Mutual fund performance

Past performance does not guarantee 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. The current maximum sales charges that may be applied to the funds listed below are Class A, 5.5% and Class C, 1.0%.

Mutual fund investing involves risks. Some mutual funds have more risks than others. The risks associated with each fund are explained more fully in each fund's respective prospectus or summary prospectus. The investment return and principal value will fluctuate and shares when sold may be worth more or less than the original cost. Fixed income investments are subject to interest rate risks, and their value will decline as interest rates rise. Asset Allocation does not assure a profit or protect against a loss in declining markets. There is no guarantee the Fund's objective will be achieved. Past performance is not a guarantee of future results.

PGIM Government Money Market Fund: You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares. The Fund generally must impose a fee when net sales of Fund shares exceed certain levels. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.

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 is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.

The purchase of any investment product is not a condition to the provision or term of any banking service or activity.

Class R shares are closed to new investors. Class R2 shares and Class R4 shares are only offered for sale to group retirement plans available through a retirement recordkeeper or third party administrator. Class R6 and Z shares may be available to group retirement plans and institutional investors through certain retirement, mutual fund wrap and asset allocation programs. They may also be available to institutional investors. Class Z shares may be available through fee- or commission-based retail brokerage programs of certain financial intermediaries. Class A, C, and Z shares are generally closed to new retirement plans. Please see the prospectus for additional information about fees, expenses, and investor eligibility.

Source: PGIM, Inc. (PGIM). Please read each funds' current prospectus or summary prospectus for more detailed information regarding sales charge structure. Total returns without sales charges describes the return to the investor before any sales charges are imposed. If included, performance would be reduced. Total returns with sales charges describes the return to the investor after maximum sales charges are imposed. All returns assume share price changes, as well as the compounding effect of reinvested dividends and capital gains. Returns may reflect fee waivers and/or expense reimbursements. Without such, returns would be lower. All data is unaudited and subject to change. After-tax returns are calculated using the highest historical individual federal marginal income tax rates and exclude state and local taxes. Actual after-tax returns depend on an investor's tax situation. Returns shown do not apply to shares held in tax-deferred arrangements (i.e., 401(k), IRAs). For new funds and share classes, the performance data featured represents past performance for a period of less than one year. While past performance is never an indication of future results, short periods of performance may be particularly unrepresentative of long-term performance for certain types of funds.

Click on the fund name and navigate to the Fund Profile and click on the Prices & Performance tab for Benchmark and Category Average definitions.

*The Date represents the contractual reduction date through which the net expense ratio is in effect. PGIM Jennison MLP Fund: Gross operating expenses: Class A, 2.04%; Class C, 2.72%; Class R6, 1.80; Class Z, 1.67%. Net shown based on operating expenses after deferred income tax expense. Net operating expenses before deferred income tax expense and contractual reduction through 3/31/2022: Class A, 1.50; Class C 2.25%; Class Z 1.25%; Class R6, 1.20%.

Due to the Fund's repositioning, prior performance is not attributable to current investment strategies as of these dates for the following funds: PGIM Corporate Bond Fund (5/28/15), PGIM Core Bond Fund (2/17/15), PGIM Income Builder Fund (9/23/14), and PGIM Quant Solutions Small-Cap Value Fund (1/15/15).

Due to the Fund’s investment strategies, and name changed, prior performance is not attributable to current investment strategies as of these dates for the following funds: PGIM Jennison Focused Value Fund (12/18/19) and PGIM Global Equity Income Fund (12/18/19).

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. For more information about a fund, click on the fund name above to view/download a prospectus or summary prospectus. Read them carefully before investing.

Investment products are distributed by Prudential Investment Management Services LLC, member FINRA and SIPC. PGIM Investments is a registered investment advisor and investment manager to PGIM registered investment companies. Jennison Associates is a registered investment advisor. PGIM Quantitative Solutions is the primary business name of PGIM Quantitative Solutions LLC, a registered investment advisor. PGIM Fixed Income and PGIM Real Estate are units of PGIM, a registered investment advisor. PGIM DC Solutions is a registered investment advisor. PGIM Limited acts as a subadvisor to all fixed income funds. PGIM Limited is an indirect, wholly owned subsidiary of PGIM, Inc. (PGIM), the principal asset management business of Prudential Financial, Inc. (PFI), a company incorporated and with its principal place of business in the United States. All are Prudential Financial affiliates. © 2025 Prudential Financial, Inc. and its related entities. PGIM, PGIM Investments, Jennison Associates, Jennison, PGIM Fixed Income, PGIM Limited, PGIM Quantitative Solutions, PGIM Real Estate, PGIM DC Solutions 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. Clients seeking information regarding their particular investment needs should contact their financial professional.

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.

INVESTMENT PRODUCTS | 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.

4429501  Ed.04/2025