Prudential Retirement Scranton,PA 18507 · Prudential, the Prudential logo, the Rock symbol and Bring Your Challenges are service marks of Prudential Financial Inc. and its related

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Please See the Next Page for Important Disclosure Information

Plan Name: Tradesmen International, LLC 401(k) PlanPlan Number: 920050-000001

920050000001C120180305104511

Dear Participant,

Prudential Retirement30 Scranton Office ParkScranton, PA 18507

Saving for retirement is one of the most important things you can do to provide for your financial future. That’s why we arepleased to offer you an easy, convenient, and powerful way to help you prepare for a more secure retirement – the TradesmenInternational, LLC 401(k) Plan, serviced by Prudential Retirement®.

This booklet offers more information to help you maximize the benefits of the plan and enjoy greater financial security tomorrow.Please take a moment to review the enclosed information.

Manage your account onlineYou can set up and start managing your account at www.prudential.com/online/retirement. Just click “Register Now” andfollow the instructions to create your username and password, review or update your investments, and more. You can alsoreview the plan features and rules by clicking the “Plan Information” tab after logging in to your account.

Save paper and time with electronic deliveryReceiving retirement plan materials electronically isn’t just environmentally sound. It can also cut your clutter—and simplify yourlife. Log in to your account online, view your Profile, and update your Delivery Preferences to E-Delivery to sign up for thisservice.

Get ready at PreparewithPru.comTake advantage of Prudential’s online education center. It can show you how to get the most out of the retirement plan,understand asset allocation, help manage debt, and more, all in an easy-to-use, interactive format.

0295645-00001-00 RSLT519

Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT, or its affiliates.PRIAC is a Prudential Financial company.

Neither Prudential Financial nor its representatives are tax or legal advisors. Please consult your legal or tax advisor with specific questions.

© 2018 Prudential Financial Inc. and its related entities. Prudential, the Prudential logo, the Rock symbol and Bring Your Challenges are servicemarks of Prudential Financial Inc. and its related entities, registered in many jurisdictions worldwide.

Additional help when you need itSuccessful retirement saving can mean having the tools, resources, and people who help you make the right decisions. Theplan can help you find the freedom to retire on your terms. Visit Prudential online or call 1-877-778-2100 for help with managingyour account and answering your questions Monday through Friday, 8 a.m. to 9 p.m. ET.

Preparing for tomorrow starts today. By taking advantage of all that the plan offers, you can be on the path to a morecomfortable, fulfilling retirement.

Sincerely,

Scott WilsonHR Specialist

Tradesmen International, LLC 401(k) Plan

2Contributions are subject to certain limits set by federal tax law and, as a result, may be limited accordingly.

GoalMaker’s model allocations are based on generally accepted financial theories that take into account the historic returns of different asset classes. But, of course, pastperformance of any investment does not guarantee future results. Participants should consider their other assets, income and investments (e.g. equity in a home, Social Securitybenefits, individual retirement plan investments, etc.) in addition to their interest in the plan, to the extent those items are not taken into account in the model. Participantsshould also periodically reassess their GoalMaker investments to make sure their model portfolio continues to correspond to their changing attitudes and retirement time horizon.

This material not intended to serve as advice or recommendation about investing or managing your retirement savings. Prudential Retirement is not acting as your fiduciary asdefined by the Department of Labor’s Fiduciary rule or otherwise.

Participants using the Retirement Income Calculator should consider other assets, income and investments (e.g., equity in a home, Social Security benefits, individual retirementplan investments, etc.) when assessing the adequacy of the estimated income stream as provided by this tool. The Retirement Income Calculator is hypothetical, for illustrationonly and not intended to represent performance of any specific investment, which may fluctuate. There is no assurance that retirement income objectives will be met. You can losemoney by investing in securities.

