The Prudential SmartSolution IRA Investment Fact Sheets (1st Quarter 2016)

Transcription

1 The Prudential SmartSolution IRA Investment Fact Sheets (1st Quarter 2016) Please read all of the documents contained in this booklet (Click on a fund in the Table of Contents to be directed to that fund s specific fact sheet) TABLE OF CONTENTS PAGE Prudential Government Money Market Fund 2 PruSecure (non-new York) (where available) 3 PruSecure (New York version) (where available) 4 Lord Abbett Income R 5 Prudential Total Return Bond Fund R 6 Prudential Government Income Fund R 7 Prudential High-Yield Fund R 8 PIMCO Foreign Bond (USD-Hedged) R 9 American Century All Cap Growth Fund R 10 Prudential Jennison 20/20 Growth Fund R 11 Prudential Jennison Growth Fund R 12 Fidelity Advisor Mega Cap Stock Fund T 13 Prudential Jennison Value Fund R 14 Prudential QMA Stock Index Fund R 15 Prudential Jennison Equity Income Fund R 16 Nuveen Dividend Value Fund R3 17 Prudential QMA Strategic Value Fund R 18 American Century Heritage Fund R 19 Prudential Jennison Mid Cap Growth Fund R 20 Fidelity Advisor Leveraged Company Stock Fund 21 American Century Mid Cap Value Fund R 22 Fidelity Advisor Small Cap Growth Fund T 23 Prudential Jennison Small Company Fund R 24 Nuveen Small Cap Value Fund R3 25 Fidelity Advisor Small Cap Value Fund T 26 Prudential QMA Small Cap Value Fund R 27 Target International Equity Fund R 28 Fidelity Advisor Total International Equity Fund T 29 Prudential Global Real Estate Fund R 30 Prudential Jennison Natural Resources Fund R 31 Prudential Jennison Utility Fund R 32 Prudential Financial Services Fund R 33 Prudential Jennison Health Sciences Fund R 34 Prudential IncomeFlex Target Balanced Portfolio (where available) 35 User s Guide 36 Mutual fund shares are offered by Prudential Investment Management Services, LLC (PIMS), Newark, NJ, a Prudential Financial company. Member FINRA/SIPC. Investment advisory services provided by Global Portfolio Strategies, Inc., a Prudential Financial company. SSIRA-FACT-SHEET

2 Prudential Government Mny Mkt Exchange A ADVISOR: Prudential Investments LLC Money Market-Taxable BofAML USD LIBOR 3 Mon CM $485.0 Million INCEPTION DATE: 6/1/1976 PBMXX GROSS EXPENSE RATIO: 0.62% of Fund Assets PORTFOLIO MANAGER(S): Management Team Allocation As of 03/31/2016 Cash 100% The investment seeks maximum current income consistent with stability of capital and the maintenance of liquidity. The fund invests at least 99.5% of its total assets in cash, government securities, and/or repurchase agreements that are fully collaterized with cash or government It has a policy to invest under normal conditions 80% of its net assets in government securities and/or repurchase agreements that are collaterized by government The fund seeks to maintain a stable net asset value of $1 per share. It seeks to invest in securities that present minimal credit risk. An investment in a money market fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. The yield quotation more closely reflects the current earnings of the fund than the total return quotation. Mutual Fund* NA The 7-Day Current Yield as of 03/31/2016 is 0.02% Index % 0.23% % 0.23% % 0.29% % 0.51% % 0.27% 12b-1 fee of up to 0.13% and may include an annual sub-accounting and/or servicing fee of up to 0.13%. Performance: The performance quoted represents past performance. The investment value and return will fluctuate so that an investment, when redeemed, may be worth more or less than original cost. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call These performance results represent the change in net asset value of an investment over a stated period, assuming the reinvestment of dividends and capital gain distributions

3 PruSecure Account ISSUER: The Prudential Insurance Company of America ADVISER: Prudential Investment Management, Inc. Stable Value $7,799 Million INCEPTION DATE: January 1, 1982 Investor Risk Profile This Fund may be suitable for investors who seek: Preservation of capital plus competitive intermediate-term returns. Portfolio Allocation As of 03/31/2016 Commercial Mortgage Loans 1 22% Public Corporate Bonds 32% Private Securities 27% CMBS 2 8% ABS 3 4% Agency MBS 5% US Treasury & Agencies 0% Other 4 2% Cash and Short Term -1% Average Duration 3.9 Portfolio allocation is subject to change. Duration is a time measure (in years) of a fixedincome security s interest-rate sensitivity. Average duration is a weighted average of the duration of the underlying fixed-income securities within the portfolio. U.S. Treasury Rates As of 03/31/2016 Objective & Structure The PruSecure Account (the Account ) is a stable value insurance product offered by Prudential Insurance Company of America, designed to provide safety of principal, liquidity and a stable rate of return. The Account Offers Stability of crediting rate Guaranteed protection of principal and accumulated interest from market volatility Intermediate-term fixed income returns Features Principal and accumulated interest are fully guaranteed by The Prudential Insurance Company of America (PICA). Interest crediting rate is declared in advance and is guaranteed for a six month period. Past crediting rates are not indicative of future rates. The Account invests in a broadly diversified, fixed income portfolio within PICA s General Account. The portfolio is primarily invested in public bonds, commercial mortgages and private placement bonds. Any withdrawals made from the PruSecure Account within one (1) year from the initial contribution date will be subject to a 1% contingent deferred sales charge on the amounts withdrawn. Amounts withdrawn may also be subject to a Market Value Adjustment if portfolio withdrawal thresholds are met or exceeded. Interest is credited daily. CREDITING RATE*: 1.40% *Effective 1/01/16; for the period 1/01/16-6/30/16. The guaranteed rate will never be less than the rate required by law and in no event will be less than 1%. The PruSecure crediting rate is guaranteed by The Prudential Insurance Company of America which enjoys the following ratings: Rating Agency Rating Description Moody's A1 Good -- 5th highest of 21 Standard & Poor's AA- Very Strong -- 4th highest of 21 A.M. Best A+ Superior -- 2nd highest of 15 Fitch A+ Strong -- 5th highest of 21 1 May include agriculture loans, transfer employee mortgages and residential mortgages 2 CMBS = Commercial Mortgage Backed Securities 3 Includes ABS = Asset Backed Securities, RMBS = Residential Mortgage Backed Securities, CMO = Collateralized Mortgage Obligation Securities 4 May include equity, real estate and derivatives used to hedge various risks Claims-paying ratings represents the opinions of rating agencies regarding the financial ability of an insurance company to meet its obligations under its insurance policies. According to Standard & Poor's publications, an insurer rated AA- (4th category of 21) has very strong financial security characteristics, differing only slightly from those rated higher. An insurer rated AAA has extremely strong financial security characteristics. AAA is the highest Insurer Financial Strength Rating assigned by Standard & Poor s. Moody's indicates that 'A1' (5th category of 21) rated insurance companies offer good financial security. Insurance companies rated Aaa offer exceptional financial security. In addition, Moody s appends numerical modifiers 1, 2, 3 to each generic rating classification, with 1 being the highest and 3 being the lowest. Aaa is the highest Insurer Financial Strength Rating assigned by Moody s. Fitch indicates that 'A+' (5th category of 21) companies are viewed as possesing strong capacity to meet policyholder and contract obligations. Risk factors are moderate, and the impact of any adverse business and economic factors is expected to be small According to Fitch, AAA is Exceptionally Strong. Insurers assigned this highest rating are viewed as possessing an exceptionally strong capacity to meet policyholder and contract obligations. For such companies, risk factors are minimal and the impact on any adverse business and economic factors is expected to be extremely small. AAA is the highest rating issued by Fitch. A.M. Best considers 'A+' (2nd category of 15) rated companies to have a superior ability to meet their ongoing obligations to policyholiders. An A++ rating is assigned to companies that have, in their opinion, a superior ability to meet their ongoing obligations to policyholders. A++ is the highest rating issued by A.M. Best. Rating information current as of March 31, For current information on other Prudential Financial operating insurance companies, please visit the Investor Relations website at The PruSecure Account is a group annuity product issued by The Prudential Insurance Company of America (PICA), Newark, NJ Amounts contributed to the contract are deposited in PICA s general account. Payment obligations and the fulfillment of any guarantees specified in the group annuity contract are insurance claims supported by the full faith and credit of PICA. PICA periodically resets the interest rate credited on contract balances, subject to a minimum rate specified in the group annuity contract. Past interest rates are not indicative of future rates. This product is neither a mutual fund nor a bank product. The obligations of PICA are not insured by the FDIC or any other federal governmental agency. Contract form # DC or state variation thereof. Prudential Retirement is compensated in connection with this product when general account investment returns exceed the interest credited on contract balances. Other than such compensation, there are no additional charges imposed that reduce the interest rate credited. Due to the absence of additional charges, there is not an expense ratio associated with this product. For some plans, Prudential Retirement uses a portion of its aggregate compensation to satisfy the plan s request for allowances and for payments to defray plan expenses. If Prudential Retirement s aggregate compensation from this product and from other plan investment products exceeds the costs of servicing your plan, Prudential Retirement earns a profit; otherwise we incur a loss. Frequent exchanging between plan investment options may harm long-term investors. Your plan or the plan s investment funds may have provisions to deter exchanges that may be abusive. These policies may require us to modify, restrict or suspend purchase or exchange privileges and/or impose redemption fees. The Prudential Insurance Company of America is a Prudential Financial company Prudential Financial, Inc. and its related entities. Prudential, the Prudential logo, the Rock symbol and Bring Your Challenges are service marks of Prudential Financial, Inc., and its related entities, registered in many jurisdictions worldwide RSFS

