Investing involves risk. Some investments have more risk than others. 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 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 that the manager’s objectives will be achieved. The risks associated with each investment are more fully explained in each fund’s respective prospectus.

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 the PGIM Investments Sales Desk at (800) 257-3893 to obtain the prospectus and 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 adviser and investment manager to PGIM registered investment companies. Jennison Associates, PGIM, Inc, and PGIM Quantitative Solutions are registered investment advisors. 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. All are Prudential Financial affiliates.