasury Avg Yield (3.5%), Bloomberg Barclays AggregateBond Index (10%), Bloomberg Barclays Corporate High Yield Index(1.5%), MSCI EAFE (net) (12.5%), Russell 2000 Growth Index (3%),Russell 2000 Value Index (3.5%), Russell MidCap Growth Index (4%),Russell MidCap Value Index (4%), S&P 500 Index (45%), MSCI EAFEGrowth (net) (6.5%) , MSCI EAFE Value (net) (6.5%).

Carpenters' Retirement 2040 Benchmark The custom benchmarkreflects 5 Yr Treasury Avg Yield (3.5%), Bloomberg Barclays AggregateBond Index (8.5%), Bloomberg Barclays Corporate High Yield Index(1%), MSCI EAFE (net) (13.5%), Russell 2000 Growth Index (3%),Russell 2000 Value Index (3.5%), Russell MidCap Growth Index (4.5%),Russell MidCap Value Index (4.5%), S&P 500 Index (45.5%), MSCIEAFE Growth (net)(6.5%) , MSCI EAFE Value (net) (6.5%).

Carpenters' Retirement 2045 Benchmark The custom benchmarkreflects 5 Yr Treasury Avg Yield (3%), Bloomberg Barclays AggregateBond Index (7%), Bloomberg Barclays Corporate High Yield Index (1%),MSCI EAFE (net) (13.5%), Russell 2000 Growth Index (3%), Russell2000 Value Index (4%), Russell MidCap Growth Index (4.5%), RussellMidCap Value Index (4.5%), S&P 500 Index (46.5%), MSCI EAFEGrowth (net) (6.5%) , MSCI EAFE Value (net) (6.5%).

Carpenters' Retirement 2050 Benchmark The custom benchmarkreflects 5 Yr Treasury Avg Yield (2.5%), Bloomberg Barclays AggregateBond Index (6.5%), Bloomberg Barclays Corporate High Yield Index(1%), MSCI EAFE (net) (14%), Russell 2000 Growth Index (3%),Russell 2000 Value Index (4%), Russell MidCap Growth Index (4.5%),Russell MidCap Value Index (4.5%), S&P 500 Index (47%), MSCI EAFEGrowth (net) (6.5%) , MSCI EAFE Value (net) (6.5%).

Carpenters' Retirement 2055 Benchmark The custom benchmarkreflects 5 Yr Treasury Avg Yield (1.3%), Bloomberg Barclays Long U.S.Corporate Index (1.95%), Citigroup Three Month T-Bill (1.17%),Bloomberg Commodity Index (8%), Bloomberg Barclays AggregateBond Index (4.94%), Bloomberg Barclays US Treasury: US TIPS Index(3.64%), MSCI All Country World Ex United States Index (15%), MSCIEmerging Markets Index (15%), Russell 2000 Value Index (3.43%),Russell MidCap Growth Index (4.41%), Russell MidCap Value Index(4.41%), S&P 500 Index (36.75%).

Carpenter's Retirement Income Benchmark The custom benchmarkreflects 5 Yr Treasury Avg Yield (19%), Bloomberg Barclays AggregateBond Index (49.5%), Bloomberg Barclays Corporate High Yield Index(6.5%), MSCI EAFE (net) (3.5%), Russell 2000 Growth Index (1%),Russell 2000 Value Index (1%), Russell MidCap Growth Index (1%),

Russell MidCap Value Index (1%), S&P 500 Index (13.5%), MSCI EAFEGrowth (net) (2%) , MSCI EAFE Value (net) (2%).

CBOE S&P 500 BuyWrite BXM The CBOE S&P 500 BuyWrite Index(ticker symbol BXM) is a benchmark index designed to show thehypothetical performance of a portfolio that engages in a buy-writestrategy using S&P 500 index call options.

Citigroup Dollar World Non-U.S. Government Bond Index Measuresthe performance of fixed-rate, local currency, investment-gradesovereign bonds of all WGBI countries except the United States and isstated in US dollar terms. It is a subset of Citigroup World GovernmentBond Index (WGBI).

Credit Suisse Equity Market Neutral USD The Credit Suisse EquityMarket Neutral Hedge Fund Index is a subset of the Credit SuisseHedge Fund IndexSM that measures the aggregate performance ofdedicated short bias funds. Equity market neutral funds typically takeboth long and short positions in stocks while seeking to reduce exposureto the systematic risk of the market (i.e., a beta of zero is desired).Equity market neutral funds typically seek to exploit investmentopportunities unique to a specific group of stocks, while maintaining aneutral exposure to broad groups of stocks defined for example bysector, industry, market capitalization, country, or region. The index hasa number of subsectors including statistical arbitrage, quantitativelong/short, fundamental long/short and index arbitrage. Managers oftenapply leverage to enhance returns.

Credit Suisse Leveraged Loan USD This index tracks the investablemarket of the U.S. dollar denominated leveraged loan market. It consistsof issues rated "5B" or lower, meaning that the highest rated issuesincluded in this index are Moody's/S&P ratings of Baa1/BB+ or Ba1/BBB+. All loans are funded term loans with a tenor of at least one year andare made by issuers domiciled in developed countries.

Credit Suisse Managed Futures USD The index measures theperformance of market trends across a range of asset classes, including:Equities, Fixed Income, Commodities and Currencies. It hasdemonstrated positive expected returns during upward trending marketsand the ability to hedge against some negative tail risk events,potentially making it a less expensive but effective hedge over the longterm. The index is asset-weighted.

CRSP U.S. Large Cap Index The CRSP US Large Cap Index includesU.S. companies that comprise the top 85 percent of investable marketcapitalization and are traded on NYSE, NYSE American, NYSE ARCA,NASDAQ, Bats Global Markets, and the Investors Exchange.

CRSP U.S. Large Cap Value Index The CRSP U.S. Value StyleIndexes are part of CRSP's investable index family. Once securities areassigned to a size-based market cap index, they are made eligible forassignment to a value or growth index using CRSP's multifactor model.CRSP classifies value securities using the following factors: book toprice, forward earnings to price, historical earnings to price, dividend-to-price ratio and sales-to-price ratio.

CRSP U.S. Mega Cap Index The CRSP U.S. Mega Cap Index includesthe largest U.S. companies, with a target of including the top 70 percentof investable market capitalization. The index includes securities tradedon NYSE, NYSE American, NYSE ARCA, NASDAQ, Bats GlobalMarkets, and the Investors Exchange.

CRSP U.S. Mid Cap Index The CRSP U.S. Mid Cap Index targetsinclusion of the U.S. companies that fall between the 70-85 percent ofinvestable market capitalization. The index includes securities traded onNYSE, NYSE American, NYSE ARCA, NASDAQ, Bats Global Markets,


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and the Investors Exchange.

CRSP U.S. Small Cap Index The CRSP U.S. Small Cap Index includesU.S. companies that fall between the bottom 2-15 percent of theinvestable market capitalization. There is no lower limit in marketcapitalization, other than what is specified by investability screens. Theindex includes securities traded on NYSE, NYSE American, NYSEARCA, NASDAQ, Bats Global Markets and the Investors Exchange.

CRSP U.S. Total Market Index Nearly 4,000 constituents across mega,large, small and micro capitalizations, representing nearly 100% of theU.S. investable equity market, comprise the CRSP US Total MarketIndex.

DJ Brookfld Global Infra TR USD The Dow Jones Brookfield GlobalInfrastructure Composite Index is designed to measure the performanceof pure-play infrastructure companies domiciled globally. The indexcovers all sectors of the infrastructure market and includes MasterLimited Partnerships (MLPs) in addition to other equity securities.

Dow Jones U.S. Completion Total Stock Market Index The Dow JonesU.S. Completion Total Stock Market Index is a subindex of the DowJones U.S. Total Stock Market Index that excludes components of theS&P 500®.

Dow Jones U.S. Total Stock Market Index The index measures theperformance of all US equity securities with readily available prices. Itrepresents the top 95% of the US stock market based on marketcapitalisation. The index is float-adjusted market capitalisation weighted.

FTSE 4Good US Select Index The FTSE4Good US Select Index is asocially responsible investment (SRI) index of US stocks that excludescompanies with certain business activities such as weapons, tobacco,gambling, alcohol, nuclear power, and adult entertainment. Additionally,in order to be included companies must meet a series of stringentenvironmental and social criteria in areas including environmentalmanagement, labor rights, human rights, health and safety, and diversity.

FTSE Developed Markets Ex North America Index The FTSEDeveloped Markets Ex North America Index comprises Large and Midcap stocks providing coverage of Developed markets, excluding the USand Canada.

FTSE EPRA/Nareit Developed Index The FTSE EPRA Nareit GlobalReal Estate Index Series is designed to represent general trends in.eligible real estate equities worldwide. Relevant activities are defined asthe ownership, disposal and development of income-producing realestate.

FTSE Global All Cap ex US Index The FTSE Global All Cap ex USIndex is a free-float, market-capitalization weighted index representingthe performance of around 5350 large, mid and small cap companies in46 developed and emerging markets worldwide, excluding the USA.

FTSE Gold Mines PR USD The FTSE Gold Mines Index encompassesall gold mining companies that have a sustainable, attributable goldproduction of at least 300,000 ounces a year and that derive 51% ormore of their revenue from mined gold. 5-Year Performance - CapitalReturn

FTSE Three Month T-Bill Measures the performance of the last threethree-month Treasury bill month-end rates.

FTSE WGBI NonUSD USD The index measures the performance offixed-rate, local currency, investment-grade sovereign bonds of all WGBIcountries except the United States and is stated in US dollar terms. It is

a subset of Citigroup World Government Bond Index (WGBI).

HFRI RV: Multi-Strategy Index Multi-Strategies employ an investmentthesis is predicated on realization of a spread between related yieldinstruments in which one or multiple components of the spread containsa fixed income, derivative, equity, real estate, MLP or combination ofthese or other instruments. Strategies are typically quantitatively drivento measure the existing relationship between instruments and, in somecases, identify attractive positions in which the risk adjusted spreadbetween these instruments represents an attractive opportunity for theinvestment manager. In many cases these strategies may exist asdistinct strategies across which a vehicle which allocates directly, or mayexist as related strategies over which a single individual or decisionmaking process manages. Multi-strategy is not intended to providebroadest-based mass market investors appeal, but are most frequentlydistinguished from others arbitrage strategies in that they expect tomaintain >30% of portfolio exposure in 2 or more strategies meaningfullydistinct from each other that are expected to respond to diverse marketinfluences.

ICE BofAML Fixed Rate Preferred Securities The Index is designed toreplicate the total return of a diversified group of investment-gradepreferred securities.

ICE BofAML US 3-Month Treasury Bill Index This index measures theperformance of the US dollar denominated ICE LIBOR rate with maturityof the 3 months. LIBOR indicates the interest rate that banks pay whenthey borrow from each other on an unsecured basis. It is fundamental tothe operation of both UK and international financial markets, includingmarkets in interest rate derivatives contracts. it is used to determinepayments made under derivatives by a wide range of counterpartiesincluding small businesses, large financial institutions and publicauthorities.

ICE BofAML US Convt Bonds The ICE BofAML U.S. Corporate,Government and Mortgage Index is a broad-based measure of the totalrate of return performance of the U.S. investment grade bond markets.

ICE BofAML US Dollar 3-Month Deposit Offered Rate ConstantMaturity Is a subset of The Bank of America Merrill Lynch 0-1 Year USTreasury Index including all securities with a remaining term to finalmaturity less than 3 months.

ICE BofAML US High Yield ICE BofAML US High Yield Index tracksthe performance of US dollar denominated below investment gradecorporate debt publicly issued in the US domestic market. Qualifyingsecurities must have a below investment grade rating (based on anaverage of Moody's, S&P and Fitch), at least 18 months to final maturityat the time of issuance, at least one year remaining term to final maturityas of the rebalancing date, a fixed coupon schedule and a minimumamount outstanding of $250 million. In addition, qualifying securitiesmust have risk exposure to countries that are members of the FX-G10,Western Europe or territories of the US and Western Europe. The FX-G10 includes all Euro members, the US, Japan, the UK, Canada,Australia, New Zealand, Switzerland, Norway and Sweden.

iMoneyNet Taxable Money Funds - Net Includes all taxable retail andinstitutional money funds. Consists of funds in the Treasury Retail,Treasury Institutional, Treasury & Repo Retail, Treasury & RepoInstitutional, Government & Agency Retail, Government & AgencyInstitutional, First Tier Retail, First Tier Institutional, Second Tier Retail,and Second Tier Institutional categories.

iMoneyNet Taxable Money Funds Index Measures the equallyweighted returns of over 1,600 of the largest taxable money marketfunds.


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IncomeFlex Aggressive Fund Benchmark IncomeFlex AggressiveFund Benchmark: Each IncomeFlex Fund's composite benchmarkreflects the weighted average of the Fund's stock/internationalstock/bond allocation, as represented by the S&P 500 Index, the MSCIEAFE Index and the Bloomberg Barclays US Aggregate Bond Index,respectively.

IncomeFlex Conservative Fund Benchmark IncomeFlex ConservativeFund Primary Benchmark : Each IncomeFlex Fund's compositebenchmark reflects the weighted average of the Fund'sstock/international stock/bond/cash allocation, as represented by theS&P 500 Index, the MSCI EAFE Index and the Bloomberg Barclays USAggregate Bond Index, respectively.

IncomeFlex Moderate Fund Benchmark IncomeFlex Moderate FundPrimary Benchmark : Each IncomeFlex Fund's composite benchmarkreflects the weighted average of the Fund's stock/internationalstock/bond allocation, as represented by the S&P 500 Index,the MSCIEAFE Index and the Bloomberg Barclays US Aggregate Bond Index,respectively.

JP Morgan Emerging Market Bonds Plus Measures the performanceof fix-rate for external-currency denominated debt instruments includingbrady bonds, loans, Eurobonds in emerging markets. Countries coveredare Argentina, Brazil, Bulgaria, Mexico, Morocco, Nigeria, thePhilippines, Poland, Russia, and South Africa. It covers more of theeligible instruments than the EMBI+ by relaxing somewhat the strict EMBI+ limits on secondary market trading liquidity.

JPM EMBI Global TR USD The index measures the performance of fix-rate for external-currency denominated debt instruments including bradybonds, loans, Eurobonds in emerging markets. Countries covered areArgentina, Brazil, Bulgaria, Mexico, Morocco, Nigeria, the Philippines,Poland, Russia, and South Africa. It covers more of the eligibleinstruments than the EMBI+ by relaxing somewhat the strict EMBI+limits on secondary market trading liquidity.

JPMorgan Govt Bond Index exUS ($Hdgd) The index measures theperformance of fixed rate issuances for local debt instruments from high-income countries spanning Europe, North America and Asia-Pacificregions. It is a sub-set of GBI Global index excluding bond from U.S.The developed markets index lineup has a long track record since thelaunch of the GBI Global in 1989 and has grown to include indicescovering the Eurozone and Cash Deposit Rates.

Lifetime Aggressive Growth Primary Benchmark Each Lifetime Fund'scomposite benchmark reflects the weighted average of the Fund'sstock/international stock/bond allocation, as represented by the Russell3000 Index, the MSCI EAFE Index and the Bloomberg Barclays USAggregate Bond Index, respectively.

Lifetime Balanced Primary Benchmark Each Lifetime Fund'scomposite benchmark reflects the weighted average of the Fund'sstock/international stock/bond allocation, as represented by the Russell3000 Index, the MSCI EAFE Index and the Bloomberg Barclays USAggregate Bond Index, respectively.

Lifetime Conservative Growth Primary Benchmark These indices arecomposite benchmarks that reflect the weighted average of thebenchmarks for the underlying funds in which each specific LifetimeFund invests.

Lifetime Growth Primary Benchmark Each Lifetime Fund's compositebenchmark reflects the weighted average of the Fund'sstock/international stock/bond allocation, as represented by the Russell3000 Index, the MSCI EAFE Index and the Bloomberg Barclays US

Aggregate Bond Index, respectively.

Lifetime Income & Equity Primary Benchmark Each Lifetime Fund'scomposite benchmark reflects the weighted average of the Fund'sstock/international stock/bond/cash allocation, as represented by theRussell 3000 Index, the MSCI EAFE Index, the Bloomberg Barclays USAggregate Bond Index and the Citigroup 3-Month T-Bill Index,respectively.

Morningstar Aggressive Target Risk TR USD The Morningstar TargetRisk Index series consists of five asset allocation indexes that span therisk spectrum from conservative to aggressive. The family of assetallocation indexes can serve as benchmarks to help with target-riskmutual fund selection and evaluation by offering an objective yardstickfor performance comparison.

Morningstar Conservative Target Risk TR USD The MorningstarTarget Risk Index family is designed to meet the needs of investors whowould like to maintain a target level of equity exposure through aportfolio diversified across equities, bonds and inflation-hedgedinstruments. The Morningstar Conservative Target Risk Index seeksapproximately 20% exposure to global equity markets.

Morningstar Global Allocation TR USD The Morningstar GlobalAllocation Index is a broadly diversified index of liquid 60% globalequities and 40% global bonds that reflects the global investmentopportunities available to an investor with a moderate risk tolerance.

Morningstar Global Long/Short Currency The index measures theperformance of global highly liquid exchange listed futures contracts incurrencies. It has the ability to go both long and short, providing greaterflexibility and the potential to capture both upward and downwardmovements in price.

Morningstar Lifetime Allocation Moderate 2010 TR USD The indexmeasures the performance of a portfolio of global equities, bonds andtraditional inflation hedges such as commodities and TIPS. This portfoliois held in proportions appropriate for a US investor who has a targetmaturity date of 2010. The Moderate risk profile is for investors who arecomfortable with average exposure to equity market volatility.




Morningstar Lifetime Allocation Moderate 2030 TR USD The indexmeasures the performance of a portfolio of global equities, bonds andtraditional inflation hedges such as commodities and TIPS. This portfoliois held in proportions appropriate for a US investor who has a target


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maturity date of 2030. The Moderate risk profile is for investors who arecomfortable with average exposure to equity market volatility.







Morningstar Lifetime Allocation Moderate Income TR USD The indexmeasures the performance of a portfolio of global equities, bonds andtraditional inflation hedges such as commodities and TIPS. This portfoliois held in proportions appropriate for a US investor who has a target ofmoderate income. The Moderate risk profile is for investors who arecomfortable with average exposure to equity market volatility.

