INVESTOR SOLUTIONS 4Q 2018 PERFORMANCE REVIEW - AS OF 12/31/2018. PGIM INVESTMENTS Bringing you the investment managers of Prudential Financial, Inc.

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1 INVESTMENTS Bringing you the investment managers of Prudential Financial, Inc. INVESTOR SOLUTIONS 4Q 2018 PERFORMANCE REVIEW - AS OF 12/31/2018 Past performance does not guarantee future results and current performance may be lower or higher than the past performance data quoted. The investment return and principal value will fluctuate, and shares, when sold, may be worth more or less than the original cost. For the most recent month-end performance, visit our website at pgiminvestments.com. The current maximum sales charge that may be applied to the funds listed below is Class A, 5.5%; Class C, 1.0%. Class B shares are closed. Portfolio Manager Class/ Ticker Incep. Date YTD 1-yr 3-yr 5-yr 10-yr Life 1-yr 5-yr 10-yr/Life 1 Gross Net Date TAXABLE FIXED INCOME Absolute R. Tipp A/PADAX 3/ Return Bond M. Collins C/PADCX 3/ G. Peters R6/PADQX 3/ /29/2020 R. Piccirillo Z/PADZX 3/ /29/2020 Core G. Peters A/TPCAX 2/ /30/2019 Bond R. Piccirillo C/TPCCX 2/ /30/2019 M. Collins R6/TPCQX 2/ /30/2019 Z/TAIBX 1/ /30/2019 Corporate S. Kellner A/ PCWAX 5/ /30/2019 Bond M. Dalrymple C/ PCWCX 5/ /30/2019 E. Blaha R6/ PCWQX 5/ /30/2019 T. Wheat Z/ TGMBX 1/ /30/2019 A. Davis Emerging D. Bessey A/PDHAX 12/ /28/2019 Markets Debt Hard Currency C. Hepworth C/PDHCX 12/ /28/2019 M. Banasiak R6/PDHQX12/ /28/2019 Z/PDHVX 12/ /28/2019 Emerging D. Bessey A/EMDAX 3/ /28/2019 Markets Debt Local C. Hepworth C/EMDCX 3/ /28/2019 Currency M. Banasiak R6/EMDQX 3/ , /28/2019 Z/EMDZX 3/ /28/2019 B. Juliano A/FRFAX 3/ /30/2019 Floating Rate Income R. Cignarella C/FRFCX 3/ /30/2019 P. Pandya R6/PFRIX 4/ /30/2019 Z/FRFZX 3/ /30/2019 Global R. Tipp A/PAJAX 11/ /28/2019 Absolute Return Bond M. Collins C/PAJCX 11/ /28/2019 A. Rajan R6/PAJQX 11/ /28/2019 Z/PAJZX 11/ /28/2019

2 Portfolio Manager Class/ Ticker Incep. Date YTD 1-yr 3-yr 5-yr 10-yr Life 1-yr 5-yr 10-yr/Life 1 Gross Net Date TAXABLE FIXED INCOME (CONTINUED) Global Total R. Tipp A/GTRAX 7/ /29/2020 Return M. Collins C/PCTRX 1/ /29/2020 A. Rajan R2/PGTOX 12/ /29/2020 M. Angelucci R4/PGTSX 12/ /29/2020 R6/PGTQX 12/ Z/PZTRX 3/ /29/2020 Global Total R. Tipp A/PHEAX 12/ /28/2019 Return (USD Hedged) M. Collins C/PHECX 12/ /28/2019 A. Rajan R6/PHEQX 12/ /28/2019 M. Angelucci Z/PHEZX 12/ /28/2019 Government R. Tipp A/PGVAX 1/ Income C. Dewling C/PRICX 8/ E. Schiller R6/PGIQX 8/ Z/PGVZX 3/ High R. Cignarella A/PBHAX 1/ Yield R. Spano C/PRHCX 8/ R. Kelly R2/PHYEX 12/ /31/2019 B. Clapp R4/PHYGX 12/ /31/2019 D. Thorogood R6/PHYQX 10/ Z/PHYZX 3/ M. Collins A/PXBAX 12/ /28/2019 International Bond A. Rajan C/PXBCX 12/ /28/2019 R. Tipp R6/PXBQX 12/ /28/2019 M. Angelucci Z/PXBZX 12/ /28/2019 R. Cignarella A/HYSAX 10/ /31/2019 Short Duration High Yield R. Spano C/HYSCX 10/ /31/2019 Income R. Kelly R6/HYSQX 12/ /31/2019 B. Clapp Z/HYSZX 10/ /31/2019 D. Thorogood R. Tipp A/SDMAX 12/ /29/2020 Short Duration Multi-Sector M. Collins C/SDMCX 12/ /29/2020 Bond R. Piccirillo R6/SDMQX12/ /29/2020 G. Peters Z/SDMZX 12/ /29/2020 Short-Term S. Kellner A/PBSMX 9/ Corporate Bond D. Del Vecchio C/PIFCX 8/ R2/PIFEX 12/ /30/2020 R4/PIFGX 12/ /30/2020 R6/PSTQX 3/ Z/PIFZX 12/

