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Prudential’s Gibraltar Fund, Inc.
2024-12-31
Prudential's Gibraltar Fund, Inc.
Prudential's Gibraltar Fund
<div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about Prudential's Gibraltar Fund, Inc. (the “Fund”) for the period of January 1, </div><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2024, to December 31, 2024.</div>
annual shareholder report
<div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">You can find additional information about the Fund at </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;"></div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">www</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">.</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">prudential.com/variableinsuranceportfolios</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;"></div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">. You can also request this information </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">by contacting us at (800) 346-3778.</div>
www.prudential.com/variableinsuranceportfolios
(800) 346-3778
<div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</div><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div>
<table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt">
<tr style="height:15.5pt">
<td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:204.01pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td>
<td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:122.78pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a $10,000 investment</div></div></div></td>
<td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:201.21pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage of a $10,000 investment</div></div></div></td></tr>
<tr style="height:14.5pt">
<td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:204.01pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Prudential's Gibraltar Fund</div></div></div></td>
<td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:122.78pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$71</div></div></div></td>
<td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:201.21pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.64%</div></div></div></td></tr></table>
71
0.0064
<div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S <div style="display:inline;">PERFORMANCE </div>DURING THE REPORTING PERIOD?</div></div><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0);font-family: "Arial Narrow";font-size: 7pt;/* margin-left: -10pt; */letter-spacing: 0px;top: 0px;display:inline;">■</div> <div> </div><div style="line-height:12.0pt;margin-left:10pt;/* margin-top:12pt; */text-align:left"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Positive investor reactions to a slowing pace of inflation and sustained economic growth led to increased capital asset prices over the reporting </div><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period, with equities ending the year at near-record levels. The US Federal Reserve lowered the federal funds interest rate at each of its last </div><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">three meetings, bringing the effective level down from 5.3% at the beginning of the year to 4.3% as of December 31, 2024. Equities responded </div><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">favorably to the moves, especially in interest-rate-sensitive sectors. The strength of corporate profits overall has been an important contributor </div><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to performance amidst the sustained growth of the US economy. Employment has remained at healthy levels throughout the period, although </div><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">there have been signs of weakening in the past six months. While the rate of inflation declined during the reporting period, this trend has </div><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">flattened out in recent months.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Relative to the Russell 1000 Growth Index (the Index), security selection within the health care (led by health care equipment and supplies) and </div><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consumer staples (distribution and retail and personal care products) sectors, along with the Portfolio’s lack of exposure to the energy and </div><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">materials sector, contributed positively to returns.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">While the Portfolio had strong absolute performance for 2024, its relative results fell short of the Index for the period. Compared to the Index, </div><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Portfolio’s stock selection within the information technology (especially software), consumer discretionary (led by textiles, apparel, and </div><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">luxury goods and broadline retail), and industrials (driven by aerospace and defense) sectors detracted from relative performance.</div></div></div>
<div style="margin-top: 6pt; font-size: 8pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 8pt; line-height: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;">
<img alt="" src="g926831g1gibraltar.jpg" style="width: 708px; height: 288px;"/></div><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div>
<table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt">
<tr style="height:18pt">
<td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Average Annual Total Returns as of December 31, 2024</div></div></div></div></td></tr>
<tr style="height:16pt">
<td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td>
<td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</div></div></div></td>
<td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</div></div></div></td>
<td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Ten Years (%)</div></div></div></td></tr>
<tr style="height:15pt">
<td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Fund</div></div></div></td>
<td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">21.49%</div></div></div></td>
<td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">13.81%</div></div></div></td>
<td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.15%</div></div></div></td></tr>
<tr style="height:13pt">
<td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">S&P 500 Index</div></div></div></td>
<td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">25.02%</div></div></div></td>
<td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">14.53%</div></div></div></td>
<td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">13.10%</div></div></div></td></tr></table>
Fund
0.2149
0.1381
0.1515
S&P 500 Index
0.2502
0.1453
0.131
<div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 12/31/2024?</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div>
<table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt">
<tr style="height:14pt">
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</div></div></div></td>
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 22.1pt; letter-spacing: 0px; top: 0px;display:inline;">166,351,870</div></div></div></td></tr>