Morningstar Long-Only Commodity Index Measures the performanceof future contracts on eligible long commodities. Eligibility is defined as acommodity that has future contracts traded on one of the US exchangesand rank in the top 95% by the 12-month average of total dollar value ofopen interest. The index is reconstituted annually, on the third Friday ofDecember each year. It is a fully collateralized commodity futures index.

Morningstar MLP Composite The index measures the performance ofUS publicly trading energy master limited partnerships. It is a diversified,distribution-dollar weighted index that targets the top 97% of investableuniverse by float market capitalization.

Morningstar Moderate Target Risk Index The Morningstar Target RiskIndex family is designed to meet the needs of investors who would like

to maintain a target level of equity exposure through a portfoliodiversified across equities, bonds and inflation-hedged instruments. TheMorningstar Moderate Target Risk Index seeks approximately 60%exposure to global equity markets.

Morningstar Moderately Aggressive Index The MorningstarModerately Aggressive Index represents a portfolio of global equities,bonds and traditional inflation hedges such as commodities and IPS.This portfolio is held in a static allocation appropriate for U.S. investorswho seek a slightly above-average exposure to equity market risk andreturns.

Morningstar Moderately Conservative Target Risk TR USD TheMorningstar Target Risk Index Serires consisits of five allocation indexesthat span the risk spectrum from conservative to aggressive.

Morningstar Technology Sector Index Measures the performance ofcompanies engaged in the design, development, and support ofcomputer operating systems and applications. This sector also includescompanies that provide computer technology consulting services. Alsoincludes companies engaged in the manufacturing of computerequipment, data storage products, networking products,semiconductors, and components.

Morningstar US Market The index measures the performance of USsecurities and targets 97% market capitalization coverage of theinvestable universe. It is a diversified broad market index.

MSCI AC Asia Ex Japan NR USD The MSCI AC Asia ex Japan Indexcaptures large and mid cap representation across 2 of 3 DevelopedMarkets (DM) countries* (excluding Japan) and 9 Emerging Markets(EM) countries* in Asia. With 953 constituents, the index coversapproximately 85% of the free floatadjusted market capitalization in eachcountry.

MSCI AC Far East Ex Japan NR USD The MSCI AC Far East exJapan Index captures large and mid cap representation across 2Developed Markets countries (excluding Japan) and 7 EmergingMarkets countries in the Far East*. With 863 constituents, the indexcovers approximately 85% of the free float-adjusted market capitalizationin each country.

MSCI ACWI Ex USA NR USD The MSCI ACWI ex USA Index captureslarge and mid cap representation across 22 of 23 Developed Marketscountries (excluding the US) and 24 Emerging Markets countries. With2,163 constituents, the index covers approximately 85% of the globalequity opportunity set outside the US.

MSCI ACWI Ex USA Value Index Measures the performance of thevalue large and mid cap segments of the particular regions, excludingUSA equity securities, including developed and emerging market. It isfree float-adjusted market-capitalization weighted.

MSCI ACWI Index Captures large and mid cap representation across23 Developed Markets (DM) and 24 Emerging Markets (EM)countries.With 2,499 constituents, the index covers approximately 85%of the global investable equity opportunity set.

MSCI ACWI Large Cap NR USD The MSCI ACWI Large Cap Indexcaptures large cap representation across 23 Developed Markets (DM)and 24 Emerging Markets (EM) countries*. With 1,487 constituents, theindex covers about 70% of the free float-adjusted market capitalization ineach country.

MSCI ACWI SMID NR USD The MSCI ACWI SMID Cap Indexcaptures mid and small cap representation across 23 Developed


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Markets (DM) and 24 Emerging Markets (EM) countries*. With 7,329constituents, the index covers approximately 28% of the free float-adjusted market capitalization in each country.

MSCI All Country Asia Pacific Cmp The index measures theperformance of the large and mid cap segments of the Asia Pacificregion equity securities, including developed and emerging market. It isfree float-adjusted market-capitalization weighted.

MSCI All Country World Ex United States Net Index The MSCI ACWIex USA Index captures large and mid cap representation across 22 of23 Developed Markets (DM) countries (excludingthe US) and 24Emerging Markets (EM) countries*. With 1,863 constituents, the indexcovers approximately 85% of the global equityopportunity set outside theUS.

MSCI All Country World Ex US Investable Market Index The MSCIACWI ex USA Investable Market Index (IMI) captures large, mid andsmall cap representation across 22 of 23 Developed Markets countries(excluding the United States) and 24 Emerging Markets countries. With6,435 constituents, the index covers approximately 99% of the globalequity opportunity set outside the US.

MSCI All Country World Ex. U.S. Growth Index Measures theperformance of the growth large and mid cap segments of the particularregions, excluding USA equity securities, including developed andemerging market. It is free float-adjusted market-capitalization weighted.

MSCI All Country World Ex. U.S. Index Measures the performance ofthe large and mid cap segments of the particular regions, excluding USAequity securities, including developed and emerging market. It is freefloat-adjusted market-capitalization weighted.

MSCI All Country World Index (net) The MSCI ACWI captures largeand mid cap representation across 23 Developed Markets (DM) and 24Emerging Markets (EM) countries.

MSCI China NR USD The MSCI China Index captures large and midcap representation across China H shares, B shares, Red chips, P chipsand foreign listings (e.g. ADRs). With 461 constituents, the index coversabout 85% of this China equity universe. Currently, the index alsoincludes Large Cap A shares represented at 5% of their free floatadjusted market capitalization.

MSCI EAFE Growth Index (net) The MSCI EAFE Growth Indexcaptures large and mid cap securities exhibiting overall growth stylecharacteristics across Developed Markets countries around the world,excluding the US and Canada

MSCI EAFE Index (net) The MSCI EAFE Index is designed torepresent the performance of large and mid-cap securities across 21developed markets, including countries in Europe, Australasia and theFar East, excluding the U.S. and Canada. The Index is available for anumber of regions, market segments/sizes and covers approximately85% of the free float-adjusted market capitalization in each of the 21countries.

MSCI EAFE Value Index (net) The index measures the performance ofthe value large and mid cap segments of developed markets, excludingthe US & Canada equity securities. It is free float-adjusted market-capitalization weighted.

MSCI EM (Emerging Markets) Latin America Index Measures theperformance of the large and mid cap segments of emerging LatinAmerica equity securities. It is free float-adjusted market-capitalizationweighted.

MSCI Emerging Markets Index Measures the performance of the largeand mid cap segments of emerging market equity securities. It is freefloat-adjusted market-capitalization weighted.

MSCI Emerging Markets Net Dividend Index Measures theperformance of the large and mid cap segments of emerging marketequity securities. It is free float-adjusted market-capitalization weighted.

MSCI EMU Net Dividend Index MSCI EMU (European Economic andMonetary Union) Index is a free float-adjusted market capitalizationweighted index that is designed to measure the equity marketperformance of countries within EMU. As of June 2007 the MSCI EMUIndex consisted of the following 11 developed market country indices:Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, theNetherlands, Portugal, and Spain. The returns shown in the performancechart are calculated with dividends reinvested and are net of foreignwithholding tax.

MSCI Europe Index Measures the performance of the large and midcap segments of developed Europe equity securities. It is free float-adjusted market-capitalization weighted.

MSCI Europe Net Dividend Index Represents the performance of largeand mid-cap equities across 15 developed countries in Europe. TheIndex has a number of sub-Indexes which cover various sub-regionsmarket segments/sizes, sectors and covers approximately 85% of thefree float-adjusted market capitalization in each country.

MSCI India NR USD The MSCI India Index is designed to measure theperformance of the large and mid cap segments of the Indian market.With 79 constituents, the index covers approximately 85% of the Indianequity universe.

MSCI Japan Index Measures the performance of the large and mid capsegments of Japan equity securities. It is free float-adjusted market-capitalization weighted.

MSCI Japan Net Dividend Index MSCI Japan Index measures theperformance of the large and mid cap segments of Japan equitysecurities. It is free float-adjusted market-capitalization weighted.

MSCI Pacific Index Captures large and mid cap representation across5 Developed Markets (DM) countries in the Pacific region. With 471constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

MSCI US REIT Index Measures the performance of the large, mid andsmall cap segments of the US equity securities. It is comprised of EquityREITs securities and based on the MSCI USA Investable Market Index,with the exception of Mortgage REIT and selected Specialized REITs.The index represents approximately most of the US REIT universe andsecurities are classified in the REIT sector according to the GlobalIndustry Classification Standard. It is a free float market capitalizationweighted index.

MSCI World Ex USA SMID NR USD The MSCI World ex USA SMIDCap Index captures mid and small cap representation across 22 of 23Developed Market (DM) countries*. With 3,117 constituents, the indexcovers approximately 28% of the free float-adjusted market capitalizationin each country.

MSCI World Growth Index (net) Measures the performance of thegrowth large and mid cap segments of world equity securities. It is freefloat-adjusted market-capitalization weighted.

MSCI World Index Captures large and mid cap representation across


20

23 Developed Markets (DM) countries. With 1,653 constituents, theindex covers approximately 85% of the free float-adjusted marketcapitalization in each country.

MSCI World Index (net) Is a broad global equity benchmark thatrepresents large and mid-cap equity performance across 23 developedmarkets countries. It covers approximately 85% of the free float-adjustedmarket capitalization in each country and MSCI World benchmark doesnot offer exposure to emerging markets.

MSCI World Metals & Mining Index The MSCI World Metals andMining Index is composed of large and mid cap stocks across 23Developed Markets (DM) countries*. All securities in the index areclassified in the Metals & Mining industry (within the Materials sector)according to the Global IndustryClassification Standard (GICS®).

MSCI World Real Estate Index Measures the performance of the largeand mid cap real estate (industry group) segments of world equitysecurities. It is constructed using GICS-Global Industry ClassificationStandard. The index is free float-adjusted market-capitalization weighted.

MSCI World Value Index (net) Measures the performance of the valuelarge and mid cap segments of world equity securities.

Multi-Asset Inflation Index The custom benchmark reflects BloombergCommodity Index (25%), Bloomberg Barclays U.S. Treasury InflationNotes: 1-10 Year (25%) and MSCI ACW Commodity Producers Index(50%).

NASDAQ Composite Total Return Includes all domestic andinternational based common type stocks listed on The NASDAQ StockMarket. The NASDAQ Composite Index is a broad based Index.

PESP IncomeFlex Target Balanced The custom benchmark reflectsBloomberg Barclays Aggregate Bond Index (40%), MSCI EAFE (net)(15%) and S&P 1500 Index (45%).

Preservation Asset Allocation Index The custom benchmark reflectsBloomberg Barclays Aggregate Bond Index 65%, MSCI EAFE 7%,Russell 3000 Index 28%.

Pru Day One IncomeFlex Target 2010 Benchmark The custombenchmark reflects the normal weighted average of the respective DayOne Fund's stock/non-traditional assets/bond/cash allocation, asrepresented by the S&P 1500 Composite Index, the Russell Developedex North America Large Cap Index, the MSCI Emerging Markets NetDividend Index, the Bloomberg Commodities Index, the PRREFComposite Index, the Barclays U.S. Treasury Inflation-ProtectedSecurities (TIPS) Index (Series-L), the Bloomberg Barclays USAggregate Bond Index and the Citigroup Three Month T-Bill. EffectiveJanuary 1, 2013, the International asset class is represented in themandate benchmark by the Russell Developed ex North America LargeCap Index, replacing the MSCI EAFE Net Dividend Index. Because theasset allocation of each Fund changes over time, the custom benchmarkallocations also change over time.

Pru Day One IncomeFlex Target 2015 Benchmark The custombenchmark reflects the normal weighted average of the respective DayOne Fund's stock/non-traditional assets/bond/cash allocation, asrepresented by the S&P 1500 Composite Index, the Russell Developedex North America Large Cap Index, the MSCI Emerging Markets NetDividend Index, the Bloomberg Commodities Index, the PRREFComposite Index, the Barclays U.S. Treasury Inflation-ProtectedSecurities (TIPS) Index (Series-L), the Bloomberg Barclays USAggregate Bond Index and the Citigroup Three Month T-Bill. EffectiveJanuary 1, 2013, the International asset class is represented in the

mandate benchmark by the Russell Developed ex North America LargeCap Index, replacing the MSCI EAFE Net Dividend Index. Because theasset allocation of each Fund changes over time, the custom benchmarkallocations also change over time.





Pru Day One IncomeFlex Target 2040 Benchmark The custom


21

benchmark reflects the normal weighted average of the respective DayOne Fund's stock/non-traditional assets/bond/cash allocation, asrepresented by the S&P 1500 Composite Index, the Russell Developedex North America Large Cap Index, the MSCI Emerging Markets NetDividend Index, the Bloomberg Commodities Index, the PRREFComposite Index, the Barclays U.S. Treasury Inflation-ProtectedSecurities (TIPS) Index (Series-L), the Bloomberg Barclays USAggregate Bond Index and the Citigroup Three Month T-Bill. EffectiveJanuary 1, 2013, the International asset class is represented in themandate benchmark by the Russell Developed ex North America LargeCap Index, replacing the MSCI EAFE Net Dividend Index. Because theasset allocation of each Fund changes over time, the custom benchmarkallocations also change over time.




Pru Day One IncomeFlex Target 2060 Benchmark The custombenchmark reflects the normal weighted average of the respective DayOne Fund's stock/non-traditional assets/bond/cash allocation, asrepresented by the S&P 1500 Composite Index, the Russell Developedex North America Large Cap Index, the MSCI Emerging Markets NetDividend Index, the Bloomberg Commodities Index, the PRREFComposite Index, the Barclays U.S. Treasury Inflation-Protected

Securities (TIPS) Index (Series-L), the Bloomberg Barclays USAggregate Bond Index and the Citigroup Three Month T-Bill. EffectiveJanuary 1, 2013, the International asset class is represented in themandate benchmark by the Russell Developed ex North America LargeCap Index, replacing the MSCI EAFE Net Dividend Index. Because theasset allocation of each Fund changes over time, the custom benchmarkallocations also change over time.

Pru Day One IncomeFlex Target Balanced Benchmark The custombenchmark reflects the normal weighted average of the respective DayOne Fund's stock/non-traditional assets/bond/cash allocation, asrepresented by the S&P 1500 Composite Index, the Russell Developedex North America Large Cap Index, the MSCI Emerging Markets NetDividend Index, the Bloomberg Commodities Index, the PRREFComposite Index, the Barclays U.S. Treasury Inflation-ProtectedSecurities (TIPS) Index (Series-L), the Bloomberg Barclays USAggregate Bond Index and the Citigroup Three Month T-Bill. EffectiveJanuary 1, 2013, the International asset class is represented in themandate benchmark by the Russell Developed ex North America LargeCap Index, replacing the MSCI EAFE Net Dividend Index. Because theasset allocation of each Fund changes over time, the custom benchmarkallocations also change over time.

Prudential Day One 2010 Benchmark The custom benchmark reflectsthe normal weighted average of the respective Day One Fund'sstock/non-traditional assets/bond/cash allocation, as represented by theS&P 1500 Composite Index, the Russell Developed ex North AmericaLarge Cap Index, the MSCI Emerging Markets Net Dividend Index, theBloomberg Commodities Index, the PRREF Composite Index, theBarclays U.S. Treasury Inflation-Protected Securities (TIPS) Index(Series-L), the Bloomberg Barclays US Aggregate Bond Index and theCitigroup Three Month T-Bill. Effective January 1, 2013, the Internationalasset class is represented in the mandate benchmark by the RussellDeveloped ex North America Large Cap Index, replacing the MSCIEAFE Net Dividend Index. Because the asset allocation of each Fundchanges over time, the custom benchmark allocations also change overtime.


Prudential Day One 2020 Benchmark The custom benchmark reflectsthe normal weighted average of the respective Day One Fund'sstock/non-traditional assets/bond/cash allocation, as represented by theS&P 1500 Composite Index, the Russell Developed ex North AmericaLarge Cap Index, the MSCI Emerging Markets Net Dividend Index, theBloomberg Commodities Index, the PRREF Composite Index, theBarclays U.S. Treasury Inflation-Protected Securities (TIPS) Index(Series-L), the Bloomberg Barclays US Aggregate Bond Index and theCitigroup Three Month T-Bill. Effective January 1, 2013, the Internationalasset class is represented in the mandate benchmark by the RussellDeveloped ex North America Large Cap Index, replacing the MSCIEAFE Net Dividend Index. Because the asset allocation of each Fundchanges over time, the custom benchmark allocations also change over


22

time.





Prudential Day One 2045 Benchmark The custom benchmark reflectsthe normal weighted average of the respective Day One Fund'sstock/non-traditional assets/bond/cash allocation, as represented by theS&P 1500 Composite Index, the Russell Developed ex North America

Large Cap Index, the MSCI Emerging Markets Net Dividend Index, theBloomberg Commodities Index, the PRREF Composite Index, theBarclays U.S. Treasury Inflation-Protected Securities (TIPS) Index(Series-L), the Bloomberg Barclays US Aggregate Bond Index and theCitigroup Three Month T-Bill. Effective January 1, 2013, the Internationalasset class is represented in the mandate benchmark by the RussellDeveloped ex North America Large Cap Index, replacing the MSCIEAFE Net Dividend Index. Because the asset allocation of each Fundchanges over time, the custom benchmark allocations also change overtime.




Prudential Day One Income Benchmark The custom benchmarkreflects the normal weighted average of the respective Day One Fund'sstock/non-traditional assets/bond/cash allocation, as represented by theS&P 1500 Composite Index, the Russell Developed ex North AmericaLarge Cap Index, the MSCI Emerging Markets Net Dividend Index, theBloomberg Commodities Index, the PRREF Composite Index, theBarclays U.S. Treasury Inflation-Protected Securities (TIPS) Index(Series-L), the Bloomberg Barclays US Aggregate Bond Index and theCitigroup Three Month T-Bill. Effective January 1, 2013, the Internationalasset class is represented in the mandate benchmark by the Russell


23

Developed ex North America Large Cap Index, replacing the MSCIEAFE Net Dividend Index. Because the asset allocation of each Fundchanges over time, the custom benchmark allocations also change overtime.

