Prudential INVESTMENTS And the investment managers that make a difference Prudential Fixed Income Jennison Associates QMA PGIM REAL ESTATE

Put the strength of Prudential to work for you For 140 years, individuals and institutions have relied on Prudential to help them grow and protect their wealth. With our global presence, we are one of the most recognized brands in the financial services industry and have a diverse range of businesses including insurance, investments, and retirement. As you may have seen in our television commercials, billboard ads, and conversations on social media, we are dedicated to understanding key financial challenges and inspiring Americans to take action and prepare for their financial future.

Why Prudential? Prudential is a company you know and trust. Built on our heritage of life insurance and asset management expertise, Prudential has maintained an unwavering focus on providing solutions to the challenges our clients face, no matter the economic or market environment. The Prudential Rock®, an icon of strength, stability, expertise, and innovation, represents the qualities we offer our clients as we seek to help them meet their financial goals.

Did you know? Prudential is the 2nd largest life insurer in the U.S. with $3.5 trillion of gross life insurance in force worldwide1 Prudential is the 9th largest global asset manager with $1.2 trillion in assets under care2

Our expertise in investments, insurance, and annuities leads to solutions that can help address your most important financial concerns. These could include saving for and generating income in retirement, finding income in today’s low interest rate environment, preparing for the unexpected, and planning an estate.

As of Dec. 31, 2015, from the Prudential Financial, Inc. 2015 Form 10-K. Prudential Financial ranks 9 out of 600 money managers. Source: Pensions & Investments’ Top Money Managers list, 5/30/16. Represents assets managed by Prudential Financial as of 12/31/2015, including Prudential’s asset management business of $963 billion and nonproprietary assets under management for Prudential Financial of $221 billion.

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About Prudential Investments

Prudential Investments® is dedicated to helping you solve your toughest investment challenges—whether it’s capital growth, reliable income, or protection from market volatility and other risks. We offer over 50 mutual funds, covering many asset classes and spanning any investor’s risk preference, to help you stay on course for the future you envision. Our funds cover:

• Asset Allocation • Equity • Global/International Equity • Specialty • Taxable Fixed Income • Tax-Exempt Fixed Income (Municipal Bonds)

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Asset managers that make a difference The greatest mutual fund ideas in the world would mean nothing without portfolio managers who can deliver on them. Our funds feature Prudential’s independent affiliated asset managers—Jennison Associates, Prudential Fixed Income, PGIM Real Estate, and QMA1—who have built their own reputation over decades in the demanding institutional markets. Our investment professionals also manage money for major corporations and pension funds around the world, which means you benefit from the same expertise, innovation, and attention to risk demanded by today’s most sophisticated investors.

Prudential manages assets for

23 of the Largest 25 U.S.PlansCorporate

20 of the Largest 25 U.S.PlansPublic

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153 of the Largest Pension 300 Global Plans 3

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GLOBAL PRESENCE4 Offices in

16

Countries and

5 Continents

1,107

Investment Professionals

QMA is the primary business name of Quantitative Management Associates LLC. Based on U.S. Plan Sponsor rankings in Pensions & Investments as of September 30, 2015, published February 2016. 3 P&I/Towers Watson Top 300 Pension Funds ranking, data as of December 31, 2014, published September 2015. 4 Data as of June 30, 2016. 1 2

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Our affiliated asset managers Prudential Fixed Income

Jennison Associates

Since 1875, Prudential Fixed Income has been a credit research-driven fixed income manager with a keen focus on risk management. • Insurance ties. Prudential Fixed Income has been managing Prudential’s general account since 1875. When you handle the general account for one of the largest insurance companies in the U.S., you can’t afford to get it wrong. • Risk management mind-set. Risk managers monitor every portfolio and recommend adjustments to help balance stability and performance. The prominence of risk management in Prudential Fixed Income’s investment process was one way it was able to weather the 2008 credit crisis. • Sector specialists. They offer dedicated expertise in every key fixed income sector—including investmentgrade corporates, high yield, government-related, etc.

Jennison Associates is a leading manager of growth, value, blend, and sector styles across capitalizations, both domestically and abroad. • Large-cap heritage. Jennison Associates was founded as a manager of large company growth stocks in 1969. • Teamwork. The firm maintains a small, boutique-like culture and fosters a highly interactive investment process that enables its specialist teams to share insights and help investors benefit from the entire firm’s expertise. • Expert stock picking. Seasoned analysts select individual stocks of companies they feel are stable and poised for potential long-term success.

$681 billion in assets under management1

$167 billion in assets under management1

Worth knowing3 Two-thirds of assets managed for clients of 10 years or longer

Worth knowing3 Since 2000, overall assets have more than doubled

QMA

PGIM Real Estate

For almost 40 years, QMA has been a leader in developing innovative investment strategies that combine the experienced judgment of their portfolio managers with detailed analytics from their quantitative models. • Quantitative manager. QMA uses mathematics to identify investment opportunities that have the potential to deliver consistent long-term results. QMA’s sophisticated models enable the firm to look at the fundamentals of companies in a disciplined, objective way that avoids common human biases that can lead to poor investment choices. • Blankets the market. QMA’s core equity team analyzes data on about 5,000 companies daily, helping managers rapidly uncover opportunities others might miss. • Customized asset allocation. QMA is a leader in designing asset allocation strategies to help meet a broad range of investment objectives.