For registered mutual funds, investors should consider the fund’s investment objectives, risks, charges and expenses before investing. Theprospectus, and if available, the summary prospectus, contains complete information about the investment options available through yourplan. Please call 1-877-778-2100 for a free prospectus, and if available, a summary prospectus that contains this and other informationabout our mutual funds. You should read the prospectus and the summary prospectus, if available, carefully before investing. It is possibleto lose money when investing in securities.Shares of the registered mutual funds are offered by Prudential Investment Management Services LLC (PIMS), a Prudential Financial company.

Withdrawals are taxed at ordinary income tax rates. Withdrawals before age 59½ may also be subject to a 10% tax penalty.

It is possible to lose money by investing in securities. Neither Prudential Financial nor any of its affiliates provide tax or legal advice for which you should consult yourqualified professional.Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT, or its affiliates. PRIAC is a Prudential Financialcompany.

© 2018 Prudential Financial, Inc. and its related entities. Prudential, the Prudential logo, the Rock symbol and Bring Your Challenges are service marks of Prudential Financial,Inc. and its related entities, registered in many jurisdictions worldwide.

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retirement challenge

1. Enroll online or by phone (see below).2. Decide how much to contribute.The Retirement Income Calculator can help youdetermine an appropriate amount. Register youraccount online to use the calculator after you enroll.3. Choose your investments.See “Investing Is Easy” at right for more. Refer to theenclosed booklet to review all of your investmentoptions.don't forget...Register your account at www.prudential.com/online/retirement afteryou complete enrollment. It’s important to keep an eye on your account tohelp ensure that your financial future is on track. You can quickly trackand manage your account, update your email address and more!

can’t wait?Enroll online: www.prudential.com/online/retirement

Or join by phone:1-877-PRU-2100 (1-877-778-2100).

Hearing impaired? Please call 1-877-760-5166.

meet yoursecure financial future

a great opportunity for a more

Plan FeaturesYour employer may be one of the best ways to save more for your future. To beeligible to enroll, you must be at least 21 years of age, and have completed 6month(s) of service. You may enroll anytime, after meeting your eligibilityrequirement. Among the benefits:• Automatic saving through payroll deduction. You may contribute up to

$18,500 in 2018 ($24,500 if you are at least age 50 or will be this year). Youmay contribute 1% to 80% of your annual pay before taxes are deducted.2

• A wide array of investments, including options for easily selecting yourinvestment mix.

• Online tools and resources from our plan provider, Prudential, to help youmanage your account.

• You may roll over money to your account, in any amount, from another similarretirement plan. Refer to the plan’s SPD for further information.

• You may be able to access your retirement savings before retirement througha loan or in-service withdrawal or hardship withdrawal, but suchwithdrawals may be limited and should be used as a last resort. For moredetails, please review the enclosed booklet.

• And much more! For additional information on other plan provisions,please review the enclosed booklet.

Tradesmen International, LLC 401(k) Plan

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GoalMaker® is an optional tool available that helps you choose investments based onyour expected years to retirement and your investor style. It guides you to a modelportfolio of investments available, then rebalances your account quarterly to ensureyour portfolio stays on target. In applying particular asset allocation models to yourindividual situation, you should consider your other assets, income, and investments(e.g., equity in a home, Social Security benefits, individual retirement planinvestments, savings accounts, and interests in other qualified and non-qualifiedplans) in addition to your interests in the plan.

This model assumes a retirement age of 65.

...Or create your own portfolio.You have access to a wide range of investments that gives you the flexibility to build aportfolio that reflects your needs and helps you work toward your goals. Remember,asset allocation and diversification do not assure a profit or protect against loss in adeclining market.

investing is easy with GoalMaker

PLAN HIGHLIGHTS

1

On the following pages, you will find important informationabout the Tradesmen International, LLC 401(k) Plan. Theinformation in the guide is just an overview of the plan'sfeatures. For more detailed information about your plan, youcan request your plan’s Summary Plan Description (SPD)from your Plan Administrator.

ENROLLMENT AND ELIGIBILITY

• To be eligible to enroll, you must be at least 21 years ofage, and have completed 6 month(s) of service. You mayenroll at anytime, after meeting your eligibilityrequirement.

