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.

PGIM Ultra-Short Bond Strategy is available for purchase only by investment companies managed by PGIM Investments LLC and certain investment advisory clients of PGIM, Inc., in accordance with applicable provisions of the Investment Company Act of 1940, as amended (1940 Act), and the rules and regulations of the Securities and Exchange Commission under the 1940 Act.

The target date is the approximate year in which investors plan to retire. The funds are designed for investors who will either withdraw all of their assets upon retirement or who will gradually withdraw assets from the fund over a moderate time period following retirement. Each fund invests in underlying funds that provide exposure to fixed income, equity and non-traditional asset classes. The asset allocation of the target date funds will become more conservative as the target date approaches and for ten years after the target date by lessening the equity exposure and increasing the exposure in fixed income investments. The principal value of an investment in a target date fund is not guaranteed at any time, including the target date. There is no guarantee that the fund will provide adequate income through retirement.

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.

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.

Source: PGIM, Inc. (PGIM). Please read each funds' current prospectus or summary prospectus for more detailed information regarding sales charge structure. Total return 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.

*For PGIM Target Date Funds PGIM Investments LLC (“PGIM Investments”) has contractually agreed to limit Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements to 1.00% of average daily net assets for Class R1 shares, 0.75% of average daily net assets for Class R2 shares, 0.60% of average daily net assets for Class R3 shares, 0.50% of average daily net assets for Class R4 shares, 0.40% of average daily net assets for Class R5 shares, and 0.25% of average daily net assets for Class R6 shares. This contractual waiver includes acquired fund fees and expenses, and excludes Fund and any acquired fund interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. Where applicable, PGIM Investments agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. Fees and/or expenses waived and/or reimbursed by PGIM Investments for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by PGIM Investments within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year. This waiver has no express termination date and may not be terminated by PGIM Investments without the prior approval of the Fund’s Board of Trustees.

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 your financial professional for a prospectus and summary prospectus. Read them carefully before investing.

Investment products are distributed by Prudential Investment Management Services LLC (PIMS), member FINRA and SIPC. PGIM Investments is a registered investment adviser and investment manager to all PGIM US open-end investment companies. Jennison Associates is a registered investment adviser. PGIM Quantitative Solutions is the primary business name of PGIM Quantitative Solutions LLC, a registered investment adviser. PGIM Fixed Income and PGIM Real Estate are units of PGIM, a registered investment adviser. PGIM DC Solutions is a registered investment adviser.

All are Prudential Financial affiliates.

©2025 Prudential Financial, Inc. and its related entities. PGIM, PGIM Investments, Jennison Associates, Jennison, PGIM Fixed Income, 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.

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

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.

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