3 Portfolio Manager Class/ Ticker Incep. Date YTD 1-yr 3-yr 5-yr 10-yr Life 1-yr 5-yr 10-yr/Life 1 Gross Net Date TAXABLE FIXED INCOME (CONTINUED) Total Return R. Tipp A/PDBAX 1/ /29/2020 Bond M. Collins C/PDBCX 1/ R. Piccirillo R2/PDBRX 12/ /29/2020 G. Peters R4/PDBSX 12/ /29/2020 R6/PTRQX 12/ Z/PDBZX 9/ /29/2020 R. Tipp A/PUCAX 7/ /30/2019 Unconstrained M. Collins C/PUCCX 7/ /30/2019 Bond G. Peters R6/PUCQX 4/ /30/2019 R. Piccirillo Z/PUCZX 7/ /30/2019 TAX-EXEMPT FIXED INCOME California S. Courtney A/PBCAX 12/ Muni Income R. Tipp C/PCICX 8/ L. Friedman R6/PCIQX 10/ /31/2019 J. Dittemer Z/PCIZX 9/ Muni High S. Courtney A/PRHAX 1/ Income R. Tipp C/PHICX 8/ L. Friedman R6/PHIQX 6/ /31/2020 J. Dittemer Z/PHIZX 9/ National S. Courtney A/PRNMX 1/ Muni R. Tipp C/PNMCX 8/ L. Friedman R6/PNMQX11/ /31/2019 J. Dittemer Z/DNMZX 1/ S. Courtney A/PDSAX 5/ /31/2019 Short Duration Muni High R. Tipp C/PDSCX 5/ /31/2019 Income L. Friedman R6/PDSQX 5/ /31/2019 J. Dittemer Z/PDSZX 5/ /31/2019 GLOBAL/INTERNATIONAL EQUITY M. Baribeau A/PDEAX 9/ /28/2019 Jennison A. Kwok Emerging Markets C/PDECX 9/ /28/2019 Equity Opportunities S. Moreno R6/PDEQX 9/ /28/2019 Z/PDEZX 9/ /28/2019 Jennison M. Baribeau A/PRJAX 3/ /29/2020 Global Opportunities T. Davis C/PRJCX 3/ /29/2020 R2/PRJBX 12/ /29/2020 R4/PRJDX 12/ /29/2020 R6/PRJQX 12/ /29/2020 Z/PRJZX 3/ /29/2020

4 Manager Ticker Date YTD 1-yr 3-yr 5-yr 10-yr Life 1-yr 5-yr 10-yr/Life 1 Gross Net Date GLOBAL/INTERNATIONAL EQUITY (CONTINUED) M. Baribeau A/PWJAX 6/ /29/2020 Jennison International T. Davis C/PWJCX 6/ /29/2020 Opportunities R2/PWJBX 12/ /29/2020 R4/PWJDX 12/ /29/2020 R6/PWJQX 12/ /29/2020 Z/PWJZX 6/ /29/2020 QMA J. Van Belle A/PJRAX 3/ /29/2020 International Equity V. Shutoy C/PJRCX 3/ /29/2020 W. Jin R6/PJRQX 12/ /29/2020 G. Patterson Z/PJIZX 3/ /29/2020 EQUITY Jennison Growth: A/PTWAX 7/ /20 Focus S. Segalas C/PTWCX 7/ Value: R6/PJTQX 3/ /31/2020 W. Koontz Jr. Z/PTWZX 7/ Jennison B. Boyer A/PBQAX 1/ Blend S. Segalas C/PRECX 8/ W. Koontz Jr. R6/PBQQX10/ /31/2019 J. Swiatek Z/PEQZX 3/ J. McManus E. Sartorius Jennison B. Boyer A/TBDAX 11/ /30/2019 Diversified K. McCarragher C/TBDCX 11/ Growth M. Del Balso R6/TBDQX 9/ /30/2019 J. McManus Z/TBDZX 9/ /30/2019 Jennison S. Hong A/SPQAX 4/ /29/2020 Equity Income B. Edemeka C/AGOCX 12/ R6/PJIQX 1/ /29/2020 Z/JDEZX 8/ Jennison M. DeFranco A/PJIAX 11/ Equity B. Gillott C/PJGCX 11/ Opportunity R6/PJOQX 12/ Z/PJGZX 11/ Jennison S. Segalas A/SPFAX 6/ /30/2020 Focused Growth K. McCarragher C/SPFCX 6/ /30/2020 R. Irwin R6/PSGQX 5/ /30/2020 N. Kuhlkin Z/SPFZX 6/ /30/2020

