PGIM Target Date 2045 Fund

A target date fund should not be selected solely based on age or retirement date. Before investing, participants should carefully consider the fund’s investment objectives, risks, charges and expenses, as well as their age, anticipated retirement date, risk tolerance, other investments owned, and planned withdrawals.

The stated asset allocation may be subject to change. It is possible to lose money in a target date fund, including losses near and following retirement. Investments in the funds are not deposits or obligations of any bank and are not insured or guaranteed by any governmental agency or instrumentality. The Fund offers no assurance that the Fund will provide adequate income to meet an investor’s retirement or financial goals. The Fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor needs to withdraw funds.

The Fund offers six classes of shares, each open to certain retirement plans and institutional investors. In addition, the R2 share class is also open to individual investors and the R5 share class is also open to Prudential employees.

Data and expense ratios presented are the most current made available at the time of production. Price corrections that impact performance data may occur after production of this material.

Note: The Fund is “ratcheted” annually to shift the Fund’s allocation gradually from equity investments toward fixed income investments in accordance with the current Glidepath. Additionally, the Fund’s subadviser will review the current Glidepath and the Fund’s asset allocations to Underlying Funds annually to determine, in its discretion, whether the then current Glidepath allocations remain appropriate to meet the Fund’s investment objective. Based on such reviews, the subadviser may, without prior notification to shareholders, make changes to the current Glidepath and/or the Fund’s asset allocations as it deems appropriate to meet the Fund’s investment objective in light of market and economic conditions and such other factors as it deems relevant. There is no assurance that the Fund's objective will be achieved. The Fund’s allocations to the broad asset classes (equity, fixed income and non-traditional) as set forth in the current Glidepath are not expected to vary from the Fund’s allocations set forth in the strategic Glidepath by more than plus or minus 5%. The Fund’s shareholder reports will set forth its actual allocations among asset classes and among Underlying Funds. The current Glidepath and strategic Glidepath are explained in more detail in the Fund's prospectus. 

The target date funds are exposed to the same types of risks as the underlying funds in which they invest. Primary risks include large cap funds, which are subject to market fluctuations and may lose value. The investment risks associated with these funds may be impacted by a variety of factors, including investment style, objective, holdings, and focus in particular industries. On average, investments in large cap funds may be considered more conservative than investments in small and mid-cap funds, potentially posing less overall volatility in exchange for less aggressive growth potential; small- and mid-cap stocks, which may be subject to more erratic market movements than large-cap stocks; high yield (“junk”) bonds, which are subject to greater credit and market risks; non-US securities, which are subject to currency fluctuation and political uncertainty; emerging markets stocks, which are subject to currency fluctuation, political uncertainty and liquidity considerations; derivatives, which can increase losses and reduce opportunities for gains when market prices, interest rates, currency rates, or the derivatives themselves behave in a way not anticipated by the fund; real estate securities, which are subject to risks associated with the ownership of real estate and/or mortgages and with the real estate industry in general; commodity risk, in which investments in commodities markets may entail greater volatility than investments in traditional securities; liquidity risk, which entails that an underlying fund may not be able to sell a holding in a timely manner at a desired price; and index tracking risk, in which an underlying index fund may not match, or achieve a high degree of correlation with, the return of the index. Fixed income investments, including US Government and Agency Securities, are subject to interest rate risk, credit risk and market risk. Diversification does not assure a profit or protect against a loss. These risks may increase the Fund’s share price volatility. There is no guarantee the Fund’s objective will be achieved. The risks associated with each fund are explained more fully in each fund’s respective prospectus.