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PGIM INVESTMENTS | Bringing you the investment managers of Prudential Financial, Inc. PRUDENTIAL QMA STRATEGIC VALUE FUND JUNE 30, 2017 Class Q and Z Morningstar Overall Rating™ out of 1,091 Large Value 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.‡ Seeks long-term growth by investing in stocks of large U.S. companies believed to be undervalued by the managers. The Fund may be suitable for investors looking to complement the large-cap growth portion of a portfolio and who seek large, established companies that are considered to be relatively inexpensive. STYLE Large Value FUND FACTS Class Ticker CUSIP Assets ($mil) A...................................................................................... SUVAX 74440K108 26 B...................................................................................... SUVBX 74440K207 1 C...................................................................................... SUVCX 74440K306 13 Q...................................................................................... SUVQX 74440K538 32 R PRVRX 74440K736 243 ...................................................................................... Z...................................................................................... SUVZX 74440K405 70 Total Net Assets 385 FUND STATISTICS Average Weighted Market Cap ($mil) 89,609.9 ...................................................................................... P/E (Price/Earnings) Ratio 14.0 ...................................................................................... R-Squared 0.98 ...................................................................................... Standard Deviation (3-year) 11.38 ...................................................................................... Turnover Ratio (12-month %) 126 LARGEST HOLDINGS (% OF ASSETS) 1 2 3 4 5 6 7 8 9 10 SECTOR (VS BENCHMARK) JPMorgan Chase Wells Fargo Bank of America AT&T Exxon Mobil Berkshire Hathaway Citigroup Johnson & Johnson Wal-Mart Stores Intel 3.5% 2.7% 2.4% 2.4% 2.4% 1.9% 1.9% 1.8% 1.7% 1.7% Top Ten of 164 22.4% LARGEST INDUSTRIES (% OF ASSETS) 1 2 3 4 5 Banks Insurance Oil, Gas & Consumable Fuels Healthcare Providers & Services Electric Utilities 16.4% 7.8% 7.2% 5.8% 5.1% Fund Overweight (% of Assets) Underweight 35.1% 9.6% 14.2% 7.3% 10.9% –3.3% 8.0% –2.5% 6.3% 0.2% 6.3% –2.4% 5.6% –2.4% 5.2% –4.0% 4.2% 1.5% 2.8% –0.3% 0.8% –4.2% 0.3% — — 0.3% Sector Financials Consumer Discretionary Healthcare Energy Industrials Utilities Information Technology Consumer Staples Materials Telecom. Services Real Estate Other Cash/Equiv GROWTH OF $10,000 (CLASS Z) 20 DOLLAR (THOUSANDS) ★★★★ $10,000 $16,772 15 10 5 0 Year 6/07 6/08 6/09 6/10 6/11 6/12 6/13 6/14 6/15 6/16 6/17 CALENDAR YEAR PERFORMANCE (CYP) REPRESENTS A FULL YEAR'S PERFORMANCE (%) (CLASS Z) YEAR 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Fund –2.02 –35.31 20.01 13.71 0.46 12.51 34.08 13.06 –6.04 22.83 ................................................................................................................................................................................................................ Russell 1000 Value Index Benchmark† –0.17 –36.85 19.69 15.51 0.39 17.51 32.53 13.45 –3.83 17.34 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. Largest holdings excludes cash, cash equivalents, money market funds and enhanced cash strategies. Totals may not sum due to rounding. This is not a recommendation to buy or sell any security listed. PORTFOLIO MANAGEMENT Subadvisor: QMA Managing assets since 1975 FUND PORTFOLIO MANAGERS Stephen Courtney Mitchell Stern, PhD Robert Leung, CFA pgiminvestments.com (800) 225-1852 The Fund may invest in foreign securities, which are subject to currency fluctuation and political uncertainty; short sales, which involve costs and the risk of potentially unlimited losses; and derivative securities, which may carry market, credit, and liquidity risks. These risks may increase the Fund's 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 3-year 5-year 10-year SI Inception Date Class A 3.82 22.09 7.41 13.99 5.04 5.76 03/30/2001 ............................................................................................................................................................................................................... Class B 3.49 21.17 6.63 13.15 4.27 4.97 03/30/2001 ............................................................................................................................................................................................................... Class C 3.42 21.19 6.63 13.14 4.26 4.97 03/30/2001 ............................................................................................................................................................................................................... Class Q — — — — — 1.14 04/26/2017 ............................................................................................................................................................................................................... Class R 3.69 21.83 — — — 8.52 06/19/2015 ............................................................................................................................................................................................................... Class Z 3.92 22.38 7.70 14.27 5.31 6.02 03/30/2001 SEC Standardized Returns (With Sales Charges) Class A — 15.38 5.41 12.70 4.44 5.39 03/30/2001 ............................................................................................................................................................................................................... Class