Prudential Retirement Real Estate Fund Benchmark The PrudentialRetirement Real Estate Fund Benchmark is an unmanaged, weightedaverage composite composed of 68% NCREIF Open-End DiversifiedCore Equity Fund Index / 27% S&P/Citigroup BMI World Property Index /5% Citigroup U.S. Domestic 3-Month Treasury Bill Index.

Retirement Goal 2010 Primary Benchmark The custom benchmark forthe Fund is a pro rata combination of the benchmarks for the Fund'sunderlying asset classes, based on the normal asset allocation for eachFund. The benchmark reflects the weighted average of the Fund's U.S.stock/international stock/bond/cash allocation, as represented by theRussell 3000 Index, the MSCI EAFE Index, the Bloomberg Barclays USAggregate Bond Index and the Citigroup 3-Month T-Bill Index,respectively. Because the asset allocation of each Fund changes overtime, the custom benchmark allocations also change over time.





Retirement Goal 2060 Primary Benchmark The custom benchmark forthe Fund is a pro rata combination of the benchmarks for the Fund'sunderlying asset classes, based on the normal asset allocation for eachFund. The benchmark reflects the weighted average of the Fund's U.S.stock/international stock/bond/cash allocation, as represented by the

Russell 3000 Index, the MSCI EAFE Index, the Bloomberg Barclays USAggregate Bond Index and the Citigroup 3-Month T-Bill Index,respectively. Because the asset allocation of each Fund changes overtime, the custom benchmark allocations also change over time.

Retirement Goal Income Primary Benchmark The custom benchmarkfor the Fund is a pro rata combination of the benchmarks for the Fund'sunderlying asset classes, based on the normal asset allocation for eachFund. The benchmark reflects the weighted average of the Fund's U.S.stock/international stock/bond/cash allocation, as represented by theRussell 3000 Index, the MSCI EAFE Index, the Bloomberg Barclays USAggregate Bond Index and the Citigroup 3-Month T-Bill Index,respectively. Because the asset allocation of each Fund changes overtime, the custom benchmark allocations also change over time.

Russell 1000 Index Measures the performance of the large-capsegment of the US equity universe. It is a subset of the Russell 3000Index and represents approximately 92% of the US market. It includesapproximately 1,000 of the largest securities based on a combination oftheir market cap and current index membership. The index isconstructed to provide a comprehensive and unbiased barometer for thelarge-cap segment and is completely reconstituted annually to ensurenew and growing equities are reflected.

Russell 1000 Value Index Measures the performance of the large-capvalue segment of the US equity securities. It includes the Russell 1000index companies with lower price-to-book ratios and lower expectedgrowth values. It is market-capitalization weighted.

Russell 1000® Growth Index Measures the performance of the large-cap growth segment of the US equity securities. It includes the Russell1000 index companies with higher price-to-book ratios and higherforecasted growth values. It is market-capitalization weighted.

Russell 2000® Growth Index Measures the performance of small-capgrowth segment of the US equity universe. It includes those Russell2000 companies with higher price/book ratios and higher predicted andforecasted growth values. It is market-capitalization weighted.

Russell 2000® Index Measures the performance of the small-capsegment of the US equity universe. It is a subset of the Russell 3000Index and it represents approximately 8% of the US market. It includesapproximately 2,000 of the smallest securities based on a combinationof thier market cap and current index membership.

Russell 2000® Value Index Measures the performance of small-capvalue segment of the US equity universe. It includes those Russell 2000companies with lower price-to-book ratios and lower expected andhistorical growth values.

Russell 2500 Growth Index Measures the performance of the small tomid-cap growth segment of the US equity universe. It includes Russell2500 index companies with higher price-to-book ratios and higherforecasted growth values. It is market-capitalization weighted.

Russell 2500® Index Measures the performance of the small to mid-cap segment of the US equity universe, commonly referred to as smidcap. It is a subset of the Russell 3000 index. It includes approximately2,500 of the smallest securities based on a combination of their marketcap and current index membership. The index is constructed to providea comprehensive and unbiased barometer for the small to mid-capsegment. The index is completely reconstituted annually to esnure largerstocks do not distort the performance and characteristics of the truesmall to mid-cap opportunity set.

Russell 2500® Value Index Measures the performance of the small to


24

mid-cap value segment of the US equity universe. It includes Russell2500 index companies with lower price-to-book ratios and lowerexpected and historical growth rates.

Russell 3000 Growth Index Measures the performance of the broadgrowth segment of the US equity universe. It includes Russell 3000index companies with higher price-to-book ratios and higher forecastedgrowth values. It is market-capitalization weighted.

Russell 3000 Value Index Measures the performance of the broadvalue segment of US equity value universe. It includes Russell 3000index companies with lower price-to-book ratios and lower forecastedgrowth values. It is market-capitalization weighted.

Russell 3000® Index Measures the performance of the largest 3,000US companies representing approximately 98% of the investable USequity market. It is constructed to provide a comprehensive, unbiasedand stable barometer of the broad market and is completelyreconstituted annually to ensure new and growing equities are reflected.

Russell Developed ex North America Large Cap Index Net Measuresthe performance of all Russell Developed except North America largecap constituents. It follows the RGS (Russell Global Sectors) standards.The index is market weighted.

Russell Midcap Value Index Measures the performance of the mid-capvalue segment of the US equity universe. It includes Russell midcapindex companies with lower price-to-book ratios and lower forecastedgrowth values. It is market-capitalization weighted.

Russell Midcap® Growth Index Measures the performance of themidcap growth segment of the U.S. equity universe. It includes thoseRussell Midcap Index companies with higher price-to-book ratios andhigher forecasted growth values.

Russell Midcap® Index Measures the performance of the mid-capsegment of the US equity universe. It is a subset of Russell 1000 indexand includes approximately 800 of the smallest securities based on acombination of their market cap and current index membership. Theindex represents approximately 31% of the total market capitalization ofthe Russell 1000 companies. It is constructed to provide acomprehensive and unbiased barometer for the mid-cap segment. Theindex is completely reconstituted annually to ensure larger stocks do notdistort the performance and characteristics of the true mid-capopportunity set.

Russell Top 200 Index Measures the performance of the largest capsegment of the US equity universe. It is a subset of the Russell 3000index. It includes approximately 200 of the largest securities based on acombination of their market cap and current index membership andrepresents approximately 68% of the US market. The index isconstructed to provide a comprehensive and unbiased barometer for thisvery large cap segment and is completely reconstituted annually toensure new and growing equities are reflected.

S&P 1000 Index The S&P 1000® Index combines the S&P MidCap 400® and the S&P SmallCap 600® to form an investable benchmark for themid- to small-cap segment of the U.S. equity market.

S&P 1500 Cons Discretionary TR The S&P Composite 1500®Consumer Discretionary Index comprises those companies included inthe S&P Composite 1500 that are classified as members of the GICS®consumer discretionary sector.

S&P 1500 Cons Staples TR The S&P Composite 1500® ConsumerStaples Index comprises those companies included in the S&P

Composite 1500 that are classified as members of the GICS® consumerstaples sector.

S&P 1500 Energy TR The S&P Composite 1500® Energy Indexcomprises those companies included in in the S&P Composite 1500 thatare classified as members of the GICS® energy sector.

S&P 1500 Financials TR The S&P Composite 1500® Financials Indexcomprises those companies included in the S&P Composite 1500 thatare classified as members of the GICS® financials sector.

S&P 1500 Health Care TR The S&P Composite 1500® Health CareIndex comprises those companies included in the S&P Composite 1500that are classified as members of the GICS® health care sector.

S&P 1500 Index The S&P Composite 1500® combines three leadingindices, the S&P 500®, the S&P MidCap 400®, and the S&P SmallCap600® to cover approximately 90% of the U.S. market capitalization. It isdesigned for investors seeking to replicate the performance of the U.S.equity market or benchmark against a representative universe oftradable stocks.

S&P 1500 Industrials TR The S&P Composite 1500® Industrials Indexcomprises those companies included in the S&P Composite 1500 thatare classified as members of the GICS® industrials sector.

S&P 1500 Telecom Services TR The S&P Composite 1500®Communication Services comprises those companies included in in theS&P Composite 1500 that are classified as members of the GICS®communication services sector.

S&P 1500 Utilities TR The S&P Composite 1500® Utilities Indexcomprises those companies included in the S&P Composite 1500 thatare classified as members of the GICS® utilities sector.

S&P 500 Information Technology Comprises those companiesincluded in the S&P 500 that are classified as members of the GICS®information technology sector.

S&P 500 Index The S&P 500® is widely regarded as the best singlegauge of large-cap U.S. equities. There is over USD 7.8 trillionbenchmarked to the index, with index assets comprising approximatelyUSD 2.2 trillion of this total. The index includes 500 leading companiesand captures approximately 80% coverage of available marketcapitalization.

S&P 500 Industrials The S&P 500® Industrials Index comprises thosecompanies included in the S&P 500 that are classified as members ofthe GICS® industrials sector

S&P 500 Technology Index Measures the performance of all thosecompanies held in the S&P 500 index that are classified as a informationtechnology(sector) company using the Global Industry ClassificationStandard(GICS) system.

S&P 500 Telecomm Service The S&P 500® TelecommunicationServices Index comprises those companies included in the S&P 500 thatare classified as members of the GICS® telecommunication servicessector.

S&P 500 Value Index We measure value stocks using three factors:the ratios of book value, earnings, and sales to price. S&P Style Indicesdivide the complete market capitalization of each parent index intogrowth and value segments. Constituents are drawn from the S&P 500®.


25

S&P 500-Consumer Discretionary The S&P 500® ConsumerDiscretionary Index comprises those companies included in the S&P 500that are classified as members of the GICS® consumer discretionarysector.

S&P 500-Energy The S&P 500® Energy Index comprises thosecompanies included in the S&P 500 that are classified as members ofthe GICS® energy sector.

S&P 500-Financial Services The S&P 500® Financials Indexcomprises those companies included in the S&P 500 that are classifiedas members of the GICS® financials sector.

S&P 500-Health Care The S&P 500® Health Care Index comprisesthose companies included in the S&P 500 that are classified asmembers of the GICS® health care sector.

S&P 500-Utilities The S&P 500® Utilities Index comprises thosecompanies included in the S&P 500 that are classified as members ofthe GICS® utilities sector.

S&P 600 Index The S&P SmallCap 600 Index (S&P 600) is a stockmarket index established by Standard & Poor's. It covers roughly thesmall-cap range of US stocks, using a capitalization-weighted index.

S&P Composite 1500® Index The S&P Composite 1500® combinesthree leading indices, the S&P 500®, the S&P MidCap 400®, and theS&P SmallCap 600® to cover approximately 90% of the U.S. marketcapitalization. It is designed for investors seeking to replicate theperformance of the U.S. equity market or benchmark against arepresentative universe of tradable stocks.

S&P Developed Property Index This index defines and measures theinvestable universe of publicly traded property companies domiciled indeveloped markets. The companies in the index are engaged in realestate related activities, such as property ownership, management,development, rental and investment.

S&P Global Infrastructure Index The S&P Global Infrastructure Indexis designed to track 75 companies from around the world chosen torepresent the listed infrastructure industry while maintaining liquidity andtradability. To create diversified exposure, the index includes threedistinct infrastructure clusters: energy, transportation, and utilities.

S&P Global REIT Measures the performance of publicly traded equityREITs listed in both developed and emerging markets. It is a member ofthe S&P Global Property Index Series.

S&P MidCap 400 Growth Index Measures growth stocks using threefactors: sales growth, the ratio of earnings change to price, andmomentum. S&P Style Indices divide the complete market capitalizationof each parent index into growth and value segments. Constituents aredrawn from the S&P MidCap 400®.

S&P MidCap 400 Index The S&P MidCap 400® provides investors witha benchmark for mid-sized companies. The index, which is distinct fromthe large-cap S&P 500®, measures the performance of mid-sizedcompanies, reflecting the distinctive risk and return characteristics ofthis market segment.

S&P North American Natural Resources TR The S&P North AmericanNatural Resources Index provides investors with a benchmark thatrepresents U.S. traded securities that are classified under the GICS®

energy and materials sector excluding the chemicals industry; and steelsub-industry.

S&P Small Cap 600 Index The S&P SmallCap 600® measures thesmall-cap segment of the U.S. equity market. The index is designed totrack companies that meet specific inclusion criteria to ensure that theyare liquid and financially viable.

S&P United States REIT Measures the performance of investableuniverse of publicly traded real estate investment trusts domiciled in theUnited States.

S&P/LSTA Leveraged Loan Index The S&P/LSTA Leveraged LoanIndex represents the U.S. Senior loan market.

S&P500-Consumer Staples The S&P 500® Consumer Staples Indexcomprises those companies included in the S&P 500 that are classifiedas members of the GICS® consumer staples sector.

USTREAS Treasury Bill Constant Maturity Rate 3 Year This index isan average yield on United States Treasury securities adjusted to aconstant maturity of 3 year, as made available by the Federal ReserveBoard. Yields are interpolated by the United States Treasury from thedaily yield curve.


26

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.foereht noitairav etats ro 5080-AI-0202-AG # mrof tcartnoC .ycnega latnemnrevog laredeftseretni eht deecxe snruter tnemtsevni tnuocca lareneg nehw tcudorp siht htiw noitcennoc ni detasnepmoc si tnemeriteR laitnedurP sah nalp ruoy fi noitasnepmoc gniogerof eht ot noitidda ni eunever eef nrae yam tnemeriteR laitnedurP .secnalab tcartnoc no detiderc roF .secivres noitubirtsid dna gnipeekdrocer tnapicitrap dna nalp fo tcepser ni diap semitemos era hcihw ,segrahc tcartnoc yap ot deerga rof dna secnawolla rof tseuqer s’nalp eht yfsitas ot noitasnepmoc etagergga sti fo noitrop a sesu tnemeriteR laitnedurP ,snalp emos tnemtsevni nalp rehto morf dna tcudorp siht morf noitasnepmoc etagergga s’tnemeriteR laitnedurP fI .sesnepxe nalp yarfed ot stnemyap

.ssol a rucni ew esiwrehto ;tfiorp a snrae tnemeriteR laitnedurP ,nalp ruoy gnicivres fo stsoc eht sdeecxe stcudorpevah yam sdnuf tnemtsevni s’nalp eht ro nalp ruoY .srotsevni mret-gnol mrah yam snoitpo tnemtsevni nalp neewteb gnignahcxe tneuqerF egnahcxe ro esahcrup dnepsus ro tcirtser ,yfidom ot su eriuqer yam seicilop esehT .evisuba eb yam taht segnahcxe reted ot snoisivorp

.seef noitpmeder esopmi ro/dna segelivirp .resivda tnemtsevni deretsiger a si MIGP .ynapmoc laicnaniF laitnedurP a si MIGP

tuoba noitadnemmocer ro ecivda sa dednetni ton si lairetam sihT .ylno noitamrofni edivorp ot dednetni si lairetam sihT tnemeriteR laitnedurP ,noitamrofni siht gnirahs yB .sgnivas tnemeriter ruoy gniganam ro gnitsevni ® ruoy sa gnitca ton si

defiilauq a htiw tlusnoc esaelp ,ecivda tnemtsevni deen uoy fI .esiwrehto ro robaL fo tnemtrapeD eht yb denfied sa yraicudfi .lanoisseforp

era segnellahC ruoY gnirB dna lobmys kcoR eht ,ogol laitnedurP eht ,laitnedurP .seititne detaler sti dna .cnI ,laicnaniF laitnedurP 9102 © .ediwdlrow snoitcidsiruj ynam ni deretsiger ,seititne detaler sti dna ,.cnI ,laicnaniF laitnedurP fo skram ecivres

retrauQ drihT 9102 teehS tcaF dnuF




27

Core Plus Bond / PGIM FundA Manager of Managers Institutional Sub-Advised Separate Account Third Quarter 2019 Fund Fact Sheet

Key FactsInvestment Advisor PGIM, Inc.Asset Class Fixed Income - Core

Plus BondPrimary Index Bloomberg Barclays US

Aggregate Bond IndexNet Assets $2,248.7 MillionInception Date 07/19/2002Net Expense Ratio 0.82%Morningstar Category Intermediate Core BondMorningstar OverallRating™

«««««

Overall # of Funds inMorningstar Category

356

Portfolio Manager(s) Gregoory Peters;Michael Collins; Richard

Piccirillo Overall Morningstar Rating as of quarter ending9/30/2019. The Morningstar Rating shown is forthis expense ratio only and assumes no contractcharges are imposed. Other expense ratios mayhave different performance characteristics. ©2019Morningstar, Inc. All Rights Reserved. AdditionalMorningstar information is available in the UserGuide.Morningstar Volatility Rank As of 09/30/2019

Investment

Low Moderate High

CategoryIn the past, this investment has shown a relativelysmall range of price fluctuations relative to otherinvestments. Based on this measure, currentlymore than two thirds of all investments haveshown higher levels of risk. Consequently, thisinvestment may appeal to investors looking for aconservative investment strategy.Investment Style Box As of 09/30/2019

Qua

lity

High

Med

Low

Ltd Mod Ext

Interest RateSensitivity

The vertical axisrepresents theFund's averagecredit quality asmeasured byStandard &Poor's® ratingservice: High >=AA; Medium <AAand >=BBB; Low

<BBB

The horizontal axis represents the Fund'ssensitivity to interest rates as measured by theaverage effective duration: Ltd <=3.5 Yrs; Mod >3.5 Yrs and <=6 Yrs; Ext > 6 Yrs

Description / ObjectiveThe Separate Account (“the Fund”) seeks to add +150 bps of annualized excess return over abroad U.S. bond market index over a full market cycle (three to five years) by emphasizing relative-value based sector allocation, research-based security selection, and modest duration and yieldcurve positioning. PGIM, Inc. is the Fund’s investment adviser. PGIM is an indirect, wholly ownedsubsidiary of Prudential Financial, Inc., and an affiliate of PRIAC. Prudential Fixed Income isPGIM’s largest public fixed income asset management unit and is responsible for themanagement of the Fund.There is no assurance the objectives will be met.Fixed income investment (bond) funds are subject to interest rate risk; their value will decline asinterest rates rise. Fund shares are not guaranteed by the U.S. Government.Top Five Holdings As of 09/30/2019US TREASURY N/B 1.67%REPUBLIC OF PORTUGAL 1.34%US TREASURY N B 1.11%UNIVERSITY OF CALIFORNIA 1.04%FNMA 0.86%