YOUR CONTRIBUTIONS

You may contribute:

• 1 to 80% of your annual pay before taxes are deducted.*

• If you will be at least 50 years old in 2018, you are alsoeligible to make an additional before-tax catch-upcontribution of $6,000 per year.

• You may change your contribution amount any time.

• You may roll over money to your account, in any amount,from another similar retirement plan. Refer to the SPD forfurther information.

* In 2018, federal tax law allows you to make before-tax contributionsto your retirement plan up to $18,500.

CONTRIBUTION ACCELERATOR - an easy way toraise your contribution amount over time - through yourplan's optional contribution accelerator feature. Here’s how itworks:

• You can sign up for future, automatic contributionincreases to your retirement plan account.

• You specify the contribution amount and the date yourincrease will take effect.

• You can opt out of this feature at any time.

In 2018, federal tax law allows employee and employercontributions up to a combined total of $55,000 or 100% ofcompensation, whichever is less.

WHAT IS VESTING?

"Vesting" refers to your ownership of the money in youraccount. You are always 100% vested in your owncontributions.

ACCESSING YOUR MONEY

You may be able to access money in your retirement planaccount through a loan, in-service withdrawal, or a hardshipwithdrawal.

LOANS

Your plan allows you totake:

1 loan at one time

Application fee: $75 for each loan

Processing fee: $12.50 quarterly

Method of repayment: Coupon or ACH

Tax consequences: If loan is not paid in full, taxconsequences will apply.

Prepayment available: Yes

GENERAL PURPOSE

Interest rate: Prime rate plus 1%*

Minimum loan: $1,000

Maximum loan: 50% of your vested accountbalance, up to $50,000 in a12 month period*

Repayment period: 0 to 5 years

*Interest is paid back to participant’s account. Additional information aboutloan calculations and loan interest rate details can be found in your plan’sloan policy.

PRIMARY RESIDENCE

Interest rate: Prime rate plus 1%*

Minimum loan: $1,000

Maximum loan: 50% of your vested accountbalance, up to $50,000 in a12 month period*

Repayment period: 5 to 15 years

*Interest is paid back to participant’s account. Additional information aboutloan calculations and loan interest rate details can be found in your plan’sloan policy.

In-service withdrawalsWhile employed, you may make in-service withdrawalswithin plan restrictions.

Hardship withdrawals*While employed, you may take a withdrawal request due toa financial hardship, within plan restrictions.

PLAN HIGHLIGHTS

21 A ari N A r T

One of the following requirements must apply to qualify forhardship withdrawal:

• Purchase or construction of a principal residence• Payment for higher education expenses• Major medical expenses• Preventing eviction from, or foreclosure on, a principal

residence• Additional requirements to qualify for a hardship

withdrawal can be located in the plan's SPD.Once you take a hardship withdrawal, you will not be able tomake contributions to your account for 6 months.

*Withdrawals: The taxable portion of a withdrawal is taxedas ordinary income and may be subject to an additionalearly distribution penalty tax if you receive the withdrawalbefore age 59½. The total amount of the withdrawal may notbe more than the amount required to meet your immediatefinancial need, however, you may have the option to“gross-up” the amount you receive to cover taxes. You maywant to consult a tax professional before taking a withdrawalfrom the plan.

Important note!Amounts withdrawn before age 59½ may be subject to a10% federal income tax penalty, applicable taxes andplan restrictions. Withdrawals are generally taxed atordinary income tax rates.

Disability option: If you become disabled, you may beeligible to receive all of your vested account balanceimmediately. The amount you receive is subject to allapplicable income taxes, but no penalties.

RETIRING OR LEAVING THE EMPLOYER

It's important to learn about all options regarding youraccount balance before you retire or separate from service.You will need to make a decision about what to do with yourvested account balance when one of the following eventsoccurs:

• Your employment with Tradesmen International, LLCends.

• You retire from the employer at your plan’s normalretirement age.

