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PGIM INVESTMENTS | Bringing you the investment managers of Prudential Financial, Inc. PRUDENTIAL SHORT DURATION HIGH YIELD INCOME FUND JUNE 30, 2017 Class Q and Z Morningstar Overall Rating™ out of 590 High Yield Bond funds, as of 6/30/2017. Morningstar measures risk-adjusted returns. The overall rating is a weighted average based on the Fund's 3-, 5-, and 10-year star rating.‡ To provide a high level of current income by investing primarily in higher-rated, below investmentgrade fixed income instruments.1 The Fund seeks to maintain a weighted average portfolio duration of three years or less and a weighted average maturity of five years or less. STYLE High Yield Bond FUND FACTS Class Ticker CUSIP Assets ($mil) A...................................................................................... HYSAX 74442J109 365 C...................................................................................... HYSCX 74442J208 377 Q...................................................................................... HYSQX 74442J406 61 Z HYSZX 74442J307 1,570 ...................................................................................... Total Net Assets 2,373 FUND STATISTICS Average Maturity (years) 3.9 ...................................................................................... Duration (years) 2.2 ...................................................................................... Standard Deviation (3-year) 2.74 PORTFOLIO MANAGEMENT Subadvisor: PGIM Fixed Income Managing assets since 1875 • 17 Portfolio Managers • 30 Credit Research Analysts FUND PORTFOLIO MANAGERS Robert Cignarella, CFA Terence Wheat, CFA Robert Spano, CFA Ryan Kelly, CFA Brian Clapp, CFA Daniel Thorogood, CFA FUND PORTFOLIO ADVISORS Brian LoDestro, CFA Clark Biggers, CFA Michael Tagliaferro, CFA Scott Sweitzer pgiminvestments.com (800) 225-1852 LARGEST ISSUERS (% OF ASSETS) 1 2 3 4 5 6 7 8 9 10 CREDIT QUALITY (% OF ASSETS) Altice USA Freeport-McMoRan Tenet Healthcare NRG Energy Softbank Group Dell Lennar Dynegy Univision Communications Hamlet Holdings 3.3% 2.4% 2.4% 1.9% 1.7% 1.7% 1.6% 1.6% 1.5% 1.5% Top Ten of 209 1 2 3 4 5 6 7 8 9 10 6.2% BBB 45.9% BB 43.1% B 4.5% CCC 0.1% D 0.7% Not Rated -0.5% Cash/Equiv 19.6% GEOGRAPHIC CONCENTRATION (% OF ASSETS) LARGEST INDUSTRIES (% OF ASSETS) Health Care & Pharmaceuticals Technology Building Materials & Construction Metals Telecom Cable Gaming Media & Entertainment Foods Packaging 10.2% 9.5% 8.8% 8.6% 7.3% 7.2% 7.1% 5.5% 4.4% 4.3% 82.2% United States 6.2% Canada 1.9% Australia 1.8% Luxembourg 1.4% Brazil 1.4% Italy 1.1% France 1.0% Netherlands 0.9% Ireland 2.5% Other -0.5% Cash/Equiv 1 Higher-rated high yield fixed income instruments are rated below investment grade, commonly referred to as "junk bonds," and are considered speculative. Such fixed income instruments are rated Ba or B by Moody's Investors Service, Inc. (Moody's); BB or B by Standard & Poor's Ratings Services (S&P) or Fitch Ratings, Inc. (Fitch); or comparably rated by another nationally recognized statistical rating organization, or if unrated, are considered of comparable quality by the subadviser at the time of purchase. GROWTH OF $10,000 (CLASS Z) 20 DOLLAR (THOUSANDS) ★★★★ $10,000 15 $12,105 10 5 0 Year 10/12 6/13 6/14 6/15 6/16 6/17 CALENDAR YEAR PERFORMANCE (CYP) REPRESENTS A FULL YEAR'S PERFORMANCE (%) (CLASS Z) YEAR 2013 2014 2015 2016 Fund 5.21 1.43 1.27 7.74 ................................................................................................................................................................................................................ Bloomberg Barclays BB/B 1-5yr 1% Constrained High Yield Index 7.20 1.73 –3.14 11.90 Benchmark† Past performance does not guarantee future results. Graph and CYP do not include the effects of sales charges and reflect reinvestment of all distributions. If sales charges were included, returns would have been lower. Holdings/allocations may vary. Total number of holdings based on issuers. Largest holdings excludes cash, cash equivalents, money market funds and enhanced cash strategies. Totals may not sum due to rounding. Negative holdings may reflect outstanding trades at period end and/or the use of certain financial instruments including derivatives. This is not a recommendation to buy or sell any security listed. High yield (“junk”) bonds have greater credit and market