PGIM Investments Mutual Funds
Dividend and Capital Gains Distributions

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%; Class B, 5.0%; and Class C, 1.0%. 

Class B shares are generally closed to new investors and will not accept subsequent purchases from existing shareholders. Please see a Fund’s current prospectus, as amended from time to time, for additional information.
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, and to retirement plans where Prudential serves as the retirement plan administrator or a third party serves as the retirement plan administrator. Important Note: Class R2 and Class R4 shares are not available for purchase until on or about June 1, 2018.

Class Q and Z shares may be available to group retirement plans and institutional investors through certain retirement, mutual fund wrap and asset allocation programs, and to institutions at an investment minimum of $5,000,000. Performance by share class may vary. Other share classes, which contain either a sales load or a contingent deferred sales charge, are also available. These expenses could lower total fund return. Please see the prospectus for additional information about fees, expenses and investor eligibility requirements.

Source: PGIM, Inc. (PGIM). All information shown is unaudited and subject to change without notice. Refer to the Fund Fact Sheet for more detailed information regarding performance and disclosures. Shareholders will be advised on IRS Form 1099-DIV or substitute 1099-DIV as to the federal tax status of the distributions received. Our financial professionals do not provide tax or legal advice. Please consult with your attorney, accountant, and/or tax professional for advice concerning your particular situation.

This material must be accompanied or preceded by a current prospectus or summary 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. For more information about a fund, click on the prospectus or summary prospectus link above. Read them carefully before investing.

Mutual funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company and 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. PGIM Fixed Income and PGIM Real Estate are units of PGIM. Jennison Associates, Jennison, PGIM Real Estate, QMA, Quantitative Management Associates, PGIM, 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 about managing or investing your retirement savings. Clients seeking information regarding their particular investment needs should contact a financial professional.

Prudential Financial, Inc. of the United States is not affiliated with Prudential plc. which is headquartered in the United Kingdom.

0232843-00054-00  Ed.12/2017