PGIM Investments funds recognized by Lipper for best-in-class risk-adjusted returnsPGIMInvestmentsfundsrecognizedbyLipperforbest-in-classrisk-adjustedreturns

NEWARK, N.J., March 10, 2022 – PGIM Investments is honored to receive five 2022 Refinitiv Lipper Fund Awards for mutual funds across multiple asset classes. The Refinitiv Lipper Fund Awards recognize funds that have excelled in delivering best-in-class risk-adjusted returns relative to their peers. This is the 12th consecutive year that PGIM Investments’ funds have received Lipper Awards.

The following funds received awards for outstanding performance in their respective categories for the five- or 10-year period ending Nov. 30, 2021^†:

FIXED INCOME

• The PGIM Short Duration High Yield Income Fund was named best-in-class among Short High Yield funds for the five-year period (R6 share class, HYSQX) out of 43 funds. This marks the third consecutive year the Fund has won a Lipper Award, previously winning for the three- and five-year periods in 2020 and the three-year period in 2021.

EQUITY

• The PGIM Jennison Utility Fund was named best-in-class among Utility funds for the five- and 10-year periods (Z share class, PRUZX) out of 41 and 39 funds, respectively. This is the second consecutive year the Fund won for the 10-year period.
• The PGIM Jennison Emerging Markets Equity Opportunities Fund was named best-in-class among Emerging Markets funds for the five-year period (Z share class, PDEZX) out of 535 funds.

REAL ESTATE

• The PGIM Select Real Estate Fund was named best-in-class among Global Real Estate funds for the five-year period (R6 share class, SREQX) out of 138 funds. This marks the third consecutive year the Fund has won a Lipper Award, previously winning in 2020 and 2021 for the three-year period.
• The PGIM US Real Estate Fund was named best-in-class among Real Estate funds for the five-year period (Z share class, PJEZX) out of 184 funds.

Learn more about PGIM Investments’ funds.

ABOUT PGIM INVESTMENTS

PGIM Investments LLC and its affiliates offer more than 100 funds globally across a broad spectrum of asset classes and investment styles. All products draw on PGIM’s globally diversified investment platform that encompasses the expertise of managers across fixed income, equities, alternatives and real estate.

ABOUT PGIM

PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world^* with approximately $1.5 trillion in assets under management as of Dec. 31, 2021. With offices in 17 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. For more information about PGIM, visit .

Prudential Financial, Inc. of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.

*Prudential Financial, Inc. (PFI) is the 10th largest investment manager (out of 477 firms surveyed) in terms of global assets under management based on Pensions & Investments’ Top Money Managers list published on May 31, 2021. This ranking represents global assets under management by PFI as of Dec. 31, 2020.

ABOUT REFINITIV LIPPER FUND AWARDS

For more than 30 years and in over 17 countries worldwide, the highly respected Refinitiv Lipper Awards have honored funds and fund management firms that have excelled in providing consistently strong risk-adjusted performance relative to their peers and focus the investment world on top funds. The merit of the winners is based on entirely objective, quantitative criteria. This coupled with the unmatched depth of fund data, results in a unique level of prestige and ensures the award has lasting value. Renowned fund data and proprietary methodology is the foundation of this prestigious award qualification, recognizing excellence in fund management. Find out more at lipperfundawards.com.

The Refinitiv Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The Refinitiv Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the Refinitiv Lipper Fund Award. For more information, see lipperfundawards.com. Although Refinitiv Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Refinitiv Lipper.

^†Detailed information regarding 2022 Lipper Awards rankings:

• PGIM Short Duration High Yield Income Fund #1 Short High Yield Fund (Class R6) for the 5-year period out of 43 funds ended 11/30/2021.
  Class R6 total return ranking for the 1-year period: 10 out of 64 funds; 3-year period: 2 out of 49 funds as of 11/30/2021. Inception date: Class R6: 10/27/2014.
• PGIM Select Real Estate Fund #1 Global Real Estate Fund (Class R6) for the 5-year period out of 138 funds ended 11/30/2021.
  Class R6 total return ranking for the 1-year period: 32 out of 162 funds; 3-year period: 3 out of 161 funds as of 11/30/2021. Inception date: Class Z: 8/1/2014.
• PGIM US Real Estate Fund #1 Real Estate Fund (Class Z) for the 5-year period out of 184 funds ended 11/30/2021.
  Class Z total return ranking for the 1-year period: 16 out of 246 funds; 3-year period: 14 out of 231 funds, 10-year period: 20 out of 148 funds as of 11/30/2021. Inception date: Class Z: 12/21/2010.
• PGIM Jennison Utility Fund #1 Utility Fund (Class Z) for the 5-year and 10-year period out of 41 and 39 funds, respectively, ended 11/30/2021.
  Class Z total return ranking for the 1-year period: 28 out of 57 funds; 3-year period: 1 out of 56 funds as of 11/30/2021. Inception date: Class Z: 3/1/1996.
• PGIM Jennison Emerging Markets Equity Opportunities Fund #1 Emerging Markets Fund (Class Z) for the 5-year period out of 535 funds, ended 11/30/2021.
  Class Z total return ranking for the 1-year period: 73 out of 765 funds; 3-year period: 7 out of 694 funds as of 11/30/2021. Inception date: Class Z: 9/16/2014.

^†Detailed information regarding 2021 Lipper Award rankings:

• PGIM Short Duration High Yield Income Fund #1 Short High Yield Fund out of 48 funds (Class R6) for the 3-year period ended 11/30/2020.
  Class R6 total return ranking for the 1-year period: 20 out of 55 funds; 5-year period: 6 out of 44 funds as of 11/30/2020. Inception date: Class R6: 10/27/2014.
• PGIM Jennison Utility Fund #1 Utility Fund out of 39 funds (Class Z) for the 10-year period ended 11/30/2020.
  Class Z total return ranking for the 1-year period: 1 out of 57 funds; 3-year period: 4 out of 53 funds; 5-year period: 1 out of 51 funds as of 11/30/2020. Inception date: Class Z: 3/1/1996.
• PGIM Select Real Estate Fund #1 Global Real Estate Fund out of 148 funds (Class R6) for the 3-year period ended 11/30/2020.
  Class R6 total return ranking for the 1-year period: 6 out of 168 funds; 5-year period: 7 out of 133 funds as of 11/30/2020. Inception date: Class Z: 8/1/2014.

^†Detailed information regarding 2020 Lipper Award rankings:

• PGIM Short Duration High Yield Income Fund #1 Short High Yield Fund out of 55 funds (Class R6) for the 3-year period, and out of 50 funds (Class R6) for the 5-year period, ended 11/30/2019.
  Class R6 total return ranking for the 1-year period: 1 out of 64 funds as of 11/30/2019. Inception date: Class R6: 10/27/2014.
• PGIM Select Real Estate Fund #1 Global Real Estate Fund out of 125 funds (Class Z) for the 3-year period ended 11/30/2019.
  Class Z total return ranking for the 1-year period: 1 out of 182 funds; 5-year period: 5 out of 158 funds as of 11/30/2019. Inception date: Class Z: 8/1/2014.

Lipper Funds category rankings are based on total return, do not take sales charges into account, and are calculated against all funds in each fund’s respective Lipper category.

The Refinitiv Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. Lipper Leaders fund ratings do not constitute and are not intended to constitute investment advice or an offer to sell or the solicitation of an offer to buy any security of any entity in any jurisdiction. For more information, see lipperfundawards.com. Rankings do not take sales charges into account. Past performance is no guarantee of future results. From Lipper Fund Awards from Refinitiv, © 2022 Refinitiv. All rights reserved. Used under license.