Global Portfolio Strategies, Inc., a Prudential Financial

Charles County Pension Plan

Performance results as of June 30, 2021

For Plan Sponsor and Financial Professional use only: Not for use by Participants

Lazaro E. Guzman, CFA Vice President, Full Service Investments (860) 534-4193

Global Portfolio Strategies, Inc., a Prudential Financial Company

Past performance does not guarantee future results. This material is for plan sponsor and financial professional use only and cannot be reproduced or shown to members of the public.

Table of ContentsTable of Contents

This section represents services provided by Global Portfolio Strategies, Inc. (GPSI). These services are discussed in greater detail in the Form ADV within the section titled Fiduciary Consulting Services for Defined Benefit Retirement Plans.

If you would like a copy of our FORM ADV Part 2A or if you have any questions please contact your InvestmentStrategist or call (860) 534-7790.

Second Quarter 2021

County Commissioners of Charles County, Maryland

2

Three Months 5.06%Plan Year-to-Date 25.90%One Year 25.90%Three Years 11.36% Five Years 10.78%Ten Years 9.05%

July 1 Plan Year

For Institutional Plan Sponsor Use Only; Not for Use with Participants

The US economy is in the middle of a boom, with GDP expanding at the fastest growth rate since the early 1980s. Second quarter real GDP could expand at an annual rate of close to 10%, with full-year GDP growth likely to exceed 7%. The economy is firing on all cylinders. Consumer spending and housing are booming, while business investment and manufacturing are growing at the fastest pace in many years.

Financial markets benefitted from strong economic growth, very low interest rates, extremely accommodative central bank policies, booming company profits, and substantial progress on the public health front. During the three months ending June 30, world financial markets posted another positive quarter, with all major asset classes in the black. Domestic stocks outperformed international stocks, while growth stocks outperformed value stocks following two quarters of underperformance. Domestic equities continue to outperform fixed income with the S&P 500 registering a total return of 9% for the quarter, while the Bloomberg Barclays US Aggregate return was 1.83%. Speculative-grade corporate bonds were the best performing sector of the fixed-income market.

NET DOLLAR WEIGHTED RATES OF RETURN

GLOBAL PORTFOLIO STRATEGIES, INC., A PRUDENTIAL FINANCIAL COMPANY15769 7/23/2021

Large Cap Equity30.32%

Intl Equity11.95%

Mid-Cap Equity6.17%Small Cap Equity

8.00%

Real Estate5.16%

Guaranteed Deposit12.61%

Int-Term Fixed25.80%

Large Cap Equity29%

Intl Equity12%

Mid-Cap Equity6%Small Cap Equity

8%

Real Estate5%

Guaranteed Deposit

15%

Int-Term Fixed25%

As you can see in the accompanying charts, your plan's current asset mix is in line with its long-term investment strategy. Therefore, no adjustments are needed at this time to rebalance your plan.

Total Assets $302,204,360Equity 56.43%, Real Estate 5.16%, Fixed Income 38.41% Equity 55%, Real Estate 5%, Fixed Income 40%

-20%-10%

0%10%20%30%40%50%60%

9/16

12/1

6

3/17

6/17

9/17

12/1

7

3/18

6/18

9/18

12/1

8

3/19

6/19

9/19

12/1

9

3/20

6/20

9/20

12/2

0

3/21

6/21

Rat

e of

Ret

urn

12-Month Period Ending

Performance Comparisons S&P 500 BCIGCB

Your Plan EAFE

NCREIF

QUARTERLY UPDATE

NEXT STEPS

June 30, 2021 Status of Assets Long-Term Strategy

0.050.0

100.0150.0200.0250.0300.0350.0

06/16 06/17 06/18 06/19 06/20 06/21

Dol

lar A

mou

nt (M

illio

ns)

Portfolio Growth Versus Net Contributions

Earnings Assets Plus Net Cash Flow

$239.755 $302.204 $232.532 $218.575 $201.821 $179.915

JUNE 30, 2021 NET PERFORMANCE RESULTS

Lazaro E. Guzman, CFA, Vice President, (860) 534-4193

Global Portfolio Strategies, Inc. CHARLES COUNTY PENSION PLAN

3

3 Mos. YTD 1 YR 3 YRS 5 YRS 10 YRSDOMESTIC EQUITY - LARGE CAPITALIZATION Dryden S&P 500 Index Fund Blend $30,523,082 06/30/2021 12/31/1987 8.49 15.11 40.49 18.42 17.39 14.59 N/A Large Cap Growth / MFS Fund Growth $31,443,483 06/30/2021 10/27/2003 12.51 12.85 35.03 23.20 22.93 16.58 N/A Large Cap Value / LSV Asset Management Value $29,648,826 06/30/2021 07/28/2002 4.91 22.58 50.80 10.18 11.86 11.83 N/A S&P 500 Index 06/30/2021 8.55 15.25 40.79 18.67 17.65 14.84 N/A Russell 1000 Index 06/30/2021 8.54 14.95 43.07 19.16 17.99 14.90 N/A Russell 1000 Growth Index 06/30/2021 11.93 12.99 42.50 25.14 23.66 17.87 N/A Russell 1000 Value Index 06/30/2021 5.21 17.05 43.68 12.42 11.87 11.61 N/ADOMESTIC EQUITY - MID-CAPITALIZATION Mid Cap Growth I Fund (managed by Ivy) Growth $9,471,048 06/30/2021 06/30/2004 9.18 11.21 48.34 27.64 25.38 16.68 N/A Mid Cap Value / Integrity Fund Value $9,174,235 06/30/2021 05/23/2005 4.58 20.72 59.12 11.30 12.49 11.72 N/A Russell Midcap Index 06/30/2021 7.50 16.25 49.80 16.45 15.62 13.24 N/A Russell Midcap Growth Index 06/30/2021 11.07 10.44 43.77 22.39 20.52 15.13 N/A Russell Midcap Value Index 06/30/2021 5.66 19.45 53.06 11.86 11.79 11.75 N/ADOMESTIC EQUITY - SMALL CAPITALIZATION Small Cap Growth / TimesSquare Fund Growth $12,113,841 06/30/2021 12/04/1997 4.56 5.24 41.61 16.65 18.33 13.74 N/A Small Cap Value / Silvercrest Asset Management Fund Value $12,056,045 06/30/2021 12/05/1997 3.36 19.44 57.64 9.61 12.20 10.56 N/A Russell 2000 Index 06/30/2021 4.29 17.54 62.03 13.52 16.47 12.34 N/A Russell 2000 Growth Index 06/30/2021 3.92 8.98 51.36 15.94 18.76 13.52 N/A Russell 2000 Value Index 06/30/2021 4.56 26.69 73.28 10.27 13.62 10.85 N/AINTERNATIONAL EQUITY International Blend / AQR Fund Blend $36,116,841 06/30/2021 12/05/1997 3.67 10.70 33.38 6.68 8.23 5.10 N/A MSCI EAFE Index (net) 06/30/2021 5.17 8.83 32.35 8.27 10.28 5.89 N/AREAL ESTATE PRISA Equity Real Estate $6,603,474 03/31/2021 06/30/2004 1.92 1.92 2.17 4.85 5.86 9.26 N/A Real Estate / Cohen & Steers Fund Real Estate $8,981,746 06/30/2021 03/26/2002 12.00 20.98 37.84 13.79 9.32 11.41 N/A NFI-Open End Diversified Core Equity 03/31/2021 1.89 1.89 1.47 3.96 5.26 8.67 N/A FTSE NAREIT All Equity REITs 06/30/2021 12.03 21.35 32.80 11.97 8.10 10.29 N/AFIXED INCOME Guaranteed Deposit Guaranteed $38,110,341 06/30/2021 N/A N/A N/A N/A N/A N/A N/A N/A High Grade Bond / GSAM Fund Fixed Income $31,713,755 06/30/2021 09/30/1999 2.05 -1.76 0.58 5.63 3.26 3.66 N/A Core Plus Bond / PGIM Fund Fixed Income $32,212,072 06/30/2021 07/19/2002 3.31 -1.40 3.31 6.43 4.54 4.31 N/A Private Placement Fund Private Placement $14,035,569 06/30/2021 12/31/1977 2.96 -0.36 4.04 5.32 3.76 3.60 N/A iMoneyNet Taxable Money Funds Index 06/30/2021 N/A 0.01 0.02 1.01 0.93 0.48 N/A Bloomberg Barclays U.S. Aggregate Bond Index 06/30/2021 1.83 -1.60 -0.33 5.34 3.03 3.39 N/A Bloomberg Barclays U.S. Corporate High Yield Index 06/30/2021 2.74 3.62 15.37 7.45 7.48 6.66 N/A TOTAL PLAN ASSETS $302,204,360

CUMULATIVE RETURNS AVERAGE ANNUAL TOTAL RETURNS

Since Inception Return

Inception DateFUND NAME Account Description

Plan Assets as of 06/30/21

Performance as of Date

JUNE 30, 2021 NET PERFORMANCE RESULTSLazaro E. Guzman, CFA, Vice President, (860) 534-4193

(1) - Denotes funds on the Due Diligence Advisor Program Watch List for reasons that may include performance related concerns and /or fund manager organizational changes.x - MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products. # - This fund is closed to new investors.See important information on the following pages.

For Institutional Plan Sponsor Use Only; Not for Use with Participants

15769 7/23/2021

Global Portfolio Strategies, Inc. CHARLES COUNTY PENSION PLAN

4

Global Portfolio Strategies, Inc.

For Plan Sponsor and Financial Professional Use Only; Not for Use with Participants

The performance quoted represents past performance. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Past performance does not guarantee future results. Current performance may be lower or higher than the performance data quoted. For performance information current to the most recent month end, please call 1-877-778-2100 or visit our website at www.prudential.com. While past performance is never an indication of future results, short periods of performance may be particularly unrepresentative of long-term performance.

Investors should consider the fund’s investment objectives, risks, charges and expenses before investing. The prospectus, and if available the summary prospectus, contain complete information about the investment options available through your plan. Please call 1-877-778-2100 for a free prospectus and if available, a summary prospectus that contain this and other information about our mutual funds. You should read the prospectus and the summary prospectus, if available carefully before investing. It is possible to lose money when investing in securities.

Data presented is as of the period specified for this report, unless otherwise specified within a table heading. Data and expense ratios presented are the most current made available at the time of production. For mutual funds, the fund company may have more recent data available on its website. Price corrections that impact performance data may occur after production of this material.

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 funds and other investment products or securities offered by Prudential Retirement or its affiliates. Investment vehicles sponsored or managed by a Prudential Retirement affiliate generate more revenue for the Prudential enterprise than non-proprietary investment vehicles. Prudential Retirement's sales personnel generally receive greater compensation if plan assets are invested in proprietary investment vehicles. Prudential Retirement may benefit directly from the difference between investment earnings of Prudential Retirement's stable value funds and the amount credited to deposits in those funds. Prudential Retirement may also benefit from broker-dealer or other entities’ co-sponsorship of Prudential conferences.

FootnotesAll returns are net of the highest level of management fees charged for the separate account and net of other operational expenses and are before any contract charges, if any, unless noted otherwise. Historical returns reflect actual account performance. Performance is representative of each separate account’s investment management discipline. All returns are deemed accurate at the time of reporting but are subject to change. For more information, please contact your Prudential Retirement Investment Representative. The performance information provided in this document is provided for the use of plan sponsors and investment professional use only.

Part 2A of the Form ADV of Global Portfolio Strategies, Inc. is available without charge upon request.

Clients should be aware that if they purchase products from any of our affiliated entities, that in addition to our agreed upon fees, additional revenue may be generated for those affiliated entities for the sale of those products or services.

(1) This fund is currently on the Due Diligence Advisor Program Watch List for reasons that may include performance related concerns and/or fund manager organizational changes.

Keep in mind that application of asset allocation and diversification concepts does not ensure a profit or protect against loss in a declining market. It is possible to lose money by investing in securities.

The information in this report has been provided by Prudential Retirement Insurance and Annuity Company (“PRIAC”) and has not been independently verified by Global Portfolio Strategies, Inc.

Outside fund information offered through other firms was provided by the fund’s custodian or from publicly available sources. Global Portfolio Strategies, Inc. urges its clients to compare information provided in this statement to statements from their qualified custodian or benefit plan service provider.

5


For Plan Sponsor and Financial Professional Use Only; Not for use with Participants

Footnotes (Continued) Shares of the registered mutual funds are offered by Prudential Investment Management Services LLC (PIMS), Newark, NJ . PIMS is a Prudential Financial company.

Separate accounts are insurance products issued by Prudential Retirement Insurance and Annuity Company, Hartford, CT, a Prudential Financial company.

The Guaranteed Deposit Account (GDA) is a group annuity product issued by Prudential Retirement Insurance and Annuity Company(PRIAC), Hartford, CT 06103. Amounts contributed to the contract are deposited in PRIAC’s general account. Payment obligations and the fulfillment of any guarantees specified in the group annuity contract are insurance claims supported by the full faith and credit of PRIAC. PRIAC periodically resets the interest rate credited on contract balances, subject to a minimum rate specified in the group annuity contract. Past interest rates are not indicative of future rates. This product is neither a mutual fund nor a bank product. The obligations of PRIAC are not insured by the FDIC or any other federal governmental agency. Contract form #GR9733 or state variation thereof.

Prudential Retirement is compensated in connection with this product by deducting an amount for investment expenses and risk from the investment experience of certain assets held in PRIAC’s general account. Prudential Retirement may earn fee revenue in addition to the foregoing compensation if your plan has agreed to pay Contract charges, which are sometimes paid in respect of plan and benefit recordkeeping, distribution services and any applicable elective services. For some plans, Prudential Retirement uses a portion of its aggregate compensation to satisfy the plan's request for allowances and for payments to defray plan expenses. If Prudential Retirement’s aggregate compensation from this product and from other plan investment products exceeds the costs of servicing your plan, Prudential Retirement earns a profit; otherwise we incur a loss.

Frequent exchanging between plan investment options may harm long-term investors. Your plan or the plan’s investment funds may have provisions to deter exchanges that may be abusive. These policies may require us to modify, restrict or suspend purchase or exchange privileges and/or impose redemption fees.

PRISA is an investment option structured as an insurance company separate account available under a group annuity contract issued by The Prudential Insurance Company of America (PICA), Newark NJ, a Prudential Financial company. Net fund-level returns are calculated by deducting aggregate fees that are collected from all its clients from income and appreciation gains.

For funds that are not part of Prudential Retirement Insurance and Annuity Company’s (PRIAC) Manager of Managers Program, PRIAC does not assume any responsibility to monitor their performance or to provide information regarding the funds. Each of those is the sole responsibility of the plan. To the extent PRIAC provides such information, it makes no warranty as to the accuracy of such information and makes no undertaking to continue to provide such information unless PRIAC agrees to continue to provide such information in writing. The decision to invest in a fund is the sole responsibility of the plan.

Global Portfolio Strategies Inc. (“GPSI”) is an investment adviser registered with the Securities and Exchange Commission (“SEC”) under the Investment Advisers Act of 1940.

© 2020 Prudential Financial, Inc. and its related entities. Prudential, the Prudential logo, and the Rock symbol are service marks of Prudential Financial,Inc., and its related entities, registered in many jurisdictions worldwide.

