A WELL-DIVERSIFIED CORE BOND PORTFOLIO

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1 A WELL-DIVERSIFIED CORE BOND PORTFOLIO PRUDENTIAL TOTAL RETURN BOND FUND MORNINGSTAR OVERALL RATING Class A, Q, and Z Class C and R Broad mix of sectors, industries, credit qualities, and maturities Research leader with deep sector experience Morningstar overall rating out of 852 Intermediate- Term Bond funds as of September 30, Morningstar measures risk-adjusted returns. The overall rating is a weighted average based on a fund s 3-, 5-, and 10-year star rating.

2 Why Bonds If you re like most investors, you need the growth potential of stocks to achieve your long-term goals. However, adding bonds to your portfolio offers several important benefits: Diversification Market factors that have a negative effect on stock market performance often have little or no impact on bonds. Sometimes when the stock market is down, the bond market is up. A mix of stocks and bonds in your portfolio may help reduce the overall risk of your investment strategy. Income Bonds are also called fixed income investments because they can offer a source of interest income that can be used for living expenses or reinvested to earn additional interest. Keep in mind that most fixed income investments are subject to interest rate risk, and their value will decline as interest rates rise. Stability Bonds can help preserve wealth and provide a smoother ride for your portfolio. Down periods in the bond market tend to be shorter and less severe than with stocks. ADDING BONDS TO A STOCK PORTFOLIO HAS HELPED REDUCE RISK WITH A MODEST IMPACT ON RETURNS Portfolio Allocation Standard Deviation* Average Return 100% stocks 14.9% 11.4% 80% stocks/ 20% bonds 12.2% 10.8% Source: Calculated by PGIM Investments using data presented in Morningstar software products. All rights reserved. Used with permission. Performance period This information is hypothetical, does not represent an actual investment, and is not intended to imply the future performance of any of the investments mentioned. * Standard deviation indicates the volatility of an investment and is often used as a measurement of risk. The higher the standard deviation, the riskier the investment. In this example, the portfolio diversified with fixed income investments has a slightly lower return but significantly lower risk. All rights reserved. Stock returns are based on the S&P 500 Index, a market-weighted, unmanaged index of 500 of the largest U.S. stocks in a variety of industry sectors. Bond returns are measured by the Bloomberg Barclays U.S. Aggregate Bond Index, an unmanaged index that represents securities that are SEC-registered, taxable, and dollardenominated. It covers the U.S. investment-grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Return figures for the indexes do not reflect any fees or expenses. An investment cannot be made directly in a specific index. It is important to note that U.S. government bonds and U.S. Treasury bills are backed by the full faith and credit of the U.S. government, are less volatile than equity investments, and provide a guaranteed return of principal at maturity. Like any mutual fund, an investment in a bond mutual fund is not guaranteed and could lose value. 2

3 Take a diversified approach Similar to stocks, diversification is very important in bond investing. As the table shows, the best-performing bond categories vary from year to year, and the differences between the best- and worst-performing bond sectors can be substantial. By including all types of bonds in your portfolio, you help to ensure that you have exposure to the strongest-performing categories. In addition, because not all bond sectors move in tandem, a diversified approach can reduce volatility. An easy and effective way to gain the bond diversification you need is with the Prudential Total Return Bond Fund. The Fund, which is managed by PGIM Fixed Income, invests in almost every significant bond category. Diversification can be beneficial but does not guarantee a profit or ensure protection against loss in declining markets. By including all types of bonds in your portfolio, you help to ensure you have exposure to the strongest performing categories and potentially reduce volatility % 10.70% 16.76% 7.44% 9.05% 3.30% 17.13% 15.68% 9.81% 15.81% 6.15% 7.53% 1.51% 9.94% 15.12% 8.35% 9.66% 0.23% 6.08% 1.25% 9.88% 9.98% US Aggregate 7.84% 9.43% 0.27% US Aggregate 5.97% 0.97% 5.63% 8.47% 6.23% 9.37% 1.41% 5.05% 0.84% 3.32% US Aggregate 6.54% 6.02% 6.78% 2.01% 3.86% US Aggregate 0.55% US Aggregate 2.65% 5.87% 5.14% US Aggregate 4.21% US Aggregate -2.02% 2.45% 0.38% 2.03% 5.85% 4.98% 4.09% 2.55% 2.06% 0.77% 1.67% 5.50% 4.36% 3.66% 2.75% 1.88% 4.47% 1.49% 4.94% 1.82% 2.59% 3.08% 3.08% 6.02% 1.04% 2.38% 1.75% 1.99% 8.98% 5.72% 14.92% 0.25% Source: Bloomberg, J.P. Morgan, and Credit Suisse, as of 12/31/2016. See page 7 for asset class and index definitions. Past performance is not a guarantee of future results. Investors cannot invest directly into an index. 3

