Our Firm PGIM Fixed Income is a global asset manager primarily focused on fixed income investments. Its United States business (which we refer to herein as “PGIM Fixed Income (U.S.)”) operates as a unit within PGIM, Inc., an SEC-registered investment adviser organized as a New Jersey corporation. PGIM Fixed Income’s United Kingdom business (which we refer to herein as “PGIM Fixed Income (U.K.)”) operates as a unit within PGIM Limited, an SEC-registered investment adviser organized as a company that is registered in England (registration number 03809039). PGIM Limited is also authorized and regulated by the Financial Conduct Authority (“FCA”) in the United Kingdom. When we use the terms “we,” “us” or “our” in this brochure, we are referring to PGIM Fixed Income, which includes PGIM Fixed Income (U.S.) and PGIM Fixed Income (U.K.), but, in some cases, these references include personnel in legal entities other than PGIM, Inc. and PGIM Limited. In addition, any references to “our employees” or “our officers” mean officers or employees of various legal entities who work in the PGIM Fixed Income unit. For example, the portfolio management and credit teams for some of our investment strategies include personnel from several affiliates. In addition, account management, operations and other services with respect to certain client accounts are performed by some of these affiliates. Depending on the client relationship and applicable investment management agreement, we may delegate investment advisory and other services to our affiliates, or vice versa. While these affiliates are separate legal entities, they operate within PGIM Fixed Income as an integrated global business. PGIM Fixed Income is headquartered in Newark, New Jersey, U.S.A. with affiliated offices across the globe, including in Amsterdam, Hong Kong, London, Munich, Paris, Singapore, Stockholm, Sydney, Tokyo, and Zurich. PGIM, Inc. and PGIM Limited, along with their affiliates referenced herein, are indirect wholly-owned subsidiaries of Prudential Financial, Inc. (“PFI”), a publicly-listed company (NYSE Ticker “PRU”) headquartered in the State of New Jersey, U.S.A. None of PFI, PGIM, Inc., PGIM Limited 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 Limited, a subsidiary of M&G plc, incorporated in the United Kingdom. PGIM, Inc. and its units In addition to PGIM Fixed Income (U.S.), the other units within PGIM, Inc. are PGIM Real Estate (a provider of debt and equity real estate investment advisory services), PGIM Private Capital (a private fixed income investment adviser) and PGIM Institutional Advisory & Solutions (a provider of multi-asset class advisory services). Each of PGIM Real Estate, PGIM Private Capital and PGIM Institutional Advisory & Solutions has one or more separate brochures that have been filed with the SEC and provide information about the applicable advisory business. PGIM, Inc. was formed in June 1984 and was registered with the SEC as an investment adviser in December 1984. PGIM, Inc.’s predecessor companies began managing fixed income portfolios for affiliates in 1875 and for unaffiliated institutional clients in 1928. In addition to being a registered investment adviser, PGIM, Inc. is also registered with the U.S. Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator and is a member of the National Futures Association (the “NFA”). PGIM Limited PGIM Limited was formed in July 1999, has been authorized and regulated by the FCA (registration number 193418) or a predecessor regulator since 1999 and was registered with the SEC as an investment adviser in March 2012. PGIM Fixed Income (U.K.) began managing fixed income portfolios for affiliates and for unaffiliated institutional clients in 2005. Our Advisory Services We are a global fixed income manager offering a range of fixed income strategies and products. We manage our strategies in separately managed accounts, publicly offered investment funds (including U.S. registered investment companies), collective and commingled trust funds, collateralized loan obligations (“CLOs”), private investment funds and other vehicles (each, unless the context may otherwise require, we refer to interchangeably as an “account,” “portfolio” or “fund”). As noted above, in some cases, a PGIM Fixed Income unit operating in one legal entity may delegate the investment management of strategies or products to a PGIM Fixed Income unit operating in another legal entity. Our fixed income investment strategies fall under the following general categories: Multi-Sector We manage a range of multi-sector fixed income strategies that seek an excess return over global, country-specific, regional (e.g., Europe and Asia) or cash benchmarks. These strategies invest primarily in government securities, mortgage-backed securities, corporate bonds, high yield bonds, emerging markets bonds and securitized products. These strategies take various levels of active risk versus the relevant benchmarks ranging from core conservative (least active risk) to strategic bond and multi asset credit (most active risk). These strategies are available with a range of duration targets. Securitized Products We manage a range of strategies that invest either across securitized products or in dedicated segments of the market, including residential mortgage-backed securities, commercial mortgage-backed securities, CLO tranches, consumer and commercial asset-backed securities and other types of asset-backed securities