4 PruSecure Account ISSUER: The Prudential Insurance Company of America ADVISER: Prudential Investment Management, Inc. Stable Value $7,799 Million INCEPTION DATE: January 1, 1982 Investor Risk Profile This Fund may be suitable for investors who seek: Preservation of capital plus competitive intermediate-term returns. Portfolio Allocation As of 03/31/2016 Commercial Mortgage Loans 1 22% Public Corporate Bonds 32% Private Securities 27% CMBS 2 8% ABS 3 4% Agency MBS 5% US Treasury & Agencies 0% Other 4 2% Cash and Short Term -1% Average Duration 3.9 Portfolio allocation is subject to change. Duration is a time measure (in years) of a fixedincome security s interest-rate sensitivity. Average duration is a weighted average of the duration of the underlying fixed-income securities within the portfolio. U.S. Treasury Rates As of 03/31/2016 New York Version Objective & Structure The PruSecure Account (the Account ) is a stable value insurance product offered by Prudential Insurance Company of America, designed to provide safety of principal, liquidity and a stable rate of return. The Account Offers Stability of crediting rate Guaranteed protection of principal and accumulated interest from market volatility Intermediate-term fixed income returns Features Principal and accumulated interest are fully guaranteed by The Prudential Insurance Company of America (PICA). Interest crediting rate is declared in advance and is guaranteed for a six month period. Past crediting rates are not indicative of future rates. The Account invests in a broadly diversified, fixed income portfolio within PICA s General Account. The portfolio is primarily invested in public bonds, commercial mortgages and private placement bonds. Amounts withdrawn may be subject to a Market Value Adjustment if individual account withdrawal thresholds are met or exceeded. Interest is credited daily. CREDITING RATE*: 1.40% *Effective 1/01/16; for the period 1/01/16-6/30/16. The guaranteed rate will never be less than the rate required by law and in no event will be less than 1%. The PruSecure crediting rate is guaranteed by The Prudential Insurance Company of America which enjoys the following ratings: Rating Agency Rating Description Moody's A1 Good -- 5th highest of 21 Standard & Poor's AA- Very Strong -- 4th highest of 21 A.M. Best A+ Superior -- 2nd highest of 15 Fitch A+ Strong -- 5th highest of 21 1 May include agriculture loans, transfer employee mortgages and residential mortgages 2 CMBS = Commercial Mortgage Backed Securities 3 Includes ABS = Asset Backed Securities, RMBS = Residential Mortgage Backed Securities, CMO = Collateralized Mortgage Obligation Securities 4 May include equity, real estate and derivatives used to hedge various risks Claims-paying ratings represents the opinions of rating agencies regarding the financial ability of an insurance company to meet its obligations under its insurance policies. According to Standard & Poor's publications, an insurer rated AA- (4th category of 21) has very strong financial security characteristics, differing only slightly from those rated higher. An insurer rated AAA has extremely strong financial security characteristics. AAA is the highest Insurer Financial Strength Rating assigned by Standard & Poor s. Moody's indicates that 'A1' (5th category of 21) rated insurance companies offer good financial security. Insurance companies rated Aaa offer exceptional financial security. In addition, Moody s appends numerical modifiers 1, 2, 3 to each generic rating classification, with 1 being the highest and 3 being the lowest. Aaa is the highest Insurer Financial Strength Rating assigned by Moody s. Fitch indicates that 'A+' (5th category of 21) companies are viewed as possesing strong capacity to meet policyholder and contract obligations. Risk factors are moderate, and the impact of any adverse business and economic factors is expected to be small According to Fitch, AAA is Exceptionally Strong. Insurers assigned this highest rating are viewed as possessing an exceptionally strong capacity to meet policyholder and contract obligations. For such companies, risk factors are minimal and the impact on any adverse business and economic factors is expected to be extremely small. AAA is the highest rating issued by Fitch. A.M. Best considers 'A+' (2nd category of 15) rated companies to have a superior ability to meet their ongoing obligations to policyholiders. An A++ rating is assigned to companies that have, in their opinion, a superior ability to meet their ongoing obligations to policyholders. A++ is the highest rating issued by A.M. Best. Rating information current as of March 31, For current information on other Prudential Financial operating insurance companies, please visit the Investor Relations website at The PruSecure Account is a group annuity product issued by The Prudential Insurance Company of America (PICA), Newark, NJ Amounts contributed to the contract are deposited in PICA s general account. Payment obligations and the fulfillment of any guarantees specified in the group annuity contract are insurance claims supported by the full faith and credit of PICA. PICA periodically resets the interest rate credited on contract balances, subject to a minimum rate specified in the group annuity contract. Past interest rates are not indicative of future rates. This product is neither a mutual fund nor a bank product. The obligations of PICA are not insured by the FDIC or any other federal governmental agency. Contract form # DC or state variation thereof. Prudential Retirement is compensated in connection with this product when general account investment returns exceed the interest credited on contract balances. Other than such compensation, there are no additional charges imposed that reduce the interest rate credited. Due to the absence of additional charges, there is not an expense ratio associated with this product. For some plans, Prudential Retirement uses a portion of its aggregate compensation to satisfy the plan s request for allowances and for payments to defray plan expenses. If Prudential Retirement s aggregate compensation from this product and from other plan investment products exceeds the costs of servicing your plan, Prudential Retirement earns a profit; otherwise we incur a loss. Frequent exchanging between plan investment options may harm long-term investors. Your plan or the plan s investment funds may have provisions to deter exchanges that may be abusive. These policies may require us to modify, restrict or suspend purchase or exchange privileges and/or impose redemption fees. The Prudential Insurance Company of America is a Prudential Financial company Prudential Financial, Inc. and its related entities. Prudential, the Prudential logo, the Rock symbol and Bring Your Challenges are service marks of Prudential Financial, Inc., and its related entities, registered in many jurisdictions worldwide RSFS