4 Why the Prudential Total Return Bond Fund The Prudential Total Return Bond Fund follows a disciplined investment process to seek the best opportunities the fixed income market has to offer. The Fund s portfolio managers and sector specialists have a deep understanding of the bond market and leverage the full resources of PGIM Fixed Income, including one of the largest research organizations in the industry. They integrate broad economic, credit, and quantitative research across multiple fixed income sectors using sector allocation, security selection, yield curve, and duration strategies. This approach has led to the Fund s consistent outperformance of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, with a similar level of risk. Covers key fixed income sectors Fund manager PGIM Fixed Income believes that investing in a variety of fixed income sectors and securities, while tightly controlling for risk, offers the best opportunity for above-average returns with below-average volatility. A diversified portfolio such as this can offer investors a well-rounded, holistically managed approach to fixed income, one that can move fluidly and efficiently as markets change. Keep in mind that investment strategies such as diversification do not guarantee a profit or ensure protection against loss in declining markets. BROADLY DIVERSIFIED ACROSS A WIDE RANGE OF SECTORS n 10.4% U.S. Govt Related (Treas 7.3%, Agency 2.7%, MBS 0.4%) n 1.0 U.S. Municipals n 1.1 Bank Loans n 4.9 Emerging Markets n 28.7 Inv Grade Corp n 7.7 Foreign Govt Related n 6.6 High Yield n 12.7 n 25.9 ABS n 0.3 Other n 0.8 Cash/Equiv As of September 30, Sector allocations may change. For the most recent sector breakdown, visit our website at pgiminvestments.com. Due to rounding, percentages may not add to

5 AVERAGE ANNUAL TOTAL RETURNS Performance as of September 30, Year 3-Year 5-Year 10-Year Total Returns (Class Z without sales charges) 2.35% 4.01% 3.57% 6.09% SEC Standardized Returns (Class Z with sales charges) Total Returns (Class A without sales charges) SEC Standardized Returns (Class A with sales charges) Bloomberg Barclays U.S. Aggregate Bond Index Past performance is no guarantee of 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 update, visit our website at pgiminvestments.com. Maximum sales charge: Class A, 4.5%. Gross operating expenses: Class Z, 0.55%, Class A, 0.80%. Net operating expenses: Class Z, 0.51%, Class A, 0.76%, after contractual reduction through 2/28/2018. Class B shares are generally closed to new investors and will not accept subsequent purchases from existing shareholders. Source: PGIM, Inc. All data unaudited and subject to change. Total return describes the return to the investor after net operating expenses but before any sales charges are imposed. SEC standardized return describes the return to the investor after net operating expenses and maximum sales charges are imposed. The Fund s inception date is: Class Z, 9/16/1996, Class A, 1/10/1995. Performance by share class may vary. Class Z shares may be available to group retirement plans and institutional investors through certain retirement, mutual fund wrap, and asset allocation programs and to institutions at an investment minimum of $5,000,000. Please see the current prospectus for more detailed information. All data is unaudited and subject to change. The Fund s Class A Overall, 3-, 5-, and 10-year ratings are 5 stars out of 852 funds, 5 stars out of 852 funds, 5 stars out of 773 funds, and 5 The Fund s Class C Overall, 3-, 5-, and 10-year ratings are 4 stars out of 852 funds, 4 stars out of 852 funds, 4 stars out of 773 funds, and 4 The Fund s Class Q Overall, 3-, 5-, and 10-year ratings are 5 stars out of 852 funds, 5 stars out of 852 funds, 5 stars out of 773 funds, and 5 The Fund s Class R Overall, 3-, 5-, and 10-year ratings are 4 stars out of 852 funds, 5 stars out of 852 funds, 4 stars out of 773 funds, and 5 The Fund s Class Z Overall, 3-, 5-, and 10-year ratings are 5 stars out of 852 funds, 5 stars out of 852 funds, 5 stars out of 773 funds, and 5 Source: Morningstar. The Morningstar Rating may not be calculated based on its share class adjusted historical returns. If so, this investment s independent Morningstar Rating metric uses the fund s oldest share class to determine its hypothetical rating for certain time periods. The Morningstar Rating for funds, or star rating, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk- Adjusted Return measure that accounts for variation in a managed product s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for months of total returns, 60% five-year rating/40% three-year rating for months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods Morningstar, Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. PRUDENTIAL TOTAL RETURN BOND FUND SHARE CLASS / NASDAQ A: PDBAX C: PDBCX Q: PTRQX R: DTBRX Z: PDBZX 5