<tr style="height:15pt">
<td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</div></div></div></td>
<td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">40</div></div></div></td></tr>
<tr style="height:15pt">
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</div></div></div></td>
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 37.99pt; letter-spacing: 0px; top: 0px;display:inline;">920,915</div></div></div></td></tr>
<tr style="height:14pt">
<td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</div></div></div></td>
<td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">19%</div></div></div></td></tr></table>
166351870
40
920915
0.19
<div style="float:left;height:8pt;margin-left:48pt;margin-top:40pt;width:528pt"><div style="line-height:14.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 12/31/2024?</div></div></div><div style="clear: both; max-height: 0px;"> </div><div style="float:left;margin-left:48pt;margin-top:18pt;width:258pt;min-height:224pt"><div style="line-height: 1pt; text-align: left; font-size: 1pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:1.0pt;margin-top:-1pt;text-align:left"> </div><div style="margin-top:0.0pt">
<table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt">
<tr style="height:30pt">
<td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Industry Classification</div></div></div></div></td>
<td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">% of Net </div></div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Assets</div></div></div></div></td></tr>
<tr style="height:16pt">
<td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Software</div></div></div></td>
<td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">15.7%</div></div></div></td></tr>
<tr style="height:15pt">
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Semiconductors & Semiconductor Equipment</div></div></div></td>
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">12.8%</div></div></div></td></tr>
<tr style="height:15pt">
<td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Interactive Media & Services</div></div></div></td>
<td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">9.7%</div></div></div></td></tr>
<tr style="height:15pt">
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Broadline Retail</div></div></div></td>
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8.9%</div></div></div></td></tr>
<tr style="height:15pt">
<td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Financial Services</div></div></div></td>
<td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8.8%</div></div></div></td></tr>
<tr style="height:15pt">
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Consumer Staples Distribution & Retail</div></div></div></td>
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8.5%</div></div></div></td></tr>
<tr style="height:15pt">
<td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Pharmaceuticals</div></div></div></td>
<td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">5.8%</div></div></div></td></tr>
<tr style="height:15pt">
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Technology Hardware, Storage & Peripherals</div></div></div></td>
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">5.5%</div></div></div></td></tr>
<tr style="height:15pt">
<td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Automobiles</div></div></div></td>
<td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.3%</div></div></div></td></tr>
<tr style="height:15pt">
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</div></div></div></td>
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.2%</div></div></div></td></tr>
<tr style="height:15pt">
<td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Specialty Retail</div></div></div></td>
<td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.9%</div></div></div></td></tr>
<tr style="height:15pt">
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Health Care Equipment & Supplies</div></div></div></td>
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.6%</div></div></div></td></tr>
<tr style="height:13pt">
<td style="padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Capital Markets</div></div></div></td>
<td style="padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.2%</div></div></div></td></tr></table></div></div><div style="float:left;margin-left:12pt;margin-top:18pt;width:258pt;min-height:224pt"><div style="margin-top:0.0pt">
<table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt">
<tr style="height:30pt">
<td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Industry Classification</div></div></div></div></td>
<td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">% of Net </div></div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;">Assets</div></div></div></div></td></tr>
<tr style="height:16pt">
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Hotels, Restaurants & Leisure</div></div></div></td>
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.2%</div></div></div></td></tr>
<tr style="height:15pt">
<td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Entertainment</div></div></div></td>
<td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.6%</div></div></div></td></tr>
<tr style="height:15pt">
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Biotechnology</div></div></div></td>
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.6%</div></div></div></td></tr>
<tr style="height:15pt">
<td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Ground Transportation</div></div></div></td>
<td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.6%</div></div></div></td></tr>
<tr style="height:15pt">
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Insurance</div></div></div></td>
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.1%</div></div></div></td></tr>
<tr style="height:15pt">
<td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Electrical Equipment</div></div></div></td>
<td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.8%</div></div></div></td></tr>
<tr style="height:15pt">
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">IT Services</div></div></div></td>
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.7%</div></div></div></td></tr>
<tr style="height:16.75pt">
<td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Aerospace & Defense</div></div></div></td>
<td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.5%</div></div></div></div></td></tr>
<tr style="height:16.75pt">
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td>
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</div></div></div></td></tr>
<tr style="height:16.75pt">
<td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</div></div></div></td>
<td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.0)%*</div></div></div></div></td></tr>
<tr style="height:19.75pt">
<td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td>
<td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</div></div></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">* Less than 0.05%</div></div></div></div>
0.157
0.128
0.097
0.089
0.088
0.085
0.058
0.055
0.033
0.032
0.029
0.026
0.022
0.022
0.016
0.016
0.016
0.011
0.008
0.007
0.005
1
0
1
Less than 0.05%