Top Five Sectors As of 09/30/2019Securitized 44.12%US Corporate 36.31%Private Corp Inv Grade 30.10%ABS 24.59%CMBS 16.88%

Holdings and Sector allocations are ranked as a percentage of net assets and subject to changewithout notice.Quality Distribution As of 09/30/2019

AAA 47.41%AA 4.66%A 11.40%BBB 22.93%BB 4.81%B 5.16%CCC & Below 1.17%Not Rated 2.47%

Characteristics As of 09/30/2019Fund Index

Effective Duration (Yrs) 6.36 5.78Average Maturity (Yrs) 8.26 7.92Number of Holdings - Long 821 10793Portfolio Turnover (%) 43.71 --

Performance (%) As of 09/30/2019Cumulative

Returns Average Annual Total Returns

QTD YTD 1 Year 3 Year 5 Year 10 YearSince

InceptionFund 2.48 10.24 11.42 3.99 4.27 4.07 --Primary Index 2.27 8.52 10.30 2.92 3.38 3.75Morningstar Rating™ ««««« ««««« ««««# of Funds in Category 356 312 238Effective 12/15/2014, PGIM, Inc. (formerly known as Prudential Investment Management, Inc or"PIM") replaced Pacific Investment Management Company, LLC as the manager of the SeparateAccount. Performance prior to 12/15/2014 reflects that of Pacific Investment ManagementCompany, LLC.Fund Fees Reflected in Performance. The Separate Account was established 7/19/2002.Currently all performance results are net of the highest management fee for this Fund of0.80%. Actual Fund performance is also net of other Fund operating expenses of 0.02% forthe prior calendar year. Such Fund operating expenses may reflect the benefit of acommission recapture program. Fee waivers of 0.00% are in place for this Fund. Actualperformance shown reflects the imposition of the foregoing expenses and the benefit of anyfee waivers and commission recaptures.Performance Risks. Before investing, investors should carefully consider the investmentobjectives, risks, charges and expenses of this Fund and other plan investment options. Theperformance quoted represents past performance. The investment value and return willfluctuate so that an investment, when redeemed, may be worth more or less than original cost.Past performance does not guarantee future results. Current performance may be lower orhigher than the performance data quoted. For performance data current to the most recentmonth end, please call 1-877-778-2100. Actual performance may be affected by the managernot being able to invest directly in a country prior to satisfaction of that country's legalrequirements. It is possible to lose money investing in securities. Past performance is notindicative of future performance and short periods of performance may be particularlyunrepresentative of long-term performance.Possibility of Contract Charges. Your retirement plan may have agreed to contract charges. If so,these would reduce the performance (and possibly the Morningstar ratings) shown above. Anycontract charges are included in the expense ratio shown in your statement and in theperformance shown in your statement. The Fund fees and contract charges compensate us forthe distribution and servicing associated with your plan. Other plan investment options maygenerate more or less revenue for us than the fees associated with this Fund. If the aggregate

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Core Plus Bond / PGIM FundA Manager of Managers Institutional Sub-Advised Separate Account Third Quarter 2019 Fund Fact Sheet - Page 2

Annual PerformanceFund Primary Index

2018 -1.15% 0.01%2017 6.31% 3.54%2016 4.77% 2.65%2015 -0.30% 0.55%2014 4.53% 5.97%For more information, go to www.prudential.com.All Plan Sponsors (or authorized representativesof Plan Sponsors) participating in the commingledaccounts are generally provided with uniformwritten reports regarding these products. To theextent a Plan Sponsor requests additionalinformation or perspective from the portfoliomanager, we will make such information availableto any Plan Sponsor who makes a similar request.

Miscellaneous. Frequent exchanging ofinvestment options may harm long-terminvestors. Policies may be in effect at the plan orthe investment level to detect and deterexchanges that may be abusive. Such policiesmay require us to modify, restrict, suspend orterminate purchase or exchange privileges andimpose redemption fees. Indices are unmanagedand cannot be invested in directly. See UserGuide for index definitions and refer to the sectionentitled "Description of PRIAC SeparateAccounts" for a description of PRIAC's rolerelated to the type of fund described in this FactSheet. The index shown, if applicable, in theCharacteristics chart refers to the Primary Index.

revenue from your plan exceeds our associated costs, we earn a profit. Otherwise, we incur aloss. Other plans investing in the Fund may have lower fees, but these are not available to yourplan in order to compensate us for distribution and plan servicing.The Separate Account. Your retirement plan purchases units of a Separate Account establishedand made available as an investment option under group variable annuity contracts issued byPrudential Retirement Insurance and Annuity Company ("PRIAC"), Hartford CT. The SeparateAccount holds the investment securities, and associated voting rights belong to the SeparateAccount. For tax purposes, PRIAC owns the assets in the Separate Account and receives anydividends-received deduction. As defined by ERISA Section 3(38), PRIAC is the "investmentmanager" of the Separate Account. Pursuant to CFTC Rule 4.5, PRIAC has claimed an exclusionfrom registration as a commodity pool operator with respect to the Fund. The investmentguidelines for this Separate Account prohibit leverage.

© 2019 Prudential Financial, Inc. and its related entities. Prudential, the Prudential logo, the Rock symbol and Bring Your Challenges are servicemarks of Prudential Financial, Inc., and its related entities, registered in many jurisdictions worldwide.

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Large Cap Value / LSV Asset ManagementA Manager of Managers Institutional Sub-Advised Separate Account Third Quarter 2019 Fund Fact Sheet

Key FactsInvestment Advisor LSV Asset ManagementAsset Class Large Cap - ValuePrimary Index Russell 1000 Value IndexNet Assets $1,998.3 MillionInception Date 07/28/2002Net Expense Ratio 0.97%Morningstar Category Large ValueMorningstar OverallRating™

«««


1090

Portfolio Manager(s) Management Team Overall Morningstar Rating as of quarter ending9/30/2019. The Morningstar Rating shown is forthis expense ratio only and assumes no contractcharges are imposed. Other expense ratios mayhave different performance characteristics. ©2019Morningstar, Inc. All Rights Reserved. AdditionalMorningstar information is available in the UserGuide.Morningstar Volatility Rank As of 09/30/2019

Investment

Low Moderate High

CategoryIn the past, this investment has shown a widerange of price fluctuations relative to otherinvestments. This investment may experiencesignificant price increases in favorable markets orundergo large price declines in adverse markets.Some of this risk may be offset by owning otherinvestments that follow different investmentstrategies.Investment Style Box As of 09/30/2019

Large

Mid

Small

Value Blend Growth The Fund's locationwithin the InvestmentStyle box gives agraphicalrepresentation of theFund's investmentprocess. Thestrategies arecategorized byPrudential utilizing

holdings-based and returns-based analysis aswell as manager interviews regarding investmentprocess.• The vertical axis represents the Fund's marketcapitalization relative to appropriate stylebenchmark indices. • The horizontal axis represents the Fund'sinvestment style expressed on a value-to-growthscale, relative to appropriate style benchmarkindices.

Description / ObjectiveThis Separate Account (the "Fund") is advised by LSV Asset Management following their LargeCap Value strategy. It seeks appreciation of capital and to outperform the Russell 1000® ValueIndex over rolling 3- and 5-year periods, or a full market cycle, whichever is longer.There is no assurance the objectives will be met.Top Five Holdings As of 09/30/2019VERIZON COMMUNICATIONS INC 2.57%PFIZER INC 2.41%JP MORGAN CHASE & CO 2.39%CITIGROUP INC 2.37%INTEL CORP 2.37%

Top Five Sectors As of 09/30/2019Financials 26.71%Industrials 12.96%Health Care 11.89%Information Technology 11.02%Consumer Discretionary 9.92%

Holdings and Sector allocations are ranked as a percentage of net assets and subject to changewithout notice.Portfolio Allocation As of 09/30/2019

US Equity 92.68%Cash 4.89%International Equity 2.43%


Weighted Median MarketCap ($Bil)

30.81 55.18

Price/Earnings Ratio(Forward)

10.95x 15.11x

Price/Book Ratio 1.74x 1.94x5-Year Earnings GrowthRate (%)

7.62 8.17

Number of Holdings - Long 151 766Performance (%) As of 09/30/2019

CumulativeReturns Average Annual Total Returns


InceptionFund 1.62 15.04 -1.47 8.71 6.61 11.29 --Primary Index 1.36 17.81 4.00 9.43 7.79 11.46Morningstar Rating™ «« «« «««# of Funds in Category 1090 944 693

Fund Fees Reflected in Performance. The Separate Account was established 7/28/2002.Currently all performance results are net of the highest management fee for this Fund of0.95%. Actual Fund performance is also net of other Fund operating expenses of 0.02% forthe prior calendar year. Such Fund operating expenses may reflect the benefit of acommission recapture program. Fee waivers of 0.00% are in place for this Fund. Actualperformance shown reflects the imposition of the foregoing expenses and the benefit of anyfee waivers and commission recaptures.Performance Risks. Before investing, investors should carefully consider the investmentobjectives, risks, charges and expenses of this Fund and other plan investment options. Theperformance quoted represents past performance. The investment value and return willfluctuate so that an investment, when redeemed, may be worth more or less than original cost.Past performance does not guarantee future results. Current performance may be lower orhigher than the performance data quoted. For performance data current to the most recentmonth end, please call 1-877-778-2100. Actual performance may be affected by the managernot being able to invest directly in a country prior to satisfaction of that country's legalrequirements. It is possible to lose money investing in securities. Past performance is notindicative of future performance and short periods of performance may be particularlyunrepresentative of long-term performance.Possibility of Contract Charges. Your retirement plan may have agreed to contract charges. If so,these would reduce the performance (and possibly the Morningstar ratings) shown above. Anycontract charges are included in the expense ratio shown in your statement and in theperformance shown in your statement. The Fund fees and contract charges compensate us forthe distribution and servicing associated with your plan. Other plan investment options maygenerate more or less revenue for us than the fees associated with this Fund. If the aggregaterevenue from your plan exceeds our associated costs, we earn a profit. Otherwise, we incur aloss. Other plans investing in the Fund may have lower fees, but these are not available to yourplan in order to compensate us for distribution and plan servicing.The Separate Account. Your retirement plan purchases units of a Separate Account establishedand made available as an investment option under group variable annuity contracts issued byPrudential Retirement Insurance and Annuity Company ("PRIAC"), Hartford CT. The SeparateAccount holds the investment securities, and associated voting rights belong to the SeparateAccount. For tax purposes, PRIAC owns the assets in the Separate Account and receives anydividends-received deduction. As defined by ERISA Section 3(38), PRIAC is the "investment

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Large Cap Value / LSV Asset ManagementA Manager of Managers Institutional Sub-Advised Separate Account Third Quarter 2019 Fund Fact Sheet - Page 2


2018 -12.67% -8.27%2017 16.63% 13.66%2016 16.65% 17.34%2015 -3.68% -3.83%2014 12.72% 13.45%For more information, go to www.prudential.com.All Plan Sponsors (or authorized representativesof Plan Sponsors) participating in the commingledaccounts are generally provided with uniformwritten reports regarding these products. To theextent a Plan Sponsor requests additionalinformation or perspective from the portfoliomanager, we will make such information availableto any Plan Sponsor who makes a similar request.


manager" of the Separate Account. Pursuant to CFTC Rule 4.5, PRIAC has claimed an exclusionfrom registration as a commodity pool operator with respect to the Fund. The investmentguidelines for this Separate Account prohibit leverage.


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31

Dryden S&P 500 Index FundA Proprietary Separate Account Third Quarter 2019 Fund Fact Sheet

Key FactsInvestment Advisor QMA LLCAsset Class Large Cap - BlendPrimary Index S&P 500 IndexBroad Based Index Russell 1000 IndexNet Assets $4,078.8 MillionInception Date 12/31/1987Net Expense Ratio 0.31%Morningstar Category Large BlendMorningstar OverallRating™

««««


1222

Portfolio Manager(s) John W. Moschberger;Edward Louie; Edward

Lithgow Overall Morningstar Rating as of quarter ending9/30/2019. The Morningstar Rating shown is forthis expense ratio only and assumes no contractcharges are imposed. Other expense ratios mayhave different performance characteristics. ©2019Morningstar, Inc. All Rights Reserved. AdditionalMorningstar information is available in the UserGuide.Morningstar Volatility Rank As of 09/30/2019

Investment

Low Moderate High

CategoryIn the past, this investment has shown a relativelymoderate range of price fluctuations relative toother investments. This investment mayexperience larger or smaller price declines orprice increases depending on market conditions.Some of this risk may be offset by owning otherinvestments with different portfolio make-ups orinvestment strategies.Investment Style Box As of 09/30/2019

Large

Mid

Small



Description / ObjectiveThis Separate Account (the "Fund") is advised by QMA LLC. The Fund’s investment objective is toprovide investment results that approximate the performance of the Standard & Poor’s Composite500® Index (S&P 500® Index).QMA is the primary business name of QMA LLC.The S&P 500® Index is a product of S&P Dow Jones Indices LLC ("SPDJI"), and has beenlicensed for use by PRIAC. Standard & Poor's®, S&P® and S&P 500® are registered trademarks ofStandard & Poor's Financial Services LLC ("S&P"); Dow Jones® is a registered trademark of DowJones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for useby SPDJI and sublicensed for certain purposes by PRIAC. Dryden S&P 500 Index Fund is notsponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, andnone of such parties make any representation regarding the advisability of investing in suchproduct(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500Index.There is no assurance the objectives will be met.Top Five Holdings As of 09/30/2019MICROSOFT CORP 4.19%APPLE INC 3.75%AMAZON.COM INC 2.84%FACEBOOK INC 1.69%BERKSHIRE HATHAWAY INC 1.61%

Top Five Sectors As of 09/30/2019Information Technology 21.35%Health Care 13.29%Financials 12.61%Communication Services 10.09%Consumer Discretionary 9.81%


US Equity 94.36%International Equity 3.05%Cash 2.48%Fixed income 0.10%



115.78 114.19


18.32x 18.32x


11.42 11.42




InceptionFund 1.63 20.28 3.95 13.03 10.49 12.89 --Primary Index 1.70 20.55 4.25 13.39 10.84 13.24Broad Based Index 1.42 20.53 3.87 13.19 10.62 13.23Morningstar Rating™ «««« «««« ««««# of Funds in Category 1222 1086 825

Fund Fees Reflected in Performance. The Separate Account was established 12/31/1987.Currently all performance results are net of the highest management fee for this Fund of0.30%. Actual Fund performance is also net of other Fund operating expenses of 0.01% forthe prior calendar year. Such Fund operating expenses may reflect the benefit of acommission recapture program. Fee waivers of 0.00% are in place for this Fund. Actualperformance shown reflects the imposition of the foregoing expenses and the benefit of anyfee waivers and commission recaptures.Performance Risks. Before investing, investors should carefully consider the investmentobjectives, risks, charges and expenses of this Fund and other plan investment options. Theperformance quoted represents past performance. The investment value and return willfluctuate so that an investment, when redeemed, may be worth more or less than original cost.Past performance does not guarantee future results. Current performance may be lower orhigher than the performance data quoted. For performance data current to the most recentmonth end, please call 1-877-778-2100. Actual performance may be affected by the managernot being able to invest directly in a country prior to satisfaction of that country's legalrequirements. It is possible to lose money investing in securities. Past performance is notindicative of future performance and short periods of performance may be particularlyunrepresentative of long-term performance.Possibility of Contract Charges. Your retirement plan may have agreed to contract charges. If so,these would reduce the performance (and possibly the Morningstar ratings) shown above. Anycontract charges are included in the expense ratio shown in your statement and in the

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Dryden S&P 500 Index FundA Proprietary Separate Account Third Quarter 2019 Fund Fact Sheet - Page 2

Annual PerformanceFund Primary Index Broad Based

Index2018 -4.69% -4.38% -4.78%2017 21.43% 21.83% 21.69%2016 11.61% 11.96% 12.05%2015 1.10% 1.38% 0.92%2014 13.29% 13.69% 13.24%For more information, go to www.prudential.com.All Plan Sponsors (or authorized representativesof Plan Sponsors) participating in the commingledaccounts are generally provided with uniformwritten reports regarding these products. To theextent a Plan Sponsor requests additionalinformation or perspective from the portfoliomanager, we will make such information availableto any Plan Sponsor who makes a similar request.


performance shown in your statement. The Fund fees and contract charges compensate us forthe distribution and servicing associated with your plan. Other plan investment options maygenerate more or less revenue for us than the fees associated with this Fund. If the aggregaterevenue from your plan exceeds our associated costs, we earn a profit. Otherwise, we incur aloss. Other plans investing in the Fund may have lower fees, but these are not available to yourplan in order to compensate us for distribution and plan servicing.The Separate Account. Your retirement plan purchases units of a Separate Account establishedand made available as an investment option under group variable annuity contracts issued byPrudential Retirement Insurance and Annuity Company ("PRIAC"), Hartford CT. The SeparateAccount holds the investment securities, and associated voting rights belong to the SeparateAccount. For tax purposes, PRIAC owns the assets in the Separate Account and receives anydividends-received deduction. Pursuant to CFTC Rule 4.5, PRIAC has claimed an exclusion fromregistration as a commodity pool operator with respect to the Fund. The investment guidelines forthis Separate Account prohibit leverage.For more information, go to www.prudential.com or call toll-free 1-877-778-2100.