All Benchmark indices are unmanaged and cannot be invested in directly.

Source: Bloomberg Barclays Indices, POINT ©2020 Bloomberg Barclays Inc.: "Bloomberg Barclays and POINT are registered trademarks of Bloomberg Barclays Inc. or its affiliates".

Bloomberg Barclays Long U.S. Corporate Index: The index measures the performance of investment grade, US dollar-denominated, fixed-rate, taxable corporate bond market with maturities of 10 years and greater.

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

6


Bloomberg Barclays U.S. Corporate High-Yield Index: Measures the performance 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 issue zeros, Pay-in-kind (PIK) bonds, Fixed-rate and fixed-to-floating capital securities.

Bloomberg Barclays U.S. Gov/Credit Long Term Index: The Bloomberg Barclays US Government/Credit Bond Index is a broad-based flagship benchmark that measures the non-securitized component of the US Aggregate Index. It includes investment grade, US dollar-denominated, fixed-rate Treasuries, government-related and corporate securities.

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

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

60% Russell 3000 Index/40% Bloomberg Barclays U.S. Aggregate Bond Index: An unmanaged, weighted average composite Index that consists of the 60% Russell 3000 Index (60%) and the Bloomberg Barclays U.S. Aggregate Bond Index (40%).

FTSE NAREIT All Equity REITs Index: The index measures the performance of all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property that also meet minimum size and liquidity criteria. A REIT is a company that owns, and in most cases, operates income-producing real estate.

iMoneyNet Taxable Money Funds Index: Includes all taxable retail and institutional money funds. Consists of funds in the Treasury Retail, Treasury Institutional, Treasury & Repo Retail, Treasury & Repo Institutional, Government & Agency Retail, Government & Agency Institutional, First Tier Retail, First Tier Institutional, Second Tier Retail, and Second Tier Institutional categories.

The MSCI ACWI Index: The index measures the performance of the large and mid cap segments of the all country markets. It is free float- adjusted market–capitalization weighted.

MSCI EAFE Index (net): The MSCI EAFE Index is designed to represent the performance of large and mid-cap securities across 21 developed markets, including countries in Europe, Australasia and the Far East, excluding the U.S. and Canada. The Index is available for a number of regions, market segments/sizes and covers approximately 85% of the free float-adjusted market capitalization in each of the 21 countries.

MSCI Emerging Markets Index: Measures the performance of the large and mid cap segments of emerging market equity securities. It is free float-adjusted market-capitalization weighted.

Copyright MSCI 2020. All Rights Reserved. Without prior written permission of MSCI, this information and any other MSCI intellectual property may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used to create any financial instruments or products or any indices. This information is provided on an “as is” basis, and the user of this information assumes the entire risk of any use made of this information. Neither MSCI nor any third party involved in or related to the computing or compiling of the data makes any express or implied warranties, representations or guarantees concerning the MSCI index-related data, and in no event will MSCI or any third party have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) relating to any use of this information.

National Council of Real Estate Investment Fiduciaries (NCREIF) Open-End Diversified Core Equity Fund Index (NFI-ODCE): Is a quarterly time series composite total rate of return measure of investment performance of a very large pool of individual commercial real estate properties acquired in the private market for investment purposes only. All Properties in the NPI have been acquired, at least in part, on behalf of tax-exempt institutional investors - the great majority being pension funds. As such, all properties are held in a fiduciary environment.

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


7



Russell 1000® Index: Measures the performance of the large-cap segment of the US equity universe. It is a subset of the Russell 3000 Index and represents approximately 92% of the US market. It includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The index is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.

Russell 1000® Value Index: Measures the performance of the large-cap value segment of the US equity securities. It includes the Russell 1000 index companies with lower price-to-book ratios and lower expected growth values. It is market-capitalization weighted.

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

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

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

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

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

Russell Midcap® Index: Measures the performance of the mid-cap segment of the US equity universe. It is a subset of Russell 1000 index and includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The index represents approximately 31% of the total market capitalization of the Russell 1000 companies. It is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set.

Russell Midcap® Value Index: Measures the performance of the mid-cap value segment of the US equity universe. It includes Russell midcap index companies with lower price-to-book ratios and lower forecasted growth values. It is market-capitalization weighted.

Source: London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Goup"). ©LSE Group 2019. FTSE Russell is a trading name of certain of the LSE Group companies ["FTSE®" "Russell®", "FTSE Russell®", "MTS®", "FTSE4Good®", "ICB®", "Mergent®, The Yield Book®,"] 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 a trade 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 Group company 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 data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication."

S&P 500® Index: The S&P 500® is widely regarded as the best single gauge of large-cap U.S. equities. There is over USD 7.8 trillion benchmarked to the index, with index assets comprising approximately USD 2.2 trillion of this total. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization.

The S&P 500 Index is a product of S&P Dow Jones Indices LLC (“SPDJI”), and has been licensed for use by PRIAC. Standard & Poor’s®, S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by PRIAC. PRIAC's Product(s) is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.

1008213-0000 -00

8

Investment Review


Performance Results as of Second Quarter, 2021

Lazaro E. Guzman, CFA Vice President, Full Service Investments(860) 534-4193

For Financial Professional and Institutional Plan Sponsor Use Only - Not for use with Participants or the General Public

Past performance does not guarantee future results. This material is for plan sponsor and financial professional use only and cannot be reproduced or shown to members of the public. For Plan Sponsor or Consultant Use Only

These sections describe services provided solely by Prudential Retirement Insurance and Annuity

Company (PRIAC), and does not relate to investment advisory services provided by Global Portfolio

Strategies, Inc.


Second Quarter 2021

10

Second Quarter2021 Table of Contents

County Commissioners of Charles County,Maryland

Table of Contents

Disclosures, Footnotes and DefinitionsMarket CommentaryPlan SummaryInvestment Options ReviewAppendix


12

22

31

37

50

11

Second Quarter2021 Disclosures, Footnotes and Definitions


Disclosures, Footnotes and Definitions

The performance quoted represents past performance. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost.Past performance does not guarantee future results. Current performance may be lower or higher than the performance data quoted. For performance information current to the most recent month end,please call 1-877-778-2100 or visit our website at www.prudential.com. Past performance is not indicative of future performance and short periods of performance may be particularly unrepresentative oflong-term performance.


12



Disclosures1. For Manager of Managers Institutional Sub-Advised funds and Institutional Select Funds: Actual performance may be affected by the manager not being able to invest directly in a country prior to

satisfaction of that country's legal requirements.

2. Prudential Retirement's separate accounts are available under group variable annuity contracts issued by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT. PRIAC is aPrudential Financial company.

3. The Separate Account was established 10/27/2003. All performance results are net of the management fee for this Fund of 0.75%. Actual Fund performance is also net of other Fund operating expenses of0.014% for the prior calendar year. Such Fund operating expenses may reflect the benefit of a commission recapture program. Fee waivers of 0% are in place for this Fund. Actual performance shownreflects the imposition of the foregoing expenses and the benefit of any fee waivers and commission recaptures.



6. The Separate Account was established 12/4/1997. All performance results are net of the management fee for this Fund of 0.85%. Actual Fund performance is also net of other Fund operating expenses of0% for the prior calendar year. Such Fund operating expenses may reflect the benefit of a commission recapture program. Fee waivers of 0% are in place for this Fund. Actual performance shown reflectsthe imposition of the foregoing expenses and the benefit of any fee waivers and commission recaptures.

7. The Separate Account was established 12/5/1997. All performance results are net of the highest management fee for this Fund of 0.90%. Actual Fund performance is also net of other Fund operatingexpenses of 0% for the prior calendar year. Such Fund operating expenses may reflect the benefit of a commission recapture program. Fee waivers of 0% are in place for this Fund. Actual performanceshown reflects the imposition of the foregoing expenses and the benefit of any fee waivers and commission recaptures.






13





14. The Separate Account was established 9/30/1999. All performance results are net of the highest management fee for this Fund of 0.40%. Actual Fund performance is also net of other Fund operatingexpenses of 0.031% for the prior calendar year. Such Fund operating expenses may reflect the benefit of a commission recapture program. Fee waivers of 0% are in place for this Fund. Actualperformance shown reflects the imposition of the foregoing expenses and the benefit of any fee waivers and commission recaptures.

Some mutual funds and bank collective trusts, or their affiliates, compensate Prudential for selling their shares and servicing your retirement plan, as detailed in the Fact Sheet for that investment option. Forother investment options, the charges reflected in the Expense Ratio are typically deducted by Prudential in return for investment and record-keeping services, and product distribution. For some plans, thecharges also enable Prudential to satisfy the plan's request for allowances to defray plan expenses. Your retirement plan may not include investment options with lower fee structures or lower cost shareclasses in order to compensate Prudential, in the aggregate, for servicing your retirement plan.

Pricing for the plan sometimes includes contract charges. If included, the contract charges would reduce the performance shown. Contract charges are disclosed to the plan. Regarding plan participants, theexpense ratio shown in their statements and in the performance shown on their statements will reflect any contract charges imposed. The management fees, fund fees and contract charges compensatePrudential Retirement for the distribution and servicing associated with the plan. Other plan investment options may generate more or less revenue for Prudential Retirement than the fees associated with thefund the plan selects. If the aggregate revenue from the plan exceeds Prudential Retirement's associated costs, Prudential Retirement earns a profit. Otherwise, Prudential Retirement incurs a loss. Other plansinvesting in the Fund may have lower fees, but these are not available to the plan in order to compensate Prudential Retirement for distribution and plan servicing.

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 otherfees paid to it or its affiliates for managing, selling, or settling of the Prudential mutual funds and other investment products or securities offered by Prudential Retirement or its affiliates. Investment vehiclessponsored or managed by a Prudential Retirement affiliate generate more revenue for the Prudential enterprise than non-proprietary investment vehicles. Prudential Retirement's sales personnel generallyreceive greater compensation if plan assets are invested in proprietary investment vehicles. Prudential Retirement may benefit directly from the difference between investment earnings of PrudentialRetirement's stable value funds and the amount credited to deposits in those funds. Prudential Retirement may also benefit from broker-dealer or other entities' co-sponsorship of Prudential conferences.

Unregistered Insurance company separate accounts and collective investment trusts are investment vehicles available only to qualified retirement plans, such as 401(k) plans and government plans,and their participants. Unlike mutual funds and registered separate accounts, unregistered insurance company separate accounts and collective investment trusts are exempt from Securities andExchange Commission registration under both the Securities Act of 1933 and the Investment Company Act of 1940, but are subject to oversight by state banking or insurance regulators, as applicable.Therefore, investors are generally not entitled to the protections of the federal securities laws. Also, unlike mutual funds and registered separate accounts, unregistered insurance company separateaccounts and collective investment trusts are not offered by prospectus.

The Guaranteed Deposit Fund is a group annuity product issued by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT. Amounts contributed to the contract are deposited intoPRIAC's general account. Payment obligations and the fulfillment of any guarantees specified in the group annuity contract are insurance claims supported by the full faith and credit of PRIAC. PRIACperiodically resets the interest rate credited on contract balances, subject to a minimum rate specified in the group annuity contract. Past interest rates are not indicative of future rates. This product is neither amutual fund nor a bank product. PRIAC obligations are not insured by the FDIC or any other federal government agency. Contract form #GR9733 or state variation thereof.

Prudential Retirement is compensated in connection with this product by deducting an amount for investment expenses and risk from the investment of certain assets held in PRIAC's general account.Prudential Retirement may earn fee revenue plus the foregoing compensation if your plan has agreed to pay contract charges--which are sometimes paid with respect to plan/benefit recordkeeping, distributionservices and applicable elective services. For some plans, Prudential Retirement uses a portion of its aggregate compensation to satisfy the plan's request for allowances and for payments to defray planexpenses. If Prudential Retirement's aggregate compensation from this and other plan investment products exceeds the costs of servicing your plan, Prudential Retirement earns a profit; otherwise, there is aloss.


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At times Prudential Retirement solicits and/or receives financial support for certain of its conferences from investment advisory firms. Please contact your Prudential Retirement representative for moreinformation.

Explanation of Performance Information - The tables provide fund performance information, and other relevant performance and supplementary information concerning Institutional Sub-Advised, InstitutionalSelect and Proprietary Funds if applicable. For Institutional Sub-Advised and Institutional Select Funds, the PRIAC Separate Accounts hold the investment securities. Prudential Retirement Insurance andAnnuity Company (PRIAC) assumes no responsibility for monitoring performance of the investment manager of any Institutional Select Fund.

Investing in securities involves risk, including the possible loss of principal. Unforeseen market conditions have the potential to maximize losses. Investors are urged to carefully consider their personalrisk tolerance, retirement time horizon, and willingness to weather severe market downturns before making investment decisions.

Frequent exchanging of investment options may harm long-term investors. Policies may be in effect at the plan or the investment level to detect and deter exchanges that may be abusive. Such policies mayrequire us to modify, restrict, suspend or terminate purchase or exchange privileges and impose redemption fees. Please refer to the prospectus, if available for the investment, for information on thesepotential restrictions and any applicable redemption fees. Otherwise, please contact your Prudential Representative.

Prudential Retirement Insurance and Annuity Company and PGIM are Prudential Financial companies. PGIM is a registered investment adviser.

Certain information contained herein may constitute "forward-looking statements," (including observations about markets and industry and regulatory trends as of the original date of this document). Due tovarious risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. As a result, you should not rely on such forward-lookingstatements in making any decisions. No representation or warranty is made as to future performance or such forward-looking statements. These materials are not intended as an offer or solicitation with respectto the purchase or sale of any security or other financial instrument or any investment management services and should not be used as the basis for any investment decision. Past performance is not aguarantee or a reliable indicator of future results.

Benchmark indices are unmanaged and cannot be invested in directly.

Data presented is as of the period specified for this report, unless otherwise specified within a table heading. Data and expense ratios presented are the most current made available at the time of production.For mutual funds, the fund company may have more recent data available on its website. Price corrections that impact performance data may occur after production of this material.

© 2021 Prudential Financial, Inc. and its related entities. Prudential, the Prudential logo, and the Rock symbol are service marks of Prudential Financial, Inc., and its related entities, registered in manyjurisdictions worldwide.


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Footnotes18. Effective 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 Separate Account.

Performance prior to 12/15/2014 reflects that of Pacific Investment Management Company, LLC.

19. Effective 12/8/2009, American Century Investment Management replaced Mellon Capital. Performance prior to 12/8/2009 represents Mellon Capital Management. Effective 3/27/2015, Silvercrest AssetManagement replaced American Century. Performance from 12/8/2009 to 3/27/2015 represents American Century. As a result of the manager replacement, the Fund's name changed to Small Cap Value /Silvercrest Asset Management Fund on the same date.

20. Effective 4/30/2013, MFS Investment Management replaced Neuberger Berman LLC as sub-adviser for this separate account. Performance from 12/17/2010 to 4/30/2013 reflects that of Neuberger BermanLLC. As a result of the sub-advised replacement, the Fund's name changed to Large Cap Growth / MFS Fund.