• You retire at your plan's early retirement age.• You become permanently disabled.• Your death. Your beneficiary is entitled to your account

balance when you die; they are responsible for allfederal income tax imposed. Distribution upon deathmay also be subject to federal and state inheritance andestate taxes.

• Distributions before 59½ may be subject to an additionalearly withdrawal penalty tax.

When any of the events listed above occur, you or yourbeneficiary will have several distribution options. It’simportant to understand each of the distribution optionslisted in your plan’s Summary Plan Description, before youmake your decision. For assistance, please contact aPrudential representative at 1-877-778-2100.

Keeping it in the plan

At the time benefits are payable, the amount of your vestedaccount balance will determine how your account is handled.Refer to the schedule below :

Your vestedaccount balance

Impact toyour money

Less than $1,000 Paid in lump sum, regardlessof prior elections*

Greater than $1,000but less than $5,000

If you do not choose to receivea distribution, Prudential willfollow the direction of the plan.

Greater than $5,000 Excluding rollovercontributions, your money willcontinue to grow tax-deferredin your account.

*Standard 20% withheld.

Directly rolling it over

You can choose to move or “roll” money over into anotherqualified retirement plan, a Traditional Individual RetirementAccount (IRA), or Roth IRA. This allows your money tocontinue growing tax-deferred. This is based on ourunderstanding of the tax law. You may wish to discuss thismatter with your tax advisor. Because each situation isunique, neither we nor our representatives can provide taxor legal advice.

Having account balance paid in installmentsYou can withdraw your account balance in a series ofpayments, in an amount over a period of time determined bythe employer.

Lump sumYou may choose to take a full or partial lump sumdistribution. A 20% federal income tax may be applied.

ACCOUNT FEE

A recordkeeping fee of 0.54% per year is charged toparticipants invested in the plan. This fee is deducted inquarterly installments and is calculated using the quarterend balance.

INVESTMENT TYPES

This section is designed to provide general informationabout different types of investments. Not all plans offerinvestments in every category. Information about the specificinvestments offered through your plan is available in theInvestment Options section of this guide. The main types ofinvestments in which participants generally invest:

PLAN HIGHLIGHTS

31 A ari N A r T

Stable-Value Investments: These investments combinesafety of principal, liquidity¤ and a competitive rate of returnwith potentially improved earnings power versus alternativeshort-term investments.

Fixed-Income Investments: Invest in corporate andgovernment bonds. They can go up or down in value eachday, so they carry more risk than stable-value investments,but also offer more opportunity for a potentially larger return.Fixed income investment mutual funds are subject to interestrate risk; their value will decline as interest rates rise.

Stocks/Equities: Stock funds also called equity investmentsrepresent ownership in funds, which own shares ofcorporations. Stock funds offer you a chance to share in theprofits or losses of those corporations. Stock funds have thepotential for higher returns, but they carry more risk than theother investment options.

Balanced: Balanced investments combine fixed-income andstock components to offer you a combination of the interestincome from fixed-income investments and the growthpotential of stock investments. As a result, balancedinvestments typically do not experience the full ups anddowns of the stock market.

Retirement Income: Although they may vary in structure,these options are designed to provide a steady stream ofincome for life.

INVESTMENT OPTIONS

Tradesmen International, LLC 401(k) Plan offers a selectionof investments to choose from. You can decide how youwant your money invested, and may move money betweeninvestments anytime. Please refer to the disclosures at theend of this section for a description of any restrictions thatmay apply.

Stable ValueGuaranteed Income Fund*¤Fixed Income - Intermediate BondVanguard Total Bond Market Index Adm*Western Asset Core Plus Bond IS*Large Cap Stock - ValueMFS Value R6*Large Cap Stock - BlendVanguard 500 Index Admiral*Large Cap Stock - GrowthLarge Cap Growth / Jennison Fund*Mid Cap Stock - ValueJPMorgan Mid Cap Value R6*Mid Cap Stock - BlendVanguard Extended Market Index Admiral*Mid Cap Stock - GrowthMassMutual Select Mid Cap Growth I*Small Cap Stock - ValueMFS New Discovery Value R6*Small Cap Stock - GrowthT. Rowe Price QM US Small-Cap Gr Eq I*International Stock - BlendVanguard Total Intl Stock Index Admiral*

International Stock - GrowthAmerican Funds Europacific Growth R6**These investments are included in your plan’s GoalMakerportfolios. These investments are subject to change. Youwill be notified in writing in advance of any such change.