against a variety of benchmarks. These securities can be either public or private. Investment Grade Credit We manage U.S., European and global credit/corporate bond strategies against a variety of benchmarks. Our U.S. investment grade corporate bond strategy actively overweights/underweights industries and issuers based on both top-down economic analysis as well as bottom-up fundamentals. Our global credit/corporate bond strategy emphasizes U.S. and European corporate bonds, seeking to generate a majority of excess return from regional allocation, individual security selection, and industry rotation primarily based on security specific or bottom-up fundamentals. These strategies are available with a range of duration targets. Leveraged Finance We manage a range of high yield bond and bank loan strategies against a variety of benchmarks. These strategies seek to generate excess return through industry and security selection. We offer U.S. high yield, U.S. higher quality high yield, European high yield, European higher quality high yield, broad market high yield and global high yield strategies as well as U.S., European and global bank loan strategies. Each of these strategies has different risk and geographic parameters. These strategies are available with a range of duration targets. Emerging Markets We manage a wide range of emerging markets debt strategies that seek an excess return over global, regional or cash benchmarks, including a broad emerging markets debt strategy that invests in hard currency sovereign and quasi-sovereign bonds, with opportunistic allocations to local currency instruments and corporate bonds. We also manage emerging markets local currency and corporate fixed income strategies, as well as blended emerging markets debt strategies that invest in both U.S. dollar denominated and local currency issues. These strategies are available with a range of duration targets. Municipals We manage several municipal bond strategies that invest primarily in securities that are exempt from U.S. federal income taxes, against a variety of benchmarks. These strategies are available with a range of duration targets. Money Market and Ultra Short Bond We manage a wide range of money market and ultra short strategies that invest in short duration fixed income instruments and money market instruments and that are managed against a variety of benchmarks. Government We manage a range of government and government-related strategies that seek an excess return over global, regional and cash benchmarks, including global sovereign, U.S. government, U.S. Treasury inflation-protected securities and agency mortgage-backed securities mandates. Each of these strategies has different risk and geographic parameters. Short Duration We manage a number of strategies that invest in short duration fixed income instruments against a variety of benchmarks.

Long Duration We manage a range of liability-driven and long duration strategies against market benchmarks and client specific, custom benchmarks. These include long government/credit, long corporate/long credit, long custom and custom liability & completion solutions. Alternative Strategies We manage (or offer) a range of alternative strategies, including the following:
• Global Liquidity Relative Value and U.S. Liquidity Relative Value strategies are long/short relative value strategies with varying risk budgets that seek to maximize total return on a risk-adjusted basis by investing in relative value opportunities within fixed income sectors of the U.S., developed country and select emerging markets, as applicable, that are considered to be liquid (including government securities, sovereign securities, agency securities and derivatives). We also manage the U.S. liquidity relative value strategy with an overlay intended to provide broad equity market or “beta” exposure.
• Emerging Markets Debt Long/Short and Emerging Markets Blend Plus strategies are actively managed, diversified strategies that seek to maximize total return on a risk-adjusted basis by investing primarily in sovereign, quasi-sovereign, and corporate emerging markets debt securities and their derivatives, denominated in both hard and local currencies. These leveraged strategies employ various trading strategies, including country-specific trades, relative value trades, carry trades, volatility trades and foreign exchange and rates trades. These strategies can be managed against a variety of benchmarks.
• Alpha Opportunities is an actively managed, diversified strategy that seeks to maximize total return while being market neutral over time. The strategy utilizes both relative value and directional strategies by investing primarily in fixed income markets and derivatives over varying time horizons. It invests primarily across corporate, securitized, emerging markets and government debt sectors and seeks to generate returns mainly through active sector and security selection across geographies, which may include tactical duration, credit quality, yield curve, volatility and currency positions.
• Credit Opportunities is a concentrated, high conviction strategy that seeks to maximize total return on a risk-adjusted basis by investing in special situations, distressed and higher yielding performing credits. The strategy invests primarily in high yielding, less liquid credit opportunities primarily across U.S. and European high yield, senior secured loans, and emerging markets credit.