21. Effective 5/24/2013, the Cohen and Steers Realty Income Fund (Class I) Alliance Fund converted to an Institutional Sub-Advised structure. The Fund was renamed as the Real Estate / Cohen and SteersFund. Performance prior to 5/24/2013 is that of the Alliance Fund.

22. Effective on 12/21/18, the Mid Cap Growth / Waddell and Reed Fund was renamed to Mid Cap Growth I Fund (managed by Ivy). PRIAC was notified by Waddell and Reed that an internal realignmentoccurred in which certain Waddell and Reed Investment Management Company (WRIMCO) funds merged into their affiliate, Ivy Investment Management Company (IICO). Please note that the expenseratio charged by the Fund remains the same and is not be impacted by this change. 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 the manager for the Fund. Performance prior to 10/16/2013 is that of Goldman Sachs. As a result of the manager replacement and thechanges at Waddell and Reed, the Fund's name changed to Mid Cap Growth I Fund (managed by Ivy).

23. The S&P 500® Index is a product of S&P Dow Jones Indices LLC ("SPDJI"), and has been licensed for use by PRIAC. Standard & Poor's®, S&P® and S&P 500® are registered trademarks of Standard &Poor's Financial Services LLC ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI andsublicensed for certain purposes by PRIAC. Dryden S&P 500 Index Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such partiesmake any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.

24. These investments represent investments into a separate account. Returns, ratings, and rankings, if shown reflect the net expense ratio quoted. All returns are net of the management fees charged for theseparate account and net of other operational expenses, and if requested for inclusion in the report may also contain record keeping charges as described in your most recent illustrative revenue disclosure.


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Definitions5 Yr Treasury Avg Yield - Market yield on U.S. Treasury securities at 5-year constant maturity, quoted on investment basis.

Alpha - A measure of performance on a risk-adjusted basis. Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index used as a benchmark,since they are often considered to represent the market's movement as a whole. The excess returns of a fund relative to the return of a benchmark index is the fund's alpha.

Bloomberg Barclays Agency Index - The index measures the performance of native currency agency debentures from issuers, callable and non-callable agency securities that are publicly issued by U.S.government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. government. It is a subcomponent of the Government-Related Index and the U.S. Government Index aswell as a component of the U.S. Aggregate Index and the U.S. Universal Index.

Bloomberg Barclays Asset-Backed Securities Index - The Bloomberg Barclays U.S. Asset Backed Securities (ABS) Index measures the performance of ABS with the following collateral types: credit and chargecard, auto and utility loans. All securities have an average life of at least one year.

Bloomberg Barclays Treasury Bond Index - The index measures the performance of public obligations of the U.S. Treasury, including securities roll up to the U.S. Aggregate, U.S. Universal, and GlobalAggregate Indices.

Bloomberg Barclays U.S. Aggregate Bond Index - Measures the performance of investment grade, U.S. dollar-denominated, fixed-rate taxable 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 Barclays flagship indices, such as the multi-currency Global Aggregate Index andthe U.S. Universal Index, which includes high yield and emerging markets debt.

Bloomberg Barclays U.S. Corporate High-Yield Index - Measures the performance 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 issue zeros, Pay-in-kind (PIK) bonds, Fixed-rate and fixed-to-floating capital securities.

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

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

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 US Treasury Inflation Notes TR Index Value - The Index measures the performance of the U.S. treasury inflation-linked bond market. Securities must be rated investment grade as definedby the Index methodology. The principal and the interest of all constituent bonds must be inflation-linked and denominated in U.S. Dollars. Nominal U.S. Treasury bonds, floating rate bonds and STRIPS areexcluded.

Bloomberg Registered trademark - Source: Bloomberg Barclays Indices, POINT © 2020 Bloomberg Barclays Inc.: "Bloomberg Barclays and POINT are registered trademarks of Bloomberg Barclays Inc. or itsaffiliates".

Category Median - Prudential Retirement constructs Asset Class Categories using MPI Stylus, a product of Markov Processes International LLC, and data provided by MorningstarTM, Inc. Categories areconstructed by using the appropriate MorningstarTM, Inc. category. Category medians are then calculated using MPI Stylus and therefore may differ from those provided directly by MorningstarTM, Inc.


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Category Returns: Trailing Period Return Charts - In order to measure a fund's performance relative to a style specific benchmark and peer group or universe, funds and benchmarks are plotted relative to wherethey would rank within a given fund category. For example, the top line of the bar indicates the top 5th percentile return of the category. The 25th percentile return of the category is indicated by the second line.The median or 50th percentile return of the category is indicated by the third line. The 75th percentile return of the category is indicated by the fourth line. The bottom line of the bar indicates the 95th percentilereturn of the category.

FTSE NAREIT All Equity REITs - The FTSE NAREIT US Real Estate Index Series is designed to present investors with a comprehensive family of REIT performance indexes that spans the commercial realestate space across the US economy. The index series provides investors with exposure to all investment and property sectors. In addition, the more narrowly focused property sector and sub-sector indexesprovide the facility to concentrate commercial real estate exposure in more selected markets.The FTSE NAREIT Equity REITs index contains all Equity REITs not designated as Timber REITs or InfrastructureREITs.

FTSE NAREIT Equity REITs Index - The FTSE NAREIT US Real Estate Index Series is designed to present investors with a comprehensive family of REIT performance indexes that spans the commercial realestate space across the US economy. The index series provides investors with exposure to all investment and property sectors. In addition, the more narrowly focused property sector and sub-sector indexesprovide the facility to concentrate commercial real estate exposure in more selected markets.The FTSE NAREIT Equity REITs index contains all Equity REITs not designated as Timber REITsor InfrastructureREITs.

Gross Expense Ratio - The Total Gross Expense Ratio represents the percentage of fund assets paid for operating expenses and management fees. It typically includes the following types of fees: accounting,administrator, advisor, auditor, board of directors, custodial, distribution (12b-1), legal, organizational, professional, registration, shareholder reporting, sub-advisor, and transfer agency. The expense ratio does notreflect the fund's brokerage costs, fee waivers, or investor sales charges. Expense data is typically quoted with two decimal places; however, three decimal places will be displayed when values are available.

Indexes - Investors cannot invest directly in an index.

Lipper International Fund Index - The Lipper International Fund Index measures the performance of the 30 largest mutual funds in the international equity fund objective, as determined by Lipper, Inc. TheMorningstar category average represents a universe of funds with similar objectives

Lipper Large-Cap Core Funds Index - Represents the average of mutual funds in the Lipper Large Cap Core Universe. These funds, by portfolio practice, invest at least 75% of their equity assets in companieswith market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Large-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, comparedto the S&P 500 Index.

Lipper Large-Cap Growth Funds Index - Represents the average of mutual funds in the Lipper Large Cap Growth Universe. These funds, by portfolio practice, invest at least 75% of their equity assets incompanies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500Index. Large-cap growth funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P 500 Index.

Lipper Large-Cap Value Funds Index - Represents the average of mutual funds in the Lipper Large Cap Value Universe. These funds, by portfolio practice, invest at least 75% of their equity assets in companieswith market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Large-cap value funds typically have a below-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P 500 Index.

Lipper Mid-Cap Growth Funds Index - Represents the average of mutual funds in the Lipper Mid Cap Growth Universe. These funds, by portfolio practice, invest at least 75% of their equity assets in companieswith market capitalizations (on a three-year weighted basis) less than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Mid-capgrowth funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P MidCap 400 Index.

Lipper Mid-Cap Value Funds Index - Represents the average of mutual funds in the Lipper Mid Cap Value Universe. These funds, by portfolio practice, invest at least 75% of their equity assets in companies withmarket capitalizations (on a three-year weighted basis) less than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Mid-cap valuefunds typically have a below-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P MidCap 400 Index.


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Lipper Real Estate Funds Index - Represents the average of mutual funds in the Lipper Real Estate Universe. These funds, invest primarily in equity securities of domestic and foreign companies engaged in thereal estate industry.

Lipper Small-Cap Growth Funds Index - Represents the average of mutual funds in the Lipper Small Cap Growth Universe. These funds, by portfolio practice, invest at least 75% of their equity assets incompanies with market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of the S&P SuperComposite 1500 Index.Small-cap growth funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SmallCap 600 Index.

Lipper Small-Cap Value Funds Index - Represents the average of mutual funds in the Lipper Small Cap Value Universe. These funds, by portfolio practice, invest at least 75% of their equity assets in companieswith market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of S&P SuperComposite 1500 Index. Small-cap valuefunds typically have a below-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SmallCap 600 Index.

London Stock Exchange Group - Source: London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). © LSE Group [2021]. FTSE Russell is a trading name of certain of theLSE Group companies. "FTSE®" "Russell®", "FTSE Russell®", "FTSE4Good®" are trade marks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in theFTSE Russell indexes or data vest in the relevant LSE Group company 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 without the relevant LSE Group company's express written consent.The LSE Group does not promote, sponsor or endorse the content of this communication.

Meets Performance Criteria - Meets Performance criteria: Actively managed and enhanced index funds should outperform the index over the 3 or 5 year periods or maintain a top half ranking in the applicablepeer universe over the same time periods. Passively managed funds should outperform or underperform the index by no more than 50 basis points (0.50%) over the 3 or 5 year periods.

MSCI All Country World Ex United States Net Index - The MSCI ACWI ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excludingthe US) and 24Emerging Markets (EM) countries*. With 1,863 constituents, the index covers approximately 85% of the global equityopportunity set outside the US.

MSCI EAFE (net) - The MSCI EAFE Index is designed to represent the performance of large and mid-cap securities across 21 developed markets, including countries in Europe, Australasia and the Far East,excluding the U.S. and Canada. The Index is available for a number of regions, market segments/sizes and covers approximately 85% of the free float-adjusted market capitalization in each of the 21 countries.

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

MSCI Europe ex UK Net Dividend Index - The MSCI Europe ex UK Index captures large and mid cap representation across 14 Developed Markets (DM) countries in Europe*. With 342 constituents, the indexcovers approximately 85% of the free float-adjusted market capitalization across European Developed Markets excluding the UK.

MSCI FAMILY - Copyright MSCI 2021. All Rights Reserved. Without prior written permission of MSCI, this information and any other MSCI intellectual property may only be used for your internal use, may not bereproduced or redisseminated in any form and may not be used to create any financial instruments or products or any indices. This information is provided on an "as is" basis, and the user of this informationassumes the entire risk of any use made of this information. Neither MSCI nor any third party involved in or related to the computing or compiling of the data makes any express or implied warranties,representations or guarantees concerning the MSCI index-related data, and in no event will MSCI or any third party have any liability for any direct, indirect, special, punitive, consequential or any other damages(including lost profits) relating to any use of this information. Please see https://www.prudential.com/links/msci-disclosure for more information on the use of MSCI Index related data.

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

MSCI Pacific Ex Japan Net Dividend Index - The index measures the performance of the large and mid cap segments of the developed Pacific region, excluding Japan equity securities. It is free float-adjustedmarket-capitalization weighted.

MSCI United Kingdom Net Dividend Index - The MSCI United Kingdom Index is designed to measure the performance of the large and mid cap segments of the UK market. With 102 constituents, the indexcovers approximately 85% of the free float-adjusted market capitalization in the UK.


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Net Expense Ratio - The Total Net Expense Ratio represents fee charged against fund assets after adjustment for fee waivers if applicable. The Net Expense Ratio will equal the Gross Expense Ratio when nofee waivers are in place. Expense data is typically quoted with two decimal places; however, three decimal places will be displayed when values are available.

Risk - Also known as Standard deviation, Risk is a statistical measure of the degree of variability, or dispersion, of a portfolio's return around its average return over a specified time period. Investors can examinehistorical standard deviation in conjunction with historical returns in order to decide whether a portfolio's volatility would have been acceptable given the returns it produced. A higher standard deviation indicates awider dispersion of past returns and thus greater risk. Standard deviation does not indicate how a portfolio actually performed, but merely the volatility of its returns over time around their mean.

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

Russell 1000 Value Index - Measures the performance of the large-cap value segment of the US equity securities. It includes the Russell 1000 index 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 Russell 1000 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-cap growth segment of the US equity universe. It includes those Russell 2000 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-cap segment of the US equity universe. It is a subset of the Russell 3000 Index and it represents approximately 8% of the US market. It includesapproximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.

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

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

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

Russell Midcap® Index - Measures the performance of the mid-cap segment of the US equity universe. It is a subset of Russell 1000 index and includes approximately 800 of the smallest securities based on acombination of their market cap and current index membership. The index represents approximately 31% of the total market capitalization of the Russell 1000 companies. It is constructed to provide acomprehensive and unbiased barometer for the mid-cap segment. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-capopportunity set.

S&P 500 Information Technology - Comprises those companies included 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 single gauge of large-cap U.S. equities. There is over USD 7.8 trillion benchmarked to the index, with index assets comprising approximately USD2.2 trillion of this total. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization.

S&P 500 Industrials - The S&P 500® Industrials Index comprises those companies included in the S&P 500 that are classified as members of the GICS® industrials sector

S&P 500 Real Estate Sector TR - All components of the S&P 500® are assigned to at least one of 11 Select Sector Indices, which track major economic segments and are highly liquid benchmarks. Stockclassifications are based on the Global Industry Classification Standard (GICS®).


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S&P 500 Telecomm Service - The S&P 500® Telecommunication Services Index comprises those companies included in the S&P 500 that are classified as members of the GICS® telecommunication servicessector.

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

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

S&P 500-Financial Services - The S&P 500® Financials Index comprises those companies included in the S&P 500 that are classified as members of the GICS® financials sector.

S&P 500-Health Care - The S&P 500® Health Care Index comprises those companies included in the S&P 500 that are classified as members of the GICS® health care sector.

S&P 500-Materials and Processing - The index measures the performance of all those companies held in the S&P 500 index that are classified as a materials(sector) company using the Global IndustryClassification Standard(GICS) system.

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

S&P United States REIT - Measures the performance of investable universe of publicly traded real estate investment trusts domiciled in the United States.

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

Sharpe Ratio - The Sharpe ratio was developed by Nobel laureate William F. Sharpe and is used to help investors understand the return of an investment compared to its risk. The ratio is the average returnearned in excess of the risk-free rate per unit of volatility or total risk. Subtracting the risk-free rate from the mean return allows an investor to better isolate the profits associated with risk-taking activities.Generally, the greater the value of the Sharpe ratio, the more attractive the risk-adjusted return.


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Second Quarter2021 Market Commentary


Market Commentary

Certain information contained herein may constitute "forward-looking statements," (including observations about markets and industry and regulatory trends as of the original date of this document). Due to variousrisks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. As a result, you should not rely on such forward-looking statements inmaking any decisions. No representation or warranty is made as to future performance or such forward-looking statements. These materials are not intended as an offer or solicitation with respect to the purchaseor sale of any security or other financial instrument or any investment management services and should not be used as the basis for any investment decision. Past performance is not a guarantee or a reliableindicator of future resultsPast performance does not guarantee future results.


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Economic ReviewSource: Robert DeLucia, Consulting Economist, Prudential Retirement• The U.S. economy is in the middle of a boom, with GDP expected to close the quarter at an annual rate close to 10%, its fastest growth ratesince the early 1980s. The economy is firing on all cylinders, led by consumer spending and residential construction. There is an enormouspent-up demand being unleashed with the reopening of the economy while credit conditions are favorable, and the supply of unsold homesare at record lows. Business investment and manufacturing are also strong, with each growing at the fastest pace in many years.