6 Managed by PGIM Fixed Income New Name, Same Commitment Prudential Fixed Income is now PGIM Fixed Income 1 A research leader PGIM Fixed Income has one of the largest and most experienced research groups in the industry. With more than $276 billion 2 in corporate debt under management, PGIM Fixed Income is able to support one of the largest credit research and corporate bond portfolio management teams in the industry. Senior investment professionals average 18 years with PGIM Fixed Income and 28 years of investment experience. 2 Includes U.S. and non-u.s. corporate bonds. Unique four-step process PGIM Fixed Income follows the same basic approach for all its portfolios: QUARTERLY INVESTMENT OUTLOOKS PORTFOLIO CONSTRUCTION Establishes firmwide views on the economy, interest rates, sector allocations, and other broad themes. Senior managers use outlook to develop allocations, duration, and yield curve positioning. Size and experience PGIM Fixed Income has been managing fixed income portfolios since 1875, and today manages $676 billion in assets. This size results in economies of scale that enable it to negotiate large purchases of issues that the managers consider their best ideas at attractive terms. It can then apply them consistently across all appropriate client portfolios. Assets under management and years of experience as of 6/30/2017. SECURITY SELECTION RISK ANALYSIS Managers and analysts are sector specialists and work together to pick securities based on their relative value. Portfolios are monitored daily to help ensure risk management policies are being effectively implemented. 1 As of January 1, 2017, Prudential Fixed Income is now known as PGIM Fixed Income in all of the markets in which it operates around the world. The name change follows Prudential Investment Management s rebranding to PGIM in January A team approach Four senior portfolio managers share management of the Prudential Total Return Bond Fund: Michael J. Collins, CFA, is a Managing Director and Senior Investment Officer for PGIM Fixed Income. He is also Senior Portfolio Manager for Core Plus, Absolute Return, and other Multi-Sector Fixed Income strategies. He has more than 24 years of experience. Robert Tipp, CFA, is a Managing Director, Chief Investment Strategist, and Head of Global Bonds for PGIM Fixed Income. Robert has more than 33 years of experience. Richard Piccirillo is a Managing Director and Senior Portfolio Manager for PGIM Fixed Income s Core, Long Government/Credit, Core Plus, Absolute Return, and other Multi-Sector Fixed Income strategies. He has more than 26 years of experience. Gregory Peters is a Managing Director and Senior Investment Officer for PGIM Fixed Income. He is a Senior Portfolio Manager for Core, Long Government/ Credit, Absolute Return, and other Multi-Sector Fixed Income strategies. He has over 23 years of experience. 6