5 Lord Abbett Income R3 ADVISOR: Lord, Abbett & Co LLC Corporate Bond Barclays US Corp IG TR USD $51.9 Million INCEPTION DATE: 7/2/2008 LAURX GROSS EXPENSE RATIO: 1.20% of Fund Assets OVERALL MORNINGSTAR RATING TM : MORNINGSTAR : 166 PORTFOLIO MANAGER(S): Jerald M. Lanzotti CFA; Kewjin Yuoh; Andrew H. O'Brien CFA; Robert A. Lee In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. Morningstar Style Box TM As of 12/31/2015 The vertical axis represents the Fund's average credit quality as measured by Standard & Poor s rating service. High >= AA Medium <AA and >=BBB Low <BBB The horizontal axis represents the Fund's sensitivity to interest rates as measured by the average effective duration: Ltd <=3.5 Yrs Mod > 3.5 Yrs and <=6 Yrs Ext > 6 Yrs % -0.68% % 7.46% % -1.53% % 9.82% % 8.15% The investment seeks a high level of income consistent with preservation of capital. Under normal conditions, the fund pursues its investment objective by investing at least 65% of its net assets in investment grade debt (or fixed income) securities including Corporate debt securities of U.S. issuers; Corporate debt securities of non-u.s. (including emerging market) issuers that are denominated in U.S. dollars; Mortgage-backed, mortgage-related and other asset-backed securities; Securities issued or guaranteed by the U.S. government, its agencies or government-sponsored enterprises; and Inflation-linked investments. Fixed income investment (bond) funds are subject to interest rate risk; their value will decline as interest rates rise. Fund shares are not guaranteed by the U.S. Government. Top Five Holdings As of 12/31/2015 Top Five Sectors As of 12/31/2015 Gte 6.94% % US Treasury Note 1.625% % FHLMC 3.5% % FNMA % US Corporate % Securitized % Government % Municipal % FNMA % Cash (%of FI assets) % Quality Distribution As of 12/31/2015 BBB 52.72% AAA 20.75% BB 9.18% B 5.25% A 4.67% Below B 4.01% AA 3.37% Not Rated 0.05% Characteristics As of 12/31/2015 Effective Duration (Yrs) 5.27 NA Average Maturity (Yrs) NA NA Number of Holdings - Long 491 NA Portfolio Turnover (%) NA NA Mutual Fund* NA Index Morningstar Rating TM # of Funds in Category b-1 fee of up to 0.50% and may include an annual sub-accounting and/or servicing fee of up to 0.25%. Performance: The performance quoted represents past performance. The performance in this report is based on adjusted historical returns of the oldest share class of the fund, which has been adjusted to reflect the fees of the expenses of this share class. The investment value and return will fluctuate so that an investment, when redeemed, may be worth more or less than original cost. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call These performance results represent the change in net asset value of an investment over a stated period, assuming the reinvestment of dividends and capital gain distributions

6 Prudential Total Return Bond R ADVISOR: Prudential Investments LLC Intermediate-Term Bond Barclays US Agg Bond TR USD $570.4 Million INCEPTION DATE: 1/14/2008 DTBRX GROSS EXPENSE RATIO: 1.31% of Fund Assets OVERALL MORNINGSTAR RATING TM : MORNINGSTAR : 951 PORTFOLIO MANAGER(S): Gregory Peters; Robert Tipp CFA; Richard Piccirillo; Michael J. Collins CFA In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. Morningstar Style Box TM As of 02/29/2016 The vertical axis represents the Fund's average credit quality as measured by Standard & Poor s rating service. High >= AA Medium <AA and >=BBB Low <BBB The horizontal axis represents the Fund's sensitivity to interest rates as measured by the average effective duration: Ltd <=3.5 Yrs Mod > 3.5 Yrs and <=6 Yrs Ext > 6 Yrs % 0.55% % 5.97% % -2.02% % 4.21% % 7.84% The investment seeks total return. The fund will seek to achieve its objective through a mix of current income and capital appreciation as determined by the fund's investment subadviser. It invests, under normal circumstances, at least 80% of the fund's investable assets in bonds. For purposes of this policy, bonds include all fixed-income securities, other than preferred stock, with a maturity at date of issue of greater than one year. The fund may invest up to 30% of its investable assets in high risk, below investment-grade securities having a rating of not lower than CCC. It may invest up to 30% of its investable assets in foreign debt Fixed income investment (bond) funds are subject to interest rate risk; their value will decline as interest rates rise. Fund shares are not guaranteed by the U.S. Government. Top Five Holdings As of 02/29/2016 Payb Usd /31/ % Recv Usd /31/ % 5 Year US Treasury Note Future June % 10 Year US Treasury Note Future June % Payb Usd 1.124% 01/26/ % Top Five Sectors As of 02/29/2016 Government % US Corporate % Securitized % Cash (%of FI assets) % Municipal % Quality Distribution As of 02/29/2016 AAA 29.22% A 21.52% BBB 19.17% BB 12.38% AA 9.41% Not Rated 4.24% B 3.93% Below B 0.14% Effective Duration (Yrs) 6.26 NA Average Maturity (Yrs) NA NA Number of Holdings - Long 2033 NA Portfolio Turnover (%) NA NA Mutual Fund* NA Index Morningstar Rating TM # of Funds in Category *This Fund has been established and managed by affiliates of Prudential Retirement. A portion of the revenue received by those affiliates in connection with this Fund is transferred to Prudential Retirement. The balance is retained by the affiliates. Performance: The performance quoted represents past performance. The performance in this report is based on adjusted historical returns of the oldest share class of the fund, which has been adjusted to reflect the fees of the expenses of this share class. The investment value and return will fluctuate so that an investment, when redeemed, may be worth more or less than original cost. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call These performance results represent the change in net asset value of an investment over a stated period, assuming the reinvestment of dividends and capital gain distributions

7 Prudential Government Income R ADVISOR: Prudential Investments LLC Intermediate Government Barclays US Government TR USD $15.0 Million INCEPTION DATE: 5/17/2004 JDRVX GROSS EXPENSE RATIO: 1.51% of Fund Assets OVERALL MORNINGSTAR RATING TM : MORNINGSTAR : 297 PORTFOLIO MANAGER(S): Craig Dewling; Erik Schiller CFA; Robert Tipp CFA In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. Morningstar Style Box TM As of 02/29/2016 The vertical axis represents the Fund's average credit quality as measured by Standard & Poor s rating service. High >= AA Medium <AA and >=BBB Low <BBB The horizontal axis represents the Fund's sensitivity to interest rates as measured by the average effective duration: Ltd <=3.5 Yrs Mod > 3.5 Yrs and <=6 Yrs Ext > 6 Yrs % 0.86% % 4.92% % -2.60% % 2.02% % 9.02% The investment seeks high current return. The fund invests at least 80% of its investable assets in U.S. government securities, including U.S. Treasury bills, notes, bonds, strips and other debt securities issued by the U.S. Treasury, and obligations, including mortgage-related securities, issued or guaranteed by U.S. government agencies or instrumentalities. Its investable assets will be less than its total assets to the extent that it has borrowed money for non-investment purposes, such as to meet anticipated redemptions. Fixed income investment (bond) funds are subject to interest rate risk; their value will decline as interest rates rise. Fund shares are not guaranteed by the U.S. Government. Top Five Holdings As of 02/29/ day Euro$ Futr Mar % 90day Euro$ Futr Sep % Recv Usd /8/ % Payb Usd /8/ % Payb Usd /31/ % Top Five Sectors As of 02/29/2016 Government % Securitized % Cash (%of FI assets) % US Corporate % Derivative % Quality Distribution As of 02/29/2016 AAA % A 0.13% Effective Duration (Yrs) 5.25 NA Average Maturity (Yrs) NA NA Number of Holdings - Long 612 NA Portfolio Turnover (%) NA NA Mutual Fund* NA Index Morningstar Rating TM # of Funds in Category b-1 fee of up to 0.50% and may include an annual sub-accounting and/or servicing fee of up to 0.25%. Performance: The performance quoted represents past performance. The investment value and return will fluctuate so that an investment, when redeemed, may be worth more or less than original cost. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call These performance results represent the change in net asset value of an investment over a stated period, assuming the reinvestment of dividends and capital gain distributions