• The current earnings cycle is on track to be the strongest in decades with company earnings growing by more than 40% this year. Firstquarter earnings per share (EPS) for companies in the S&P 500 increased by 50%. There is encouraging evidence that business investmentspending could be entering a new era of growth, as capital formation could grow by 15% both this year and in 2022. Strength in final demandand a need to modernize the capital stock by incorporating new technologies are the primary drivers of potential investment gains. Soaringcash flow and a very low cost of capital are additional factors.

• The current spike in inflation emanates from the abrupt reopening of the economy and the inability of disrupted supply chains to keep pacewith the surge in spending. The sharp rise in household and business expenditures on goods has triggered distortions in the supply ofmaterials and labor that should prove temporary until supply chains are gradually restored to normal.

• The sharp slowdown in job creation in recent months appears to be related to supply, rather than demand factors. A confluence ofidiosyncratic factors, mostly related to the pandemic, has caused the labor force to contract, strongly suggesting that the recent slowdown inhiring is likely to prove temporary.


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Financial Market Returns

FTSE NAREITEquity REITs

Index

Russell 2000Index

Russell MidCapIndex

S&P 500 Index Russell 1000Index

MSCI EAFE(net)

MSCI EmergingMarkets Index

BloombergBarclays

Corporate HighYield Index

BloombergBarclays US

Aggregate BondIndex

Ret

urn

(%)

Index

-20

0

20

40

60

80lQuarter t YTD n 1 Year r 3 Year t 5 Year

12.0

2 21.9

6

38.0

2

10.1

0

6.31

4.29

17.5

4

62.0

3

13.5

2

16.4

7

7.50

16.2

5

49.8

0

16.4

5

15.6

2

8.55 15

.25

40.7

9

18.6

7

17.6

5

8.54 14

.95

43.0

7

19.1

6

17.9

9

5.17 8.

83

32.3

5

8.27 10.2

8

5.12 7.

58

41.3

6

11.6

7

13.4

3

2.74 3.62

15.3

7

7.45

7.48

1.83

-1.6

0

-0.3

35.

34

3.03l

t

n

r

t

This chart is for illustration purposes only and is not meant to represent the performance of any investment. Investors cannot invest directly in an index.

• World financial markets continued to push higher during the second quarter, with all major asset classes posting positive returns. Financial markets benefitted from strong economic growth, low interest rates,accommodative central bank policies, booming company profits and substantial progress on the public health front.

• The S&P 500 posted its fifth consecutive quarter of gains, closing June at a record high. Equities benefitted from positive earnings and increased optimism around the economic recovery as widespread vaccinedistribution allowed many industries to reopen.

• Investment grade bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, advanced 1.8% during the second quarter. Following a rocky start to the year, the U.S. bond market recoveredsome of its losses, as interest rates declined through the quarter in response to mixed data surrounding the ongoing economic recovery.


24



Domestic Equity Style ReturnsQuarter

Larg

e(R

usse

ll10

00TM

Inde

x)

5.21 8.54 11.93

Mid

(Rus

sell

Mid

capTM

Inde

x)

5.66 7.50 11.07

Smal

l(R

usse

ll20

00TM

Inde

x)

4.56 4.29 3.92

Value Blend Growth

1 Year

Larg

e(R

usse

ll10

00TM

Inde

x)

43.68 43.07 42.50

Mid

(Rus

sell

Mid

capTM

Inde

x)

53.06 49.80 43.77

Smal

l(R

usse

ll20

00TM

Inde

x)

73.28 62.03 51.36

Value Blend Growth

3 Years

Larg

e(R

usse

ll10

00TM

Inde

x)

12.42 19.16 25.14

Mid

(Rus

sell

Mid

capTM

Inde

x)

11.86 16.45 22.39

Smal

l(R

usse

ll20

00TM

Inde

x)

10.27 13.52 15.94

Value Blend Growth

5 Years

Larg

e(R

usse

ll10

00TM

Inde

x)

11.87 17.99 23.66

Mid

(Rus

sell

Mid

capTM

Inde

x)

11.79 15.62 20.52

Smal

l(R

usse

ll20

00TM

Inde

x)

13.62 16.47 18.76

Value Blend Growth

YTD

Larg

e(R

usse

ll10

00TM

Inde

x)

17.05 14.95 12.99

Mid

(Rus

sell

Mid

capTM

Inde

x)

19.45 16.25 10.44

Smal

l(R

usse

ll20

00TM

Inde

x)

26.69 17.54 8.98

Value Blend Growth

This chart is for illustration purposes only and is not meant torepresent the performance of any investment. Investors cannotinvest directly in an index.

• The second quarter saw a stylistic rotation back to Growth stocks,as the dominant trend that favored Value stocks since late 2020faded. April and June were strong months for Growth stocks, as theTechnology sector rebounded, with four of the five members of the"FAANG" group among the list of top contributors to the Large Growthsegment.

• Small-cap stocks ended June with their ninth consecutive month ofgains, its longest monthly winning streak since December 1986. TheRussell 2000 Value beat the Russell 2000 Growth for the thirdconsecutive quarter, as the recent rally in the two "meme stocks"AMC and GameStop, have helped the Value index outperform itsGrowth counterpart.


25



S&P 500 Sector Performance

S&P 500-Energy

2.85

S&P 500-FinancialServices

11.28

S&P 500Real EstateSector TR

2.58

S&P 500Telecomm

Service

11.14

S&P 500Industrials

8.54

S&P 500Index

n/a

S&P 500-Materials

andProcessing

2.60

S&P 500InformationTechnology

27.42

S&P 500-Health Care

12.99

S&P 500-Consumer

Discretionary

12.28

S&P500-Consumer

Staples

5.86

S&P 500-Utilities

2.45% S&P500®Index

Ret

urn

(%)

Index

-20

0

20

40

60

80lQuarter t YTD n 1 Year

11.3

0

45.6

4

49.3

8

8.36

25.6

9

61.7

7

13.0

9 23.3

0 31.8

8

10.7

2 19.6

7

48.3

8

4.48

16.4

0

51.4

5

8.55 15

.25

40.7

9

4.97 14

.50

48.5

1

11.5

6

13.7

6

42.4

0

8.40 11

.85

27.9

2

6.95 10

.27

37.0

8

3.83 5.02

23.2

9

-0.4

1

2.38

15.7

7

l

t n


• The wide divergence in sector performance during the first quarter narrowed, with all the S&P 500 sectors posting positive performance except for Utilities. Real Estate was the best-performing sector, as housingprices rose across the country. The Technology sector rebounded after trailing nearly all other sectors in the first quarter, driven by stronger than expected earnings

• Energy continued to perform well and is the top performing sector for the first half of the year. Strong growth in oil and gas prices were driven by higher demand as the global economy reopens and worldwideactivity starts to return to normal.


26



International Index Returns

MSCI United KingdomNet Dividend Index

14.88

MSCI Europe ex UK NetDividend Index

45.33

MSCI Pacific Ex JapanNet Dividend Index

11.68

MSCI EAFE (net)

100.00

MSCI Emerging MarketsIndex

n/a

MSCI Japan NetDividend Index

23.18% MSCIEAFE™Index(net)

Ret

urn

(%)

Index

-10

0

10

20

30

40

50lQuarter t YTD n 1 Year r 3 Year t 5 Year p 10 Year

5.97

12.5

2

31.2

9

1.90 5.

70

3.68 7.

85 11.5

8

36.1

7

10.9

7

11.9

6

6.16

4.76

9.60

34.1

9

8.16 10

.43

5.54

5.17 8.

83

32.3

5

8.27 10

.28

5.89

5.12 7.

58

41.3

6

11.6

7

13.4

3

4.65

-0.2

8

1.28

24.8

4

7.24 10

.19

7.15

l

t

n

r

t

p


• International developed and emerging market equities registered modest gains for the quarter, continuing to lag U.S. equities on a relative basis. International markets have experienced slower market growthcompared to domestic markets mainly due to various delays in vaccine rollouts, which have shown strong improvement in June.

• European equities were the best performing component within International developed markets, supported by strong economic data. Many European countries were able to loosen restrictions on lockdowns asCovid-19 infections fell. United Kingdom equities also performed well, driven by a strong economic outlook and supportive fiscal and monetary policies.

• Japanese equities were the worst performing segment due to a slower vaccine roll-out and an increase in Covid-19 infections that delayed the lift of the state of emergency.


27



Fixed Income Returns

BloombergBarclays

Corporate HighYield Index

n/a

BloombergBarclays US TIPS

Index

n/a

BloombergBarclays Asset-

Backed SecuritiesIndex

2.41

BloombergBarclays US MBS

Index

27.34

BloombergBarclays Agency

Index

3.39

BloombergBarclays U.S.Credit Index

26.50

BloombergBarclays US

Aggregate BondIndex

100.00

BloombergBarclays Treasury

Bond Index

40.36%BloombergBarclays

Ret

urn

(%)

Index

-10

-5

0

5

10

15

20lQuarter t YTD n 1 Year

2.74 3.

62

15.3

7

3.25

1.73

6.51

0.34

0.18 1.

34

0.33

-0.7

7

-0.4

2

0.81

-0.8

0

-0.4

0

3.32

-1.2

8

2.99

1.83

-1.6

0

-0.3

3

1.75

-2.5

8

-3.2

2

l

t

n


• All major fixed income segments posted gains for the quarter with the Bloomberg Barclays U.S. Credit Index the best performing component of the Aggregate Index, as investment grade corporate issuesbenefitted from spread tightening.

• The Bloomberg Barclays Corporate High Yield Index had a strong quarter and is the best-performing segment within the domestic fixed-income market year-to-date. The fundamental health of the high yieldbond market continues to show strength as expectations for insolvencies and default forecasts remain low.

• The Bloomberg Barclays U.S. TIPS Index registered a positive 3.25% return during the second quarter as annualized inflation rates surged to their highest level in over a decade. The Bloomberg BarclaysTreasury Bond Index registered a positive return during the quarter supported by a decrease in Treasury rates as investors reacted to rumblings that the Federal Reserve may taper its bond buying program morequickly than anticipated.


28



U.S. Treasury Yield Curve

-0.4-0.3-0.2-0.1

00.10.2

6 Mos 1 Yr 3 Yrs 5 Yrs 10 Yrs 30 Yrs

Yiel

dSp

read

6/30

/21

- 3/3

0/21

0

0.5%

1.0%

1.5%

2.0%

2.5%

l 6/30/21 t 3/31/21 n 6/30/20

l l

l

l

l

l

t t

t

t

t

t

n n nn

n

n


• In the face of rising inflation and a bumpy economic recovery, the Federal Reserve (Fed) left rates unchanged at its most recent meeting in June, but signaled they expect to raise interest rates by late 2023.Although the Fed has consistently reaffirmed their belief that current inflation is transitory, they recognized the building inflation pressures by bringing forward rate increase expectations.

• Following the headlines out of the Federal Reserve meeting, the yield curve flattened as investors rotated out of shorter-dated bonds and into longer-dated Treasuries. The yield on the ten-year U.S. Treasurybond fell 29 basis points to 1.45% from a recent high of 1.74% in the first quarter.


29



Economic & Market Outlook• Aggregate spending and output are expected to surge over the next four quarters, with U.S. GDP expanding at the fastest pace in nearly 40years. Real GDP growth of 7% is expected in 2021 and 5% in 2022 while industrial production could expand by 5.5% this year and 3.5% in2022. Rapid economic growth, tight control over operating costs, solid productivity growth, and a return of pricing power mean that corporateprofitability could climb by a cumulative 60% over the next four quarters ending in March of next year.

• The world economy is positioned for its fastest period of growth in more than a decade with its first synchronized global recovery expectedin many years. The International Monetary Fund (IMF) projects global GDP growth of 6% this year and another 4.5% in 2022, well above itsnormal trendline growth of 3.5%. Expansionary forces already in place should spark a strong economic revival in all major economies, led byChina and the U.S. Europe should rebound strongly in the second half of this year, as vaccinations allow economies to reopen at a fasterpace.

• The primary wild card in the investment outlook is the direction of inflation. The trend in inflation will dictate the direction of bond yields, thetiming and magnitude of the monetary tightening cycle, and the sustainability of the economic expansion. The weight of evidence pointstoward rising inflation in both wages and selling prices over the next several years, with core consumer inflation expected to average 3.5%for all this year before slowing to 3% in 2022. The pace of wage growth is currently at 3% and should return to its pre-pandemic peak of 4%by the end of this year. Wages could climb at a rate of 5% to 6% in 2022, which would be the fastest growth rate in several decades.

• Fiscal policy support for the economy will peak this year and could fade rapidly in 2022 depending upon future legislation from Congress.Similar to monetary policy, fiscal policy should support the equity market for the remainder of this year but could become a significantheadwind for stocks as structural repercussions emerge over the next several years. Federal budget deficits will become more pronounced ina rising interest rate environment, with the national debt expected to increase to a projected 115% of GDP, the highest level since 1945.

• The outlook for global equities remains favorable as expectations for economic and earnings trends appear extremely promising, both short-term and long-term interest rates are depressed, and world central bank policies remain highly accommodative, especially outside the U.S.Value stocks are expected to outperform Growth stocks in an environment of rapid economic and profit growth, rising inflationaryexpectations, and higher bond yields. Global bonds are faced with significant challenges as rising market interest rates implies weak returnsand the potential to be among the worst years in bond market history.


30

Second Quarter2021 Plan Summary


Plan Summary


31



Executive SummaryCategory Percentile Ranks

Asset Class Fund Plan Assets % of Assets16

MeetsPerformance

Criteria15

DDA Rank17

03/31/2021Category Rank 1

YRCategory Rank 3

YRSCategory Rank 5

YRS

Guaranteed Deposit Fund $38,110,340.71 12.89% N/A -- -- -- --Stable Value

High Grade Bond / GSAM Fund1,2,14,24 $31,713,755.46 10.73% Yes 4 56 34 40Fixed Income -Intermediate Core Bond

Core Plus Bond / PGIM Fund1,2,12,18,24 $32,212,072.49 10.90% Yes 4 38 23 16Fixed Income -Intermediate Core-PlusBond

Private Placement Fund2,4,24 $14,035,569.18 4.75% Yes -- 81 18 54Fixed Income -Nontraditional Bond

Large Cap Value / LSV AssetManagement1,2,13,24 $29,648,825.76 10.03% Yes 4 18 75 52Large Cap - Value

Dryden S&P 500 Index Fund2,5,23,24 $30,523,082.07 10.33% Yes -- 51 29 28Large Cap - Blend

Large Cap Growth / MFS Fund1,2,3,20,24 $31,443,483.37 10.64% Yes 3 90 45 39Large Cap - Growth

Mid Cap Value / Integrity Fund1,2,10,24 $9,174,235.35 3.10% Yes 1 23 39 30Mid Cap - Value

Mid Cap Growth I Fund (managed byIvy)1,2,11,22,24 $9,471,047.54 3.20% Yes 1 27 9 10Mid Cap - Growth

Small Cap Value / Silvercrest AssetManagement Fund1,2,7,19,24 $12,056,045.40 4.08% Yes 3 84 44 48Small Cap - Value

Small Cap Growth / TimesSquareFund1,2,6,24 $12,113,840.83 4.10% Yes 3 88 63 66Small Cap - Growth

International Blend / AQR Fund1,2,8,24 $36,116,841.36 12.22% No 4 54 85 89International - Large Blend

Real Estate / Cohen & Steers Fund1,2,9,21,24 $8,981,745.86 3.04% Yes 1 25 16 10Sector - Domestic RealEstate

Total $295,600,885.38 100.0%

15. Meets Performance criteria: Actively managed and enhanced index funds should outperform the index over the 3 or 5 year periods or maintain a top half ranking in the applicable peer universe over thesame time periods. Passively managed funds should outperform or underperform the index by no more than 50 basis points (0.50%) over the 3 or 5 year periods.

