Investing Through Shifting Macro PerspectivesInvestingThroughShiftingMacroPerspectives

1. Prudential Financial, Inc. is the 11th-largest investment manager (out of 444) in terms of global AUM based on the Pensions & Investments Top Money Managers list published on 06/06/2022. This ranking represents assets managed by Prudential Financial, Inc. as of 12/31/2021.
2. Based on PGIM client list as of March 31, 2022 compared to P&I/Towers Watson Top 300 Global Pension Funds ranking, data as of December 31, 2020, published September 2021. 

*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. From Lipper Fund Awards from Refinitiv, ©2023 Refinitiv. All rights reserved. Used under license.​

Lipper Award: In the Lipper Fund Awards, funds had to be registered for sale in the respective country as of the end of the year and the fund had to have at least 36 months of performance history as of the end of the evaluation year. S&P 500 Index funds, specialty diversified equity funds and specialty/miscellaneous funds were not eligible to receive classification awards. Rankings do not take sales charges into account. Past performance does not guarantee future results. Performance by share class may vary. Other share classes, which contain either a sales load or a contingent deferred sales charge, are also available. These expenses could lower total fund return. Please see the prospectus for additional information about fees, expenses and investor eligibility requirements. From Lipper Fund Awards from Refinitiv, ©2023 Refinitiv. All rights reserved. Used under license. ​

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: 10/27/14. 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. Lipper ranking for the 1-, 3- and 5-year periods as of 1/31/2022 for the Short High Yield Fund category were: 12 out of 63, 2 out of 49, and 2 out of 44 funds, respectively.​​

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. 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. Lipper ranking for the 1-, 3- and 5-year periods as of 1/31/2022 for the Select Real Estate Fund for the global real estate category were 30 out of 161, 4 out of 160, and 2 out of 142 respectively..​​

PGIM U.S. 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. 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. Lipper ranking for the 1-, 3-, 5- and 10-year periods as of 1/31/2022 for the real estate category were 9 out of 251, 15 out of 232, 11 out of 202, and 19 out of 148 respectively.​

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. 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. Lipper ranking for the 1-, 3-, 5- and 10-year periods as of 1/31/2022 for the utility fund category were 45 out of 57, 3 out of 57, 8 out of 52, and 1 out of 57 respectively.​

PGIM Jennison Emerging Markets Equity Opportunities Fund #1 Emerging Markets Fund (Class Z) for the 5-year period out of 535, respectively 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. 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. Lipper ranking for the 1-, 3- and 5-year periods as of 1/31/2022 for the emerging market category were 280 out of 767, and 586 out of 701 respectively.​

Consider a fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus and the summary prospectus contain this and other information about the fund. Contact your financial professional for a prospectus and the summary prospectus. Read them carefully before investing.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Mutual fund ETF's investing involves risk. Some mutual funds and ETF's have more risk than others. The investment return and principal value will fluctuate and investor's shares when sold may be worth more or less than the original cost. Fixed income investments are subject to interest rate risk, and their value will decline as interest rates rise. Asset allocation and diversification do not assure a profit or protect against loss in declining markets. There is no guarantee a Fund's objectives will be achieved. The risks associated with each fund are explained more fully in each fund's respective prospectus. Consult with your attorney, accountant, and/or tax professional for advice concerning your particular situation.

Past performance is no guarantee of future performance.

Source: Morningstar. The Morningstar Rating may 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 Morningstar Rating does not include any adjustment for sales loads. 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 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 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.

©2023 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. Past performance does not guarantee future results.

Mutual fund investing involves risk. Some mutual funds have more risk than others. The investment return and principal value will fluctuate and an investor's shares, when sold, may be worth more or less than the original cost. Fixed income investments are subject to interest rate risk, and their value will decline as interest rates rise. Asset allocation and diversification do not assure a profit or protect against loss in declining markets. There is no guarantee a Fund's objectives will be achieved. The risks associated with each fund are explained more fully in each fund's respective prospectus. Consult with your attorney, accountant, and/or tax professional for advice concerning your particular situation.

Investment products are distributed by Prudential Investment Management Services LLC, a Prudential Financial company, member SIPC. Jennison Associates and PGIM, Inc. (PGIM) are registered investment advisors and Prudential Financial companies. PGIM Quant or PGIM Quantitative Solutions is the primary business name of PGIM Quantitative Solutions LLC, a wholly owned subsidiary of PGIM. PGIM Fixed Income and PGIM Real Estate are units of PGIM. © 2023 Prudential Financial, Inc. and its related entities. Jennison Associates, Jennison, PGIM Real Estate, PGIM, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

Investment Products - Are not insured by the FDIC or any other federal government agency, may lose value, and are not a deposit of or guaranteed by any bank or any bank affiliate.

Mutual funds and ETFs are distributed by Prudential Investment Management Services LLC (PIMS). PGIM Custom Harvest is a unit of PGIM, Inc. (PGIM), a registered investment advisor. PGIM Custom Harvest is a registered investment adviser and a Prudential Financial company. PIMS and PGIM are Prudential Financial companies. PGIM Quantitative Solutions is the primary business name of PGIM Quantitative Solutions LLC, a wholly owned subsidiary of PGIM. PGIM Wadhwani is the primary business name of PGIM Wadhwani LLP, a wholly owned subsidiary of PGIM, Inc. (PGIM), a Prudential Financial company. PGIM, Inc. is organized as a limited liability company under the laws of the state of Delaware. PGIM, Inc. is an indirect, wholly-owned subsidiary of Prudential Financial, Inc. that was organized in 1984. PGIM, Inc. is a registered investment adviser with three business units: PGIM Private Capital (PGIM’s dedicated private credit asset management business); PGIM Real Estate (the real estate investing and financing unit within PGIM); and PGIM Fixed Income (the primary public fixed income asset management unit of PGIM). © 2023 Prudential Financial, Inc. and its related entities. PGIM Custom Harvest, Jennison Associates, Jennison, PGIM Real Estate, PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

PGIM Custom Harvest does not provide tax, legal, or accounting advice. This material is for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction. Although PGIM Custom Harvest does not provide tax, legal, or accounting advice, we stand ready to assist clients and their advisors in reviewing the relevant tax rules.