PGIM Absolute Return Fund

The investment objective of the Fund is to seek to outperform ICE BofA U.S. 3-Month Treasury Bill Index* (the “Benchmark”) over a full market cycle on a total return basis. The Fund will be actively managed and seek to add value through investing in a variety of debt securities and instruments and using a variety of investment techniques, which may include actively managing duration, credit quality, yield curve positioning, and currency exposure, as well as sector and security selection in order to identify securities which the Investment Manager believes will provide the best relative value. The investment strategy of the Fund seeks to minimize interest rate risk and put considerably more emphasis on security selection. The Fund may also use to a significant extent, for investment, risk management or hedging purposes, exchange traded and over-the-counter derivatives.