16. The % of Total Assets represents the % of Total Assets reported in the table above and are unaudited.

17. The DDA Rank represents the quartile ranking assigned to the fund in the latest Due Diligence Advisor Program Report.


32



Plan SummaryAverage Annual Total Returns as of 06/30/2021

Fund 3 Month YTD 1 Year 3 Year 5 Year 10 YearSince

InceptionInception

Date Risk 5 YRSAlpha 5

YRSSharpe 5

YRS DDA Rank

GrossExpense

Ratio

NetExpense

RatioStable Value

Guaranteed Deposit Fund 0.64% 1.34% 2.92% 3.01% 3.25% 3.97% -- 01/01/1983 -- -- -- -- 0.60% 0.60%

Current Net Annualized Rate as of 01/01/2021: 1.50%

5 Yr Treasury Avg Yield 0.21% 0.36% 0.52% 1.44% 1.65% 1.44% -- -- 0.24% 0.00% 2.06% -- -- --Fixed Income - Intermediate Core BondFixed income investment (bond) funds are subject to interest rate risk; their value will decline as interest rates rise. Fund shares are not guaranteed by the U.S. Government.High Grade Bond / GSAM Fund1,2,14,24 2.05% -1.76% 0.58% 5.63% 3.26% 3.66% -- 09/30/1999 4.04% 0.00% 0.53% 4 0.431% 0.431%

Bloomberg Barclays US Aggregate BondIndex 1.83% -1.60% -0.33% 5.34% 3.03% 3.39% -- -- 3.25% 0.00% 0.58% -- -- --

Intermediate Core Bond Category Median 1.82% -1.31% 0.77% 5.34% 3.09% 3.37% -- -- 3.40% 0.13% 0.58% -- -- --Fixed Income - Intermediate Core-Plus BondFixed income investment (bond) funds are subject to interest rate risk; their value will decline as interest rates rise. Fund shares are not guaranteed by the U.S. Government.Core Plus Bond / PGIM Fund1,2,12,18,24 3.31% -1.40% 3.31% 6.43% 4.54% 4.31% -- 07/19/2002 5.41% 0.92% 0.64% 4 0.42% 0.42%

Bloomberg Barclays US Aggregate BondIndex 1.83% -1.60% -0.33% 5.34% 3.03% 3.39% -- -- 3.25% 0.00% 0.58% -- -- --

Intermediate Core Plus Bond CategoryMedian 2.11% -0.79% 2.69% 5.85% 3.74% 3.87% -- -- 3.95% 0.71% 0.67% -- -- --

Fixed Income - Nontraditional BondFixed income investment (bond) funds are subject to interest rate risk; their value will decline as interest rates rise. Fund shares are not guaranteed by the U.S. Government.Private Placement Fund2,4,24 (Closed) 2.96% -0.36% 4.04% 5.32% 3.76% 3.60% -- 12/31/1977 3.92% 0.29% 0.67% -- 0.304% 0.304%

Bloomberg Barclays U.S. Credit Index 3.32% -1.28% 2.99% 7.42% 4.63% 4.92% -- -- 5.57% 0.00% 0.64% -- -- --

Nontraditional Bond Category Median 1.29% 1.36% 7.11% 3.96% 3.84% 2.88% -- -- 5.04% 0.77% 0.57% -- -- --Large Cap - ValueInvestments in large cap funds are subject to market fluctuations and may lose value. The investment risks associated with these funds may be impacted by a variety of factors, including investment style,objective, holdings, and focus in particular industries. On average, investments in large cap funds may be considered more conservative than investments in small and mid-cap funds, potentially posing less overallvolatility in exchange for less aggressive growth potential.


33



Average Annual Total Returns as of 06/30/2021


InceptionInception


YRSSharpe 5

YRS DDA Rank

GrossExpense

Ratio

NetExpense

Ratio

Large Cap Value / LSV AssetManagement1,2,13,24 (Watch List) 4.94% 22.64% 50.95% 10.29% 11.97% 11.94% -- 07/28/2002 19.28% -1.34% 0.63% 4 0.664% 0.664%

Russell 1000 Value Index 5.21% 17.05% 43.68% 12.42% 11.87% 11.61% -- -- 16.20% 0.00% 0.71% -- -- --

Lipper Large-Cap Value Funds Index 5.64% 17.44% 44.19% 13.38% 13.44% 11.61% -- -- 16.23% -- 0.79% -- -- --

Large Value Category Median 5.39% 17.13% 42.34% 11.73% 12.02% 10.93% -- -- 16.29% 0.23% 0.71% -- -- --Large Cap - BlendInvestments in large cap funds are subject to market fluctuations and may lose value. The investment risks associated with these funds may be impacted by a variety of factors, including investment style,objective, holdings, and focus in particular industries. On average, investments in large cap funds may be considered more conservative than investments in small and mid-cap funds, potentially posing less overallvolatility in exchange for less aggressive growth potential.Dryden S&P 500 Index Fund2,5,23,24 8.49% 15.12% 40.52% 18.44% 17.41% 14.61% -- 12/31/1987 14.98% -0.20% 1.08% -- 0.19% 0.19%

S&P 500 Index 8.55% 15.25% 40.79% 18.67% 17.65% 14.84% -- -- 14.99% 0.00% 1.09% -- -- --

Russell 1000 Index 8.54% 14.95% 43.07% 19.16% 17.99% 14.90% -- -- 15.40% -- 1.08% -- -- --

Lipper Large-Cap Core Funds Index 7.62% 14.91% 39.85% 17.04% 16.57% 13.48% -- -- 14.79% -- 1.04% -- -- --

Large Blend Category Median 8.01% 15.01% 40.52% 17.03% 16.45% 13.47% -- -- 15.11% -1.04% 1.01% -- -- --Large Cap - GrowthInvestments in large cap funds are subject to market fluctuations and may lose value. The investment risks associated with these funds may be impacted by a variety of factors, including investment style,objective, holdings, and focus in particular industries. On average, investments in large cap funds may be considered more conservative than investments in small and mid-cap funds, potentially posing less overallvolatility in exchange for less aggressive growth potential.Large Cap Growth / MFS Fund1,2,3,20,24 12.52% 12.88% 35.09% 23.27% 22.99% 16.64% -- 10/27/2003 15.17% 1.04% 1.38% 3 0.764% 0.764%

Russell 1000 Growth Index 11.93% 12.99% 42.50% 25.14% 23.66% 17.87% -- -- 16.11% 0.00% 1.34% -- -- --

Lipper Large-Cap Growth Funds Index 11.87% 13.56% 41.90% 24.24% 23.62% 16.69% -- -- 15.99% -- 1.34% -- -- --

Large Growth Category Median 10.73% 12.61% 40.55% 22.83% 21.91% 16.20% -- -- 16.10% -0.82% 1.25% -- -- --Mid Cap - ValueSmall and mid-sized companies may present greater opportunities for capital appreciation, but may also involve greater risks than larger companies. As a result, the value of stocks issued by these companiesmay fluctuate more than stocks of larger issuers.Mid Cap Value / Integrity Fund1,2,10,24 4.59% 20.75% 59.20% 11.36% 12.55% 11.77% -- 05/23/2005 20.19% 0.07% 0.64% 1 0.761% 0.761%

Russell MidCap Value Index 5.66% 19.45% 53.06% 11.86% 11.79% 11.75% -- -- 18.60% 0.00% 0.64% -- -- --

Lipper Mid Cap Value Funds Index 5.02% 22.32% 61.28% 10.34% 11.16% 10.40% -- -- 20.03% -- 0.58% -- -- --

Mid-Cap Value Category Median 4.83% 19.88% 52.57% 10.67% 11.54% 10.49% -- -- 19.26% -0.28% 0.61% -- -- --


34





InceptionInception


YRSSharpe 5

YRS DDA Rank

GrossExpense

Ratio

NetExpense

RatioMid Cap - GrowthSmall and mid-sized companies may present greater opportunities for capital appreciation, but may also involve greater risks than larger companies. As a result, the value of stocks issued by these companiesmay fluctuate more than stocks of larger issuers.Mid Cap Growth I Fund (managed byIvy)1,2,11,22,24 9.20% 11.24% 48.41% 27.71% 25.44% 16.74% -- 06/30/2004 18.51% 3.53% 1.26% 1 0.80% 0.80%

Russell MidCap Growth Index 11.07% 10.44% 43.77% 22.39% 20.52% 15.13% -- -- 17.61% 0.00% 1.09% -- -- --

Lipper Mid-Cap Growth Funds Index 7.64% 8.78% 40.83% 21.00% 20.42% 14.04% -- -- 17.50% -- 1.09% -- -- --

Mid-Cap Growth Category Median 7.64% 9.04% 43.94% 21.19% 20.00% 14.47% -- -- 17.97% 0.10% 1.06% -- -- --Small Cap - ValueSmall and mid-sized companies may present greater opportunities for capital appreciation, but may also involve greater risks than larger companies. As a result, the value of stocks issued by these companiesmay fluctuate more than stocks of larger issuers.Small Cap Value / Silvercrest AssetManagement Fund1,2,7,19,24 3.36% 19.44% 57.64% 9.61% 12.20% 10.56% -- 12/05/1997 21.86% -0.79% 0.59% 3 0.90% 0.90%

Russell 2000 Value Index 4.56% 26.69% 73.28% 10.27% 13.62% 10.85% -- -- 22.32% 0.00% 0.64% -- -- --

Lipper Small-Cap Value Funds Index 4.54% 28.15% 71.76% 9.03% 12.34% 9.75% -- -- 22.48% -- 0.58% -- -- --

Small Value Category Median 4.16% 25.57% 70.16% 9.21% 12.07% 10.09% -- -- 22.67% -1.34% 0.57% -- -- --Small Cap - GrowthSmall and mid-sized companies may present greater opportunities for capital appreciation, but may also involve greater risks than larger companies. As a result, the value of stocks issued by these companiesmay fluctuate more than stocks of larger issuers.Small Cap Growth / TimesSquareFund1,2,6,24 4.57% 5.26% 41.68% 16.71% 18.39% 13.80% -- 12/04/1997 21.21% -0.09% 0.85% 3 0.85% 0.85%

Russell 2000 Growth Index 3.92% 8.98% 51.36% 15.94% 18.76% 13.52% -- -- 20.81% 0.00% 0.88% -- -- --

Lipper Small-Cap Growth Funds Index 5.72% 10.41% 48.87% 19.21% 20.87% 14.03% -- -- 19.48% -- 1.02% -- -- --

Small Growth Category Median 4.87% 9.66% 51.07% 18.82% 20.73% 14.07% -- -- 20.43% 2.88% 0.98% -- -- --International - Large BlendInvestments in large cap funds are subject to market fluctuations and may lose value. The investment risks associated with these funds may be impacted by a variety of factors, including investment style,objective, holdings, and focus in particular industries. On average, investments in large cap funds may be considered more conservative than investments in small and mid-cap funds, potentially posing less overallvolatility in exchange for less aggressive growth potential.Investing in foreign securities presents certain unique risks not associated with domestic investments, such as currency fluctuation and political and economic changes. This may result in greater share pricevolatility.International Blend / AQR Fund1,2,8,24 3.70% 10.75% 33.51% 6.79% 8.34% 5.20% -- 12/05/1997 15.69% -2.09% 0.52% 4 0.956% 0.956%


35





InceptionInception


YRSSharpe 5

YRS DDA Rank

GrossExpense

Ratio

NetExpense

Ratio

MSCI EAFE (net) 5.17% 8.83% 32.35% 8.27% 10.28% 5.89% -- -- 14.66% 0.00% 0.66% -- -- --

MSCI All Country World Ex United StatesNet Index 5.48% 9.16% 35.72% 9.38% 11.08% 5.45% -- -- 14.59% -- 0.72% -- -- --

Lipper International Fund Index 5.89% 9.69% 35.74% 10.05% 11.40% 6.57% -- -- 14.92% -- 0.73% -- -- --

Foreign Large Blend Category Median 5.17% 9.08% 33.92% 8.65% 10.28% 5.79% -- -- 14.96% 0.03% 0.65% -- -- --Sector - Domestic Real EstateSector funds are subject to risks within their specific sectors because they concentrate their investments in securities of companies within certain industries. Therefore, the price of these securities can be volatile.The real estate industry is greatly affected by economic downturns that may persist as well as changes in property values, interest rates, taxes, environmental issues and regulatory developments.Real Estate / Cohen & Steers Fund1,2,9,21,24 12.04% 21.07% 38.04% 13.97% 9.48% 11.55% -- 03/26/2002 15.75% 1.29% 0.59% 1 0.75% 0.75%

FTSE NAREIT All Equity REITs 12.03% 21.35% 32.80% 11.97% 8.10% 10.29% -- -- 15.61% 0.00% 0.51% -- -- --

S&P United States REIT TR USD 11.94% 21.70% 37.82% 9.95% 6.13% 9.24% -- -- 16.88% -- 0.37% -- -- --

Lipper Real Estate Funds Index 11.25% 20.09% 36.14% 11.50% 7.69% 9.36% -- -- 15.18% -- 0.49% -- -- --

Real Estate Category Median 12.16% 20.94% 35.71% 11.47% 6.96% 9.17% -- -- 15.38% -0.95% 0.44% -- -- --


36

Second Quarter2021 Investment Options Review


Investment Options Review

The Category Rank shown in the following sections are provided by Prudential Retirement. To create these rankings, Prudential uses MPI Stylus, a software product of Markov Processes International LLC, anddata from Morningstar's open-end universe. With MPI Stylus, Asset Class Categories are created based on the category information from Morningstar. Each Asset Class Category is a group of funds with similarinvestment objectives. Prudential assigns an Asset Class designation to each of the funds on our platform. Prudential then compares the total return performance of each of the funds on our platform against thetotal return performance of funds in the corresponding Asset Class Category for various time periods. This allows Prudential to create percentile rankings for each fund for each time period within the Asset ClassCategory.

The Asset Class Category against which a fund is ranked is identified at the bottom of each section with the words Category Median following the Asset Class Category name. For more information on how manyfunds are in each Asset Class Category, please refer to the Number of Funds In Category section below. All total return performance data used includes all expenses charged at the fund level. Contract charges,which are assessed at the plan level, are not included. If included, contract charges would lower the performance and therefore change a fund's percentile rankings.

Category rankings assigned by Prudential may differ from those provided directly by MorningstarTM, Inc. Prudential Retirement, Morningstar and Markov Processes International are not affiliated entities.


