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semi-annual shareholder report
Prudential’s Gibraltar Fund, Inc.
2025-06-30
Prudential’s Gibraltar Fund, Inc.
Prudential’s Gibraltar Fund
<div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">This <div style="-sec-ix-hidden:hidden4946861;display:inline;">semiannual shareholder report</div> contains important information about Prudential’s Gibraltar Fund, Inc. (the “Fund”) for the period of January 1, </div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">2025 to June 30, 2025.</div>
<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;">www.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="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?</div></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">(Based on a hypothetical $10,000 investment)</div><div style="color:#000000;font-family:Arial Narrow;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div>
<table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt">
<tr style="height:27.5pt">
<td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;"> </div></div></div></td>
<td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$10,000 investment</div></div></div></td>
<td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">of a $10,000 investment</div></div></div></td></tr>
<tr style="height:14.5pt">
<td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Prudential’s Gibraltar Fund, Inc.</div></div></div></td>
<td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$33</div></div></div></td>
<td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">0.64%</div></div></div></td></tr></table>
33
0.0064
<div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 6/30/2025?</div><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div></div>
<table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt">
<tr style="height:14pt">
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Fund’s net assets</div></div></div></td>
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;display:inline;">$</div><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:22.1pt;display:inline;">165,424,940</div></div></div></td></tr>
<tr style="height:15pt">
<td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Number of 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:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">45</div></div></div></td></tr>
<tr style="height:14pt">
<td style="background-color:#EFEFEF;padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Portfolio turnover rate for the period</div></div></div></td>
<td style="background-color:#EFEFEF;padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">12%</div></div></div></td></tr></table>
165424940
45
0.12
<div style="float:left;height:8pt;margin-left:48pt;margin-top:40pt;width:528pt"><div style="line-height:14.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 6/30/2025?</div></div></div><div style="clear:both"> </div><div style="float:left;margin-left:48pt;margin-top:18pt;width:258pt;min-height:248pt"><div style="line-height:1.0pt;text-align:left"><div style="color:#000000;font-family:Arial;font-size:1pt;line-height:1pt;display:inline;"> </div></div><div style="line-height:1.0pt;margin-top:-1pt;text-align:left"> </div><div style="margin-top:0.0pt">
<table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt">
<tr style="height:30pt">
<td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Industry Classification</div></div></div></td>
<td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr>
<tr style="height:16pt">
<td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">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:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">15.0%</div></div></div></td></tr>
<tr style="height:15pt">
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Semiconductors & Semiconductor Equipment</div></div></div></td>
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">13.5%</div></div></div></td></tr>
<tr style="height:15pt">
<td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Interactive Media & Services</div></div></div></td>
<td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">10.5%</div></div></div></td></tr>
<tr style="height:15pt">
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Broadline Retail</div></div></div></td>
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">9.0%</div></div></div></td></tr>
<tr style="height:15pt">
<td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Financial Services</div></div></div></td>
<td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">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:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;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:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">7.5%</div></div></div></td></tr>
<tr style="height:15pt">
<td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Pharmaceuticals</div></div></div></td>
<td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">5.7%</div></div></div></td></tr>
<tr style="height:15pt">
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">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:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">4.3%</div></div></div></td></tr>
<tr style="height:39pt">
<td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Affiliated Mutual Fund - Short-Term Investment </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">(1.5% represents investments purchased with </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">collateral from securities on loan)</div></div></div></td>
<td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">4.0%</div></div></div></td></tr>
<tr style="height:15pt">
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Entertainment</div></div></div></td>
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.2%</div></div></div></td></tr>
<tr style="height:15pt">
<td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Health Care Equipment & Supplies</div></div></div></td>
<td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">3.0%</div></div></div></td></tr>
<tr style="height:15pt">
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Hotels, Restaurants & Leisure</div></div></div></td>
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.5%</div></div></div></td></tr>
<tr style="height:13pt">
<td style="padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Automobiles</div></div></div></td>
<td style="padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.5%</div></div></div></td></tr></table></div></div><div style="float:left;margin-left:12pt;margin-top:18pt;width:258pt;min-height:248pt"><div style="margin-top:0.0pt">
<table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt">
<tr style="height:30pt">
<td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;display:inline;">Industry Classification</div></div></div></td>
<td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.00pt;display:inline;">% of Net </div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;display:inline;">Assets</div></div></div></td></tr>
<tr style="height:16pt">
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Ground Transportation</div></div></div></td>
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">2.3%</div></div></div></td></tr>
<tr style="height:15pt">
<td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Capital Markets</div></div></div></td>
<td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.9%</div></div></div></td></tr>
<tr style="height:15pt">
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Biotechnology</div></div></div></td>
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.7%</div></div></div></td></tr>
<tr style="height:15pt">
<td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">IT Services</div></div></div></td>
<td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.5%</div></div></div></td></tr>
<tr style="height:15pt">
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electric Utilities</div></div></div></td>
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.2%</div></div></div></td></tr>
<tr style="height:15pt">
<td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Insurance</div></div></div></td>
<td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.1%</div></div></div></td></tr>
<tr style="height:15pt">
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Electronic Equipment, Instruments & Components</div></div></div></td>
<td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">1.0%</div></div></div></td></tr>
<tr style="height:15pt">
<td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Textiles, Apparel & Luxury Goods</div></div></div></td>
<td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.7%</div></div></div></td></tr>
<tr style="height:16.75pt">
<td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Aerospace & Defense</div></div></div></td>
<td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">0.6%</div></div></div></div></td></tr>
<tr style="height:16.75pt">
<td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td>
<td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">101.5%</div></div></div></td></tr>
<tr style="height:16.75pt">
<td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;">Liabilities in excess of other assets</div></div></div></td>
<td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">(1.5)%</div></div></div></div></td></tr>
<tr style="height:19.75pt">
<td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;display:inline;"> </div></div></div></td>
<td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00pt;display:inline;">100.0%</div></div></div></div></td></tr></table></div></div>
0.15
0.135
0.105
0.09
0.088
0.075
0.057
0.043
0.04
0.032
0.03
0.025
0.025
0.023
0.019
0.017
0.015
0.012
0.011
0.01
0.007
0.006
1.015
-0.015
1