5 Manager Ticker Date YTD 1-yr 3-yr 5-yr 10-yr Life 1-yr 5-yr 10-yr/Life 1 Gross Net Date EQUITY (CONTINUED) Jennison M. Del Balso A/PJFAX 11/ Growth K. McCarragher C/PJFCX 11/ S. Segalas R2/PJFOX 11/ /31/2020 R4/PJFPX 11/ /31/2020 R6/PJFQX 9/ /31/2020 Z/PJFZX 4/ Jennison J. Mullman A/PEEAX 12/ Mid-Cap Growth S. Prasad C/PEGCX 12/ B. Bryan R2/PEGEX 12/ /31/2019 R4/PEGGX 12/ /31/2019 R6/PJGQX 1/ Z/PEGZX 12/ Jennison S. Hong A/PJDAX 3/ /30/2019 Rising Dividend B. Edemeka C/PJDCX 3/ /30/2019 R6/PJDQX 9/ /30/2019 Z/PJDZX 3/ /30/2019 Jennison J. Mullman A/PGOAX 1/ Small Company J. Swiatek C/PSCCX 8/ J. Shapiro R2/PSCHX 11/ /31/2020 R4/PSCJX 11/ /31/2020 R6/PJSQX 12/ Z/PSCZX 3/ Jennison W. Koontz Jr. A/PBEAX 1/ Value J. Esposito C/PEICX 8/ R6/PJVQX 11/ Z/PEIZX 3/ QMA Large- P. Xu A/PTMAX 3/ /28/2019 Cap Core Equity S. Mintz C/PTMCX 3/ /28/2019 D. Gambhirwala R6/PTMQX12/ /28/2019 Z/PTEZX 3/ /28/2019 QMA Large- S. Courtney A/SUVAX 3/ /30/2019 Cap Value M. Stern C/SUVCX 3/ /30/2019 R6/SUVQX 4/ /30/2019 Z/SUVZX 3/ /30/2019 QMA Mid- S. Courtney A/SPRAX 4/ /29/2020 Cap Value M. Stern C/NCBVX 8/ /29/2020 R2/PMVEX 12/ /29/2020 R4/PMVFX 12/ /29/2020 R6/PMVQX 1/ /29/2020 Z/SPVZX 11/ /29/2020

6 Manager Ticker Date YTD 1-yr 3-yr 5-yr 10-yr Life 1-yr 5-yr 10-yr/Life 1 Gross Net Date EQUITY (CONTINUED) QMA Small- S. Courtney A/TSVAX 2/ /30/2019 Cap Value M. Stern C/TRACX 6/ /30/2019 R2/PSVDX 12/ /30/2019 R4/PSVKX 12/ /30/2019 R6/TSVQX 9/ Z/TASVX 1/ /30/2019 SPECIALTY Global Real M. Halle A/PURAX 5/ Estate R. Romano C/PURCX 5/ M. Gallagher R2/PUREX 12/ /29/2020 K. Wing Cheong R4/ PURGX12/ /29/2020 D. Cooney R6/PGRQX 8/ Z/PURZX 5/ QMA 2 A/PCGAX 11/ /29/2020 Income Builder Jennison 2 C/PCCFX 11/ /29/2020 PFI 2 R6/PCGQX12/ /29/2020 Real Estate 2 Z/PDCZX 11/ /29/2020 Jennison S. Gavios A/PFSAX 6/ Financial Services J. Shapiro C/PUFCX 6/ A. Tucker R6/PFSQX 1/ /31/2020 Z/PFSZX 6/ Jennison S. Hong A/PGJAX 9/ /29/2020 Global Infrastructure B. Edemeka C/PGJCX 9/ /29/2020 B. Cook R6/PGJQX 12/ /29/2020 Z/PGJZX 9/ /29/2020 D. Chan A/PHLAX 6/ Jennison Health Sciences D. Netschert C/PHLCX 6/ R6/ PHLQX 1/ /31/2020 Z/PHSZX 6/ Jennison S. Hong A/PRPAX 12/ /31/2019 MLP B. Edemeka C/PRPCX 12/ S. Maresca R6/PRPQX 1/ /31/2019 Z/PRPZX 12/ Jennison J. Saunders A/PGNAX 1/ Natural Resources N. Brown C/PNRCX 8/ R6/PJNQX 12/ Z/PNRZX 9/ Jennison A/PGKAX 6/ /29/2020 Technology C/PGKCX 6/ /29/2020 R6/PGKRK 6/ /29/2020 Z/PGKZX 6/ /29/2020