• Special Opportunities is a strategy that is expected to focus on stressed, distressed and special situation investments. The strategy is expected to seek to maximize absolute returns on a risk- adjusted basis by opportunistically investing in a concentrated portfolio of U.S.-centric illiquid and idiosyncratic credits comprised of higher yielding stressed, distressed and special situation investments such as opportunistic financings, capital solutions, direct lending in mezzanine and rescue financings and stressed and distressed debt.
• Credit Income is a multi-sector fixed income strategy consisting of a portfolio of less liquid credits and securitized products, utilizing both public and private securities. The objective of the strategy is to seek total return, through a combination of current income and capital appreciation. The strategy has flexibility to actively adjust allocations over time while adapting to the market and economic environment. The strategy may invest without limit in investment grade and below investment grade debt securities, including securities of stressed and distressed issuers. Leverage will also be utilized by the strategy on an opportunistic basis. In implementing certain of our investment strategies, we may use derivatives as a substitute for taking a position in the underlying asset and/or as part of a strategy designed to manage exposure to other risks. We also may use derivatives to attain leverage in an account. CLO Collateral Management We believe that CLO management is a natural extension of our expertise in both global credit and securitized transactions. We serve as collateral manager for CLOs that invest primarily in U.S. or European loans and, in some cases, also invest in high yield bonds. We also serve as back-up manager for certain CLOs. Environmental, Social and Governance Investing We recognize the importance of integrating financially-material environmental, social and governance (“ESG”) factors into our investment research and decision-making process. Our investment approach generally seeks to outperform a market-based benchmark over the long-term. Within this context, we consider ESG risks and opportunities that we believe are likely to materially impact an investment’s financial performance, alongside other credit risk factors and opportunities in arriving at our overall fundamental credit view of potential investments as part of our research process for all strategies that we manage. Where consistent with applicable law and regulation and specifically requested by a client, certain of the strategies or accounts that we manage also apply non-economic or non-credit material ESG factors in the selection of investments. These strategies or accounts are constructed using proprietary ESG impact ratings and/or client methodologies to adjust the eligible investment universe to meet client specifications or account guidelines. Our Securities Lending and Reverse Repurchase Services In addition to our investment advisory services, PGIM Fixed Income (U.S.) provides securities lending and, in some cases, reverse repurchase services to certain of our affiliates (including affiliated insurance companies and trust funds/accounts) and unaffiliated clients. We lend U.S. government and agency securities, corporate bonds, domestic and foreign equities and foreign fixed income securities. Generally, companies and institutions borrow securities for various reasons, including short selling, arbitrage and to facilitate settlement. We also may engage in reverse repurchase transactions for affiliated and unaffiliated clients, where we (on the client’s behalf) will agree to sell a security with an obligation to repurchase it at an agreed-upon price and time. We may enter into a reverse repurchase agreement on behalf of an account for several reasons, including purchasing additional investments or creating additional liquidity. Some clients have established separate securities lending arrangements (each, a “Third-party Lending Arrangement”) through their custodian or another third-party securities lending agent (each, a “Third-party Securities Lending Agent”). We are not responsible for a client’s obligations under such Third-party Lending Arrangements. For accounts that we manage, we execute transactions based on several factors and generally do not consider factors relating to a client’s Third-party Lending Arrangement, such as whether the client’s Third-party Securities Lending Agent may need to recall securities on loan to settle sales transactions, vote proxies or participate in other corporate actions. Customization of Our Advisory Services We seek to accommodate the individual needs of our clients in providing our advisory services. Our investment management or similar agreements with clients, which include investment guidelines, are negotiated to incorporate mutually acceptable terms. Under these agreements, clients can impose limitations on our investment discretion, such as restrictions regarding investment in certain securities or types of securities. (See Item 16 below for more information regarding limitations on our investment discretion imposed by our clients.) Restrictions imposed by a client can prevent us from making investments that we would otherwise make for the account, which could result in lower performance. Our Assets Under Management As of December 31, 2023, our assets under management were as follows: Discretionary Non-discretionary PGIM Fixed Income (U.S.) $ 717,260,043,466 $ 368,023,870 PGIM Fixed Income (U.K.) $ 56,216,855,277 $0 The assets under management figures reported above by PGIM Fixed Income (U.S.) also include accounts being reported above by PGIM Fixed Income (U.K.). In addition, the assets under management amounts above do not include assets managed by our affiliated offices for which minimal or no services are provided by PGIM Fixed Income (U.S.) or PGIM Fixed Income (U.K.).