risks; liquidity risk, when particular investments may be difficult to sell; foreign securities have risks of currency fluctuation and political uncertainty; and derivatives have market, credit, and liquidity risks. Fixed income investments are subject to credit, market, and interest rate risks, and their value will decline as interest rates rise. Diversification does not assure a profit or protect against loss in declining markets. As an actively managed fund, the Fund is also subject to management risk and certain investment techniques may not produce the desired results. The risks are more fully explained in the prospectus and summary prospectus. These risks may result in greater share price volatility. There is no guarantee the Fund’s objective will be achieved. AVERAGE ANNUAL TOTAL RETURNS (%) AS OF 6/30/2017 Total Returns (Without Sales Charges) Share Class YTD 1-year YIELDS (6/30/2017) 3-year SI Inception Date Class A 3.02 6.23 3.41 3.90 10/26/2012 ............................................................................................................................................................................................................... Class C 2.75 5.43 2.64 3.12 10/26/2012 ............................................................................................................................................................................................................... Class Q 3.18 6.45 — 4.36 10/27/2014 ............................................................................................................................................................................................................... Class Z 3.15 6.37 3.67 4.17 10/26/2012 SEC Standardized Returns (With Sales Charges) Class A — 2.77 2.28 3.17 10/26/2012 ............................................................................................................................................................................................................... Class C — 4.43 2.64 3.12 10/26/2012 ............................................................................................................................................................................................................... Class Q — 6.45 — 4.36 10/27/2014 ............................................................................................................................................................................................................... Class Z — 6.37 Bloomberg Barclays BB/B 1-5yr 1% Constrained High Yield Index Benchmark† 3.32 8.65 3.67 4.17 10/26/2012 3.34 4.76 10/31/2012 Pastperformancedoesnotguaranteefutureresults,andcurrentperformancemaybelowerorhigherthanthepastperformance dataquoted.Theinvestmentreturnandprincipalvaluewillfluctuate,andshares,whensold,maybeworthmoreorlessthanthe originalcost.Forthemostrecentmonth-endperformance,visitourwebsiteatpgiminvestments.com.Maximumsalescharges: ClassA,3.25%;ClassC,1.0%.Grossoperatingexpenses:ClassA,1.08%;ClassC,1.83%;ClassQ,0.74%;ClassZ,0.83%.Net operatingexpensesapplyto:ClassA,1.00%;ClassC,1.75%;ClassQ,0.70%;ClassZ,0.75%,aftercontractualreductionthrough 12/31/2018. Share Class SEC 30-Day SEC 30-Day Subsidized Unsubsidized Yield (%) Yields (%) Class A 3.42 3.32 ..................................................................................... Class C 2.78 2.68 ..................................................................................... Class Q 3.83 3.80 ..................................................................................... Class Z 3.79 3.68 For additional yields and dividends, visit our website at pgiminvestments.com. Yields change monthly. "Prudential Short Duration High Yield Income boasts a large and experienced staff and a thorough and well-conceived process, and there is reason to expect good things given the record of the firm's conventional high-yield fund." Analyst Review, Morningstar, Inc., 4/26/2017 The views expressed in this fact sheet are for the period indicated and are subject to change thereafter. Source:Benchmarksandstatistics,LipperInc.AllotherdatafromPGIM,Inc.