PGIM Real Estate builds portfolios based on firsthand knowledge of local and regional real estate markets around the world. • Scale. PGIM Real Estate is one of the largest real estate managers in the world. • Local presence. Real estate is a local business. With approximately 300 investment professionals in 18 locations within 12 countries, PGIM Real Estate can recognize and respond quickly to opportunities anywhere in the world • Private market expertise. Since about 90 percent of the commercial real estate market is private, PGIM Real Estate’s deep experience in private real estate offers advantages over managers focused only on the public market.

Worth knowing3

PGIM Real Estate owns about 1,500 properties around the world

$116 billion in assets under management1

$66 billion in assets under management2

Worth knowing3

QMA’s team of seasoned investment professionals includes 20 PhDs Assets under management as of September 30, 2016. Assets under management as of June 30, 2016. $49 billion net. 3 Sources: Prudential Fixed Income, Jennison Associates, QMA, and PGIM Real Estate, as of December 31, 2015. 1 2

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Meeting investor challenges Markets constantly change and present different challenges. No matter what, we’re ready with effective solutions to help keep you on course toward your long-term goals. We see four main areas that pose particularly strong challenges for investors today.

Preparing for rising interest rates Challenge: Many people believe that interest rates are so low they can only go up. If interest rates rise, some bond prices may decline and result in potential losses. Ask your financial advisor about: Reallocating to less interest-rate-sensitive fixed income sectors and looking to other asset classes that have performed well during rising rate periods, such as real assets.

Managing volatility Challenge: Given the ups and downs in today’s high market, it’s tough to diversify sufficiently to manage risk. Ask your financial advisor about: Non-traditional and specialty investments with low correlation to traditional stock and bond portfolios—in other words, those that don’t move in the same direction as typical stock and bond investments—as well as higher-quality fixed income.

Finding income Challenge: With today’s low interest rates, investors are having difficulty finding yield1 without taking on a lot of extra risk. Ask your financial advisor about: Expanding the search to high-dividend stocks, utilities, real estate, specialty funds, and bond funds focused on non-government sectors.

Allocating assets appropriately Challenge: Asset classes may outperform, while others underperform, causing portfolios to stray from their original allocations. As a result, you may be taking on more risk than you intended. Ask your financial advisor about: Asset allocation funds that maintain a set allocation while offering you a diversified long-term investment plan, based on your risk tolerance, in one investment.

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Yield is the return an investor receives on a bond (or bond fund) based on the price paid and the coupon interest received.

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The potential benefits of mutual funds Why should you invest in mutual funds? Consider the following reasons: Professional management. When you invest in a mutual fund, you get the benefit of having full-time professional management monitoring your portfolio. The portfolio manager will select stocks and/or bonds that he or she has carefully researched. Their investment decisions are based on extensive knowledge and understanding of market conditions and the financial performance of individual companies and specific securities. Diversification. One mutual fund can invest in hundreds—sometimes thousands—of individual securities. A diversified portfolio may help reduce risk by offsetting losses from some securities with gains in others. Individual investors would find it expensive and difficult to construct a portfolio as diversified as that of a mutual fund on their own. Liquidity. With mutual funds, you can redeem, or sell, all or part of your investment on any business day and receive the current value (commonly referred to as net asset value, or NAV) of the shares.1

For many investors, we believe the most efficient and convenient way to invest is through a professionally managed portfolio.

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Other fees and penalties may apply with early withdrawals.

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The value of a financial professional A financial professional can help you grow and protect your wealth, as well as provide assistance on a range of financial issues: • Match your investment portfolio with your risk tolerance, time horizon, and investment objectives • Help define your financial goals • Analyze the risks and potential rewards of various investments • Suggest alternatives to help protect your assets • Help you stay on track and avoid making common investment mistakes

A word about risk. Mutual fund investing involves risk. Some mutual funds have more risk than others. Fixed income instruments are subject to interest rate risk, and their value will decline as interest rates rise. The fund may invest in foreign or non-U.S. securities, which are subject to the risks of currency fluctuation and political uncertainty. The investment return and principal value will fluctuate, and shares, when sold, may be worth more or less than the original cost. There is no guarantee the fund’s objective will be achieved. Asset allocation and diversification do not assure a profit or protect against loss in declining markets. There is no guarantee that dividends will be paid. 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. Mutual funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company, member SIPC. Jennison Associates and PGIM, Inc. (PGIM) are registered investment advisors and Prudential Financial companies. QMA is the primary business name of Quantitative Management Associates LLC, a wholly owned subsidiary of PGIM. Prudential Fixed Income and PGIM Real Estate are units of PGIM. © 2016 Prudential Financial, Inc. and its related entities. Jennison Associates, Jennison, PGIM Real Estate, the Prudential logo, and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide. MUTUAL FUNDS • 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 0286873-00002-00 PI4335 Expiration: 5/31/2018