8 Prudential High-Yield R ADVISOR: Prudential Investments LLC High Yield Bond BofAML US HY Master II TR USD $49.5 Million INCEPTION DATE: 6/6/2005 JDYRX GROSS EXPENSE RATIO: 1.33% of Fund Assets OVERALL MORNINGSTAR RATING TM : MORNINGSTAR : 646 PORTFOLIO MANAGER(S): Terence Wheat CFA; Brian Clapp CFA; Robert Spano CFA; Ryan Kelly CFA; Daniel Thorogood In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. Morningstar Style Box TM As of 02/29/2016 The vertical axis represents the Fund's average credit quality as measured by Standard & Poor s rating service. High >= AA Medium <AA and >=BBB Low <BBB The horizontal axis represents the Fund's sensitivity to interest rates as measured by the average effective duration: Ltd <=3.5 Yrs Mod > 3.5 Yrs and <=6 Yrs Ext > 6 Yrs % -4.64% % 2.50% % 7.42% % 15.58% % 4.38% The investment seeks to maximize current income; and capital appreciation is a secondary objective. The fund normally invests at least 80% of its investable assets in a diversified portfolio of high yield fixed-income instruments rated Ba or lower by Moody's Investors Service (Moody's) or BB or lower by Standard & Poor's Ratings Group (Standard & Poor's), and instruments either rated by another nationally recognized statistical rating organization (NRSRO), or considered to be of comparable quality, that is, junk bonds. Fixed income investment (bond) funds are subject to interest rate risk; their value will decline as interest rates rise. Fund shares are not guaranteed by the U.S. Government. High yield "junk" bonds involve a greater risk of default of payment of principal and interest than higher-rated bonds. Also, these bonds tend to be less liquid than higher-rated Therefore, an investment in the Fund may not be appropriate for short-term investing. Top Five Holdings As of 02/29/ Year US Treasury Note Future June % 2 Year US Treasury Note Future June % First Data 144A 7% % Hca 5.375% % 10 Year US Treasury Note Future June % Top Five Sectors As of 02/29/2016 US Corporate % Government % Cash (%of FI assets) % Securitized % Quality Distribution As of 02/29/2016 BB 40.4% B 40.28% Below B 11.66% BBB 4.02% AAA 3.57% Not Rated 0.08% Effective Duration (Yrs) 4.30 NA Average Maturity (Yrs) NA NA Number of Holdings - Long 611 NA Portfolio Turnover (%) NA NA Mutual Fund* NA Index Morningstar Rating TM # of Funds in Category *This Fund has been established and managed by affiliates of Prudential Retirement. A portion of the revenue received by those affiliates in connection with this Fund is transferred to Prudential Retirement. The balance is retained by the affiliates. Performance: The performance quoted represents past performance. The investment value and return will fluctuate so that an investment, when redeemed, may be worth more or less than original cost. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call These performance results represent the change in net asset value of an investment over a stated period, assuming the reinvestment of dividends and capital gain distributions

9 PIMCO Foreign Bond (USD-Hedged) R ADVISOR: Pacific Investment Management Co LLC World Bond Citi WGBI NonUSD USD $40.4 Million INCEPTION DATE: 12/31/2002 PFRRX GROSS EXPENSE RATIO: 1.17% of Fund Assets OVERALL MORNINGSTAR RATING TM : MORNINGSTAR : 320 PORTFOLIO MANAGER(S): Andrew Thomas Balls; Lorenzo Pagani; Sachin Gupta In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. Morningstar Style Box TM Data Not Available % -5.54% % -2.68% % -4.56% % 1.51% % 5.17% The investment seeks maximum total return, consistent with preservation of capital and prudent investment management. The fund normally invests at least 80% of its assets in Fixed Income Instruments that are economically tied to foreign (non-u.s.) countries, representing at least three foreign countries, which may be represented by forwards or derivatives such as options, future contracts or swap agreements. It invests primarily in investment grade debt securities, but may invest up to 10% of its total assets in junk bonds rated B or higher. The fund is non-diversified. Fixed income investment (bond) funds are subject to interest rate risk; their value will decline as interest rates rise. Fund shares are not guaranteed by the U.S. Government. Investing in foreign securities presents certain unique risks not associated with domestic investments, such as currency fluctuation and political and economic changes. This may result in greater share price volatility. Top Five Holdings As of 12/31/2015 Irs Usd /06/16-1y (Wht) Cme % Fin Fut Us 10yr Cbt 03/21/ % Irs Usd /16/15-2y Cme % Irs Jpy /22/16-2y Cme % Irs Usd /16/15-7y Lch % Top Five Countries As of 12/31/2015 United States % Canada % United Kingdom % France % Netherlands % Holdings and Country allocations are ranked as a percentage of net assets and subject to change without notice. Quality Distribution Data Not Available Characteristics As of 12/31/2015 Effective Duration (Yrs) 7.30 NA Average Maturity (Yrs) NA Number of Holdings - Long 981 NA Portfolio Turnover (%) NA NA Mutual Fund* NA Index Morningstar Rating TM # of Funds in Category b-1 fee of up to 0.50% and may include an annual sub-accounting and/or servicing fee of up to 0.20%. Performance: The performance quoted represents past performance. The investment value and return will fluctuate so that an investment, when redeemed, may be worth more or less than original cost. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call These performance results represent the change in net asset value of an investment over a stated period, assuming the reinvestment of dividends and capital gain distributions

10 American Century All Cap Growth R ADVISOR: American Century Inv Mgt Inc Large Growth Russell 1000 Growth TR USD $13.4 Million INCEPTION DATE: 9/30/2011 ACAWX GROSS EXPENSE RATIO: 1.50% of Fund Assets OVERALL MORNINGSTAR RATING TM : MORNINGSTAR : 1524 PORTFOLIO MANAGER(S): Michael J. Orndorff CFA; Marcus A. Scott CFA; David M. Hollond In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio make-ups or investment strategies. Morningstar Style Box TM As of 12/31/ % 5.67% % 13.05% % 33.48% % 15.26% % 2.64% The investment seeks long-term capital growth. The fund invests primarily in stocks of companies of all sizes that the advisor believes will increase in value over time, using an investment strategy developed by the fund's investment advisor. In implementing this strategy, the portfolio managers make their investment decisions based primarily on their analysis of individual companies, rather than on broad economic forecasts. Although the portfolio managers intend to invest the fund's assets primarily in U.S. securities, the fund may invest in securities of foreign companies when these securities meet the portfolio managers' standards of selection. Top Five Holdings As of 12/31/2015 Top Five Sectors As of 12/31/2015 Alphabet Inc A % Apple Inc % Facebook Inc A % Allergan PLC % Mondelez International Inc Class A % Technology % Healthcare % Consumer Cyclical % Consumer Defensive % Industrials % Allocation As of 12/31/2015 US Stocks 95.31% Non-US Stocks 4.19% Other 0.47% Cash 0.02% Characteristics As of 12/31/2015 Weighted Geometric Market Cap. ($Bil) Price/Earnings Ratio (Forward) 21.85x 19.92x Price/Book Ratio 4.1x 4.86x 3-Year Earnings Growth Rate (%) Number of Holdings-Long Mutual Fund* NA Index Morningstar Rating TM # of Funds in Category b-1 fee of up to 0.50% and may include an annual sub-accounting and/or servicing fee of up to 0.25%. Performance: The performance quoted represents past performance. The performance in this report is based on adjusted historical returns of the oldest share class of the fund, which has been adjusted to reflect the fees of the expenses of this share class. The investment value and return will fluctuate so that an investment, when redeemed, may be worth more or less than original cost. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call These performance results represent the change in net asset value of an investment over a stated period, assuming the reinvestment of dividends and capital gain distributions.

11 Prudential Jennison 20/20 Focus R ADVISOR: Prudential Investments LLC Large Growth Russell 1000 Growth TR USD $73.9 Million INCEPTION DATE: 6/14/2004 JTWRX GROSS EXPENSE RATIO: 1.63% of Fund Assets OVERALL MORNINGSTAR RATING TM : MORNINGSTAR : 1524 PORTFOLIO MANAGER(S): Spiros Segalas; Warren N. Koontz, Jr. CFA In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies. Morningstar Style Box TM As of 02/29/ % 5.67% % 13.05% % 33.48% % 15.26% % 2.64% The investment seeks long-term growth of capital. The fund normally invests at least 80% of its total assets in approximately 40 (which may range up to 45) equity and equity-related securities of companies. Equity and equity-related securities in which the fund primarily invests are common stocks, nonconvertible preferred stocks and convertible It participates in the initial public offering (IPO) market. The fund may actively and frequently trade its portfolio It may invest up to 35% of its total assets in foreign Foreign securities may include securities from emerging markets. The fund is non-diversified. Top Five Holdings As of 02/29/2016 Top Five Sectors As of 02/29/2016 Facebook Inc A % Amazon.com Inc % Salesforce.com Inc % Shire PLC ADR % JPMorgan Chase & Co % Technology % Consumer Cyclical % Financial Services % Healthcare % Consumer Defensive % Allocation As of 02/29/2016 US Stocks 90.4% Non-US Stocks 6.15% Cash 3.45% Weighted Geometric Market Cap. ($Bil) Price/Earnings Ratio (Forward) 21.07x 19.92x Price/Book Ratio 2.5x 4.86x 3-Year Earnings Growth Rate (%) Number of Holdings-Long Mutual Fund* NA Index Morningstar Rating TM # of Funds in Category *This Fund has been established and managed by affiliates of Prudential Retirement. A portion of the revenue received by those affiliates in connection with this Fund is transferred to Prudential Retirement. The balance is retained by the affiliates. Performance: The performance quoted represents past performance. The investment value and return will fluctuate so that an investment, when redeemed, may be worth more or less than original cost. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call These performance results represent the change in net asset value of an investment over a stated period, assuming the reinvestment of dividends and capital gain distributions.