7 Manager Ticker Date YTD 1-yr 3-yr 5-yr 10-yr Life 1-yr 5-yr 10-yr/Life 1 Gross Net Date SPECIALTY (CONTINUED) Jennison B. Edemeka A/PRUAX 1/ Utility S. Hong C/PCUFX 8/ T. Ho Kim R6/JDUQX 1/ /31/2020 Z/PRUZX 3/ QMA Large- P. Xu A/PQMAX 9/ /31/2019 Cap Core Equity PLUS S. Mintz C/PQMCX 9/ /31/2019 D. Gambhirwala R6/PQMQX 9/ /31/2019 Z/PQMZX 9/ /31/2019 QMA Long- P. Xu A/PLHAX 5/ /31/2019 Short Equity S. Mintz C/PLHCX 5/ /31/2019 D. Gambhirwala R6/PLHQX 5/ /31/2019 Z/PLHZX 5/ /31/2019 Real Assets QMA 2 A/PUDAX 12/ /28/2019 Jennison 2 C/PUDCX 12/ /28/2019 PFI 2 R6/PUDQX 1/ /28/2019 Real Estate 2 Z/PUDZX 12/ /28/2019 Real Estate M. Halle A/ PRKAX 6/ /28/2019 Income R. Romano C/ PRKCX 6/ /28/2019 K. Wing Cheong R6/PRKQX 12/ /28/2019 M. Gallagher Z/ PRKZX 6/ /28/2019 D. Cooney Select Real M. Halle A/SREAX 8/ /28/2019 Estate R. Romano C/SRECX 8/ /28/2019 M. Gallagher R6/SREQX 8/ /28/2019 K. Wing Cheong Z/SREZX 8/ /28/2019 D. Cooney M. Halle A/PJEAX 12/ /31/2019 US Real Estate R. Romano C/PJECX 12/ /31/2019 M. Gallagher R6/PJEQX 5/ /31/2019 K. Wing Cheong Z/PJEZX 12/ /31/2019 D. Cooney ASSET ALLOCATION Balanced Stocks: J. Kallman A/PIBAX 11/ /31/2020 J. Moschberger C/PABCX 11/ /31/2020 S. L. Mintz R6/PIBQX 11/ /31/2020 E. Lithgow Z/PABFX 1/ /31/2020 Bonds: M. Collins G. Peters R. Piccirillo E. Campbell I. Tunkel

8 Nasdaq symbol for Class A direct purchases only. Nasdaq symbol for Class A exchanges only. Manager Ticker Date YTD 1-yr 3-yr 5-yr 10-yr Life 1-yr 5-yr 10-yr/Life 1 Gross Net Date ASSET ALLOCATION (CONTINUED) QMA 2 A/JDUAX 3/ /31/2020 Conservative Allocation Jennison 2 C/JDACX 3/ /31/2020 PFI 2 R6/ JDAQX11/ /31/2020 Real Estate 2 Z/JDAZX 3/ /31/2020 QMA 2 A/JDAAX 3/ /31/2020 Growth Allocation Jennison 2 C/JDGCX 3/ /31/2020 PFI 2 R6/JDGQX 11/ /31/2020 Real Estate 2 Z/JDGZX 3/ /31/2020 Moderate QMA 2 A/JDTAX 3/ /31/2020 Allocation Jennison 2 C/JDMCX 1/ /31/2020 PFI 2 R6/JDTQX 11/ /31/2020 Real Estate 2 Z/JDMZX 3/ /31/2020 QMA M. Aiolfi A/PTALX 4/ /30/2020 Global Tactical Allocation Y. Tokat-Acikel C/PTCLX 4/ /30/2020 R6/PTQLX 4/ /30/2020 Z/PTZLX 4/ /30/2020 MONEY MARKET FUND Government J. D Angelo A/PBMXX 6/ Money Market R. Browne A/MJAXX 6/ M. Brasil C/MJCXX 3/ Z/PMZXX 3/ AFTER - TAX RETURNS 3 QMA Stock J. Moschberger A/PSIAX 11/ /31/2020 Index E. Lithgow C/PSICX 11/ /31/2020 E. Louie I/PDSIX 8/ /31/2020 R6/PQSIX 11/ /31/2020 Return Before Taxes Z/PSIFX 11/ /31/2020 Return After A/PSIAX 11/ Taxes on Distributions C/PSICX 11/ I/PDSIX 8/ R6/PQSIX 11/ Z/PSIFX 11/ Return After A/PSIAX 11/ Taxes on Distribution C/PSICX 11/ and Sale of I/PDSIX 8/ Shares R6/PQSIX 11/ Z/PSIFX 11/

9 HELPING INVESTORS PARTICIPATE IN GLOBAL MARKET OPPORTUNITIES At Investments, we consider it a great privilege and responsibility to help investors participate in opportunities across global markets while meeting their toughest investment challenges. We re part of, the global investment management business of Prudential Financial, Inc. a top-10 investment manager globally with more than $1 trillion in assets under management (AUM). 4 This scale and investment experience allow us to deliver s actively managed investment solutions designed to meet the needs of investors around the globe. 