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33

Ave Maria Growth FundA Mutual Fund Third Quarter 2019 Fund Fact Sheet

Key FactsInvestment Advisor Schwartz Investment

Counsel IncAsset Class Large Cap - GrowthPrimary Index Russell 1000 Growth

IndexNet Assets $783.8 MillionInception Date 05/01/2003Ticker AVEGXGross Expense Ratio 0.97%Morningstar Category Large GrowthMorningstar OverallRating™

«««««


1243

Portfolio Manager(s) Adam P. Gaglio CFA;Richard L. Platte CFA

Overall Morningstar Rating as of quarter ending9/30/2019. The Morningstar Rating shown is forthe share class of this fund only; other classesmay have different performance characteristics.©2019 Morningstar, Inc. All Rights Reserved.Additional Morningstar information is available inthe User Guide.Morningstar Volatility Rank As of 09/30/2019

Investment

Low Moderate High

CategoryIn the past, this investment has shown a relativelymoderate range of price fluctuations relative toother investments. This investment mayexperience larger or smaller price declines orprice increases depending on market conditions.Some of this risk may be offset by owning otherinvestments with different portfolio make-ups orinvestment strategies.Morningstar® Style Box™ As of 07/31/2019

Large

Mid

Small

Value Blend Growth Domestic equityfunds are placed in acategory based onthe style and size ofthe stocks theytypically own. Thestyle and sizeparameters arebased on thedivisions used in the

investment style box: Value, Blend, or Growthstyle and Small, Medium, or Large geometricaverage market capitalization.

Description / ObjectiveThe investment seeks long-term capital appreciation. The fund invests primarily in common stocksof companies believed by the Adviser to offer above-average potential for growth in revenues,profits or cash flow. Dividend and interest income are secondary considerations in investmentselection. Under normal circumstances, all of its equity investments and at least 80% of the fund'snet assets will be invested in companies meeting its religious criteria. The fund may invest incompanies of all sizes, including small and mid-cap companies.There is no assurance the objectives will be met.Top Five Holdings As of 07/31/2019Copart Inc 6.26%SBA Communications Corp 5.37%Mastercard Inc A 5.04%Visa Inc Class A 4.59%Heico Corp Class A 4.08%

Top Five Sectors As of 07/31/2019Industrials 25.75%Financial Services 25.42%Consumer Cyclical 18.62%Technology 14.18%Real Estate 6.10%


US Stocks 92.79%Non-US Stocks 3.93%Cash 3.27%


Weighted Geometric MarketCap ($Bil)

39.31 124.28


25.98x 23.65x


14.39 22.03




InceptionFund 2.90 28.45 11.09 17.61 13.67 14.30 --Primary Index 1.49 23.30 3.71 16.89 13.39 14.94Morningstar Rating™ ««««« ««««« ««««# of Funds in Category 1243 1110 822*Fees that Prudential Retirement and its affiliates may receive in connection with plan investmentsin this fund include:

Finders Fee No 12b-1 Fee 0%Sub-accounting fee % 0.25% Sub-accounting fee ($ per participant) --Other Service fee % 0% Other Service fee ($ per participant) --

Fees if applicable to this fund, compensate Prudential Retirement for selling the fund's shares andservicing your retirement plan. The fund's expense ratio includes these fees. Other investmentoptions may generate more or less revenue than the fees associated with this fund. If theaggregate revenue from your plan exceeds our associated costs, we earn a profit. Otherwise, weincur a loss. Other share classes of this fund may have a lower expense ratio, but your plan'sinvestment options do not include such shares to compensate us for distribution and planservicing.

The performance quoted represents past performance. The investment value and return willfluctuate so that an investment, when redeemed, may be worth more or less than original cost.Past performance does not guarantee future results. Current performance may be lower orhigher than the performance quoted. For performance data current to the most recent monthend, please call 1-877-778-2100. These performance results represent the change in netasset value of an investment over a stated period, assuming the reinvestment of dividends andcapital gain distributions. Past performance is not indicative of future performance and shortperiods of performance may be particularly unrepresentative of long-term performance.

Investors should consider the fund's investment objectives, risks, charges and expensesbefore investing. The prospectus, and if available the summary prospectus, contain completeinformation about the investment options available through your plan. Please call1-877-778-2100 for a free prospectus and if available, a summary prospectus that contain thisand other information about the mutual funds. You should read the prospectus and thesummary prospectus, if available, carefully before investing. It is possible to lose money when

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34

Ave Maria Growth FundA Mutual Fund Third Quarter 2019 Fund Fact Sheet - Page 2


2018 -1.80% -1.51%2017 27.36% 30.21%2016 12.07% 7.08%2015 -2.70% 5.67%2014 7.50% 13.05%Market Timing: Frequent exchanging ofinvestment options may harm long-terminvestors. Policies may be in effect at the plan orthe investment level to detect and deterexchanges that may be abusive. Such policiesmay require us to modify, restrict, suspend orterminate purchase or exchange privileges andimpose redemption fees. Please refer to theprospectus, if available for the investment, forinformation on these potential restrictions and anyapplicable redemption fees. Otherwise, pleasecontact your Prudential Representative.

Indices are unmanaged and cannot be invested indirectly. See User Guide for index definitions andan explanation of terms used in this factsheet.The index shown, if applicable, in theCharacteristics chart refers to the primary index.

investing in securities.

Securities products and services are offered through Prudential Investment ManagementServices LLC (PIMS), Newark, NJ, a Prudential Financial company.


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35

Large Cap Growth / JP Morgan Investment Management FundA Manager of Managers Institutional Sub-Advised Separate Account Third Quarter 2019 Fund Fact Sheet

Key FactsInvestment Advisor JPMorgan Investment

Management Inc.Asset Class Large Cap - GrowthPrimary Index Russell 1000 Growth

IndexNet Assets $855.7 MillionInception Date 05/31/1998Net Expense Ratio 0.97%Morningstar Category Large GrowthMorningstar OverallRating™

««««


1243

Portfolio Manager(s) Giri Devulapally Overall Morningstar Rating as of quarter ending9/30/2019. The Morningstar Rating shown is forthis expense ratio only and assumes no contractcharges are imposed. Other expense ratios mayhave different performance characteristics. ©2019Morningstar, Inc. All Rights Reserved. AdditionalMorningstar information is available in the UserGuide.Morningstar Volatility Rank As of 09/30/2019

Investment

Low Moderate High


Large

Mid

Small



Description / ObjectiveThe Separate Account (the "Fund") is advised by JPMorgan Investment Management. Itsobjective is to outperform the Russell 1000 Growth Index over a full market cycle while controllingrisk. It seeks to do so by identifying companies that it believes can achieve significantly highergrowth than market expectations over the next 3-5 years.There is no assurance the objectives will be met.Top Five Holdings As of 09/30/2019MICROSOFT CORP 6.68%AMAZON.COM INC 4.27%ALPHABET INC 4.21%MASTERCARD INC CLASS A 4.19%BOEING CO 2.98%

Top Five Sectors As of 09/30/2019Information Technology 34.95%Consumer Discretionary 16.68%Industrials 11.73%Health Care 10.89%Communication Services 8.65%





60.34 120.78


34.76x 23.51x


16.64 15.00




InceptionFund -1.33 26.50 2.61 19.82 13.96 13.44 --Primary Index 1.49 23.30 3.71 16.89 13.39 14.94Morningstar Rating™ ««««« ««««« «««# of Funds in Category 1243 1110 822Effective 8/25/2011, JPMorgan Inv. Mgmt replaced Turner Inv. Partners as the manager for theFund. Performance from 7/26/2004 to 8/25/2011 is that of Turner Inv. Partners. As a result of themanager replacement, the Fund's name changed to Large Cap Growth / JP Morgan InvestmentManagement Fund.Fund Fees Reflected in Performance. The Separate Account was established 5/31/1998.Currently all performance results are net of the highest management fee for this Fund of0.95%. Actual Fund performance is also net of other Fund operating expenses of 0.02% forthe prior calendar year. Such Fund operating expenses may reflect the benefit of acommission recapture program. Fee waivers of 0.00% are in place for this Fund. Actualperformance shown reflects the imposition of the foregoing expenses and the benefit of anyfee waivers and commission recaptures.Performance Risks. Before investing, investors should carefully consider the investmentobjectives, risks, charges and expenses of this Fund and other plan investment options. Theperformance quoted represents past performance. The investment value and return willfluctuate so that an investment, when redeemed, may be worth more or less than original cost.Past performance does not guarantee future results. Current performance may be lower orhigher than the performance data quoted. For performance data current to the most recentmonth end, please call 1-877-778-2100. Actual performance may be affected by the managernot being able to invest directly in a country prior to satisfaction of that country's legalrequirements. It is possible to lose money investing in securities. Past performance is notindicative of future performance and short periods of performance may be particularlyunrepresentative of long-term performance.Possibility of Contract Charges. Your retirement plan may have agreed to contract charges. If so,these would reduce the performance (and possibly the Morningstar ratings) shown above. Anycontract charges are included in the expense ratio shown in your statement and in theperformance shown in your statement. The Fund fees and contract charges compensate us forthe distribution and servicing associated with your plan. Other plan investment options maygenerate more or less revenue for us than the fees associated with this Fund. If the aggregaterevenue from your plan exceeds our associated costs, we earn a profit. Otherwise, we incur aloss. Other plans investing in the Fund may have lower fees, but these are not available to yourplan in order to compensate us for distribution and plan servicing.The Separate Account. Your retirement plan purchases units of a Separate Account established

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Large Cap Growth / JP Morgan Investment Management FundA Manager of Managers Institutional Sub-Advised Separate Account Third Quarter 2019 Fund Fact Sheet - Page 2


2018 -0.06% -1.51%2017 37.40% 30.21%2016 -1.73% 7.08%2015 7.50% 5.67%2014 10.68% 13.05%For more information, go to www.prudential.com.All Plan Sponsors (or authorized representativesof Plan Sponsors) participating in the commingledaccounts are generally provided with uniformwritten reports regarding these products. To theextent a Plan Sponsor requests additionalinformation or perspective from the portfoliomanager, we will make such information availableto any Plan Sponsor who makes a similar request.


and made available as an investment option under group variable annuity contracts issued byPrudential Retirement Insurance and Annuity Company ("PRIAC"), Hartford CT. The SeparateAccount holds the investment securities, and associated voting rights belong to the SeparateAccount. For tax purposes, PRIAC owns the assets in the Separate Account and receives anydividends-received deduction. As defined by ERISA Section 3(38), PRIAC is the "investmentmanager" of the Separate Account. Pursuant to CFTC Rule 4.5, PRIAC has claimed an exclusionfrom registration as a commodity pool operator with respect to the Fund. The investmentguidelines for this Separate Account prohibit leverage.


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Mid Cap Value / Integrity FundA Manager of Managers Institutional Sub-Advised Separate Account Third Quarter 2019 Fund Fact Sheet

Key FactsInvestment Advisor Integrity Asset

Management, LLCAsset Class Mid Cap - ValuePrimary Index Russell MidCap Value

IndexNet Assets $110.5 MillionInception Date 05/23/2005Net Expense Ratio 1.11%Morningstar Category Mid-Cap ValueMorningstar OverallRating™

««««


366

Portfolio Manager(s) Adam I. Friedman Overall Morningstar Rating as of quarter ending9/30/2019. The Morningstar Rating shown is forthis expense ratio only and assumes no contractcharges are imposed. Other expense ratios mayhave different performance characteristics. ©2019Morningstar, Inc. All Rights Reserved. AdditionalMorningstar information is available in the UserGuide.Morningstar Volatility Rank As of 09/30/2019

Investment

Low Moderate High


Large

Mid

Small



Description / ObjectiveThe Separate Account (the "Fund") is advised by Integrity Asset Management, an investmentfranchise of Victory Capital Management Inc., effective 6/2005. The Fund is managed pursuant totheir mid-cap value investment strategy, investing primarily in the common stock of U.S. mid-capitalization companies. It seeks capital appreciation and to outperform the Russell MidcapValue Index by maintaining a diversified portfolio of mid-capitalization stocks that are currentlyundervalued, yet poised to outperform.There is no assurance the objectives will be met.Small and mid-sized companies may present greater opportunities for capital appreciation, butmay also involve greater risks than larger companies. As a result, the value of stocks issued bythese companies may fluctuate more than stocks of larger issuers.Top Five Holdings As of 09/30/2019SUNTRUST BANK 1.60%ZIMMER BIOMET HOLDINGS INC 1.51%HCP INC 1.49%DUKE REALTY CORP 1.47%PPL CORP 1.45%

Top Five Sectors As of 09/30/2019Financials 18.94%Industrials 13.82%Real Estate 11.26%Information Technology 10.00%Utilities 9.89%


US Equity 96.53%International Equity 2.68%Cash 0.79%



12.25 13.44


15.10x 15.69x


9.52 8.30




InceptionFund 2.00 20.19 -1.15 7.99 7.11 11.68 --Primary Index 1.22 19.47 1.60 7.82 7.55 12.29Morningstar Rating™ ««« «««« ««««# of Funds in Category 366 324 226

Fund Fees Reflected in Performance. The Separate Account was established 5/23/2005.Currently all performance results are net of the highest management fee for this Fund of1.10%. Actual Fund performance is also net of other Fund operating expenses of 0.01% forthe prior calendar year. Such Fund operating expenses may reflect the benefit of acommission recapture program. Fee waivers of 0.00% are in place for this Fund. Actualperformance shown reflects the imposition of the foregoing expenses and the benefit of anyfee waivers and commission recaptures.Performance Risks. Before investing, investors should carefully consider the investmentobjectives, risks, charges and expenses of this Fund and other plan investment options. Theperformance quoted represents past performance. The investment value and return willfluctuate so that an investment, when redeemed, may be worth more or less than original cost.Past performance does not guarantee future results. Current performance may be lower orhigher than the performance data quoted. For performance data current to the most recentmonth end, please call 1-877-778-2100. Actual performance may be affected by the managernot being able to invest directly in a country prior to satisfaction of that country's legalrequirements. It is possible to lose money investing in securities. Past performance is notindicative of future performance and short periods of performance may be particularlyunrepresentative of long-term performance.Possibility of Contract Charges. Your retirement plan may have agreed to contract charges. If so,these would reduce the performance (and possibly the Morningstar ratings) shown above. Anycontract charges are included in the expense ratio shown in your statement and in theperformance shown in your statement. The Fund fees and contract charges compensate us forthe distribution and servicing associated with your plan. Other plan investment options maygenerate more or less revenue for us than the fees associated with this Fund. If the aggregaterevenue from your plan exceeds our associated costs, we earn a profit. Otherwise, we incur aloss. Other plans investing in the Fund may have lower fees, but these are not available to your

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Mid Cap Value / Integrity FundA Manager of Managers Institutional Sub-Advised Separate Account Third Quarter 2019 Fund Fact Sheet - Page 2




plan in order to compensate us for distribution and plan servicing.The Separate Account. Your retirement plan purchases units of a Separate Account establishedand made available as an investment option under group variable annuity contracts issued byPrudential Retirement Insurance and Annuity Company ("PRIAC"), Hartford CT. The SeparateAccount holds the investment securities, and associated voting rights belong to the SeparateAccount. For tax purposes, PRIAC owns the assets in the Separate Account and receives anydividends-received deduction. As defined by ERISA Section 3(38), PRIAC is the "investmentmanager" of the Separate Account. Pursuant to CFTC Rule 4.5, PRIAC has claimed an exclusionfrom registration as a commodity pool operator with respect to the Fund. The investmentguidelines for this Separate Account prohibit leverage.


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Vanguard Mid-Cap Index Fund Admiral SharesA Mutual Fund Third Quarter 2019 Fund Fact Sheet

Key FactsInvestment Advisor Vanguard Group IncAsset Class Mid Cap - BlendPrimary Index CRSP US Mid Cap IndexBroad Based Index Russell MidCap IndexNet Assets $44,701.5 MillionInception Date 11/12/2001Ticker VIMAXGross Expense Ratio 0.05%Morningstar Category Mid-Cap BlendMorningstar OverallRating™

«««««


369

Portfolio Manager(s) Michael A. Johnson;Donald M. Butler CFA


Investment

Low Moderate High

CategoryIn the past, this investment has shown a widerange of price fluctuations relative to otherinvestments. This investment may experiencesignificant price increases in favorable markets orundergo large price declines in adverse markets.Some of this risk may be offset by owning otherinvestments that follow different investmentstrategies.Morningstar® Style Box™ As of 08/31/2019

Large

Mid

Small



Description / ObjectiveThe investment seeks to track the performance of a benchmark index that measures theinvestment return of mid-capitalization stocks. The fund employs an indexing investment approachdesigned to track the performance of the CRSP US Mid Cap Index, a broadly diversified index ofstocks of mid-size U.S. companies. The advisor attempts to replicate the target index by investingall, or substantially all, of its assets in the stocks that make up the index, holding each stock inapproximately the same proportion as its weighting in the index.There is no assurance the objectives will be met.Small and mid-sized companies may present greater opportunities for capital appreciation, butmay also involve greater risks than larger companies. As a result, the value of stocks issued bythese companies may fluctuate more than stocks of larger issuers.Top Five Holdings As of 08/31/2019Newmont Goldcorp Corp 0.78%Twitter Inc 0.74%Advanced Micro Devices Inc 0.73%Fiserv Inc 0.72%WEC Energy Group Inc 0.72%

Top Five Sectors As of 08/31/2019Technology 19.50%Consumer Cyclical 14.48%Industrials 13.57%Financial Services 12.40%Health Care 9.82%


US Stocks 97.36%Non-US Stocks 1.79%Cash 0.85%



15.77 15.77


18.10x 18.10x


14.02 13.97




InceptionFund 0.61 22.60 3.65 10.67 9.20 13.05 --Primary Index 0.62 22.66 3.70 10.70 9.24 --Broad Based Index 0.48 21.93 3.19 10.69 9.10 13.07Morningstar Rating™ «««« «««« «««««# of Funds in Category 369 308 227*Fees that Prudential Retirement and its affiliates may receive in connection with plan investmentsin this fund include:

Finders Fee No 12b-1 Fee 0%Sub-accounting fee % 0% Sub-accounting fee ($ per participant) --Other Service fee % 0% Other Service fee ($ per participant) --



Investors should consider the fund's investment objectives, risks, charges and expenses

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Vanguard Mid-Cap Index Fund Admiral SharesA Mutual Fund Third Quarter 2019 Fund Fact Sheet - Page 2


Index2018 -9.23% -9.22% -9.06%2017 19.25% 19.30% 18.52%2016 11.22% 11.25% 13.80%2015 -1.34% -1.28% -2.44%2014 13.76% 13.83% 13.22%Market Timing: Frequent exchanging ofinvestment options may harm long-terminvestors. Policies may be in effect at the plan orthe investment level to detect and deterexchanges that may be abusive. Such policiesmay require us to modify, restrict, suspend orterminate purchase or exchange privileges andimpose redemption fees. Please refer to theprospectus, if available for the investment, forinformation on these potential restrictions and anyapplicable redemption fees. Otherwise, pleasecontact your Prudential Representative.


before investing. The prospectus, and if available the summary prospectus, contain completeinformation about the investment options available through your plan. Please call1-877-778-2100 for a free prospectus and if available, a summary prospectus that contain thisand other information about the mutual funds. You should read the prospectus and thesummary prospectus, if available, carefully before investing. It is possible to lose money wheninvesting in securities.