37



Fixed Income - Intermediate Core Bond



InceptionInception


YRSSharpe 5

YRS DDA Rank

GrossExpense

Ratio

NetExpense

Ratio

l High Grade Bond / GSAM Fund 2.05% -1.76% 0.58% 5.63% 3.26% 3.66% -- 09/30/1999 4.04% 0.00% 0.53% 4 0.431% 0.431%

Return Rank 25 82 56 34 40 28 -- -- 93 59 65 -- -- --

tBloomberg Barclays US AggregateBond Index 1.83% -1.60% -0.33% 5.34% 3.03% 3.39% -- -- 3.25% 0.00% 0.58% -- -- --

Intermediate Core Bond CategoryMedian 1.82% -1.31% 0.77% 5.34% 3.09% 3.37% -- -- 3.40% 0.13% 0.58% -- -- --

No. Of Funds In Category 436 433 424 413 387 358 -- -- -- -- -- -- -- --

Category Returns: Trailing Period Returns as of 06/30/2021

1 Year 3 Year 5 Year 10 Year

Ret

urn

(%)

-2

0

2

4

6

85ᵗʰ to 25ᵗʰ Percentile 25ᵗʰ to Median Median to 75ᵗʰ Percentile 75ᵗʰ to 95ᵗʰ Percentile

l

l

l l

t

t

t t

l

l

ll

t

t

tt

Risk Return Analysis: Trailing 5 Years Ended 06/30/2021

1 2 3 4 5 6 7

1

2

3

4

5

Standard Deviation

Ret

urns

(%) l

tl

t

Source: MorningstarTM Fixed Income - Intermediate Core-Plus Bond Category for creating asset class universe.Source: MorningstarTM Intermediate Core Bond Category for creating asset class universe.


38



Fixed Income - Intermediate Core-Plus Bond



InceptionInception


YRSSharpe 5

YRS DDA Rank

GrossExpense

Ratio

NetExpense

Ratio

l Core Plus Bond / PGIM Fund 3.31% -1.40% 3.31% 6.43% 4.54% 4.31% -- 07/19/2002 5.41% 0.92% 0.64% 4 0.42% 0.42%

Return Rank 1 82 38 23 16 23 -- -- 97 39 58 -- -- --

tBloomberg Barclays US AggregateBond Index 1.83% -1.60% -0.33% 5.34% 3.03% 3.39% -- -- 3.25% 0.00% 0.58% -- -- --

Intermediate Core Plus Bond CategoryMedian 2.11% -0.79% 2.69% 5.85% 3.74% 3.87% -- -- 3.95% 0.71% 0.67% -- -- --




Ret

urn

(%)

-2

0

2

4

6


l

l

l l

t

t

t tl

l

l l

t

t

tt


0 2 4 6 8 10

2

4

6

8

Standard Deviation

Ret

urns

(%)

l

t

l

t


39



Fixed Income - Nontraditional Bond



InceptionInception


YRSSharpe 5

YRS DDA Rank

GrossExpense

Ratio

NetExpense

Ratio

l Private Placement Fund (Closed) 2.96% -0.36% 4.04% 5.32% 3.76% 3.60% -- 12/31/1977 3.92% 0.29% 0.67% -- 0.304% 0.304%

Return Rank 6 79 81 18 54 21 -- -- 30 65 36 -- -- --

t Bloomberg Barclays U.S. Credit Index 3.32% -1.28% 2.99% 7.42% 4.63% 4.92% -- -- 5.57% 0.00% 0.64% -- -- --

Nontraditional Bond Category Median 1.29% 1.36% 7.11% 3.96% 3.84% 2.88% -- -- 5.04% 0.77% 0.57% -- -- --




Ret

urn

(%)

-5

0

5

10

15


ll

l lt

t

t tll

l lt

t

t t


2 4 6 8 10 12 14

0

5

10

15

Standard Deviation

Ret

urns

(%)

lt

lt

Source: MorningstarTM Nontraditional Bond Category for creating asset class universe.


40



Large Cap - Value



InceptionInception


YRSSharpe 5

YRS DDA Rank

GrossExpense

Ratio

NetExpense

Ratio

lLarge Cap Value / LSV AssetManagement (Watch List) 4.94% 22.64% 50.95% 10.29% 11.97% 11.94% -- 07/28/2002 19.28% -1.34% 0.63% 4 0.664% 0.664%

Return Rank 68 8 18 75 52 20 -- -- 93 82 79 -- -- --

t Russell 1000 Value Index 5.21% 17.05% 43.68% 12.42% 11.87% 11.61% -- -- 16.20% 0.00% 0.71% -- -- --

n Lipper Large-Cap Value Funds Index 5.64% 17.44% 44.19% 13.38% 13.44% 11.61% -- -- 16.23% -- 0.79% -- -- --

Large Value Category Median 5.39% 17.13% 42.34% 11.73% 12.02% 10.93% -- -- 16.29% 0.23% 0.71% -- -- --




Ret

urn

(%)

0

20

40

60


l

l l l

n

n n n

t

t t t

l

l l l

n

n n n

t

t t t


10 15 20 25 30 35

5

10

15

20

25

Standard Deviation

Ret

urns

(%)

ltn

ltn

Source: MorningstarTM Large Value Category for creating asset class universe.


41



Large Cap - Blend



InceptionInception


YRSSharpe 5

YRS DDA Rank

GrossExpense

Ratio

NetExpense

Ratio

l Dryden S&P 500 Index Fund 8.49% 15.12% 40.52% 18.44% 17.41% 14.61% -- 12/31/1987 14.98% -0.20% 1.08% -- 0.19% 0.19%

Return Rank 28 46 51 29 28 17 -- -- 41 28 24 -- -- --

t S&P 500 Index 8.55% 15.25% 40.79% 18.67% 17.65% 14.84% -- -- 14.99% 0.00% 1.09% -- -- --

n Lipper Large-Cap Core Funds Index 7.62% 14.91% 39.85% 17.04% 16.57% 13.48% -- -- 14.79% -- 1.04% -- -- --

Large Blend Category Median 8.01% 15.01% 40.52% 17.03% 16.45% 13.47% -- -- 15.11% -1.04% 1.01% -- -- --




Ret

urn

(%)

0

10

20

30

40

50


l

l ll

n

n nn

t

t tt

l

l ll

n

n nn

t

t tt


10 15 20 25 30

5

10

15

20

25

30

Standard Deviation

Ret

urns

(%)

ltnltn

Source: MorningstarTM Large Blend Category for creating asset class universe.


42



Large Cap - Growth



InceptionInception


YRSSharpe 5

YRS DDA Rank

GrossExpense

Ratio

NetExpense

Ratio

l Large Cap Growth / MFS Fund 12.52% 12.88% 35.09% 23.27% 22.99% 16.64% -- 10/27/2003 15.17% 1.04% 1.38% 3 0.764% 0.764%

Return Rank 17 45 90 45 39 38 -- -- 19 22 18 -- -- --

t Russell 1000 Growth Index 11.93% 12.99% 42.50% 25.14% 23.66% 17.87% -- -- 16.11% 0.00% 1.34% -- -- --

n Lipper Large-Cap Growth Funds Index 11.87% 13.56% 41.90% 24.24% 23.62% 16.69% -- -- 15.99% -- 1.34% -- -- --

Large Growth Category Median 10.73% 12.61% 40.55% 22.83% 21.91% 16.20% -- -- 16.10% -0.82% 1.25% -- -- --




Ret

urn

(%)

10

20

30

40

50


l

l l

l

n

n n

n

t

t t

t

l

l l

l

n

n n

n

t

t t

t


10 15 20 25 30 35

20

30

40

50

Standard Deviation

Ret

urns

(%)

ltnl tn

Source: MorningstarTM Large Growth Category for creating asset class universe.


43



Mid Cap - Value



InceptionInception


YRSSharpe 5

YRS DDA Rank

GrossExpense

Ratio

NetExpense

Ratio

l Mid Cap Value / Integrity Fund 4.59% 20.75% 59.20% 11.36% 12.55% 11.77% -- 05/23/2005 20.19% 0.07% 0.64% 1 0.761% 0.761%

Return Rank 59 43 23 39 30 13 -- -- 71 42 38 -- -- --

t Russell MidCap Value Index 5.66% 19.45% 53.06% 11.86% 11.79% 11.75% -- -- 18.60% 0.00% 0.64% -- -- --

n Lipper Mid Cap Value Funds Index 5.02% 22.32% 61.28% 10.34% 11.16% 10.40% -- -- 20.03% -- 0.58% -- -- --

Mid-Cap Value Category Median 4.83% 19.88% 52.57% 10.67% 11.54% 10.49% -- -- 19.26% -0.28% 0.61% -- -- --




Ret

urn

(%)

0

20

40

60


l

l l l

n

n n n

t

t t t

l

l l l

n

n n n

t

t t t


10 15 20 25 30 35

7.5

10

12.5

15

17.5

20

Standard Deviation

Ret

urns

(%)

ltn

ltn

Source: MorningstarTM Mid-Cap Value Category for creating asset class universe.


44



Mid Cap - Growth



InceptionInception


YRSSharpe 5

YRS DDA Rank

GrossExpense

Ratio

NetExpense

Ratio

lMid Cap Growth I Fund (managed byIvy) 9.20% 11.24% 48.41% 27.71% 25.44% 16.74% -- 06/30/2004 18.51% 3.53% 1.26% 1 0.80% 0.80%

Return Rank 24 25 27 9 10 7 -- -- 67 8 5 -- -- --

t Russell MidCap Growth Index 11.07% 10.44% 43.77% 22.39% 20.52% 15.13% -- -- 17.61% 0.00% 1.09% -- -- --

n Lipper Mid-Cap Growth Funds Index 7.64% 8.78% 40.83% 21.00% 20.42% 14.04% -- -- 17.50% -- 1.09% -- -- --

Mid-Cap Growth Category Median 7.64% 9.04% 43.94% 21.19% 20.00% 14.47% -- -- 17.97% 0.10% 1.06% -- -- --




Ret

urn

(%)

0

20

40

60


l

l l

l

n

n nn

t

t tt

l

l l

l

n

n n

n

t

t tt


10 15 20 25 30 35

20

30

40

50

Standard Deviation

Ret

urns

(%)

l

tn

l

tn

Source: MorningstarTM Mid-Cap Growth Category for creating asset class universe.


45



Small Cap - Value



InceptionInception


YRSSharpe 5

YRS DDA Rank

GrossExpense

Ratio

NetExpense

Ratio

lSmall Cap Value / Silvercrest AssetManagement Fund 3.36% 19.44% 57.64% 9.61% 12.20% 10.56% -- 12/05/1997 21.86% -0.79% 0.59% 3 0.90% 0.90%

Return Rank 70 91 84 44 48 36 -- -- 27 41 42 -- -- --

t Russell 2000 Value Index 4.56% 26.69% 73.28% 10.27% 13.62% 10.85% -- -- 22.32% 0.00% 0.64% -- -- --

n Lipper Small-Cap Value Funds Index 4.54% 28.15% 71.76% 9.03% 12.34% 9.75% -- -- 22.48% -- 0.58% -- -- --

Small Value Category Median 4.16% 25.57% 70.16% 9.21% 12.07% 10.09% -- -- 22.67% -1.34% 0.57% -- -- --




Ret

urn

(%)

0

20

40

60

80

100


l

l l l

n

n n n

t

t t t

l

l l l

n

n n n

t

t t t


10 15 20 25 30 35

10

15

20

25

Standard Deviation

Ret

urns

(%)

ltnltn

Source: MorningstarTM Small Value Category for creating asset class universe.


46



Small Cap - Growth



InceptionInception


YRSSharpe 5

YRS DDA Rank

GrossExpense

Ratio

NetExpense

Ratio

l Small Cap Growth / TimesSquare Fund 4.57% 5.26% 41.68% 16.71% 18.39% 13.80% -- 12/04/1997 21.21% -0.09% 0.85% 3 0.85% 0.85%

Return Rank 58 85 88 63 66 58 -- -- 76 77 75 -- -- --

t Russell 2000 Growth Index 3.92% 8.98% 51.36% 15.94% 18.76% 13.52% -- -- 20.81% 0.00% 0.88% -- -- --

n Lipper Small-Cap Growth Funds Index 5.72% 10.41% 48.87% 19.21% 20.87% 14.03% -- -- 19.48% -- 1.02% -- -- --

Small Growth Category Median 4.87% 9.66% 51.07% 18.82% 20.73% 14.07% -- -- 20.43% 2.88% 0.98% -- -- --




Ret

urn

(%)

0

20

40

60


l

l ll

n

n nn

t

t tt

l

l ll

n

n n

n

t

tt

t


10 15 20 25 30 35 40

0

10

20

30

40

50

Standard Deviation

Ret

urns

(%)

ltn

ltn

Source: MorningstarTM Small Growth Category for creating asset class universe.


47



International - Large Blend



InceptionInception


YRSSharpe 5

YRS DDA Rank

GrossExpense

Ratio

NetExpense

Ratio

l International Blend / AQR Fund 3.70% 10.75% 33.51% 6.79% 8.34% 5.20% -- 12/05/1997 15.69% -2.09% 0.52% 4 0.956% 0.956%

Return Rank 90 20 54 85 89 75 -- -- 77 94 92 -- -- --

t MSCI EAFE (net) 5.17% 8.83% 32.35% 8.27% 10.28% 5.89% -- -- 14.66% 0.00% 0.66% -- -- --

n Lipper International Fund Index 5.89% 9.69% 35.74% 10.05% 11.40% 6.57% -- -- 14.92% -- 0.73% -- -- --

Foreign Large Blend Category Median 5.17% 9.08% 33.92% 8.65% 10.28% 5.79% -- -- 14.96% 0.03% 0.65% -- -- --




Ret

urn

(%)

0

10

20

30

40


l

l ll

t

t tt

n

n nn

l

ll

l

t

tt

t

n

n n

n


10 15 20 25 30 35

0

5

10

15

20

Standard Deviation

Ret

urns

(%)

ltn

l

tn

Source: MorningstarTM Foreign Large Blend Category for creating asset class universe.


48



Sector - Domestic Real Estate



InceptionInception


YRSSharpe 5

YRS DDA Rank

GrossExpense

Ratio

NetExpense

Ratio

l Real Estate / Cohen & Steers Fund 12.04% 21.07% 38.04% 13.97% 9.48% 11.55% -- 03/26/2002 15.75% 1.29% 0.59% 1 0.75% 0.75%

Return Rank 57 48 25 16 10 2 -- -- 60 14 12 -- -- --

t FTSE NAREIT All Equity REITs 12.03% 21.35% 32.80% 11.97% 8.10% 10.29% -- -- 15.61% 0.00% 0.51% -- -- --

n Lipper Real Estate Funds Index 11.25% 20.09% 36.14% 11.50% 7.69% 9.36% -- -- 15.18% -- 0.49% -- -- --

Real Estate Category Median 12.16% 20.94% 35.71% 11.47% 6.96% 9.17% -- -- 15.38% -0.95% 0.44% -- -- --




Ret

urn

(%)

0

10

20

30

40


l

ll

l

n

nn n

t

tt

t

l

l

ll

n

n

nn

t

t

tt


10 12 14 16 18 20 22

0

5

10

15

20

25

Standard Deviation

Ret

urns

(%)

ltnltn

Source: MorningstarTM Real Estate Category for creating asset class universe.