4 Prudential Financial is the 10th-largest investment manager (out of 562) in terms of global AUM based on the Pensions & Investments Top Money Managers list published on 5/28/2018. This ranking represents assets managed by Prudential Financial as of 12/31/2017. Government Money Market 7 Day Current Yields are: Class A, 1.79%; Class C, 1.86%; and Class Z, 1.99%. The yield quotation more closely reflects the current earnings of the than the total return quotation. You could lose money by investing in the Government Money Market. Although the seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The s sponsor has no legal obligation to provide financial support to the, and you should not expect that the sponsor will provide financial support to the at any time. *The Date represents the contractual reduction date through which the net expense ratio is in effect. Expense figures for the Conservative, Moderate, and Growth Allocation s include a weighted average of the net operating expenses of the underlying funds in which the invests. Such expenses, annualized, amounted to less than 0.01% for each share class. Gross operating expenses for QMA Long-Short Equity include dividends paid on stock sold short, which are required to be disclosed as an expense ( dividend expense on short positions ) and broker fees and expenses on short sales. The dividend expense on short positions will be substantially offset by market value gains on the day the dividends are announced. Without the inclusion of dividend expense on short positions and broker fees and expenses on short sales, the net expense ratios would be: QMA Long-Short Equity Class A, 1.50%; Class C, 2.25%; Class R6, 1.25; Class Z, 1.25%. Jennison MLP : Gross operating expenses: Class A, 1.54%; Class C, 2.23%; Class R6, 2.71%; Class Z, 1.21%. Net operating expenses after deferred income tax expense, which is reflected in the s daily net asset value per share, and contractual reduction through 3/31/2019: Class A, 1.49%; Class C, 2.23%; Class R6, 1.21%; Class Z, 1.21%. Net operating expenses before deferred income tax expense: Class A, 1.49%; Class C, 2.23%; Class R %; Class Z, 1.21%. Due to the s repositioning, prior performance is not attributable to current investment strategies as of these dates for the following funds: Corporate Bond (5/28/15), Core Bond (2/17/15), Income Builder (9/23/14), and QMA Small-Cap Value (1/15/15). Class R2 shares and Class R4 shares are only offered for sale to group retirement plans available through a retirement recordkeeper or third party administrator. Class R6 and Z shares may be available to group retirement plans and institutional investors through certain retirement, mutual fund wrap and asset allocation programs. They may also be eligible to institutional investors at a $5,000,000 investment minimum. Class A, C, and Z shares are generally closed to new retirement plans. Please see the prospectus for additional information about fees, expenses, and investor eligibility. All data is unaudited and subject to change. Investing in