12 Prudential Jennison Growth R ADVISOR: Prudential Investments LLC Large Growth Russell 1000 Growth TR USD $276.9 Million INCEPTION DATE: 12/17/2004 PJGRX GROSS EXPENSE RATIO: 1.50% of Fund Assets OVERALL MORNINGSTAR RATING TM : MORNINGSTAR : 1524 PORTFOLIO MANAGER(S): Spiros Segalas; Kathleen A. McCarragher; Michael A. Del Balso In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies. Morningstar Style Box TM As of 02/29/ % 5.67% % 13.05% % 33.48% % 15.26% % 2.64% The investment seeks long-term growth of capital. The fund normally invests at least 65% of its total assets in equity and equityrelated securities of companies that exceed $1 billion in market capitalization and that the Manager believes have above-average growth prospects. These companies are generally considered medium- to large-capitalization companies. Equity-related securities in which the fund primarily invests are common stocks, nonconvertible preferred stocks and convertible Top Five Holdings As of 02/29/2016 Top Five Sectors As of 02/29/2016 Facebook Inc A % Amazon.com Inc % Apple Inc % Visa Inc Class A % Nike Inc B % Consumer Cyclical % Technology % Healthcare % Financial Services % Consumer Defensive % Allocation As of 02/29/2016 US Stocks 87.09% Non-US Stocks 11.05% Cash 1.87% Weighted Geometric Market Cap. ($Bil) Price/Earnings Ratio (Forward) 25.33x 19.92x Price/Book Ratio 4.9x 4.86x 3-Year Earnings Growth Rate (%) Number of Holdings-Long Mutual Fund* NA Index Morningstar Rating TM # of Funds in Category *This Fund has been established and managed by affiliates of Prudential Retirement. A portion of the revenue received by those affiliates in connection with this Fund is transferred to Prudential Retirement. The balance is retained by the affiliates. Performance: The performance quoted represents past performance. The investment value and return will fluctuate so that an investment, when redeemed, may be worth more or less than original cost. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call These performance results represent the change in net asset value of an investment over a stated period, assuming the reinvestment of dividends and capital gain distributions.

13 Fidelity Advisor Mega Cap Stock T ADVISOR: Fidelity Management & Research Company Large Blend Russell 1000 TR USD $24.9 Million INCEPTION DATE: 2/5/2008 FTGRX GROSS EXPENSE RATIO: 1.21% of Fund Assets OVERALL MORNINGSTAR RATING TM : MORNINGSTAR : 1398 PORTFOLIO MANAGER(S): Matthew W. Fruhan In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies. Morningstar Style Box TM As of 02/29/ % 0.92% % 13.24% % 33.11% % 16.42% % 1.50% The investment seeks high total return through a combination of current income and capital appreciation. The fund invests at least 80% of its assets in common stocks of companies with mega market capitalizations (which, for purposes of this fund, are those companies with market capitalizations similar to companies in the Russell Top 200 Index or the S&P 100 Index). It invests in domestic and foreign issuers and in either "growth" stocks or "value" stocks or both. The adviser uses fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments. Top Five Holdings As of 02/29/2016 Top Five Sectors As of 02/29/2016 JPMorgan Chase & Co % General Electric Co % Microsoft Corp % Apple Inc % Bank of America Corporation % Technology % Financial Services % Healthcare % Industrials % Energy % Allocation As of 02/29/2016 US Stocks 91.86% Non-US Stocks 7.35% Cash 0.8% Weighted Geometric Market Cap. ($Bil) Price/Earnings Ratio (Forward) 15.15x 18.2x Price/Book Ratio 1.96x 2.47x 3-Year Earnings Growth Rate (%) Number of Holdings-Long Mutual Fund* NA Index Morningstar Rating TM # of Funds in Category finder's fee, a 12b-1 fee of up to 0.50%, and an annual sub-accounting and/or servicing fee of up to 0.25%. Performance: The performance quoted represents past performance. The performance in this report is based on adjusted historical returns of the oldest share class of the fund, which has been adjusted to reflect the fees of the expenses of this share class. The investment value and return will fluctuate so that an investment, when redeemed, may be worth more or less than original cost. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call These performance results represent the change in net asset value of an investment over a stated period, assuming the reinvestment of dividends and capital gain distributions.

14 Prudential Jennison Value R ADVISOR: Prudential Investments LLC Large Value Russell 1000 Value TR USD $9.5 Million INCEPTION DATE: 6/3/2005 JDVRX GROSS EXPENSE RATIO: 1.51% of Fund Assets OVERALL MORNINGSTAR RATING TM : MORNINGSTAR : 1207 PORTFOLIO MANAGER(S): Warren N. Koontz, Jr. CFA In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies. Morningstar Style Box TM As of 02/29/ % -3.83% % 13.45% % 32.53% % 17.51% % 0.39% The investment seeks capital appreciation. The fund normally invests at least 65% of its total assets in the equity and equityrelated securities of companies that the adviser believes will provide investment returns above those of the Russell 1000 Value Index and, over the long term, the Standard & Poor's 500 Composite Stock Price Index (S&P 500 Index). It follows a value investment style. Most of the investments are in large capitalization companies, which are companies with market capitalizations (measured at the time of purchase) of $1 billion or more. Top Five Holdings As of 02/29/2016 Top Five Sectors As of 02/29/2016 Wells Fargo & Co % JPMorgan Chase & Co % Microsoft Corp % FirstEnergy Corp % Pfizer Inc % Financial Services % Healthcare % Technology % Consumer Cyclical % Energy % Allocation As of 02/29/2016 US Stocks 86.43% Non-US Stocks 13.4% Cash 0.17% Weighted Geometric Market Cap. ($Bil) Price/Earnings Ratio (Forward) 14.48x 16.62x Price/Book Ratio 1.46x 1.63x 3-Year Earnings Growth Rate (%) Number of Holdings-Long Mutual Fund* NA Index Morningstar Rating TM # of Funds in Category *This Fund has been established and managed by affiliates of Prudential Retirement. A portion of the revenue received by those affiliates in connection with this Fund is transferred to Prudential Retirement. The balance is retained by the affiliates. Performance: The performance quoted represents past performance. The investment value and return will fluctuate so that an investment, when redeemed, may be worth more or less than original cost. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call These performance results represent the change in net asset value of an investment over a stated period, assuming the reinvestment of dividends and capital gain distributions.

15 Prudential QMA Stock Index A ADVISOR: Prudential Investments LLC Large Blend Russell 1000 TR USD $224.7 Million INCEPTION DATE: 11/18/1999 PSIAX GROSS EXPENSE RATIO: 0.61% of Fund Assets OVERALL MORNINGSTAR RATING TM : MORNINGSTAR : 1398 PORTFOLIO MANAGER(S): Daniel Carlucci CFA; John W. Moschberger CFA In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio make-ups or investment strategies. Morningstar Style Box TM As of 02/29/ % 0.92% % 13.24% % 33.11% % 16.42% % 1.50% The investment seeks to provide investment results that correspond to the price and yield performance of the Standard & Poor's 500 Composite Stock Price Index. The fund normally invests over 80% of its investable assets in securities included in the S&P 500 Index in approximately the same proportions as those of the index. It employs a "passively managed"-or index-investment approach. The S&P 500 Index is an unmanaged, market-weighted index of 502 stocks selected by Standard & Poor's Corporation (S&P) on the basis of their market size, liquidity and industry group representation. Top Five Holdings As of 02/29/2016 Top Five Sectors As of 02/29/2016 Apple Inc % Microsoft Corp % S&P % Exxon Mobil Corporation % Johnson & Johnson % Technology % Healthcare % Financial Services % Consumer Cyclical % Industrials % Allocation As of 02/29/2016 US Stocks 96.03% Cash 3.39% Non-US Stocks 0.58% Weighted Geometric Market Cap. ($Bil) Price/Earnings Ratio (Forward) 16.78x 18.2x Price/Book Ratio 2.38x 2.47x 3-Year Earnings Growth Rate (%) Number of Holdings-Long Mutual Fund* NA Index Morningstar Rating TM # of Funds in Category *This Fund has been established and managed by affiliates of Prudential Retirement. A portion of the revenue received by those affiliates in connection with this Fund is transferred to Prudential Retirement. The balance is retained by the affiliates. Performance: The performance quoted represents past performance. The investment value and return will fluctuate so that an investment, when redeemed, may be worth more or less than original cost. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call These performance results represent the change in net asset value of an investment over a stated period, assuming the reinvestment of dividends and capital gain distributions.