49

Second Quarter2021 Appendix


Appendix


50

International Blend / Lazard FundA Manager of Managers Institutional Sub-Advised Separate Account Second Quarter 2021 Fund Fact Sheet

Key FactsInvestment Advisor Lazard Asset

Management LLCAsset Class International - Large

BlendPrimary Index MSCI EAFE (net)Broad Based Index MSCI ACWI ex USA

IndexNet Assets $838.4 MillionInception Date 08/16/2010Net Expense Ratio 1.028%Morningstar Category Foreign Large BlendMorningstar OverallRating™

«

Overall # of Funds inMorningstar Category

673

Portfolio Manager(s) Management Team Due Diligence QuartileRank

4

DUE DILIGENCE QUARTILE RATING The DueDiligence Advisor ProgramSM employs adisciplined process to identify, evaluate, andmonitor investment offerings that are highlycompetitive and that meet the varied investmentrequirements of the retirement plan sponsors andtheir employees, as well as the requirements ofoutside retirement plan consultants that may beinvolved with the plan. The "Due DiligenceQuartile Rank" provides an overall rank for eachmanager within the relevant style universe (e.g.,Large Cap Stock - Growth). Each fund covered bythe Program is assessed on the basis of nominaland risk adjusted returns, and downside andrelative risk (versus an appropriate benchmark).For funds that have been in existence for morethan five years, only actual performance will beused in the evaluation process. For funds inexistence less than five years, the fund manager'scomposite performance is included in theevaluation. Composite performance is not actualperformance and not reflective of any specificinvestment but is comprised of accounts that aremanaged in a substantially similar strategy as thisseparate account. These metrics are weightedbased on 1-, 3- and 5-year results, with greatestemphasis placed on long term timeframes. Theresulting criteria are then used to generate anoverall rating that determines a quartiledistribution for the Fund within its peer group on aquarterly basis. The Due Diligence Quartile Rankshown is based on the latest available DueDiligence Analysis as of 3/31/2021 and assumesno contract charges are imposed. This Fund wasrated against 85 funds in the Lipper InternationalLarge-Cap Core / Lipper International Multi-CapCore universe. Overall Morningstar Rating as of quarter ending6/30/2021. The Morningstar Rating shown is forthis expense ratio and assumes no contractcharges are imposed. Other expense ratios mayhave different performance characteristics. ©2021Morningstar, Inc. All Rights Reserved. AdditionalMorningstar information is available in thisfactsheet.

Description / ObjectiveThe Separate Account (the “Fund”) is sub-advised by Lazard Asset Management (the “Manager”)according to the Lazard International Equity Select with Emerging Markets strategy which seeks togenerate strong relative returns over a full market cycle by investing in companies with strongand/or improving financial productivity at attractive valuations. The strategy typically invests in40-70 securities of non-US companies, including those from emerging markets, with a marketcapitalization generally of $5 billion or greater. It strives to outperform its secondary benchmark,the MSCI All Country World ex-US Index, by 3.0% over a full market cycle.There is no assurance the objectives will be met.Investments in large cap funds are subject to market fluctuations and may lose value. Theinvestment risks associated with these funds may be impacted by a variety of factors, includinginvestment style, objective, holdings, and focus in particular industries. On average, investmentsin large cap funds may be considered more conservative than investments in small and mid-capfunds, potentially posing less overall volatility in exchange for less aggressive growth potential.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 06/30/2021SAMSUNG ELECTRONICS CO LTD 3.05%TENCENT HOLDINGS LTD 2.66%ABB LTD 2.50%RELX PLC 2.36%SANOFI-AVENTIS 2.36%

Top Five Countries As of 06/30/2021United Kingdom 11.27%France 11.26%Japan 11.10%China 8.95%Germany 6.08%

Holdings and Country allocations are ranked as a percentage of net assets and subject to changewithout notice.Portfolio Allocation As of 06/30/2021

International Equity 96.56%Cash 1.78%US Equity 1.66%

Characteristics As of 06/30/2021 Fund IndexWeighted Median MarketCap ($Bil)

49.30 46.70

Price/Earnings Ratio(Forward)

16.04x 16.49x

Price/Book Ratio 2.36x 1.88x3-5 Year EPS Growth (%) 19.72 15.84Number of Holdings - Long 72 845

100153151

International Blend / Lazard FundA Manager of Managers Institutional Sub-Advised Separate Account Second Quarter 2021 Fund Fact Sheet - Page 2

Performance (%) As of 06/30/2021 Cumulative

Returns Average Annual Total Returns

QTD YTD 1 Year 3 Year 5 Year 10 Year

SinceInception

Fund 3.66 4.70 28.59 6.62 7.86 3.05 --Primary Index 5.17 8.83 32.35 8.27 10.28 5.89Broad Based Index 5.48 9.16 35.72 9.38 11.08 5.45Morningstar Rating™ «« « «# of Funds in Category 673 579 385Effective 7/31/2014, Lazard Asset Management replaced Thornburg Investment Management,Inc. as the manager for the Fund. Performance since 8/17/2010 up until 7/31/2014 representsThornburg Management, Inc. As a result of the manager replacement, the Fund's name changedto International Blend / Lazard Fund.Fund Fees Reflected in Performance. The Separate Account was established 8/16/2010.Currently all performance results are net of the highest management fee for this Fund of1.00%. Actual Fund performance is also net of other Fund operating expenses of 0.028% forthe prior calendar year. Such Fund operating expenses may reflect the benefit of acommission recapture program. Fee waivers of 0% 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.Guidelines / Approach / AdvantageADVANTAGEThe Fund is managed by a tenured and experienced portfolio team at Lazard. The staff issupported by the deep research resources at the firm, including sector experts and Lazard’s highlysuccessful Emerging Market equity platform. The Fund uses a relative value approach to invest instocks with low valuation and high or improving financial productivity. By doing so, the strategyaims to participate in up markets by exploiting market inefficiencies, while relying on valuationdiscounts and return on equity premiums to help defend in down and flat markets. The disciplineseeks to deliver a consistent long term pattern of performance to investors.GUIDELINES:> The Fund will primarily invest in common stocks and other equity securities of companiesorganized or conducting business in foreign countries, as defined by MSCI All Country World exU.S. Index country set. Permissible securities include, but are not limited to securities treated ascommon stock, preferred stock, convertible preferred stock, ADRs, GDRs, ORDs, rights, warrants,REITs, Private Placements, Rule 144A Issues, and Tax Exempt securities.Concentration Limits> Up to 20% of the Fund’s assets can be invested in each of the following: REITs, tax-exemptsecurities, rights and warrants, common stock securities based in the U.S., preferred andconvertible preferred stock.> A maximum 10% of Fund assets can be allocated to private placements and Rule 144a issues> At least 70% of the Fund assets must be invested in International Stock ORDs.> Will not invest more than 5% of Fund assets in securities of any one issuer at the time of initialpurchase. > The number of holdings will range from 40-80 stocks. > Allocation to any one sector, industry or country will not exceed +15% relative to thecorresponding weighting in the Benchmark (based upon S&P or MSCI definitions).> Allocation to Emerging Markets (i.e. countries within the MSCI Emerging Markets or MSCIFrontier Markets Indices) shall be within +/- 15% relative to the benchmark weight at all times. > The portfolio will have a minimum market cap of $2 billion at the security level at time of initialpurchase.> At all times, purchase of common stock shall not exceed 10% of the outstanding shares of anyone company.

Morningstar Volatility Rank As of 06/30/2021Investment

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.Regional Allocation As of 06/30/2021Europe 51.52%Asia and Pacific Rim 33.87%North America 9.04%Other 4.71%Africa and Middle East 0.87%Regional allocations are ranked as a percentageof net assets and subject to change without noticeAnnual Performance Fund Primary Index Broad Based

Index2020 8.02% 7.82% 10.65%2019 20.69% 22.01% 21.51%2018 -14.61% -13.79% -14.20%2017 28.40% 25.03% 27.19%2016 -0.67% 1.00% 4.50%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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Prohibited Investments and Transactions:> Securities of Prudential Financial., Inc. or any of its subsidiaries or affiliates.> Collective investment vehicles or Invest Companies as defined in The Investment Company Actof 1940.> Purchase illiquid securities*> Purchase venture capital, unregistered or restricted securities not described above.> Direct investments in real estate, commodities or commodity contracts personal property, oil &gas or mineral exploration> Execute short sales> Purchase securities on margin.> Leverage at the Fund level> Purchase fixed income securities> Purchase of any derivative instruments> Purchase Exchange Traded Funds*An “illiquid” security generally is considered to be a security that cannot be sold within seven (7)days at the approximate price used by the Account’s Custodian in determining Net Asset ValueMorningstar RatingTM (Group Annuity- Variable Annuity Subaccounts) The MorningstarRating™ is provided for those group variable annuities with at least a three-year history. Ratingsare based on the group variable annuity's Morningstar Risk-Adjusted Return measure whichaccounts for variation in monthly performance, placing more emphasis on downward variationsand rewarding consistent performance. Morningstar compares each group variable annuity's risk-adjusted return to the open-end mutual fund rating breakpoints for that category. The groupvariable annuity Morningstar Rating does not affect the retail mutual fund data published byMorningstar. Consistent with the open-end mutual fund ratings, the top 10% of group variableannuities in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall MorningstarRating for each group variable annuity is derived from a weighted average of the performancefigures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics.Past performance is no guarantee of future results.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.For federal tax purposes, PRIAC/PICA owns the assets and the income in the separate accountand may derive certain corporate income tax benefits associated with the investment of separateaccount assets. Under current tax law, such benefits may include but not be limited to foreign taxcredits and the corporate dividends received deduction, which in either case PRIAC/PICA is theonly taxpayer eligible to claim such tax benefits.PRIAC Manager-of-Managers Institutional Sub-Advised Separate Accounts - With respect toseparate accounts designated by Prudential as Institutional Sub-Advised Funds under theManager-of-Managers Program, PRIAC acknowledges it is a fiduciary as defined by ERISASection 3(38), as amended, for the selection, monitoring, and, if necessary, the replacement of theinvestment manager. Selection or termination of the fund on a retirement plan's investment line-upis the sole responsibility of each retirement plan's fiduciary.Miscellaneous. Frequent exchanging of investment options may harm long-term investors.Policies may be in effect at the plan or the investment level to detect and deter exchanges thatmay be abusive. Such policies may require us to modify, restrict, suspend or terminate purchaseor exchange privileges and impose redemption fees. Indices are unmanaged and cannot beinvested in directly. See User Guide for index definitions and refer to the section entitled"Description of PRIAC Separate Accounts" for a description of PRIAC's role related to the type offund described in this Fact Sheet. The index shown, if applicable, in the Characteristics chart

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refers to the Primary Index.Data presented is as of the period specified for this report, unless otherwise specified within atable heading. Data and expense ratios presented are the most current made available at the timeof production. For mutual funds, the fund company may have more recent data available on itswebsite. Price corrections that impact performance data may occur after production of thismaterial.3-5 Year EPS Growth (%) Calculated by taking the mean of each security's estimated earningsper share (EPS) long term growth rate. The EPS long term growth rate for each security isdetermined by taking the mean of all of the brokers estimates for EPS long term growth persecurity.

Net Assets Balance data presented is the most current data available at the time of receipt,however some information may be presented on a lag. The data is deemed reliable but theaccuracy cannot be guaranteed. All balances are unaudited.

Net Expense Ratio The Total Net Expense Ratio represents fee charged against fund assetsafter adjustment for fee waivers if applicable. The Net Expense Ratio will equal the GrossExpense Ratio when no fee waivers are in place. Expense data is typically quoted with twodecimal places; however, three decimal places will be displayed when values are available.

Portfolio Allocation The pie chart illustrates how investment holdings breakdown into primaryinvestment types.

Portfolio Manager The name of the person(s) who determines which stocks, bonds and cashequivalents belong in the investment portfolio.

Price/Book Ratio Calculated as a weighted average of the price/book ratios of all stocks in theportfolio. This ratio is used to compare a stock's market value to its book value. It is calculated bydividing the current closing price of the stock by the latest quarter's book value per share. A lowerP/B ratio could mean that the stock is undervalued. However, it could also mean that something isfundamentally wrong with the company. As with most ratios, be aware that this varies by industry.

Price/Earnings Ratio (Forward) The price of a stock divided by next year's earnings per shareestimate. P/E multiples enable investors to compare the relative value of stocks within a portfolio;they show how much an investor must pay for a company's earning power. A lower portfolio P/Eratio indicates that the stocks in a portfolio are not highly-valued relative to the market. Growth-oriented investments tend to have higher P/E ratios than value-oriented investments as investorsexpect higher earnings growth from the underlying companies and are therefore willing to pay apremium price.

Weighted Median Market Cap ($Bil) Calculated by ranking all stocks in a portfolio in ascendingorder based on total market capitalization. Using the stock's weight in a portfolio, the weightedmedian value is the value belonging to the company straddling the 50% barrier.

For Financial Professional and Institutional Plan Sponsor Use Only - Not for use with Participants or the General Public© 2021 Prudential Financial, Inc. and its related entities. Prudential, the Prudential logo, and the Rock symbol are service marks of PrudentialFinancial, Inc., and its related entities, registered in many jurisdictions worldwide.