mutual funds involves risk. The investment return and principal value will fluctuate, and shares, when sold, may be worth more or less than their original cost. Some investment products have more risk than others. The risks associated with each fund are explained more fully in each fund s respective prospectus and summary prospectus. Source: Inc. (). Please read the s current prospectus and summary prospectus for more detailed information regarding sales charge structure. For new funds and share classes, the performance data featured represents past performance for a period of less than one year. While past performance is never an indication of future results, short periods of performance may be particularly unrepresentative of long-term performance for certain types of funds. Total return describes the return to the investor after net operating expense but before any sales charges are imposed. SEC standardized return describes the return to the investor after net operating expense and maximum sales charges are imposed. All returns assume share price changes as well as the compounding effect of reinvested dividends and capital gains. Returns may reflect fee waivers and/or expense reimbursements. Without such, returns would be lower. All returns 1-year or less are cumulative. All data is unaudited and subject to change. 110-year returns are shown in the 10-Yr/Life column unless the fund s inception is less than 10 years. 2 QMA is the primary business name of Quantitative Management Associates LLC; Jennison is Jennison Associates; PFI is Fixed Income; and Real Estate, who are the subadvisors that are the subadvisors of the underlying funds in which this fund invests. 3 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. For more information, contact your financial professional or visit our website at pgiminvestments.com. Consider a fund s investment objectives, risks, charges, and expenses carefully before investing. The prospectus and summary prospectus contain this and other Mutual funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company, member SIPC. Jennison Associates and, Inc. () are registered investment advisors and Prudential Financial companies. QMA is the primary business name of Quantitative Management Associates LLC, a wholly owned subsidiary of. Fixed Income and Real Estate are units of Prudential Financial, Inc. and its related entities. Jennison Associates, Jennison, Real Estate, and the logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide. This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation about managing or investing your retirement savings. Clients seeking information regarding their particular investment needs should contact a financial professional. Mutual s Are not insured by the FDIC or any federal government agency May lose value Are not a deposit of or guaranteed by any bank or any bank affiliate PI457 Expiration: 4/30/2019