Our Firm PGIM Portfolio Advisory LLC (“PPA”) is a SEC registered investment adviser organized as a Delaware limited liability company. When we use the terms “we,” “us” or “our” in this brochure, we are referring to PPA. PPA is part of the global investment management business of Prudential Financial, Inc., and an affiliate of PGIM, Inc., a registered investment adviser. PPA provides or expects to provide investment advisory services principally to institutional Clients, including, but not limited to, pension plans, insurance companies and insurance-related accounts (the “Client” or “Client Accounts” or “Accounts”). We expect that our Clients will include accounts of affiliates as well as unaffiliated institutional Clients. PPA, along with its affiliates referenced herein, is an indirect wholly-owned subsidiary of Prudential Financial, Inc. (“PFI”), a publicly-listed company (NYSE Ticker “PRU”) headquartered in the State of New Jersey, U.S.A. Neither PFI, PPA or any of their affiliates referenced herein, is affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. PPA’s investment staff is employed by PPA or one or more affiliates of PPA. PPA is a successor entity to Prudential International Investments Advisers, LLC which was formed in 2005 and has been registered with the SEC since August 16, 2005. Our Advisory Services PPA is, or expects to be, the investment manager of Client Accounts. PPA provides, or intends to provide, strategic asset allocation, asset-liability management, and multi-asset class advisory services, including allocation to affiliated and unaffiliated subadvisers to sub-advise the assets of Client Accounts and to investment funds or other investment products managed by or sponsored by affiliated or unaffiliated managers (“Investment Products”). The reference to “Sub-Advisers” throughout includes both direct sub-advisers as well as investment managers of Investment Products that PPA determines to allocate to, as applicable. PPA is responsible for oversight and due diligence of the Sub-Advisers. PPA’s level of due diligence and oversight of a particular Sub-Adviser for a Client will depend on the specific arrangement negotiated with each Client, and certain Clients will retain a greater level of discretion and oversight over a Sub-Adviser. Depending on the Client or strategy, PPA could also allocate Client assets to investment funds or structured products that are managed by a manager that PPA

would otherwise engage directly as a Sub- Adviser. PPA’s initial identification and review of Sub-Advisers includes coordination with each Client. The review and recommendation process principally focuses on a quantitative and qualitative analysis of each Sub- Adviser’s strategy, investment process, investment management team and performance. The Sub- Advisers invest the assets of Client Accounts across a range of asset classes and/or investment types, including credit, private equity, real estate, real estate debt, structured products, funds and similar investments, including in investments that are originated or sponsored by affiliates of PPA. Generally, except as agreed to or as directed by a Client, Sub-Advisers will be affiliated with PPA, and non-affiliated Sub-Advisers and funds or other investment products will only be considered to the extent that an affiliate does not have asset management capabilities or capacity in a desired asset class as determined by PPA. Each affiliated Sub-Adviser is a business unit of or an affiliate of PGIM, Inc. and is a registered investment adviser. Affiliated Sub-Advisers currently include but are not limited to: PGIM Fixed Income (public fixed income), PGIM Private Capital (private placement investments and direct lending, including direct lending CLOs), and PGIM Real Estate (commercial mortgage loans and real estate equity). We have an incentive to hire affiliated Sub-Advisers or allocate to funds or structured products managed or sponsored by an affiliate to increase assets under management and generate additional investment advisory fees for our affiliated Sub-Advisers. To mitigate this conflict, in addition to the Client’s understanding regarding PPA’s primary use of affiliated Sub-Advisers and affiliated products (as outlined in the preceding paragraph), asset-class restrictions imposed on PPA’s management of the Client Account can also serve to mitigate this conflict (e.g., investment guidelines, strategic asset allocation, as applicable), depending on the arrangement negotiated with the Client. For additional information regarding each Sub-Adviser’s investment strategies, processes and procedures for selecting securities and other investment products held in an account, and the associated risks, please refer to each Sub-Adviser’s Form ADV Part 2A Brochure, which is provided to Clients upon entering into an investment management agreement and offered annually thereafter. Our Assets Under Management As of December 31, 2023, PPA had regulatory assets under management approximating $13.38 billion on a discretionary basis.