16 Prudential Jennison Equity Income R ADVISOR: Prudential Investments LLC Large Blend Russell 1000 TR USD $41.9 Million INCEPTION DATE: 1/18/2011 PJERX GROSS EXPENSE RATIO: 1.63% of Fund Assets OVERALL MORNINGSTAR RATING TM : MORNINGSTAR : 1398 PORTFOLIO MANAGER(S): Shaun Hong CFA; Ubong (Bobby) Edemeka The investment seeks income and capital appreciation. The fund normally invests at least 65% of its total assets in incomeproducing equity and equity-related Equity and equity-related securities include common stocks, securities convertible or exchangeable for common stock or the cash value of such common stock, nonconvertible preferred stocks and convertible securities, warrants and rights. It may invest in securities of non-u.s. issuers, including stocks and other equity-related securities, money market instruments and other fixed-income securities of foreign issuers. Top Five Holdings As of 02/29/2016 Top Five Sectors As of 02/29/2016 McDonald's Corp % Cisco Systems Inc % Philip Morris International Inc % Bristol-Myers Squibb Company % The Kraft Heinz Co % Consumer Defensive % Consumer Cyclical % Technology % Healthcare % Real Estate % Allocation As of 02/29/2016 US Stocks 86.35% Non-US Stocks 7.78% Preferred 4.05% Cash 1.13% Other 0.69% Weighted Geometric Market Cap. ($Bil) Price/Earnings Ratio (Forward) 17.92x 18.2x Price/Book Ratio 2.16x 2.47x 3-Year Earnings Growth Rate (%) Number of Holdings-Long In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio make-ups or investment strategies. Morningstar Style Box TM As of 02/29/ % 0.92% % 13.24% % 33.11% % 16.42% % 1.50% Mutual Fund* NA Index Morningstar Rating TM # of Funds in Category b-1 fee of up to 0.50% and may include an annual sub-accounting and/or servicing fee of up to 0.25%. Performance: The performance quoted represents past performance. The performance in this report is based on adjusted historical returns of the oldest share class of the fund, which has been adjusted to reflect the fees of the expenses of this share class. The investment value and return will fluctuate so that an investment, when redeemed, may be worth more or less than original cost. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call These performance results represent the change in net asset value of an investment over a stated period, assuming the reinvestment of dividends and capital gain distributions.

17 Nuveen Dividend Value R3 ADVISOR: Nuveen Fund Advisors, LLC. Large Value Russell 1000 Value TR USD $28.6 Million INCEPTION DATE: 9/24/2001 FEISX GROSS EXPENSE RATIO: 1.39% of Fund Assets OVERALL MORNINGSTAR RATING TM : MORNINGSTAR : 1207 PORTFOLIO MANAGER(S): Derek M. Sadowsky; Cori B. Johnson CFA; David A. Chalupnik CFA In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio make-ups or investment strategies. Morningstar Style Box TM As of 02/29/ % -3.83% % 13.45% % 32.53% % 17.51% % 0.39% The investment seeks long-term growth of capital and income. Under normal market conditions, the fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity It invests in convertible debt securities in pursuit of both long-term growth of capital and income. The fund may invest up to 15% of its total assets in nondollar denominated equity securities of non-u.s. issuers. Top Five Holdings As of 02/29/2016 Top Five Sectors As of 02/29/2016 Microsoft Corp % Pfizer Inc % General Electric Co % Chevron Corp % AT&T Inc % Financial Services % Healthcare % Energy % Technology % Consumer Cyclical % Allocation As of 02/29/2016 US Stocks 96.21% Non-US Stocks 3.21% Cash 0.58% Weighted Geometric Market Cap. ($Bil) Price/Earnings Ratio (Forward) 14.98x 16.62x Price/Book Ratio 1.73x 1.63x 3-Year Earnings Growth Rate (%) Number of Holdings-Long Mutual Fund* NA Index Morningstar Rating TM # of Funds in Category b-1 fee of up to 0.50% and may include an annual sub-accounting and/or servicing fee of up to 0.25%. Performance: The performance quoted represents past performance. The investment value and return will fluctuate so that an investment, when redeemed, may be worth more or less than original cost. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call These performance results represent the change in net asset value of an investment over a stated period, assuming the reinvestment of dividends and capital gain distributions.

18 Prudential QMA Strategic Value R ADVISOR: Prudential Investments LLC Large Value Russell 1000 Value TR USD $217.3 Million INCEPTION DATE: 6/19/2015 PRVRX GROSS EXPENSE RATIO: 1.72% of Fund Assets OVERALL MORNINGSTAR RATING TM : MORNINGSTAR : 1207 PORTFOLIO MANAGER(S): Deborah D. Woods; Mitchell B. Stern; Robert Leung CFA; Stephen Courtney CFA In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio make-ups or investment strategies. Morningstar Style Box TM As of 02/29/ % -3.83% % 13.45% % 32.53% % 17.51% % 0.39% The investment seeks long-term growth of capital. The fund invests in a diversified portfolio of large-cap company stocks that the subadviser believes are attractively priced when evaluated using quantitative measures such as P/E, P/CF, and P/B ratios. Although the strategy emphasizes attractive valuations, the subadviser also considers other quantifiable characteristics. Such characteristics may include measures of earnings quality, external financing, or trends in the earnings outlook. The investment management team also exercises judgment when evaluating underlying data and positions recommended by the fund's quantitative process. Top Five Holdings As of 02/29/2016 Top Five Sectors As of 02/29/2016 Exxon Mobil Corporation % AT&T Inc % JPMorgan Chase & Co % Wells Fargo & Co % General Electric Co % Financial Services % Energy % Utilities % Technology % Industrials % Allocation As of 02/29/2016 US Stocks 99.12% Cash 0.48% Non-US Stocks 0.4% Weighted Geometric Market Cap. ($Bil) Price/Earnings Ratio (Forward) 12.15x 16.62x Price/Book Ratio 1.22x 1.63x 3-Year Earnings Growth Rate (%) Number of Holdings-Long Mutual Fund* NA Index Morningstar Rating TM # of Funds in Category b-1 fee of up to 0.50% and may include an annual sub-accounting and/or servicing fee of up to 0.13%. Performance: The performance quoted represents past performance. The performance in this report is based on adjusted historical returns of the oldest share class of the fund, which has been adjusted to reflect the fees of the expenses of this share class. The investment value and return will fluctuate so that an investment, when redeemed, may be worth more or less than original cost. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call These performance results represent the change in net asset value of an investment over a stated period, assuming the reinvestment of dividends and capital gain distributions. While past performance is never an indication of future results, short periods of performance may be particularly unrepresentative of long-term performance.

19 American Century Heritage R ADVISOR: American Century Inv Mgt Inc Mid-Cap Growth Russell Mid Cap Growth TR USD $47.1 Million INCEPTION DATE: 9/28/2007 ATHWX GROSS EXPENSE RATIO: 1.50% of Fund Assets OVERALL MORNINGSTAR RATING TM : MORNINGSTAR : 640 PORTFOLIO MANAGER(S): Greg Walsh; Nalin Yogasundram; David M. Hollond In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies. Morningstar Style Box TM As of 12/31/ % -0.20% % 11.90% % 35.74% % 15.81% % -1.65% The investment seeks long-term capital growth. The fund normally invests in stocks of medium-sized and smaller companies that the adviser believes will increase in value over time, using an investment strategy developed by the fund's investment advisor. In implementing this strategy, the portfolio managers make their investment decisions based primarily on their analysis of individual companies, rather than on broad economic forecasts. Management of the fund is based on the belief that, over the long term, stock price movements follow growth in earnings and revenues. Small and mid sized companies may present greater opportunities for capital appreciation, but may also involve greater risks than larger companies. As a result, the value of stocks issued by these companies may fluctuate more than stocks of larger issuers. Top Five Holdings As of 12/31/2015 Constellation Brands Inc A % Electronic Arts Inc % SBA Communications Corp % Teleflex Inc % The Middleby Corp % Top Five Sectors As of 12/31/2015 Consumer Cyclical % Industrials % Technology % Healthcare % Consumer Defensive % Allocation As of 12/31/2015 US Stocks 91.7% Non-US Stocks 7.18% Other 0.72% Cash 0.4% Characteristics As of 12/31/2015 Weighted Geometric Market Cap. ($Bil) Price/Earnings Ratio (Forward) 23.13x 20.66x Price/Book Ratio 4.24x 4.23x 3-Year Earnings Growth Rate (%) Number of Holdings-Long Mutual Fund* NA Index Morningstar Rating TM # of Funds in Category b-1 fee of up to 0.50% and may include an annual sub-accounting and/or servicing fee of up to 0.25%. Performance: The performance quoted represents past performance. The performance in this report is based on adjusted historical returns of the oldest share class of the fund, which has been adjusted to reflect the fees of the expenses of this share class. The investment value and return will fluctuate so that an investment, when redeemed, may be worth more or less than original cost. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call These performance results represent the change in net asset value of an investment over a stated period, assuming the reinvestment of dividends and capital gain distributions.