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QMA Mid Cap Quantitative Core Equity FundA Proprietary Separate Account Third Quarter 2019 Fund Fact Sheet

Key FactsInvestment Advisor QMA LLCAsset Class Mid Cap - BlendPrimary Index S&P MidCap 400 IndexBroad Based Index Russell MidCap IndexNet Assets $288.4 MillionInception Date 11/07/2005Net Expense Ratio 0.77%Morningstar Category Mid-Cap BlendPortfolio Manager(s) Devang Gambhirwala Morningstar Volatility Rank As of 09/30/2019

Low Moderate High

CategoryThe volatility measure is not displaying forinvestments with fewer than three years of historyor where data was not available at the time thisFact Sheet was generated. The categoryaverage, however, is shown above.Investment Style Box As of 09/30/2019

Large

Mid

Small



Description / ObjectiveThis Separate Account (the "Fund") is advised by QMA LLC (QMA). The Fund’s objective is long-term growth of capital. QMA seeks to outperform the Standard & Poor’s (S&P) 400 Index on abefore-tax basis by investing in mid-cap companies. It seeks to provide returns in excess of theS&P 400 Index and comparable equity funds over full market cycles. "Standard & Poor's®", "S&P®", "S&P 500®", "Standard & Poor's 500" and "500" are registeredtrademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by Prudential.The Fund is not sponsored, endorsed, sold, or promoted by Standard & Poor's and Standard &Poor's makes no representation regarding the advisability of investing in the Fund.QMA is the primary business name of QMA LLC.There is no assurance the objectives will be met.Small and mid-sized companies may present greater opportunities for capital appreciation, butmay also involve greater risks than larger companies. As a result, the value of stocks issued bythese companies may fluctuate more than stocks of larger issuers.Top Five Holdings As of 09/30/2019STERIS PLC 1.19%WEST PHARMACEUTICALSERVICES

1.14%

CAMDEN PROPERTY TRUST 1.12%UGI CORP 1.11%NVR INC 1.06%

Top Five Sectors As of 09/30/2019Financials 16.14%Industrials 16.01%Information Technology 15.85%Consumer Discretionary 12.45%Real Estate 10.66%


US Equity 95.10%International Equity 3.03%Cash 1.75%Fixed income 0.12%



5.35 5.31


14.05x 17.76x


10.46 11.10




InceptionFund 0.79 17.41 -4.10 7.58 8.30 13.10 --Primary Index -0.09 17.87 -2.49 9.38 8.88 12.56Broad Based Index 0.48 21.93 3.19 10.69 9.10 13.07

Fund Fees Reflected in Performance. The Separate Account was established 11/7/2005.Currently all performance results are net of the highest management fee for this Fund of0.75%. Actual Fund performance is also net of other Fund operating expenses of 0.02% forthe prior calendar year. Such Fund operating expenses may reflect the benefit of acommission recapture program. Fee waivers of 0.00% are in place for this Fund. Actualperformance shown reflects the imposition of the foregoing expenses and the benefit of anyfee waivers and commission recaptures.Performance Risks. Before investing, investors should carefully consider the investmentobjectives, risks, charges and expenses of this Fund and other plan investment options. Theperformance quoted represents past performance. The investment value and return willfluctuate so that an investment, when redeemed, may be worth more or less than original cost.Past performance does not guarantee future results. Current performance may be lower orhigher than the performance data quoted. For performance data current to the most recentmonth end, please call 1-877-778-2100. Actual performance may be affected by the managernot being able to invest directly in a country prior to satisfaction of that country's legalrequirements. It is possible to lose money investing in securities. Past performance is notindicative of future performance and short periods of performance may be particularlyunrepresentative of long-term performance.Possibility of Contract Charges. Your retirement plan may have agreed to contract charges. If so,these would reduce the performance (and possibly the Morningstar ratings) shown above. Anycontract charges are included in the expense ratio shown in your statement and in theperformance shown in your statement. The Fund fees and contract charges compensate us forthe distribution and servicing associated with your plan. Other plan investment options may

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QMA Mid Cap Quantitative Core Equity FundA Proprietary Separate Account Third Quarter 2019 Fund Fact Sheet - Page 2


Index2018 -15.47% -11.08% -9.06%2017 15.98% 16.24% 18.52%2016 20.14% 20.74% 13.80%2015 1.67% -2.18% -2.44%2014 11.78% 9.77% 13.22%For more information, go to www.prudential.com.All Plan Sponsors (or authorized representativesof Plan Sponsors) participating in the commingledaccounts are generally provided with uniformwritten reports regarding these products. To theextent a Plan Sponsor requests additionalinformation or perspective from the portfoliomanager, we will make such information availableto any Plan Sponsor who makes a similar request.


generate more or less revenue for us than the fees associated with this Fund. If the aggregaterevenue from your plan exceeds our associated costs, we earn a profit. Otherwise, we incur aloss. Other plans investing in the Fund may have lower fees, but these are not available to yourplan in order to compensate us for distribution and plan servicing.The Separate Account. Your retirement plan purchases units of a Separate Account establishedand made available as an investment option under group variable annuity contracts issued byPrudential Retirement Insurance and Annuity Company ("PRIAC"), Hartford CT. The SeparateAccount holds the investment securities, and associated voting rights belong to the SeparateAccount. For tax purposes, PRIAC owns the assets in the Separate Account and receives anydividends-received deduction. Pursuant to CFTC Rule 4.5, PRIAC has claimed an exclusion fromregistration as a commodity pool operator with respect to the Fund. The investment guidelines forthis Separate Account prohibit leverage.For more information, go to www.prudential.com or call toll-free 1-877-778-2100.


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Mid Cap Growth I Fund (managed by Ivy)A Manager of Managers Institutional Sub-Advised Separate Account Third Quarter 2019 Fund Fact Sheet

Key FactsInvestment Advisor Ivy Investment

Management CompanyAsset Class Mid Cap - GrowthPrimary Index Russell MidCap Growth

IndexNet Assets $69.5 MillionInception Date 06/30/2004Net Expense Ratio 1.15%Morningstar Category Mid-Cap GrowthMorningstar OverallRating™

««««


544

Portfolio Manager(s) Kimberly A. Scott CFAOverall Morningstar Rating as of quarter ending9/30/2019. The Morningstar Rating shown is forthis expense ratio only and assumes no contractcharges are imposed. Other expense ratios mayhave different performance characteristics. ©2019Morningstar, Inc. All Rights Reserved. AdditionalMorningstar information is available in the UserGuide.Morningstar Volatility Rank As of 09/30/2019

Investment

Low Moderate High


Large

Mid

Small



Description / ObjectiveThis Separate Account (the "Fund") aims to outperform the Russell Midcap Growth Index(“Benchmark”), over a complete market cycle, by investing primarily in common stocks of mid capcompanies that Waddell & Reed Investment Management Company (WRIMCO), the Fund’sinvestment manager, believes to offer above-average growth potential. Mid cap companiestypically are companies with market capitalizations within the range of companies in the RussellMidcap Growth Index at the time of acquisition.

There is no assurance the objectives will be met.Small and mid-sized companies may present greater opportunities for capital appreciation, butmay also involve greater risks than larger companies. As a result, the value of stocks issued bythese companies may fluctuate more than stocks of larger issuers.Top Five Holdings As of 09/30/2019COSTAR GROUP INC 3.47%CHIPOTLE MEXICAN GRILL 3.01%ELECTRONIC ARTS 2.82%TRANSUNION 2.53%ZOETIS INC 2.51%

Top Five Sectors As of 09/30/2019Information Technology 27.33%Consumer Discretionary 21.23%Industrials 17.67%Health Care 17.24%Financials 5.75%


US Equity 95.80%International Equity 3.66%Cash 0.55%Derivatives -0.02%



15.23 16.22


27.73x 24.16x


15.53 15.75

Number of Holdings - Long 64 403

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Mid Cap Growth I Fund (managed by Ivy)A Manager of Managers Institutional Sub-Advised Separate Account Third Quarter 2019 Fund Fact Sheet - Page 2


2018 1.12% -4.75%2017 26.56% 25.27%2016 5.85% 7.33%2015 -5.72% -0.20%2014 7.77% 11.90%For more information, go to www.prudential.com.All Plan Sponsors (or authorized representativesof Plan Sponsors) participating in the commingledaccounts are generally provided with uniformwritten reports regarding these products. To theextent a Plan Sponsor requests additionalinformation or perspective from the portfoliomanager, we will make such information availableto any Plan Sponsor who makes a similar request.


Performance (%) As of 09/30/2019Cumulative

Returns Average Annual Total Returns


InceptionFund 0.24 27.49 5.35 17.63 11.61 12.97 --Primary Index -0.67 25.23 5.20 14.50 11.12 14.08Morningstar Rating™ ««««« «««« ««««# of Funds in Category 544 487 375Effective on 12/21/18, the Mid Cap Growth / Waddell and Reed Fund was renamed to Mid CapGrowth I Fund (managed by Ivy). PRIAC was notified by Waddell and Reed that an internalrealignment occurred in which certain Waddell and Reed Investment Management Company(WRIMCO) funds merged into their affiliate, Ivy Investment Management Company (IICO). Pleasenote that the expense ratio charged by the Fund remains the same and is not be impacted by thischange. In addition, there is no change to the strategy or investment team managing the Fund.Effective 10/16/2013, Waddell & Reed Investment Management replaced Goldman Sachs as themanager for the Fund. Performance prior to 10/16/2013 is that of Goldman Sachs. As a result ofthe manager replacement and the changes at Waddell and Reed, the Fund's name changed toMid Cap Growth I Fund (managed by Ivy). Fund Fees Reflected in Performance. The Separate Account was established 6/30/2004.Currently all performance results are net of the highest management fee for this Fund of1.15%. Actual Fund performance is also net of other Fund operating expenses of 0.00% forthe prior calendar year. Such Fund operating expenses may reflect the benefit of acommission recapture program. Fee waivers of 0.00% are in place for this Fund. Actualperformance shown reflects the imposition of the foregoing expenses and the benefit of anyfee waivers and commission recaptures.Performance Risks. Before investing, investors should carefully consider the investmentobjectives, risks, charges and expenses of this Fund and other plan investment options. Theperformance quoted represents past performance. The investment value and return willfluctuate so that an investment, when redeemed, may be worth more or less than original cost.Past performance does not guarantee future results. Current performance may be lower orhigher than the performance data quoted. For performance data current to the most recentmonth end, please call 1-877-778-2100. Actual performance may be affected by the managernot being able to invest directly in a country prior to satisfaction of that country's legalrequirements. It is possible to lose money investing in securities. Past performance is notindicative of future performance and short periods of performance may be particularlyunrepresentative of long-term performance.Possibility of Contract Charges. Your retirement plan may have agreed to contract charges. If so,these would reduce the performance (and possibly the Morningstar ratings) shown above. Anycontract charges are included in the expense ratio shown in your statement and in theperformance shown in your statement. The Fund fees and contract charges compensate us forthe distribution and servicing associated with your plan. Other plan investment options maygenerate more or less revenue for us than the fees associated with this Fund. If the aggregaterevenue from your plan exceeds our associated costs, we earn a profit. Otherwise, we incur aloss. Other plans investing in the Fund may have lower fees, but these are not available to yourplan in order to compensate us for distribution and plan servicing.The Separate Account. Your retirement plan purchases units of a Separate Account establishedand made available as an investment option under group variable annuity contracts issued byPrudential Retirement Insurance and Annuity Company ("PRIAC"), Hartford CT. The SeparateAccount holds the investment securities, and associated voting rights belong to the SeparateAccount. For tax purposes, PRIAC owns the assets in the Separate Account and receives anydividends-received deduction. As defined by ERISA Section 3(38), PRIAC is the "investmentmanager" of the Separate Account. Pursuant to CFTC Rule 4.5, PRIAC has claimed an exclusionfrom registration as a commodity pool operator with respect to the Fund. The investmentguidelines for this Separate Account prohibit leverage.


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Small Cap Value / Vaughan Nelson FundA Manager of Managers Institutional Sub-Advised Separate Account Third Quarter 2019 Fund Fact Sheet

Key FactsInvestment Advisor Vaughan Nelson

Investment ManagementAsset Class Small Cap - ValuePrimary Index Russell 2000 Value IndexBroad Based Index Russell 2000 IndexNet Assets $15.6 MillionInception Date 12/14/2005Net Expense Ratio 1.32%Morningstar Category Small ValueMorningstar OverallRating™

««««


384

Portfolio Manager(s) Scott J. Weber; Chris D.Wallis

Overall Morningstar Rating as of quarter ending9/30/2019. The Morningstar Rating shown is forthis expense ratio only and assumes no contractcharges are imposed. Other expense ratios mayhave different performance characteristics. ©2019Morningstar, Inc. All Rights Reserved. AdditionalMorningstar information is available in the UserGuide.Morningstar Volatility Rank As of 09/30/2019

Investment

Low Moderate High


Large

Mid

Small



Description / ObjectiveThis Separate Account (the “Fund”) is advised by Vaughan Nelson Investment Management (theManager) whose strategy seeks to outperform the Russell 2000 Value Index over a completemarket cycle.There is no assurance the objectives will be met.Small and mid-sized companies may present greater opportunities for capital appreciation, butmay also involve greater risks than larger companies. As a result, the value of stocks issued bythese companies may fluctuate more than stocks of larger issuers.Top Five Holdings As of 09/30/2019ISHARES 4.98%CACI INTERNATIONAL 3.26%CABOT MICROELECTRONICS CORP 3.09%SOUTHWEST GAS HOLDINGS INC 2.45%PERFORMANCE FOOD GROUP CO 2.28%

Top Five Sectors As of 09/30/2019Financials 24.11%Information Technology 20.63%Industrials 13.07%Health Care 7.45%Other 7.24%





3.67 1.82


16.77x 13.41x


12.94 7.98




InceptionFund 1.64 19.99 -1.72 6.12 6.94 10.21 --Primary Index -0.57 12.82 -8.24 6.54 7.17 10.06Broad Based Index -2.40 14.18 -8.89 8.23 8.19 11.19Morningstar Rating™ «««« «««« ««««# of Funds in Category 384 341 235Effective 6/27/2013, Vaughan Nelson Investment Management replaced Opus CapitalManagement as the manager for the Fund. Performance from 12/30/2005 through 6/27/2013represents Opus Capital Management. As a result of the manager replacement, the Fund's namechanged to Small Cap Value/Vaughan Nelson Fund.Fund Fees Reflected in Performance. The Separate Account was established 12/14/2005.Currently all performance results are net of the highest management fee for this Fund of1.30%. Actual Fund performance is also net of other Fund operating expenses of 0.02% forthe prior calendar year. Such Fund operating expenses may reflect the benefit of acommission recapture program. Fee waivers of 0.00% are in place for this Fund. Actualperformance shown reflects the imposition of the foregoing expenses and the benefit of anyfee waivers and commission recaptures.Performance Risks. Before investing, investors should carefully consider the investmentobjectives, risks, charges and expenses of this Fund and other plan investment options. Theperformance quoted represents past performance. The investment value and return willfluctuate so that an investment, when redeemed, may be worth more or less than original cost.Past performance does not guarantee future results. Current performance may be lower orhigher than the performance data quoted. For performance data current to the most recentmonth end, please call 1-877-778-2100. Actual performance may be affected by the managernot being able to invest directly in a country prior to satisfaction of that country's legalrequirements. It is possible to lose money investing in securities. Past performance is notindicative of future performance and short periods of performance may be particularlyunrepresentative of long-term performance.Possibility of Contract Charges. Your retirement plan may have agreed to contract charges. If so,these would reduce the performance (and possibly the Morningstar ratings) shown above. Anycontract charges are included in the expense ratio shown in your statement and in theperformance shown in your statement. The Fund fees and contract charges compensate us forthe distribution and servicing associated with your plan. Other plan investment options maygenerate more or less revenue for us than the fees associated with this Fund. If the aggregate

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Small Cap Value / Vaughan Nelson FundA Manager of Managers Institutional Sub-Advised Separate Account Third Quarter 2019 Fund Fact Sheet - Page 2


Index2018 -14.47% -12.86% -11.01%2017 6.58% 7.84% 14.65%2016 20.56% 31.74% 21.31%2015 -0.90% -7.47% -4.41%2014 8.33% 4.22% 4.89%For more information, go to www.prudential.com.All Plan Sponsors (or authorized representativesof Plan Sponsors) participating in the commingledaccounts are generally provided with uniformwritten reports regarding these products. To theextent a Plan Sponsor requests additionalinformation or perspective from the portfoliomanager, we will make such information availableto any Plan Sponsor who makes a similar request.