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International Blend / Pictet Asset Management FundA Manager of Managers Institutional Sub-Advised Separate Account Second Quarter 2021 Fund Fact Sheet

Key FactsInvestment Advisor Pictet Asset

ManagementAsset Class International - Large

BlendPrimary Index MSCI EAFE (net)Broad Based Index MSCI ACWI ex USA

IndexNet Assets $300.1 MillionInception Date 01/19/2007Net Expense Ratio 1.035%Morningstar Category Foreign Large BlendMorningstar OverallRating™

««


673

Portfolio Manager(s) Bartlomiej Dziedzic;Benjamin Beneche;

Fabio Paolini Due Diligence QuartileRank

4


Description / ObjectiveThe Separate Account (the “Fund”) is advised by Pictet Asset Management (PAM) following theirEAFE Equity strategy. The strategy seeks long-term capital appreciation.There is no assurance the objectives will be met.Investments in large cap funds are subject to market fluctuations and may lose value. Theinvestment risks associated with these funds may be impacted by a variety of factors, includinginvestment style, objective, holdings, and focus in particular industries. On average, investmentsin large cap funds may be considered more conservative than investments in small and mid-capfunds, potentially posing less overall volatility in exchange for less aggressive growth potential.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 06/30/2021NESTLE SA 4.13%INFORMA PLC 2.92%ASML HOLDING NV 2.79%ASAHI BREWERIES LTD 2.75%JULIUS BAER GROUP LTD 2.45%

Top Five Countries As of 06/30/2021Japan 23.96%United Kingdom 17.75%France 15.28%Switzerland 8.72%Netherlands 5.31%


International Equity 98.88%Cash 1.13%


18.54 46.70


18.90x 16.49x





SinceInception

Fund 2.55 7.81 38.49 4.66 8.37 5.21 --Primary Index 5.17 8.83 32.35 8.27 10.28 5.89Broad Based Index 5.48 9.16 35.72 9.38 11.08 5.45Morningstar Rating™ « « ««# of Funds in Category 673 579 385

Fund Fees Reflected in Performance. The Separate Account was established 1/19/2007.Currently all performance results are net of the highest management fee for this Fund of1.00%. Actual Fund performance is also net of other Fund operating expenses of 0.035% forthe prior calendar year. Such Fund operating expenses may reflect the benefit of acommission recapture program. Fee waivers of 0% 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.Guidelines / Approach / AdvantageADVANTAGE

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International Blend / Pictet Asset Management FundA Manager of Managers Institutional Sub-Advised Separate Account Second Quarter 2021 Fund Fact Sheet - Page 2

The investment manager’s philosophy is based on the opinion that markets revert towards fairvalue, but may greatly diverge from it at any point in time. The manager seeks to outperform itsbenchmarks through active management and focuses on a disciplined bottom-up fundamentalresearch to identify international companies with attractive valuations that have the ability todeliver growth above consensus expectations. The team is supported by seven global sectoranalysts with substantial industry experience. APPROACH The investment manager utilizes a disciplined, bottom-up, fundamental research process focusedon identifying companies with attractive valuations that can deliver above consensus earningsgrowth. The process begins with an initial screen by market capitalization and trading volume toreduce the investment universe from approximately 20,000 companies to a core research list ofabout 450 companies. Company visits, financial analysis, and valuation techniques are then usedto construct a portfolio of 80-90 stocks that include the best ideas from regional portfolios. Themanager employs a robust risk management process to control the risk in the portfolio and ensurethat active bets appropriately reflect the manager’s conviction. GUIDELINES The assets will be invested primarily in foreign common stocks and other equity securities ofissuers organized or conducting business in countries other than the United States. Equitysecurities include exchange-traded, over-the-counter (“OTC”) and unlisted common and preferredstocks, subscription rights, interests in government-owned or controlled enterprises, anddepositary receipts for foreign stocks. > The Fund will normally be fully invested (maximum 10% cash). > The Fund will typically hold between 80 and 90 securities. The Fund may hold more securities atany one point in time, but it should not hold less than 60 securities. > The manager may use options, futures, and forward contracts, but not in a manner whichleverages the portfolio. > Equity holdings in any single company should not exceed their weight in the benchmark by morethan 4% and should not exceed 5% of the outstanding stock issued by the Company. > Equity holdings in one sector should not exceed +- 10% of weightings in the MSCI EAFE Index. > Equity holdings in one region should not exceed +- 20% of weightings in the MSCI EAFE Index. > Allocations to small cap-stocks (companies with market capitalizations of $2 billion or less) willnot exceed 20% of the Fund’s market value. > Allocations to emerging markets will not exceed 10% of the Fund’s market value. > Illiquid securities, which are not readily marketable, may represent no more than 10% of theFund measured at market value. > Investments can include securities described in Rule 144A. > The Fund may not: > invest in companies for the purpose of exercising control or management; > make short sales of securities; or > purchase securities on margin. Morningstar RatingTM (Group Annuity- Variable Annuity Subaccounts) The MorningstarRating™ is provided for those group variable annuities with at least a three-year history. Ratingsare based on the group variable annuity's Morningstar Risk-Adjusted Return measure whichaccounts for variation in monthly performance, placing more emphasis on downward variationsand rewarding consistent performance. Morningstar compares each group variable annuity's risk-adjusted return to the open-end mutual fund rating breakpoints for that category. The groupvariable annuity Morningstar Rating does not affect the retail mutual fund data published byMorningstar. Consistent with the open-end mutual fund ratings, the top 10% of group variableannuities in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall MorningstarRating for each group variable annuity is derived from a weighted average of the performancefigures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics.Past performance is no guarantee of future results.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 by


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 06/30/2021Europe 62.60%Asia and Pacific Rim 37.02%Other 0.39%Regional allocations are ranked as a percentageof net assets and subject to change without noticeAnnual Performance Fund Primary Index Broad Based

Index2020 5.38% 7.82% 10.65%2019 24.30% 22.01% 21.51%2018 -20.52% -13.79% -14.20%2017 27.44% 25.03% 27.19%2016 2.03% 1.00% 4.50%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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Prudential 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.For federal tax purposes, PRIAC/PICA owns the assets and the income in the separate accountand may derive certain corporate income tax benefits associated with the investment of separateaccount assets. Under current tax law, such benefits may include but not be limited to foreign taxcredits and the corporate dividends received deduction, which in either case PRIAC/PICA is theonly taxpayer eligible to claim such tax benefits.PRIAC Manager-of-Managers Institutional Sub-Advised Separate Accounts - With respect toseparate accounts designated by Prudential as Institutional Sub-Advised Funds under theManager-of-Managers Program, PRIAC acknowledges it is a fiduciary as defined by ERISASection 3(38), as amended, for the selection, monitoring, and, if necessary, the replacement of theinvestment manager. Selection or termination of the fund on a retirement plan's investment line-upis the sole responsibility of each retirement plan's fiduciary.Miscellaneous. Frequent exchanging of investment options may harm long-term investors.Policies may be in effect at the plan or the investment level to detect and deter exchanges thatmay be abusive. Such policies may require us to modify, restrict, suspend or terminate purchaseor exchange privileges and impose redemption fees. Indices are unmanaged and cannot beinvested in directly. See User Guide for index definitions and refer to the section entitled"Description of PRIAC Separate Accounts" for a description of PRIAC's role related to the type offund described in this Fact Sheet. The index shown, if applicable, in the Characteristics chartrefers to the Primary Index.Data presented is as of the period specified for this report, unless otherwise specified within atable heading. Data and expense ratios presented are the most current made available at the timeof production. For mutual funds, the fund company may have more recent data available on itswebsite. Price corrections that impact performance data may occur after production of thismaterial.3-5 Year EPS Growth (%) Calculated by taking the mean of each security's estimated earningsper share (EPS) long term growth rate. The EPS long term growth rate for each security isdetermined by taking the mean of all of the brokers estimates for EPS long term growth persecurity.








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International Blend Fund (sub-advised by Wellington Management)A Manager of Managers Institutional Sub-Advised Separate Account Second Quarter 2021 Fund Fact Sheet

Key FactsInvestment Advisor Wellington

ManagementCompany, LLP

Asset Class International - LargeBlend

Primary Index MSCI EAFE (net)Broad Based Index MSCI ACWI ex US

Growth NR USDNet Assets $483.3 MillionInception Date 02/24/2003Net Expense Ratio 1.05%Morningstar Category Foreign Large BlendMorningstar OverallRating™

«««


673

Portfolio Manager(s) Nicolas M.Choumenkovitch

Due Diligence QuartileRank

1


Description / ObjectiveThe Separate Account (the “Fund”) is advised by Wellington Management Company LLP. It seeksto provide long-term total returns in excess of the MSCI All Country World ex US Index. Theinvestment approach is driven by intensive fundamental research focused on companies withunique assets where opportunities to improve returns are misunderstood by the marketplace. TheFund is opportunistic in its stock selection, embracing ideas across the style spectrum, producingcore-like characteristics over time. Wellington Management is an independent and unaffiliated sub-advisor to Prudential.There is no assurance the objectives will be met.Investments in large cap funds are subject to market fluctuations and may lose value. Theinvestment risks associated with these funds may be impacted by a variety of factors, includinginvestment style, objective, holdings, and focus in particular industries. On average, investmentsin large cap funds may be considered more conservative than investments in small and mid-capfunds, potentially posing less overall volatility in exchange for less aggressive growth potential.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 06/30/2021ISHARES MSCI ACWI EX US ETF 3.02%ALIBABA GROUP HOLDING SP ADR 2.74%TAIWAN SEMICONDUCTOR 2.57%CELLNEX TELECOM SAU 2.28%ASTRAZENECA PLC 2.12%

Top Five Countries As of 06/30/2021Japan 14.68%United Kingdom 13.54%France 11.27%China 7.54%United States 6.62%


International Equity 92.68%US Equity 4.04%Cash 3.28%


52.70 46.70


19.40x 16.49x


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International Blend Fund (sub-advised by Wellington Management)A Manager of Managers Institutional Sub-Advised Separate Account Second Quarter 2021 Fund Fact Sheet - Page 2




SinceInception

Fund 4.82 5.64 34.90 10.05 10.70 5.83 --Primary Index 5.17 8.83 32.35 8.27 10.28 5.89Broad Based Index 6.60 6.52 33.68 13.23 13.37 7.28Morningstar Rating™ «««« ««« «««# of Funds in Category 673 579 385Effective 2/1/2012, Wellington Management Company, LLP ("Wellington") replaced Artio GlobalManagement LLC as the manager for the Fund. Performance from 2/1/2012 is that of Wellington.As a result of the manager replacement, the Fund's name changed to International Blend Fund(Sub-Advised by Wellington Management).Fund Fees Reflected in Performance. The Separate Account was established 2/24/2003.Currently all performance results are net of the highest management fee for this Fund of1.00%. Actual Fund performance is also net of other Fund operating expenses of 0.05% forthe prior calendar year. Such Fund operating expenses may reflect the benefit of acommission recapture program. Fee waivers of 0% 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.Guidelines / Approach / AdvantageADVANTAGEThe Fund provides exposure to international (foreign) equities. The investment team isopportunistic in its stock selection, embracing ideas across the style spectrum, producing core-likecharacteristics over time. It tries to identify compelling upside potential but diversified across abroad spectrum of growth rates, valuation levels, potential return drivers, countries and sectors. APPROACHThe investment management team’s approach is based on the following core beliefs:> Fundamental research is a distinct and sustainable competitive advantage.> Successful global investing requires in-depth, bottom-up company research, complemented bya clear understanding of industry and macroeconomic trends.> Return on capital is the most important driver of future stock returns. It provides a consistentmethodology for analyzing and valuing a broad universe of opportunities – across sectors andregions, and across a wide spectrum of growth rates and valuation levels.> A focus on a company’s assets (the balance sheet) and industry structure can provide earlyinsights on the potential for improving or sustaining returns as they are the drivers of future returnson capital.GUIDELINESThe below guidelines are the abbreviated investment parameters followed by the strategy andmay not include some or all of the investment prohibitions or operational restrictions. Thecomplete investment guidelines can be provided upon request.> The Fund is expected to be fully invested at all times. Up to 5% of the Fund assets may beinvested in cash or cash equivalents. Higher than maximum cash positions may exist for very briefperiods while trades clear, when new cash comes in and new positions are purchased.> The Fund primarily invests in common stocks and other equity securities of companiesorganized or conducting business in foreign countries. Such securities include, but are not limitedto, local shares, ADRs, GDRs, equity equivalents such as preferred stock, convertible preferred,warrants, rights that are convertible into common stock. Other eligible investments include REITS,IPOs, US domiciled issues traded on US or non-US exchanges, preferred stocks, swaps, marketaccess products, currency forwards, commodity contracts and Private Placements with thefollowing restrictions:


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.Regional Allocation As of 06/30/2021Europe 48.51%Asia and Pacific Rim 37.21%North America 11.95%Other 2.33%Africa and Middle East 0%Regional allocations are ranked as a percentageof net assets and subject to change without noticeAnnual Performance Fund Primary Index Broad Based

Index2020 19.36% 7.82% 22.20%2019 25.78% 22.01% 27.34%2018 -19.17% -13.79% -14.43%2017 24.63% 25.03% 32.01%2016 0.86% 1.00% 0.12%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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> Private Placements (including Rule 144A issues) will be limited to 10% of portfolio at time ofpurchase.> Up to 15% of the Account may be invested in REITS.> Currency forwards may be used to hedge exposure to the Fund’s regional holdings.> Weighting in Emerging Markets (cumulative) shall be no more than + 15% relative to thebenchmark weighting at time of purchase. Emerging Markets are as defined by MSCI.> Weighting in any one country is limited to 15% above or below the benchmark weighting at timeof purchase.> Weighting in any one sector is limited to 15% above or below the benchmark weighting at timeof purchase.> Weighting in any one industry is limited to 25% of the Fund at time of purchase.> Up to 10% of the account assets, at market, may be invested in US Securities, (defined bycountry of domicile) (excluding ADRs).> Number of holdings is between 70 – 150 stocks.> Each holding should not exceed 5% of the market value of the Fund, at time of purchase, with amaximum position limit of 8% due to market appreciation.> Exchange Traded Funds replicating an index are primarily to be used to equitize cash. Otheruses are limited to 5% of the Fund.> Purchase of common stock shall not exceed 5% of the outstanding shares of any one company. Morningstar RatingTM (Group Annuity- Variable Annuity Subaccounts) The MorningstarRating™ is provided for those group variable annuities with at least a three-year history. Ratingsare based on the group variable annuity's Morningstar Risk-Adjusted Return measure whichaccounts for variation in monthly performance, placing more emphasis on downward variationsand rewarding consistent performance. Morningstar compares each group variable annuity's risk-adjusted return to the open-end mutual fund rating breakpoints for that category. The groupvariable annuity Morningstar Rating does not affect the retail mutual fund data published byMorningstar. Consistent with the open-end mutual fund ratings, the top 10% of group variableannuities in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall MorningstarRating for each group variable annuity is derived from a weighted average of the performancefigures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics.Past performance is no guarantee of future results.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.For federal tax purposes, PRIAC/PICA owns the assets and the income in the separate accountand may derive certain corporate income tax benefits associated with the investment of separateaccount assets. Under current tax law, such benefits may include but not be limited to foreign taxcredits and the corporate dividends received deduction, which in either case PRIAC/PICA is theonly taxpayer eligible to claim such tax benefits.PRIAC Manager-of-Managers Institutional Sub-Advised Separate Accounts - With respect toseparate accounts designated by Prudential as Institutional Sub-Advised Funds under theManager-of-Managers Program, PRIAC acknowledges it is a fiduciary as defined by ERISASection 3(38), as amended, for the selection, monitoring, and, if necessary, the replacement of theinvestment manager. Selection or termination of the fund on a retirement plan's investment line-upis the sole responsibility of each retirement plan's fiduciary.Miscellaneous. Frequent exchanging of investment options may harm long-term investors.Policies may be in effect at the plan or the investment level to detect and deter exchanges thatmay be abusive. Such policies may require us to modify, restrict, suspend or terminate purchase

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or exchange privileges and impose redemption fees. Indices are unmanaged and cannot beinvested in directly. See User Guide for index definitions and refer to the section entitled"Description of PRIAC Separate Accounts" for a description of PRIAC's role related to the type offund described in this Fact Sheet. The index shown, if applicable, in the Characteristics chartrefers to the Primary Index.Data presented is as of the period specified for this report, unless otherwise specified within atable heading. Data and expense ratios presented are the most current made available at the timeof production. For mutual funds, the fund company may have more recent data available on itswebsite. Price corrections that impact performance data may occur after production of thismaterial.3-5 Year EPS Growth (%) Calculated by taking the mean of each security's estimated earningsper share (EPS) long term growth rate. The EPS long term growth rate for each security isdetermined by taking the mean of all of the brokers estimates for EPS long term growth persecurity.









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Documents

Global Portfolio Strategies, Inc., a Prudential Financial