¤Generally, distributions resulting from your termination ofemployment, retirement, death or disability, hardshipwithdrawals and minimum required distributions will alwaysbe paid in full without any fees or restrictions and will not bedeferred. Prudential reserves the right to defer certain otherwithdrawals from GIF assets if your plan's pool levelcashflow exceeds 10% of the pool's beginning of calendaryear balance. A pool consists of similar contracts that arefunded with us in the same calendar year.

Amounts withdrawn from this investment may not betransferred to a competing fund for a period of 90 days afterthe withdrawal date. Competing funds are generally shortterm fixed income investments, money market investments,or stable value investments that may be available in yourplan.

If the SEC has suspended or otherwise restricted trading, oranother emergency outside of our control exists, Prudentialmay defer transfers, distributions or disbursements for up tosix months.

GOALMAKER

Your retirement plan offers GoalMaker®, an optionaleasy-to-use asset allocation program that will invest yourcontributions in a portfolio that matches your investor styleand years to retirement.

By enrolling in GoalMaker, you direct Prudential toimmediately reinvest your future contributions and existingaccount balance (if applicable) to match this investmentallocation. Your entire account will be rebalanced accordingto this portfolio unless a restriction is in place or a portion ofyour account is invested in a restricted source that isn’tavailable through GoalMaker. Of course, as your goals andyears to retirement change, you can select a new portfolio atany time without charges or penalties. Making an allocationchange, however, will cause you to no longer be enrolled inthe GoalMaker program.

The GoalMaker portfolio you choose will be automaticallyrebalanced at a frequency determined by your program.Automatic rebalancing with GoalMaker ensures your assetallocation stays in line with your original investmentobjectives. During the rebalancing process, money is movedamong investments in your GoalMaker portfolio to maintainthe allocation percentages you choose.

PLAN HIGHLIGHTS

40 A ari N A r T

Additionally, GoalMaker’s optional age adjustment featureautomatically adjusts your allocations over time, based onthe number of years you have left until retirement. Howdoes it work? You will select your investor style (e.g.conservative) and will confirm the age that you expect toretire. Your allocations will be set based on the investorstyle that you select and your years to or in retirement. Youraccount will automatically be updated as you move closer toretirement.

The GoalMaker asset allocation models available in yourplan have been determined by Cap Trust Advisors, LLC, aninvestment advisor, investment committee or other fiduciaryretained by your plan sponsor.

To see how your money would be invested across variousasset classes, view the asset allocation model in theGoalMaker Portfolio document within this booklet.

GoalMaker PortfolioYears To Retirement

This represents the allocation model available to your plan.

ConservativeAsset Class 16+ yrs 11 - 15

yrs6 - 10yrs

0 - 5yrs

Large Cap Stock - Blend

Vanguard 500 Index Admiral 14% 10% 6% 4%

Mid Cap Stock - Value

JPMorgan Mid Cap Value R6 2% 2% 1% 1%

Fixed Income - Intermediate Bond

Vanguard Total Bond Market Index Adm 8% 13% 13% 16%Western Asset Core Plus Bond IS 8% 13% 14% 16%

