Data as of 3/31/25 unless otherwise noted. Assets under management (AUM) assets under administration (AUA) are based on company estimates and are subject to change.

1. PGIM is the investment management business of Prudential Financial, Inc. (PFI). PFI has over 150 years of risk management expertise.
   
2. Public and Private Alternatives AUM/AUA includes hedge fund, mezzanine and other private credit, private equity secondaries, real estate and infrastructure strategies across all PGIM businesses. PGIM Private Alternatives manages $332 billion gross in private alternatives strategies across private credit, real estate, agriculture, sustainable investing, infrastructure and private equity. These strategies are managed by PGIM Real Estate (est. 1970), PGIM Private Capital (est. 1925) and Montana Capital Partners (est. 2011); underlying investment strategies and portfolio and originations teams remain distinct, with each affiliate maintaining its own governance. Note: AUM/AUA includes $7.2B from Deerpath Capital, in which PGIM acquired a majority stake in late 2023. PGIM Real Estate net AUM is $136B and AUA is $47.3B.
   

Past performance is no guarantee of future performance.

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.

Investing involves risk. Some investments 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.

Investment products are distributed by Prudential Investment Management Services LLC, member FINRA and SIPC. PGIM Investments is a registered investment adviser and investment manager to all PGIM U.S. open-end investment companies. All are Prudential Financial affiliates. © 2025 Prudential Financial, Inc. and its related entities. PGIM Quantitative Solutions, PGIM, PGIM Investments, 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.

© 2025 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.