20 Prudential Jennison Mid Cap Growth R ADVISOR: Prudential Investments LLC Mid-Cap Growth Russell Mid Cap Growth TR USD $263.5 Million INCEPTION DATE: 6/3/2005 JDERX GROSS EXPENSE RATIO: 1.50% of Fund Assets OVERALL MORNINGSTAR RATING TM : MORNINGSTAR : 640 PORTFOLIO MANAGER(S): John P. Mullman CFA; Jeffrey Rabinowitz CFA In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio make-ups or investment strategies. Morningstar Style Box TM As of 02/29/ % -0.20% % 11.90% % 35.74% % 15.81% % -1.65% The investment seeks long-term capital appreciation. The fund normally invests at least 80% of its investable assets in equity and equity-related securities of medium-sized companies with the potential for above-average growth. The fund's investable assets will be less than its total assets to the extent that it has borrowed money for non-investment purposes, such as to meet anticipated redemptions. Small and mid sized companies may present greater opportunities for capital appreciation, but may also involve greater risks than larger companies. As a result, the value of stocks issued by these companies may fluctuate more than stocks of larger issuers. Top Five Holdings As of 02/29/2016 Vantiv Inc % SBA Communications Corp % Dollar Tree Inc % Henry Schein Inc % Stericycle Inc % Top Five Sectors As of 02/29/2016 Consumer Cyclical % Technology % Industrials % Healthcare % Consumer Defensive % Allocation As of 02/29/2016 US Stocks 94.04% Non-US Stocks 4.45% Cash 1.5% Weighted Geometric Market Cap. ($Bil) Price/Earnings Ratio (Forward) 20.31x 20.66x Price/Book Ratio 3.07x 4.23x 3-Year Earnings Growth Rate (%) Number of Holdings-Long Mutual Fund* NA Index Morningstar Rating TM # of Funds in Category *This Fund has been established and managed by affiliates of Prudential Retirement. A portion of the revenue received by those affiliates in connection with this Fund is transferred to Prudential Retirement. The balance is retained by the affiliates. Performance: The performance quoted represents past performance. The investment value and return will fluctuate so that an investment, when redeemed, may be worth more or less than original cost. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call These performance results represent the change in net asset value of an investment over a stated period, assuming the reinvestment of dividends and capital gain distributions.

21 Fidelity Advisor Leveraged Co Stk T ADVISOR: Fidelity Management & Research Company Mid-Cap Value Russell Mid Cap Value TR USD $683.7 Million INCEPTION DATE: 12/27/2000 FLSTX GROSS EXPENSE RATIO: 1.31% of Fund Assets OVERALL MORNINGSTAR RATING TM : MORNINGSTAR : 405 PORTFOLIO MANAGER(S): Thomas T. Soviero CFA In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies. Morningstar Style Box TM As of 01/31/ % -4.78% % 14.75% % 33.46% % 18.51% % -1.38% The investment seeks capital appreciation. The fund normally invests at least 80% of assets in stocks. It normally invests primarily in common stocks of leveraged companies (companies that issue lower-quality debt and other companies with leveraged capital structures). The fund potentially invests in lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds). It invests in domestic and foreign issuers. The fund invests in either "growth" stocks or "value" stocks or both. Small and mid sized companies may present greater opportunities for capital appreciation, but may also involve greater risks than larger companies. As a result, the value of stocks issued by these companies may fluctuate more than stocks of larger issuers. Top Five Holdings As of 01/31/2016 LyondellBasell Industries NV % Service Corp International % Boston Scientific Corp % Delta Air Lines Inc % Bank of America Corporation % Top Five Sectors As of 01/31/2016 Consumer Cyclical % Healthcare % Industrials % Basic Materials % Financial Services % Allocation As of 01/31/2016 US Stocks 90.93% Non-US Stocks 4.48% Cash 4.12% Preferred 0.28% US Bonds 0.19% Characteristics As of 01/31/2016 Weighted Geometric Market Cap. ($Bil) Price/Earnings Ratio (Forward) 11.41x 18.08x Price/Book Ratio 1.62x 1.57x 3-Year Earnings Growth Rate (%) Number of Holdings-Long Mutual Fund* NA Index Morningstar Rating TM # of Funds in Category finder's fee, a 12b-1 fee of up to 0.50%, and an annual sub-accounting and/or servicing fee of up to 0.25%. Performance: The performance quoted represents past performance. The investment value and return will fluctuate so that an investment, when redeemed, may be worth more or less than original cost. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call These performance results represent the change in net asset value of an investment over a stated period, assuming the reinvestment of dividends and capital gain distributions.

22 American Century Mid Cap Value R ADVISOR: American Century Investment Management Inc Mid-Cap Value Russell Mid Cap Value TR USD $127.5 Million INCEPTION DATE: 7/29/2005 AMVRX GROSS EXPENSE RATIO: 1.51% of Fund Assets OVERALL MORNINGSTAR RATING TM : MORNINGSTAR : 405 PORTFOLIO MANAGER(S): Kevin Toney CFA; Brian Woglom; Phillip N. Davidson CFA; Michael Liss CFA In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio make-ups or investment strategies. Morningstar Style Box TM As of 12/31/ % -4.78% % 14.75% % 33.46% % 18.51% % -1.38% The investment seeks long-term capital growth; income is a secondary consideration. Under normal market conditions, the portfolio managers will invest at least 80% of the fund's net assets in medium size companies. The portfolio managers consider medium size companies to include those whose market capitalization at the time of purchase is within the capitalization range of the Russell 3000 Index, excluding the largest 100 such companies. Small and mid sized companies may present greater opportunities for capital appreciation, but may also involve greater risks than larger companies. As a result, the value of stocks issued by these companies may fluctuate more than stocks of larger issuers. Top Five Holdings As of 12/31/2015 Sysco Corp % Northern Trust Corp % Republic Services Inc Class A % Zimmer Biomet Holdings Inc % Imperial Oil Ltd % Top Five Sectors As of 12/31/2015 Financial Services % Industrials % Energy % Utilities % Technology % Allocation As of 12/31/2015 US Stocks 92.42% Non-US Stocks 4.97% Cash 2.61% Characteristics As of 12/31/2015 Weighted Geometric Market Cap. ($Bil) Price/Earnings Ratio (Forward) 17.52x 18.08x Price/Book Ratio 1.75x 1.57x 3-Year Earnings Growth Rate (%) Number of Holdings-Long Mutual Fund* NA Index Morningstar Rating TM # of Funds in Category b-1 fee of up to 0.50% and may include an annual sub-accounting and/or servicing fee of up to 0.25%. Performance: The performance quoted represents past performance. The investment value and return will fluctuate so that an investment, when redeemed, may be worth more or less than original cost. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call These performance results represent the change in net asset value of an investment over a stated period, assuming the reinvestment of dividends and capital gain distributions.