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Vanguard Small-Cap Index Fund Admiral SharesA Mutual Fund Third Quarter 2019 Fund Fact Sheet

Key FactsInvestment Advisor Vanguard Group IncAsset Class Small Cap - BlendPrimary Index CRSP US Small Cap

IndexBroad Based Index Russell 2000 IndexNet Assets $39,448.4 MillionInception Date 11/13/2000Ticker VSMAXGross Expense Ratio 0.05%Morningstar Category Small BlendMorningstar OverallRating™

«««««


640

Portfolio Manager(s) William A. ColemanCFA; Gerard C. O’Reilly


Investment

Low Moderate High

CategoryIn the past, this investment has shown a widerange of price fluctuations relative to otherinvestments. This investment may experiencesignificant price increases in favorable markets orundergo large price declines in adverse markets.Some of this risk may be offset by owning otherinvestments that follow different investmentstrategies.Morningstar® Style Box™ As of 08/31/2019

Large

Mid

Small



Description / ObjectiveThe investment seeks to track the performance of a benchmark index that measures theinvestment return of small-capitalization stocks. The fund employs an indexing investmentapproach designed to track the performance of the CRSP US Small Cap Index, a broadlydiversified index of stocks of small U.S. companies. The advisor attempts to replicate the targetindex by investing all, or substantially all, of its assets in the stocks that make up the index,holding each stock in approximately the same proportion as its weighting in the index.There is no assurance the objectives will be met.Small and mid-sized companies may present greater opportunities for capital appreciation, butmay also involve greater risks than larger companies. As a result, the value of stocks issued bythese companies may fluctuate more than stocks of larger issuers.Top Five Holdings As of 08/31/2019MarketAxess Holdings Inc 0.40%Burlington Stores Inc 0.37%Steris PLC 0.36%Atmos Energy Corp 0.36%Sun Communities Inc 0.35%

Top Five Sectors As of 08/31/2019Technology 18.01%Industrials 15.71%Financial Services 13.86%Real Estate 12.34%Consumer Cyclical 12.31%


US Stocks 96.90%Cash 2.31%Non-US Stocks 0.76%US Bonds 0.04%



4.08 4.08


17.23x 17.21x


14.84 14.90




InceptionFund -1.45 17.78 -3.81 9.62 8.62 12.38 --Primary Index -1.47 17.79 -3.80 9.61 8.60 --Broad Based Index -2.40 14.18 -8.89 8.23 8.19 11.19Morningstar Rating™ «««« «««« «««««# of Funds in Category 640 508 371*Fees that Prudential Retirement and its affiliates may receive in connection with plan investmentsin this fund include:

Finders Fee No 12b-1 Fee 0%Sub-accounting fee % 0% Sub-accounting fee ($ per participant) --Other Service fee % 0% Other Service fee ($ per participant) --



Investors should consider the fund's investment objectives, risks, charges and expenses

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Vanguard Small-Cap Index Fund Admiral SharesA Mutual Fund Third Quarter 2019 Fund Fact Sheet - Page 2


Index2018 -9.31% -9.33% -11.01%2017 16.24% 16.24% 14.65%2016 18.30% 18.26% 21.31%2015 -3.64% -3.68% -4.41%2014 7.50% 7.54% 4.89%Market Timing: Frequent exchanging ofinvestment options may harm long-terminvestors. Policies may be in effect at the plan orthe investment level to detect and deterexchanges that may be abusive. Such policiesmay require us to modify, restrict, suspend orterminate purchase or exchange privileges andimpose redemption fees. Please refer to theprospectus, if available for the investment, forinformation on these potential restrictions and anyapplicable redemption fees. Otherwise, pleasecontact your Prudential Representative.


before investing. The prospectus, and if available the summary prospectus, contain completeinformation about the investment options available through your plan. Please call1-877-778-2100 for a free prospectus and if available, a summary prospectus that contain thisand other information about the mutual funds. You should read the prospectus and thesummary prospectus, if available, carefully before investing. It is possible to lose money wheninvesting in securities.



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Small Cap Blend / Glenmede FundA Manager of Managers Institutional Sub-Advised Separate Account Third Quarter 2019 Fund Fact Sheet

Key FactsInvestment Advisor Glenmede Investment

Management, L.P.Asset Class Small Cap - BlendPrimary Index Russell 2000 IndexNet Assets $16.2 MillionInception Date 01/28/2001Net Expense Ratio 1.22%Morningstar Category Small BlendMorningstar OverallRating™

««


640

Portfolio Manager(s) Christopher Colarik;Jordan L. Irving


Investment

Low Moderate High


Large

Mid

Small



Description / Objective

This Separate Account (the "Fund") is advised by Glenmede Investment Management, LP. TheFund seeks to generate superior returns relative to the Russell 2000 over a market cycle with lessdownside risk to principal by investing in a diversified portfolio of stocks that are inexpensive andexhibit company specific positive trends to consistently outperform the market.There is no assurance the objectives will be met.Small and mid-sized companies may present greater opportunities for capital appreciation, butmay also involve greater risks than larger companies. As a result, the value of stocks issued bythese companies may fluctuate more than stocks of larger issuers.Top Five Holdings As of 09/30/2019IBERIABANK CORP 1.84%HUDSON PACIFIC PROPERTIES INC 1.80%NEXSTAR BROADCASTING GROUP 1.80%Horizon Therapeutics Plc 1.75%BOYD GAMING 1.62%

Top Five Sectors As of 09/30/2019Financials 16.60%Health Care 16.23%Industrials 16.04%Information Technology 15.33%Consumer Discretionary 10.79%





2.80 2.05


14.78x 16.12x


12.86 12.58




InceptionFund -3.29 9.67 -14.18 5.44 5.95 8.69 --Primary Index -2.40 14.18 -8.89 8.23 8.19 11.19Morningstar Rating™ «« «« «# of Funds in Category 640 508 371Effective 10/22/2013 Glenmede Investment Management commenced managing the Fund.Performance after 10/22/2013 is that of Glenmede Investment Management. Performance prior to10/22/2013 is that of WHV. As a result of the manager replacement, the Fund's name changed toSmall Cap Blend / Glenmede Fund.Fund Fees Reflected in Performance. The Separate Account was established 1/28/2001.Currently all performance results are net of the highest management fee for this Fund of1.20%. Actual Fund performance is also net of other Fund operating expenses of 0.02% forthe prior calendar year. Such Fund operating expenses may reflect the benefit of acommission recapture program. Fee waivers of 0.00% are in place for this Fund. Actualperformance shown reflects the imposition of the foregoing expenses and the benefit of anyfee waivers and commission recaptures.Performance Risks. Before investing, investors should carefully consider the investmentobjectives, risks, charges and expenses of this Fund and other plan investment options. Theperformance quoted represents past performance. The investment value and return willfluctuate so that an investment, when redeemed, may be worth more or less than original cost.Past performance does not guarantee future results. Current performance may be lower orhigher than the performance data quoted. For performance data current to the most recentmonth end, please call 1-877-778-2100. Actual performance may be affected by the managernot being able to invest directly in a country prior to satisfaction of that country's legalrequirements. It is possible to lose money investing in securities. Past performance is notindicative of future performance and short periods of performance may be particularlyunrepresentative of long-term performance.Possibility of Contract Charges. Your retirement plan may have agreed to contract charges. If so,these would reduce the performance (and possibly the Morningstar ratings) shown above. Anycontract charges are included in the expense ratio shown in your statement and in theperformance shown in your statement. The Fund fees and contract charges compensate us for

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Small Cap Blend / Glenmede FundA Manager of Managers Institutional Sub-Advised Separate Account Third Quarter 2019 Fund Fact Sheet - Page 2




the distribution and servicing associated with your plan. Other plan investment options maygenerate more or less revenue for us than the fees associated with this Fund. If the aggregaterevenue from your plan exceeds our associated costs, we earn a profit. Otherwise, we incur aloss. Other plans investing in the Fund may have lower fees, but these are not available to yourplan in order to compensate us for distribution and plan servicing.The Separate Account. Your retirement plan purchases units of a Separate Account establishedand made available as an investment option under group variable annuity contracts issued byPrudential Retirement Insurance and Annuity Company ("PRIAC"), Hartford CT. The SeparateAccount holds the investment securities, and associated voting rights belong to the SeparateAccount. For tax purposes, PRIAC owns the assets in the Separate Account and receives anydividends-received deduction. As defined by ERISA Section 3(38), PRIAC is the "investmentmanager" of the Separate Account. Pursuant to CFTC Rule 4.5, PRIAC has claimed an exclusionfrom registration as a commodity pool operator with respect to the Fund. The investmentguidelines for this Separate Account prohibit leverage.


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Small Cap Growth / Emerald FundA Manager of Managers Institutional Sub-Advised Separate Account Third Quarter 2019 Fund Fact Sheet

Key FactsInvestment Advisor Emerald Advisers, Inc.Asset Class Small Cap - GrowthPrimary Index Russell 2000 Growth

IndexNet Assets $290.9 MillionInception Date 03/30/2006Net Expense Ratio 1.30%Morningstar Category Small GrowthMorningstar OverallRating™

««


584

Portfolio Manager(s) Joseph W. Garner;Stacey L. Sears;

Kenneth G. Mertz II Overall Morningstar Rating as of quarter ending9/30/2019. The Morningstar Rating shown is forthis expense ratio only and assumes no contractcharges are imposed. Other expense ratios mayhave different performance characteristics. ©2019Morningstar, Inc. All Rights Reserved. AdditionalMorningstar information is available in the UserGuide.Morningstar Volatility Rank As of 09/30/2019

Investment

Low Moderate High


Large

Mid

Small



Description / ObjectiveThis Separate Account (the ”Fund”) is advised by Emerald Advisers, Inc. The Emerald Small CapGrowth portfolio seeks long-term growth through capital appreciation by capitalizing on theinefficiencies inherent in today’s small-cap markets.There is no assurance the objectives will be met.Small and mid-sized companies may present greater opportunities for capital appreciation, butmay also involve greater risks than larger companies. As a result, the value of stocks issued bythese companies may fluctuate more than stocks of larger issuers.Top Five Holdings As of 09/30/2019TREX COMPANY INC 2.26%CHEGG INC 2.25%FIVE BELOW 1.88%KRATOS DEFENSE & SECURITYSOLU

1.78%

CHURCHILL DOWNS INC 1.76%

Top Five Sectors As of 09/30/2019Health Care 25.18%Consumer Discretionary 20.23%Industrials 14.82%Information Technology 14.09%Other 8.02%





2.27 2.28


22.96x 20.85x


25.64 16.32




InceptionFund -7.13 16.29 -10.10 10.40 10.20 11.67 --Primary Index -4.17 15.34 -9.63 9.79 9.08 12.25Morningstar Rating™ «« ««« ««# of Funds in Category 584 519 399Effective 2/2/2012, Emerald Advisers, Inc. replaced Essex Investment Management Co. as themanager for the Fund. Performance prior to 2/2/2012 is that of Essex Investment ManagementCo. As a result of the manager replacement, the Fund's name changed to Small Cap Growth /Emerald Fund.Fund Fees Reflected in Performance. The Separate Account was established 3/30/2006.Currently all performance results are net of the highest management fee for this Fund of1.30%. Actual Fund performance is also net of other Fund operating expenses of 0.00% forthe prior calendar year. Such Fund operating expenses may reflect the benefit of acommission recapture program. Fee waivers of 0.00% are in place for this Fund. Actualperformance shown reflects the imposition of the foregoing expenses and the benefit of anyfee waivers and commission recaptures.Performance Risks. Before investing, investors should carefully consider the investmentobjectives, risks, charges and expenses of this Fund and other plan investment options. Theperformance quoted represents past performance. The investment value and return willfluctuate so that an investment, when redeemed, may be worth more or less than original cost.Past performance does not guarantee future results. Current performance may be lower orhigher than the performance data quoted. For performance data current to the most recentmonth end, please call 1-877-778-2100. Actual performance may be affected by the managernot being able to invest directly in a country prior to satisfaction of that country's legalrequirements. It is possible to lose money investing in securities. Past performance is notindicative of future performance and short periods of performance may be particularlyunrepresentative of long-term performance.Possibility of Contract Charges. Your retirement plan may have agreed to contract charges. If so,these would reduce the performance (and possibly the Morningstar ratings) shown above. Anycontract charges are included in the expense ratio shown in your statement and in theperformance shown in your statement. The Fund fees and contract charges compensate us forthe distribution and servicing associated with your plan. Other plan investment options maygenerate more or less revenue for us than the fees associated with this Fund. If the aggregate

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Small Cap Growth / Emerald FundA Manager of Managers Institutional Sub-Advised Separate Account Third Quarter 2019 Fund Fact Sheet - Page 2


2018 -12.27% -9.31%2017 27.46% 22.17%2016 8.64% 11.32%2015 2.66% -1.38%2014 7.05% 5.60%For more information, go to www.prudential.com.All Plan Sponsors (or authorized representativesof Plan Sponsors) participating in the commingledaccounts are generally provided with uniformwritten reports regarding these products. To theextent a Plan Sponsor requests additionalinformation or perspective from the portfoliomanager, we will make such information availableto any Plan Sponsor who makes a similar request.




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International Blend / AQR FundA Manager of Managers Institutional Sub-Advised Separate Account Third Quarter 2019 Fund Fact Sheet

Key FactsInvestment Advisor AQR Capital

Management, LLCAsset Class International - BlendPrimary Index MSCI EAFE (net)Broad Based Index MSCI ACWI ex USA

IndexNet Assets $467.8 MillionInception Date 12/05/1997Net Expense Ratio 1.23%Morningstar Category Foreign Large BlendPortfolio Manager(s) Jacques Friedman Morningstar Volatility Rank As of 09/30/2019

Low Moderate High

CategoryThe volatility measure is not displayed forinvestments with fewer than three years ofhistory. The category average, however, is shownabove.Regional Allocation As of 09/30/2019Europe 62.64%Asia and Pacific Rim 33.97%Other 3.39%Regional allocations are ranked as a percentageof net assets and subject to change without noticeAnnual Performance

Fund Primary Index Broad BasedIndex

2018 -18.01% -13.79% -14.20%2017 23.45% 25.03% 27.19%2016 -1.94% 1.00% 4.50%2015 1.29% -0.81% -5.66%2014 -4.79% -4.90% -3.87%For more information, go to www.prudential.com.All Plan Sponsors (or authorized representativesof Plan Sponsors) participating in the commingledaccounts are generally provided with uniformwritten reports regarding these products. To theextent a Plan Sponsor requests additionalinformation or perspective from the portfoliomanager, we will make such information availableto any Plan Sponsor who makes a similar request.


Description / ObjectiveThe Separate Account (the “Fund”) is advised by AQR Capital Management, LLC (AQR) followingtheir International Enhanced Equity Strategy and seeks to outperform the MSCI EAFE Index (netdividends) over a full market cycle.There is no assurance the objectives will be met.Investing in foreign securities presents certain unique risks not associated with domesticinvestments, such as currency fluctuation and political and economic changes. This may result ingreater share price volatility.Top Five Holdings As of 09/30/2019NESTLE SA 2.96%ROCHE HOLDING AG 2.00%NOVO NORDISK AS 1.66%SAP AG 1.65%ENEL SPA 1.55%

Top Five Countries As of 09/30/2019Japan 22.45%United Kingdom 15.75%France 10.07%Switzerland 9.61%Germany 8.43%

Holdings and Country allocations are ranked as a percentage of net assets and subject to changewithout notice.Portfolio Allocation As of 09/30/2019

International Equity 95.85%Cash 4.15%



28.58 36.89


12.22x 14.37x


5.39 7.84




InceptionFund -3.23 9.60 -5.14 3.03 1.37 4.22 --Primary Index -1.07 12.80 -1.34 6.48 3.27 4.90Broad Based Index -1.80 11.56 -1.23 6.33 2.90 4.45Effective 5/17/2010 AQR Capital Management, LLC (AQR) replaced Munder Capital Managementas manager for the Fund. Performance since 5/17/2010 represents performance of AQR CapitalManagement, LLC (AQR). As a result of the manager replacement, the Fund's name changed toInternational Blend/AQR Fund.Fund Fees Reflected in Performance. The Separate Account was established 12/5/1997.Currently all performance results are net of the highest management fee for this Fund of1.20%. Actual Fund performance is also net of other Fund operating expenses of 0.03% forthe prior calendar year. Such Fund operating expenses may reflect the benefit of acommission recapture program. Fee waivers of 0.00% are in place for this Fund. Actualperformance shown reflects the imposition of the foregoing expenses and the benefit of anyfee waivers and commission recaptures.Performance Risks. Before investing, investors should carefully consider the investmentobjectives, risks, charges and expenses of this Fund and other plan investment options. Theperformance quoted represents past performance. The investment value and return willfluctuate so that an investment, when redeemed, may be worth more or less than original cost.Past performance does not guarantee future results. Current performance may be lower orhigher than the performance data quoted. For performance data current to the most recentmonth end, please call 1-877-778-2100. Actual performance may be affected by the managernot being able to invest directly in a country prior to satisfaction of that country's legalrequirements. It is possible to lose money investing in securities. Past performance is notindicative of future performance and short periods of performance may be particularlyunrepresentative of long-term performance.Possibility of Contract Charges. Your retirement plan may have agreed to contract charges. If so,these would reduce the performance (and possibly the Morningstar ratings) shown above. Anycontract charges are included in the expense ratio shown in your statement and in theperformance shown in your statement. The Fund fees and contract charges compensate us forthe distribution and servicing associated with your plan. Other plan investment options maygenerate more or less revenue for us than the fees associated with this Fund. If the aggregaterevenue from your plan exceeds our associated costs, we earn a profit. Otherwise, we incur aloss. Other plans investing in the Fund may have lower fees, but these are not available to your

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International Blend / AQR FundA Manager of Managers Institutional Sub-Advised Separate Account Third Quarter 2019 Fund Fact Sheet - Page 2



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Emerging Markets Equity / QMA FundA Manager of Managers Institutional Sub-Advised Separate Account Third Quarter 2019 Fund Fact Sheet

Key FactsInvestment Advisor QMA LLCAsset Class International - Emerging

MarketPrimary Index MSCI Emerging Markets

Net Dividend IndexNet Assets $123.8 MillionInception Date 08/31/1995Net Expense Ratio 1.38%Morningstar Category Diversified Emerging

MktsMorningstar OverallRating™

««


701

Portfolio Manager(s) Team Managed Overall Morningstar Rating as of quarter ending9/30/2019. The Morningstar Rating shown is forthis expense ratio only and assumes no contractcharges are imposed. Other expense ratios mayhave different performance characteristics. ©2019Morningstar, Inc. All Rights Reserved. AdditionalMorningstar information is available in the UserGuide.Morningstar Volatility Rank As of 09/30/2019

Investment

Low Moderate High

CategoryIn the past, this investment has shown a widerange of price fluctuations relative to otherinvestments. This investment may experiencesignificant price increases in favorable markets orundergo large price declines in adverse markets.Some of this risk may be offset by owning otherinvestments that follow different investmentstrategies.Regional Allocation As of 09/30/2019Asia and Pacific Rim 71.11%Other 10.71%Europe 7.98%North America 5.42%Africa and Middle East 4.79%Regional allocations are ranked as a percentageof net assets and subject to change without notice