7 Ask your financial professional The knowledge and experience of a financial professional can be a valuable advantage. Your financial professional can help you determine whether an investment is the right choice for you, depending on your goals, investment time horizon, tolerance for risk, and existing investments. He or she will give you the guidance you need to decide if the Prudential Total Return Bond Fund is a suitable choice for you. Risk Information The Fund may invest in high yield ( junk ) bonds (up to 30%), which are subject to greater credit and market risks; foreign securities (up to 30%), which are subject to currency fluctuation and political uncertainty; mortgage-backed securities mortgage-backed securities, which are subject to prepayment and extension risks; short sales, which involve costs and the risk of potentially unlimited losses; leveraging, which may magnify losses; and derivative securities, which may carry market, credit, and liquidity risks. The Fund may not be invested in all sectors at a given time. Fixed income investments are subject to interest rate risk, and their value will decline as interest rates rise. Diversification does not guarantee a profit or protect against loss in declining markets. These risks may result in greater share price volatility. There is no guarantee the Fund s objectives will be achieved. Index Definitions Asset-backed securities (ABS). Bonds or notes backed by loan paper or accounts receivable originated by banks, credit card companies, or other providers of credit; not mortgages. Asset-backed securities are represented by the Bloomberg Barclays Index, which includes pass-through, bullet, and controlled amortization structures. Commercial mortgage-backed securities (CMBS). A type of mortgage-backed security backed by commercial mortgages rather than residential mortgages. They are composed of a variety of loans, each of which represents different property sizes and locations. These loans are pooled and are broken into tranches of risk that are sold to investors. Commercial mortgage-backed securities are represented by the Bloomberg Barclays CMBS ERISA-Eligible Index, the ERISA-eligible component of the Bloomberg Barclays CMBS Index. Emerging market debt bonds. These are local currency bonds issued by emerging market governments. Emerging market bonds are represented by the JP Morgan GBI EM Global Diversified Index, which is a comprehensive emerging market debt benchmark that tracks local currency bonds issued by emerging market governments, excluding China and India. Floating rate loans. These are loans that are made to companies that may be rated below investment grade and that have interest rates that adjust based on changes in a benchmark rate. Floating rate loans are represented by the Credit Suisse Leveraged Loan Index, which covers the investable universe of the U.S.-dollar-denominated leveraged loan market. High yield bonds. These are also known as junk bonds and are considered speculative by both Standard & Poor s and Moody s. Their credit rating is BB or lower as rated by Standard & Poor s, and Ba or lower as rated by Moody s. High yield bonds are represented by the Bloomberg Barclays U.S. Corporate High-Yield Index, which covers the universe of fixed rate, non-investment-grade debt. International bonds. These are bonds issued by foreign corporations or foreign government agencies. International bonds are represented by the Bloomberg Barclays Global Aggregate Index Ex-US, which is a broad-based index of the global investment-grade fixed income markets, excluding U.S. debt. The major components of this index include the Pan-European Aggregate and the Asian-Pacific Aggregate Indices. The index also includes eurodollar and euroyen corporate bonds, as well as Canadian government, agency, and corporate securities. Investment-grade corporate bonds. These are bonds with a credit rating of AAA to BBB as rated by Standard & Poor s, or Aaa to Baa as rated by Moody s. Investment-grade corporate bonds are represented by the Bloomberg Barclays U.S. Credit Index, which includes corporate bonds that are rated investment-grade by Moody s, Standard & Poor s, or Fitch Investors Service, have at least one year to maturity, and an outstanding par value of least $150 million.. These are loans to finance the purchase of real estate, usually with specified payment periods and interest rates. The borrower (mortgagor) gives the lender (mortgagee) a lien on the property as collateral for the loan. Mortgage securities are represented by the Bloomberg Barclays U.S. Mortgage-Backed Securities Index, which covers the mortgage-backed pass-through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). Municipal bonds. These are tax-exempt bonds with a maturity of at least one year, including state and local general obligation, revenue, insured, and pre-refunded bonds. Municipal bonds are represented by Bloomberg Barclays Municipal Bond Index, which is an index of over 39,000 long-term, investment-grade municipal bonds. U.S. Treasury bonds. These are negotiable long-term debt obligations of the U.S. government, secured by its full faith and credit. They have a maturity of one year or more. Treasury bonds are represented by the Bloomberg Barclays U.S. Treasury Bond Index, which includes U.S. Treasury bonds. All indexes are unmanaged. Investors cannot invest directly into an index. 7

8 HELPING INVESTORS PARTICIPATE IN GLOBAL MARKET OPPORTUNITIES At PGIM 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 PGIM, the 9th-largest investment manager globally 1 with more than $1 trillion in assets under management. 2 This scale and investment experience allow us to deliver Prudential Funds actively managed investment solutions that meet the needs of investors around the globe. 1 Pensions & Investments Top Money Managers list, 5/29/2017. Represents assets managed by Prudential Financial as of 12/31/ PGIM data as of 12/31/2016. 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 information about the fund. Contact your financial professional for a prospectus and summary prospectus. Read them carefully before investing. Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment advisor. PIMS and PGIM are Prudential Financial companies Prudential Financial, Inc. and its related entities. PGIM and the PGIM 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 Funds 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 PI1614 Expiration: 1/31/2018