Small Cap Stock - Growth

T. Rowe Price QM US Small-Cap Gr EqI

2% 2% 1% 1%

International Stock - Growth

American Funds Europacific Growth R6 12% 9% 6% 4%

Mid Cap Stock - Growth

MassMutual Select Mid Cap Growth I 2% 2% 1% 1%

Small Cap Stock - Value

MFS New Discovery Value R6 2% 2% 1% 1%

International Stock - Blend

Vanguard Total Intl Stock Index Admiral 12% 8% 6% 4%

Large Cap Stock - Value

MFS Value R6 8% 6% 4% 3%

Large Cap Stock - Growth

Large Cap Growth / Jennison Fund 8% 6% 4% 3%

Mid Cap Stock - Blend

Vanguard Extended Market IndexAdmiral

8% 4% 4% 2%

Stable Value

Guaranteed Income Fund 14% 23% 39% 44%

ModerateAsset Class 16+ yrs 11 - 15

yrs6 - 10yrs

0 - 5yrs






Vanguard Total Bond Market Index Adm 4% 9% 13% 12%

ModerateAsset Class 16+ yrs 11 - 15

yrs6 - 10yrs

0 - 5yrs


Western Asset Core Plus Bond IS 4% 10% 13% 13%



3% 2% 2% 2%










MFS Value R6 9% 7% 6% 4%





8% 6% 4% 2%

Stable Value


AggressiveAsset Class 16+ yrs 11 - 15

yrs6 - 10yrs

0 - 5yrs






Vanguard Total Bond Market Index Adm 0% 5% 9% 12%Western Asset Core Plus Bond IS 0% 6% 10% 13%



4% 3% 2% 2%





AggressiveAsset Class 16+ yrs 11 - 15

yrs6 - 10yrs

0 - 5yrs






MFS Value R6 10% 8% 7% 6%





10% 8% 6% 4%

Stable Value


Keep in mind that application of asset allocation and diversification concepts does not ensure safety of principal and interest. Itis possible to lose money by investing in securities.

This model assumes a retirement age of 65.

In applying particular asset allocation models to your individual situation, you should consider your other assets, income, andinvestments (e.g., equity in a home, Social Security benefits, individual retirement plan investments, savings accounts, andinterests in other qualified and non-qualified plans) in addition to your interests in the plan.

There are other designated investment alternatives that have similar risk and return characteristics available to you. Moreinformation on these investment alternatives is available in the fund fact sheets included in this guide.

For informational or educational purposes only. This material is not intended as advice or recommendation about investing ormanaging your retirement savings. By sharing it, Prudential Retirement is not acting as your fiduciary as defined by theDepartment of Labor's Fiduciary rule or otherwise. If you need investment advice, please consult with a qualified professional.

0186238-00003-00 RSMP217

Investment Performance and Disclosures Performance as of 02/28/2018Please Note: Investment Categories are organized from least aggressive to most aggressive.This is the performance of all available investment options in your plan.

9

Average Annual Returns

One Year%

3 Years%

5 Years%

10 Years or{Since

Inception}%

InceptionDate

GrossExpense

Ratio*%

NetExpense

Ratio*%

Stable Value

Guaranteed Income Fund N/A N/A N/A {0.16%} 02/02/2018 0.00 0.00


Vanguard Total Bond Market IndexAdm

0.42% 1.05% 1.63% 3.53% 0.05 0.05

Western Asset Core Plus Bond IS 3.12% 2.97% 3.42% 5.79% 0.42 0.42


MFS Value R6 11.74% 9.45% 13.30% 8.78% 0.49 0.49


Vanguard 500 Index Admiral 17.06% 11.11% 14.69% 9.72% 0.04 0.04


Large Cap Growth / Jennison Fund 34.77% 15.02% 18.63% 12.31% 0.52 0.52


JPMorgan Mid Cap Value R6 6.67% 6.72% 12.04% 10.26% 0.76 0.75



12.24% 8.25% 12.73% 10.20% 0.08 0.08


MassMutual Select Mid Cap Growth I 20.41% 11.06% 15.68% 11.77% 0.72 0.72


MFS New Discovery Value R6 5.36% 9.66% 12.09% {13.78%} 07/02/2012 0.99 0.99


T. Rowe Price QM US Small-Cap GrEq I

17.60% 10.06% 14.94% 12.78% 0.66 0.66


Vanguard Total Intl Stock IndexAdmiral

21.12% 6.60% 6.71% 2.82% 0.11 0.11


American Funds Europacific GrowthR6

26.40% 8.29% 9.09% 4.87% 0.50 0.50

Past performance does not guarantee future results and current performance may be lower or higher than the pastperformance quoted. The performance in this report is based in part, on adjusted historical returns of the oldest share class ofthe fund, which has been adjusted to reflect the fees and expenses of this share class. The investment return and principal valuewill fluctuate and share/units when sold may be worth more or less than the original cost. For more information, log on to theOnline Retirement Center at www.prudential.com/online/retirement and choose "Investment Performance" under your Planaccount.