B — 16.17 5.87 13.03 4.27 4.97 03/30/2001 ............................................................................................................................................................................................................... Class C — 20.19 6.63 13.14 4.26 4.97 03/30/2001 ............................................................................................................................................................................................................... Class Q — — — — — 1.14 04/26/2017 ............................................................................................................................................................................................................... Class R — 21.83 — — — 8.52 06/19/2015 ............................................................................................................................................................................................................... Class Z — 22.38 7.70 14.27 5.31 6.02 03/30/2001 Russell 1000 Value Index Benchmark† 4.66 15.53 7.36 13.94 5.57 7.14 03/31/2001 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. For the most recent month-end performance, visit our website at pgiminvestments.com. Maximum sales charges: Class A, 5.5%; Class B, 5.0%; Class C, 1.0%. Gross operating expenses: Class A, 1.29%; Class B, 1.99%; Class C, 1.99%; Class Q, 0.88%; Class R, 1.74%; Class Z, 0.99%. Net operating expenses apply to: Class A, 1.07%; Class B, 1.82%; Class C, 1.82%; Class Q, 0.80%; Class R, 1.32%; Class Z, 0.82%, after contractual reduction through 6/30/2018. Class B shares are closed. Source: Benchmarks and statistics, Lipper Inc. All other data from PGIM, Inc. (PGIM). Total return describes the return to the investor after net operating expenses but before any sales charges are imposed. SEC standardized return describes the return to the investor after net operating expenses and 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 returns 1-year or less are cumulative. 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. All data is unaudited and subject to change. † The Russell 1000® Value Index is unmanaged and measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. The index and Russell are trademarks of the Frank Russell Company. An investment cannot be made directly in an index. Enhanced cash strategies are variations on traditional money market vehicles. They are designed to provide liquidity and principal preservation, but with more of an emphasis on seeking returns that are superior to those of traditional money market offerings. Average weighted market capitalization is the average market capitalization of stocks in a fund, each weighted by its proportion of assets. The P/E Ratio (Source: Morningstar, Inc.) relates the price of a stock to the per-share earnings of the company. P/E is calculated using a harmonic weighted average, which excludes outliers that can easily skew results. R-Squared is a measure of how much of a portfolio’s performance can be explained by the returns from the overall market (or a benchmark index). If a portfolio’s total return precisely matched that of the overall market or benchmark, its R-squared would be 1.00. If a portfolio’s return bore no relationship to the market’s returns, its R-squared would be 0. R-squared is calculated based on the date that QMA took over management of the Fund (9/30/05). Standard deviation depicts how widely returns vary around its average and is used to understand the range of returns most likely for a given fund. A higher standard deviation generally implies greater volatility. Turnover Ratio is the rate of trading in a portfolio, higher values imply more frequent trading. An investment cannot be made directly in an index. Due to data availability, statistics may not be as of the current reporting period. ‡ Source: Morningstar. The Morningstar Rating may not be calculated based on its share class adjusted historical returns. If so, this investment’s independent Morningstar Rating metric uses the fund's oldest share class to determine its hypothetical rating for certain time periods.The Fund's Overall, 3-, 5-, and 10-year Star Ratings/Funds in Category are as follows: Class A - 3/1,091, 3/1,091, 4/936 and 3/681; Class B - 3/1,091, 3/1,091, 3/936 and 2/681; Class C - 3/1,091, 3/1,091, 3/936 and 2/681; Class Q - 4/1,091, 4/1,091, 4/936 and 3/681; Class R - 3/1,091, 3/1,091, 3/936 and 2/681; Class Z - 4/1,091, 4/1,091, 4/936 and 3/681, respectively. The Morningstar Rating for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. © 2017 Morningstar, Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not guarantee future results. Mutual funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company and member SIPC. Quantitative Management Associates LLC, (QMA) is a wholly owned subsidiary of PGIM. QMA and PGIM are registered investment advisers and Prudential Financial companies. © 2017 Prudential Financial, Inc. and its related entities. QMA, Quantitative Management Associates, Prudential, the Prudential logo, and the Rock symbol, are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide. MF502D1 0154217-00037-00 Expiration: 10/31/2017 These materials are for informational or educational purposes only. The information is not intended as investment advice and is not a recommendation about managing or investing assets. In providing these materials PGIM Investments is not acting as your fiduciary as defined by the Department of Labor. Mutual funds 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. 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