(PGIM).Totalreturndescribesthereturntotheinvestor afternetoperatingexpensesbutbeforeanysaleschargesareimposed.SECstandardizedreturndescribesthereturntotheinvestor afternetoperatingexpensesandmaximumsaleschargesareimposed.Allreturnsassumesharepricechangesaswellasthecompounding effectofreinvesteddividendsandcapitalgains.Returnsmayreflectfeewaiversand/orexpensereimbursements.Withoutsuch,returns wouldbelower.Allreturns1-yearorlessarecumulative.ClassQandZsharesmaybeavailabletogroupretirementplansandinstitutional investorsthroughcertainretirement,mutualfundwrapandassetallocationprogramsandtoinstitutionsataninvestmentminimum of$5,000,000.Alldataisunauditedandsubjecttochange. † BloombergBarclaysBB/B1-5yr1%ConstrainedHighYieldisanunmanagedindexthatcoverstheuniverseoffixedrate,non-investment gradedebt. Issuersarecappedat1%oftheIndex. Indexholdingsmusthaveatleastoneyeartofinalmaturity,atleast$150million paramountoutstanding,andbepubliclyissuedwitharatingofBa1orlowerandmaturitiesfromonetofiveyears.Aninvestment cannotbemadedirectlyinanindex. Enhancedcashstrategiesarevariationsontraditionalmoneymarketvehicles.Theyaredesignedtoprovideliquidityandprincipal preservation,butwithmoreofanemphasisonseekingreturnsthataresuperiortothoseoftraditionalmoneymarketofferings.Credit qualityiscalculatedusingthehighestratingassignedbyanationallyrecognizedstatisticalratingorganization(NRSRO)suchas Moody's,S&P,orFitch.TheNotRatedcategoryconsistsofsecuritiesthathavenotbeenratedbyanNRSRO.AverageMaturityisthe averagetimetomaturityforabond.Durationmeasuresinvestmentriskthattakesintoaccountbothabond'sinterestpaymentsand itsvaluetomaturity.Standarddeviationdepictshowwidelyreturnsvaryarounditsaverageandisusedtounderstandtherangeof returnsmostlikelyforagivenfund.Ahigherstandarddeviationgenerallyimpliesgreatervolatility.Duetodataavailability,statistics maynotbeasofthecurrentreportingperiod. ‡ Source:Morningstar.TheMorningstarRatingmaynotbecalculatedbasedonitsshareclassadjustedhistoricalreturns.Ifso,this investment’sindependentMorningstarRatingmetricusesthefund'soldestshareclasstodetermineitshypotheticalratingforcertain timeperiods.TheFund'sOverallBOE3-yearStarRatings/FundsinCategoryareasfollows:ClassA-3/590,and3/590;ClassC- 3/590,and3/590;ClassQ-4/590,and4/590;ClassZ-4/590,and4/590,respectively. TheMorningstarRatingforfunds,or"starrating",iscalculatedformanagedproducts(includingmutualfunds,variableannuityand variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded fundsandopen-endedmutualfundsareconsideredasinglepopulationforcomparativepurposes.ItiscalculatedbasedonaMorningstar Risk-AdjustedReturnmeasurethataccountsforvariationinamanagedproduct'smonthlyexcessperformance,placingmoreemphasis ondownwardvariationsandrewardingconsistentperformance.Thetop10%ofproductsineachproductcategoryreceive5stars, thenext22.5%receive4stars,thenext35%receive3stars,thenext22.5%receive2stars,andthebottom10%receive1star.The OverallMorningstarRatingforamanagedproductisderivedfromaweightedaverageoftheperformancefiguresassociatedwithits three-,five-,and10-year(ifapplicable)MorningstarRatingmetrics.Theweightsare:100%three-yearratingfor36-59monthsof totalreturns,60%five-yearrating/40%three-yearratingfor60-119monthsoftotalreturns,and50%10-yearrating/30%five-year rating/20%three-yearratingfor120ormoremonthsoftotalreturns.Whilethe10-yearoverallstarratingformulaseemstogivethe mostweighttothe10-yearperiod,themostrecentthree-yearperiodactuallyhasthegreatestimpactbecauseitisincludedinall threeratingperiods. ©2017Morningstar,Inc.Allrightsreserved.Theinformationcontainedherein(1)isproprietarytoMorningstarand/oritscontent providers;(2)maynotbecopiedordistributed;and(3)isnotwarrantedtobeaccurate,complete,ortimely.NeitherMorningstarnor itscontentprovidersareresponsibleforanydamagesorlossesarisingfromanyuseofthisinformation.Pastperformancedoesnot guaranteefutureresults. MutualfundsaredistributedbyPrudentialInvestmentManagementServicesLLC(PIMS)andmemberSIPC.PGIMFixedIncomeisa unitofPGIM,aregisteredinvestmentadvisor.PIMSandPGIMarePrudentialFinancialcompanies.©2017PrudentialFinancial,Inc. anditsrelatedentities.ThePrudentiallogoandtheRocksymbolareservicemarksofPrudentialFinancial,Inc.anditsrelatedentities, registeredinmanyjurisdictionsworldwide. Thesematerialsareforinformationaloreducationalpurposesonly.Theinformationisnotintendedasinvestmentadviceandisnot arecommendationaboutmanagingorinvestingassets.InprovidingthesematerialsPGIMInvestmentsisnotactingasyourfiduciary asdefinedbytheDepartmentofLabor. MutualfundsarenotinsuredbytheFDICoranyfederalgovernmentagency,maylosevalue,andarenotadepositoforguaranteed byanybankoranybankaffiliate. MF1149 0234239-00031-00 Expiration:10/31/2017 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. Get daily performance on your mobile device at pgiminvestments.com