23 Fidelity Advisor Small Cap Growth T ADVISOR: Fidelity Management & Research Company Small Growth Russell 2000 Growth TR USD $49.3 Million INCEPTION DATE: 11/3/2004 FCTGX GROSS EXPENSE RATIO: 1.49% of Fund Assets OVERALL MORNINGSTAR RATING TM : MORNINGSTAR : 658 PORTFOLIO MANAGER(S): Patrick Venanzi In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies. Morningstar Style Box TM As of 01/31/ % -1.38% % 5.60% % 43.30% % 14.59% % -2.91% The investment seeks capital appreciation. The fund invests primarily in common stocks. It invests at least 80% of assets in securities of companies with small market capitalizations. The fund invests in companies that Fidelity Management & Research Company (FMR) believes have above-average growth potential (stocks of these companies are often called "growth" stocks). It invests in domestic and foreign issuers. The fund uses fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments. Small and mid sized companies may present greater opportunities for capital appreciation, but may also involve greater risks than larger companies. As a result, the value of stocks issued by these companies may fluctuate more than stocks of larger issuers. Top Five Holdings As of 01/31/2016 2U Inc % ishares Russell 2000 Growth % Stamps.com Inc % Global Payments Inc % NxStage Medical Inc % Top Five Sectors As of 01/31/2016 Technology % Healthcare % Industrials % Consumer Cyclical % Financial Services % Allocation As of 01/31/2016 US Stocks 92.28% Cash 5.28% Non-US Stocks 2.44% Characteristics As of 01/31/2016 Weighted Geometric Market Cap. ($Bil) Price/Earnings Ratio (Forward) 21.97x 21.31x Price/Book Ratio 2.83x 3x 3-Year Earnings Growth Rate (%) Number of Holdings-Long Mutual Fund* NA Index Morningstar Rating TM # of Funds in Category finder's fee, a 12b-1 fee of up to 0.50%, and an annual sub-accounting and/or servicing fee of up to 0.25%. Performance: The performance quoted represents past performance. The investment value and return will fluctuate so that an investment, when redeemed, may be worth more or less than original cost. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call These performance results represent the change in net asset value of an investment over a stated period, assuming the reinvestment of dividends and capital gain distributions. The fund may also impose a redemption fee of 1.5% on shares redeemed or exchanged within 90 days of purchase.

24 Prudential Jennison Small Company R ADVISOR: Prudential Investments LLC Small Growth Russell 2000 Growth TR USD $161.9 Million INCEPTION DATE: 5/10/2004 JSCRX GROSS EXPENSE RATIO: 1.58% of Fund Assets OVERALL MORNINGSTAR RATING TM : MORNINGSTAR : 658 PORTFOLIO MANAGER(S): Jason M. Swiatek CFA; John P. Mullman CFA In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies. Morningstar Style Box TM As of 02/29/ % -1.38% % 5.60% % 43.30% % 14.59% % -2.91% The investment seeks capital growth. The fund normally invests at least 80% of the fund's investable assets in equity and equityrelated securities of small, less well-known companies that the investment subadviser believes are relatively undervalued. In deciding which stocks to buy, it uses a blend of both value and growth styles. The investment subadviser currently considers small companies to be those with a market capitalization less than the largest market capitalization of the Russell 2500 Index at the time of investment. Small and mid sized companies may present greater opportunities for capital appreciation, but may also involve greater risks than larger companies. As a result, the value of stocks issued by these companies may fluctuate more than stocks of larger issuers. Top Five Holdings As of 02/29/2016 Vantiv Inc % Vail Resorts Inc % Sprouts Farmers Market Inc % White Mountains Insurance Group Ltd % Signature Bank % Top Five Sectors As of 02/29/2016 Consumer Cyclical % Financial Services % Industrials % Real Estate % Technology % Allocation As of 02/29/2016 US Stocks 93.31% Cash 4.68% Non-US Stocks 2.01% Weighted Geometric Market Cap. ($Bil) Price/Earnings Ratio (Forward) 18.98x 21.31x Price/Book Ratio 1.86x 3x 3-Year Earnings Growth Rate (%) Number of Holdings-Long Mutual Fund* NA Index Morningstar Rating TM # of Funds in Category *This Fund has been established and managed by affiliates of Prudential Retirement. A portion of the revenue received by those affiliates in connection with this Fund is transferred to Prudential Retirement. The balance is retained by the affiliates. Performance: The performance quoted represents past performance. The investment value and return will fluctuate so that an investment, when redeemed, may be worth more or less than original cost. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call These performance results represent the change in net asset value of an investment over a stated period, assuming the reinvestment of dividends and capital gain distributions.

25 Nuveen Small Cap Value R3 ADVISOR: Nuveen Fund Advisors, LLC. Small Value Russell 2000 Value TR USD $14.5 Million INCEPTION DATE: 9/24/2001 FSVSX GROSS EXPENSE RATIO: 1.76% of Fund Assets OVERALL MORNINGSTAR RATING TM : MORNINGSTAR : 380 PORTFOLIO MANAGER(S): Karen L. Bowie CFA In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies. Morningstar Style Box TM As of 02/29/ % -7.47% % 4.22% % 34.52% % 18.05% % -5.50% The investment seeks capital appreciation. Under normal market conditions, the fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in common stocks of small-capitalization companies. Smallcapitalization companies are defined as companies that have market capitalizations within the market capitalization range of the companies in the Russell 2000 Index on the last business day of the month in which its most recent reconstitution was completed. Small and mid sized companies may present greater opportunities for capital appreciation, but may also involve greater risks than larger companies. As a result, the value of stocks issued by these companies may fluctuate more than stocks of larger issuers. Top Five Holdings As of 02/29/2016 EPR Properties % CSG Systems International Inc % PNM Resources Inc % Webster Financial Corp % Renasant Corp % Top Five Sectors As of 02/29/2016 Financial Services % Technology % Industrials % Real Estate % Consumer Cyclical % Allocation As of 02/29/2016 US Stocks 97.78% Cash 2.22% Weighted Geometric Market Cap. ($Bil) Price/Earnings Ratio (Forward) 14.77x 16.98x Price/Book Ratio 1.35x 1.3x 3-Year Earnings Growth Rate (%) Number of Holdings-Long Mutual Fund* NA Index Morningstar Rating TM # of Funds in Category b-1 fee of up to 0.50% and may include an annual sub-accounting and/or servicing fee of up to 0.25%. Performance: The performance quoted represents past performance. The investment value and return will fluctuate so that an investment, when redeemed, may be worth more or less than original cost. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call These performance results represent the change in net asset value of an investment over a stated period, assuming the reinvestment of dividends and capital gain distributions.

26 Fidelity Advisor Small Cap Value T ADVISOR: Fidelity Management & Research Company Small Value Russell 2000 Value TR USD $81.5 Million INCEPTION DATE: 11/3/2004 FCVTX GROSS EXPENSE RATIO: 1.71% of Fund Assets OVERALL MORNINGSTAR RATING TM : MORNINGSTAR : 380 PORTFOLIO MANAGER(S): Derek Janssen In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies. Morningstar Style Box TM As of 01/31/ % -7.47% % 4.22% % 34.52% % 18.05% % -5.50% The investment seeks capital appreciation. The fund invests primarily in common stocks. It invests at least 80% of assets in securities of companies with small market capitalizations. The fund invests in securities of companies that Fidelity Management & Research Company (FMR) believes are undervalued in the marketplace in relation to factors such as assets, sales, earnings, growth potential, or cash flow, or in relation to securities of other companies in the same industry (stocks of these companies are often called "value" stocks). It invests in domestic and foreign issuers. Small and mid sized companies may present greater opportunities for capital appreciation, but may also involve greater risks than larger companies. As a result, the value of stocks issued by these companies may fluctuate more than stocks of larger issuers. Top Five Holdings As of 01/31/2016 STORE Capital Corp % First Citizens BancShares Inc (DE) Class % ProAssurance Corp % Silgan Holdings Inc % Universal Corp % Top Five Sectors As of 01/31/2016 Financial Services % Industrials % Consumer Cyclical % Technology % Real Estate % Allocation As of 01/31/2016 US Stocks 94.09% Non-US Stocks 3.58% Other 2.05% Cash 0.29% Characteristics As of 01/31/2016 Weighted Geometric Market Cap. ($Bil) Price/Earnings Ratio (Forward) 14.46x 16.98x Price/Book Ratio 1.36x 1.3x 3-Year Earnings Growth Rate (%) Number of Holdings-Long Mutual Fund* NA Index Morningstar Rating TM # of Funds in Category finder's fee, a 12b-1 fee of up to 0.50%, and an annual sub-accounting and/or servicing fee of up to 0.25%. Performance: The performance quoted represents past performance. The investment value and return will fluctuate so that an investment, when redeemed, may be worth more or less than original cost. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call These performance results represent the change in net asset value of an investment over a stated period, assuming the reinvestment of dividends and capital gain distributions. The fund may also impose a redemption fee of 1.5% on shares redeemed or exchanged within 90 days of purchase.