Description / ObjectiveThis Separate Account (the "Fund") is advised by QMA LLC. The Fund invests primarily in equitysecurities of emerging market countries. It seeks to provide returns in excess of the MorganStanley Capital International (MSCI) Emerging Markets Index (EMF) and comparable equity fundsover full market cycles.There is no assurance the objectives will be met.Investing in emerging markets is generally riskier than investing in foreign securities. Emergingmarket countries may have unstable governments and/or economies that are subject to suddenchange. These changes may be magnified by the countries' emergent financial markets, resultingin significant volatility to investments in these countries. These countries may also lack the legal,business and social framework to support securities markets.Top Five Holdings As of 09/30/2019ALIBABA GROUP HOLDING SP ADR 4.95%TENCENT HOLDINGS LTD 4.19%TAIWAN SEMICONDUCTOR 3.47%SAMSUNG ELECTRONICS CO LTD 3.01%ISHARES MSCI SAUDI ARABIA ET 2.54%

Top Five Countries As of 09/30/2019China 32.21%Korea 12.59%Taiwan 11.97%India 7.68%Brazil 6.74%

Holdings and Country allocations are ranked as a percentage of net assets and subject to changewithout notice.Portfolio Allocation As of 09/30/2019

International Equity 93.86%US Equity 4.25%Cash 1.74%Fixed income 0.16%



19.95 23.69


10.41x 12.75x


10.94 11.60




InceptionFund -5.76 4.28 -4.67 4.27 0.53 3.05 --Primary Index -4.25 5.89 -2.02 5.97 2.33 3.37Morningstar Rating™ «« «« ««# of Funds in Category 701 569 243

Fund Fees Reflected in Performance. The Separate Account was established 8/31/1995.Currently all performance results are net of the highest management fee for this Fund of1.20%. Actual Fund performance is also net of other Fund operating expenses of 0.18% forthe prior calendar year. Such Fund operating expenses may reflect the benefit of acommission recapture program. Fee waivers of 0.00% are in place for this Fund. Actualperformance shown reflects the imposition of the foregoing expenses and the benefit of anyfee waivers and commission recaptures.Performance Risks. Before investing, investors should carefully consider the investmentobjectives, risks, charges and expenses of this Fund and other plan investment options. Theperformance quoted represents past performance. The investment value and return willfluctuate so that an investment, when redeemed, may be worth more or less than original cost.Past performance does not guarantee future results. Current performance may be lower orhigher than the performance data quoted. For performance data current to the most recentmonth end, please call 1-877-778-2100. Actual performance may be affected by the managernot being able to invest directly in a country prior to satisfaction of that country's legalrequirements. It is possible to lose money investing in securities. Past performance is notindicative of future performance and short periods of performance may be particularlyunrepresentative of long-term performance.Possibility of Contract Charges. Your retirement plan may have agreed to contract charges. If so,these would reduce the performance (and possibly the Morningstar ratings) shown above. Anycontract charges are included in the expense ratio shown in your statement and in theperformance shown in your statement. The Fund fees and contract charges compensate us forthe distribution and servicing associated with your plan. Other plan investment options maygenerate more or less revenue for us than the fees associated with this Fund. If the aggregaterevenue from your plan exceeds our associated costs, we earn a profit. Otherwise, we incur aloss. Other plans investing in the Fund may have lower fees, but these are not available to your

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Emerging Markets Equity / QMA FundA Manager of Managers Institutional Sub-Advised Separate Account Third Quarter 2019 Fund Fact Sheet - Page 2


2018 -16.11% -14.57%2017 37.37% 37.28%2016 9.04% 11.19%2015 -17.45% -14.92%2014 -2.67% -2.19%For more information, go to www.prudential.com.All Plan Sponsors (or authorized representativesof Plan Sponsors) participating in the commingledaccounts are generally provided with uniformwritten reports regarding these products. To theextent a Plan Sponsor requests additionalinformation or perspective from the portfoliomanager, we will make such information availableto any Plan Sponsor who makes a similar request.




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Real Estate / American Century FundA Manager of Managers Institutional Sub-Advised Separate Account Third Quarter 2019 Fund Fact Sheet

Key FactsInvestment Advisor American Century

InvestmentManagement, Inc.

Asset Class Sector - Domestic RealEstate

Primary Index MSCI US REIT IndexBroad Based Index S&P United States REIT

TR USDNet Assets $20.4 MillionInception Date 05/17/2007Net Expense Ratio 1.22%Morningstar Category Real EstateMorningstar OverallRating™

««««


223

Portfolio Manager(s) Steven Rodriguez;Steven R. Brown


Investment

Low Moderate High

CategoryIn the past, this investment has shown a relativelymoderate range of price fluctuations relative toother investments. This investment mayexperience larger or smaller price declines orprice increases depending on market conditions.Some of this risk may be offset by owning otherinvestments with different portfolio make-ups orinvestment strategies.Investment Style Box As of 09/30/2019

Data Unavailable

Description / ObjectiveThe Separate Account (the “Fund”) is sub-advised by American Century Investment Management,Inc. It seeks to generate investment returns through capital appreciation and current income byinvesting primarily in real estate securities. The Fund aims to outperform the MCSI US REIT Indexby 1% to 2% over a market cycle, with a tracking error target of 2% to 4%. The Fund’s investmentapproach combines top-down property sector allocation and bottom-up security selection withinsectors.There is no assurance the objectives will be met.Sector funds are subject to risks within their specific sectors because they concentrate theirinvestments in securities of companies within certain industries. Therefore, the price of thesesecurities can be volatile.The real estate industry is greatly affected by economic downturns that may persist as well aschanges in property values, interest rates, taxes, environmental issues and regulatorydevelopments.Top Five Holdings As of 09/30/2019PROLOGIS INC 7.39%EQUINIX INC 6.44%EQUITY RESIDENTIAL 6.19%WELLTOWER INC 5.38%HCP INC 4.70%

Top Five Sectors As of 09/30/2019Real Estate 98.18%Information Technology 1.41%Other 0.41%





13.72 13.72


49.05x 39.43x


6.83 5.50




InceptionFund 8.89 29.55 21.74 7.36 9.89 12.99 --Primary Index 7.69 26.82 18.31 7.26 10.11 13.00Broad Based Index 7.46 25.45 17.81 6.91 9.88 12.86Morningstar Rating™ ««« ««« ««««# of Funds in Category 223 198 137

Fund Fees Reflected in Performance. The Separate Account was established 5/17/2007.Currently all performance results are net of the highest management fee for this Fund of1.20%. Actual Fund performance is also net of other Fund operating expenses of 0.02% forthe prior calendar year. Such Fund operating expenses may reflect the benefit of acommission recapture program. Fee waivers of 0.00% are in place for this Fund. Actualperformance shown reflects the imposition of the foregoing expenses and the benefit of anyfee waivers and commission recaptures.Performance Risks. Before investing, investors should carefully consider the investmentobjectives, risks, charges and expenses of this Fund and other plan investment options. Theperformance quoted represents past performance. The investment value and return willfluctuate so that an investment, when redeemed, may be worth more or less than original cost.Past performance does not guarantee future results. Current performance may be lower orhigher than the performance data quoted. For performance data current to the most recentmonth end, please call 1-877-778-2100. Actual performance may be affected by the managernot being able to invest directly in a country prior to satisfaction of that country's legalrequirements. It is possible to lose money investing in securities. Past performance is notindicative of future performance and short periods of performance may be particularlyunrepresentative of long-term performance.Possibility of Contract Charges. Your retirement plan may have agreed to contract charges. If so,these would reduce the performance (and possibly the Morningstar ratings) shown above. Anycontract charges are included in the expense ratio shown in your statement and in theperformance shown in your statement. The Fund fees and contract charges compensate us for

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Real Estate / American Century FundA Manager of Managers Institutional Sub-Advised Separate Account Third Quarter 2019 Fund Fact Sheet - Page 2


Index2018 -5.04% -4.57% -3.79%2017 5.06% 5.07% 4.33%2016 5.62% 8.60% 8.49%2015 2.71% 2.52% 2.54%2014 29.72% 30.38% 30.26%For more information, go to www.prudential.com.All Plan Sponsors (or authorized representativesof Plan Sponsors) participating in the commingledaccounts are generally provided with uniformwritten reports regarding these products. To theextent a Plan Sponsor requests additionalinformation or perspective from the portfoliomanager, we will make such information availableto any Plan Sponsor who makes a similar request.


the distribution and servicing associated with your plan. Other plan investment options maygenerate more or less revenue for us than the fees associated with this Fund. If the aggregaterevenue from your plan exceeds our associated costs, we earn a profit. Otherwise, we incur aloss. Other plans investing in the Fund may have lower fees, but these are not available to yourplan in order to compensate us for distribution and plan servicing.The Separate Account. Your retirement plan purchases units of a Separate Account establishedand made available as an investment option under group variable annuity contracts issued byPrudential Retirement Insurance and Annuity Company ("PRIAC"), Hartford CT. The SeparateAccount holds the investment securities, and associated voting rights belong to the SeparateAccount. For tax purposes, PRIAC owns the assets in the Separate Account and receives anydividends-received deduction. As defined by ERISA Section 3(38), PRIAC is the "investmentmanager" of the Separate Account. Pursuant to CFTC Rule 4.5, PRIAC has claimed an exclusionfrom registration as a commodity pool operator with respect to the Fund. The investmentguidelines for this Separate Account prohibit leverage.


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This page is intentionally left blank.

Please print using blue or black ink. Note: You should use this form if you areenrolling in the plan for the first time. Keep a copy of this form for your recordsand return the original to your Benefits/Human Resources Office.

Attention: Benefits/Human Resources Office - Please fax or send completedform to Prudential.

165

Enrollment FormArchdiocesan Employees Savings and Thrift Plan

Questions?Call 1-877-778-2100

for assistance.

AboutYou

Plan number Sub plan number

0 0 8 0 0 0 0 0 0 0 0 1

Social Security number Daytime telephone number

- - - -area code

First name MI Last name

Address

City State ZIP code

-

Date of birth Gender Original Date Employed

M F

month day year month day year

q Before-Tax Contribution Election. I wish to contribute % (up to 100% in wholepercentages) OR $ . of my salary per pay period.

q Decline. I choose not to contribute to my employer-sponsored retirement plan at this time (Proceed to yourAuthorization section on this form.)

Ed. 11/2019 Important information and signature required on the following page(s)

ContributionInformation

Instructions

Marital Status

o Married o Single, widowed or legally divorced

(Please fillout OptionI, Option II,or OptionIII. Do notfill out morethan oneoption.)

Social Security Number_____________________

InvestmentAllocation

Fill out Option I, Option II or Option III. Please complete only one.

By completion of Option I or Option II you enroll in GoalMaker, Prudential’s asset allocation program, andyou direct Prudential to invest your contribution(s) according to a GoalMaker model portfolio that is basedon your risk tolerance and time horizon. You can also direct Prudential to automatically rebalance youraccount quarterly according to the model portfolio chosen. Enrollment in GoalMaker can be canceled atanytime.

Please refer to the Get Started Guide for more information on rebalancing and age adjustment.

Option I or Option II must be completed accurately, otherwise your investment allocation will be placed inGoalMaker with age adjustment.

Certain investments available within the GoalMaker models are only available while you are enrolled inGoalMaker. If you cancel GoalMaker, or initiate a transaction that results in GoalMaker cancellation, you willbe asked to direct your future allocations to another investment.

Option III must be completed accurately and received by Prudential before assets are accepted; otherwise,contributions will be placed in the default investment option selected by your plan. Upon receipt of yourcompleted enrollment form, all future contributions will be allocated according to your investment selection.You must contact Prudential to transfer any existing funds from the default option.

InvestmentAllocation(continued)

Option I - Choose GoalMaker with Age AdjustmentBy selecting your risk tolerance, and confirming your expected retirement age below, your contributions willbe automatically invested in a GoalMaker model portfolio that is based on your risk tolerance and years leftuntil retirement. You also confirm your participation in GoalMaker’s age adjustment feature, which adjustsyour allocations over time based on your years left until retirement.

Morningstar uses a holistic, total wealth approach steeped in research that considers an investor's uniquerisk preferences and risk capacity to map an investor to the most appropriate overall stock and bond mix inweights represent the optimal combination of "accumulation-orientated" chacteristics vs. given the uniqueprofile of the investor.

(Please fillout OptionI, Option II,or OptionIII. Do notfill out morethan oneoption.)

In applying particular asset allocation models to your individual situation, you should consider your otherassets, income, and investments (e.g., equity in a home, Social Security benefits, individual retirement planinvestments, savings accounts, and interests in other qualified and non-qualified plans) in addition to yourinterests in the plan.

There are other designated investment alternatives that have similar risk and return characteristics availableand can be viewed in the "design your own allocation section" of this form. More information on theseinvestment alternatives is available in the fund fact sheets included within this guide.

For informational or educational purposes only. This material is not intended as advice or recommendationabout investing or managing your retirement savings. By sharing it, Prudential Retirement is not acting asyour fiduciary as defined by the Department of Labor's Fiduciary rule or otherwise. If you need investmentadvice, please consult with a qualified professional.

Select Your Risk Tolerance q Conservative q Moderate q Aggressive

Confirm Your Expected Retirement Age

Expected Retirement Age: 6 5q Yes. Please use the default Expected Retirement Age listed above

q No. Please use as my expected retirement age.

OR

Option II - Choose GoalMaker without Age Adjustment

I do not want to take advantage of GoalMaker’s age adjustment feature. Please invest my contributionsaccording to the model portfolios selected below.


Time Horizon(years until retirement)

GoalMaker Model Portfolio(check one box only)

Conservative Moderate Aggressive

16 + Years11 to 15 Years6 to 10 Years0 to 5 Years

q C04q C03q C02q C01

q M04q M03q M02q M01

q R04q R03q R02q R01


OR

Option III - Design your own investment allocation

If you would like to design your own asset allocation instead of selecting GoalMaker, designate the percentage ofyour contribution to be invested in each of the available investment options. (Please use whole percentages. Thecolumn(s) must total 100%.)

I wish to allocate my contributions to the Plan as follows:

YourContributions

Your Employer�sContributions

Codes Investment Options

% % XV Guaranteed Income Fund*

% % B0 Core Plus Bond / PGIM Fund*

% % BM Large Cap Value / LSV Asset Management*

% % 7D Dryden S&P 500 Index Fund

% % 37 Ave Maria Growth Fund

% % BE Large Cap Growth / JP Morgan InvestmentManagement Fund*

% % VX Mid Cap Value / Integrity Fund*

% % R0 Vanguard Mid-Cap Index Fund AdmiralShares

% % W5 QMA Mid Cap Quantitative Core EquityFund

% % BT Mid Cap Growth I Fund (managed by Ivy)*

% % BF Small Cap Value / Vaughan Nelson Fund*

% % 72 Vanguard Small-Cap Index Fund AdmiralShares

% % N5 Small Cap Blend / Glenmede Fund

% % EF Small Cap Growth / Emerald Fund*

% % 7W International Blend / AQR Fund*

% % UB Emerging Markets Equity / QMA Fund*

% % LQ Real Estate / American Century Fund

1 0 0 % 1 0 0 % Total

*These investments are included in your plan’s GoalMaker portfolios. These investments are subject to change. Youwill be notified in writing in advance of any such change.


TrustedContact

You may, but are not required to, name a trusted contact person who is intended to be a resource thatcould assist Prudential in the event of suspected financial exploitation. If designating a trusted contactbelow, please provide as much information as possible to assist Prudential in reaching the trustedcontact, if needed.

First Name MI Last Name

Address

City State Zip code-

Email address

Cell phone number* Home phone number*

area code area code

Business phone number* Relationship

area code

*At least one phone number is required.

By choosing to provide information about a trusted contact, you authorize Prudential and its affiliatedbroker-dealer, Prudential Investment Management Services LLC, to contact the trusted contact listedabove and disclose information about your account to that person in the following circumstances: toaddress possible financial exploitation, to confirm the specifics of your current contact information, healthstatus, or the identity of any legal guardian, executor, trustee or holder of a power of attorney, or asotherwise permitted by FINRA Rule 2165 (Financial Exploitation of Specified Adults).

Please note that if you have other accounts with Prudential Retirement, the trusted contact named abovewill apply to each of your accounts.

YourAuthorization

I certify that the information above is accurate and complete. If I have chosen to contribute to thePlan, I give my employer permission to contribute a portion of my salary to the Plan according to theinstructions above.

Signature X Date

ForEmployerUse Only

This section should be completed only if the participant has previously terminated with theemployer sponsoring the plan and has been rehired.

Original date employed

month day year

Date of termination

month day year

Date of rehire

month day year


YourAuthorization

I hereby authorize my employer to make payroll reductions of the stated amount I have indicated.

X Date

Participant�s signature

X Date

Employer�s signature

YourEmployer'sAuthorization

209

Catch-Up Contribution FormArchdiocesan Employees Savings and Thrift Plan

Instructions Please print using blue or black ink. Keep a copy for your records and bring the completed form to yourBenefits/Human Resources Office.

Attention: Benefits/Human Resources Office –Please forward this form to Prudential.

By completing this form you are indicating that you believe you will be eligible to make catch-up contributionsto your plan. To be eligible, you will have had to attain, or will attain age 50 before the end of the year in whichyou’re making the contribution. In order for contributions to be treated as catch-up, you will need to exceedone of the applicable statutory or plan limit on contributions. Please note that the final determination ofwhether contributions can be treated as catch-up, cannot be made until the end of the plan year.

Catch-up contributions are subject to the following annual limits: 2019 6,000

AboutYou

Plan number Sub plan number (if applicable)

0 0 8 0 0 0 0 0 0 0 0 1

Social Security number Daytime telephone number

- - - -area code

First name MI Last name

Address

City State Zip code

ContributionAgreement

q Before-Tax Contribution Election. I wish to contribute $ , .or % of my salary per pay period.

The amount of contribution made as described above shall be transmitted to Prudential as a contributionunder the above mentioned plan number issued by Prudential, the terms of which confer upon menon-forfeitable rights to the benefits provided by such contributions. This election is legally binding andirrevocable with respect to amounts paid while it is in effect. The number of times I may change this issubject to any restrictions in my employer’s plan.

Ed. 11/2019


Documents

Prudential Retirement · managing your retirement savings. By sharing this information, Prudential Retirement is not acting as your fiduciary as defined by the Department of Labor