RSMP2170186238-00003-0010

These returns are net of investment-related fees and charges as well as current contract fees (including asset charges). Your actualrate of return may differ from these returns depending on your specific account activity (including the timing of your contributions andpurchases and other account transactions), and any changes in contract charges. Investments in the market-valued funds involvethe risk and reward associated with the securities market. Investment performance reflects true period earnings. The InceptionDate represents the date assets were first invested in the fund or the date a specific share class was initiated. "N/A"indicated the fund was not in existence or data was not available/applicable at the time this statement was printed.Performance is based on 10 years when an Inception Date is not displayed.

*The net and gross expenses shown include the total operating expenses of the funds and the indirect expense of the funds'underlying portfolio. Your investment returns are reduced by various fees and expenses. For each plan investment option, the"Expense Ratio" columns show these charges as an annual percentage. Depending on the type of investment, these charges arepaid to Prudential or to unaffiliated mutual fund complexes or bank collective trusts. If your plan has mutual fund investment options,the Expense Ratio is not reduced by any fee or expense waivers from the fund complex, and therefore the actual Expense Ratio maybe lower. For other investment options, the benefit of any waivers is reflected in the Expense Ratio shown.

Some mutual funds and bank collective trusts, or their affiliates, compensate Prudential for selling their shares and servicing yourretirement plan, as detailed in the Fact Sheet for that investment option. For other investment options, the charges reflected in theExpense Ratio are typically deducted by Prudential in return for investment and recordkeeping services, and product distribution. Forsome plans, the charges also enable Prudential to satisfy the plan's request for allowances to defray plan expenses. Your retirementplan may not include investment options with lower fee structures or lower cost share classes in order to compensate Prudential, inthe aggregate, for servicing your retirement plan.

The performance in this report is based, in part, on adjusted historical returns of the oldest share class of the fund, which has beenadjusted to reflect the fees and expenses of this share class.

Fund/Portfolio Catagory Morningstar, an investment research and investmentmanagement firm, assigns each mutual fund to a category, based on their actualinvestment style as measured by their underlying portfolio holdings over the pastthree years. Categories for Manager of Managers separate accounts are deter-mined by Prudential.

Expense Ratio The net and gross expenses shown include the total operatingexpenses of the funds and the indirect expenses of the funds’ underlying portfolios.Your investment returns are reduced by various fees and expenses. For each planinvestment option, the “Expense Ratio” presentation shows these charges as anannual percentage. Depending on the type of investment, these charges are paid toPrudential or to unaffiliated mutual fund complexes or bank collective trusts. Formutual funds the Expense Ratio is not reduced by any fee or expense waivers fromthe fund complex (i.e., Gross Expense Ratio), and therefore the actual Expense Ratiomay be lower. For other investment options, including separate accounts and bankcollective trusts, the benefit of any waivers is reflected in the Expense Ratio (i.e.,Net Expense Ratio). Not all funds charge an Expense Ratio. Please see specific fundfactsheets for details.

Overall Morningstar RatingTM Portfolio’s overall rating.

Morningstar RatingTM (Open End Mutual Funds, Closed End Funds, orVariable Annuity Underlying Funds)

For each fund with at least a three-year history, Morningstar calculates aMorningstar Rating™ based on a Morningstar Risk-Adjusted Return measure thataccounts for variation in a funds’ monthly performance (including the effects ofsales charges, loads, and redemption fees), placing more emphasis on downwardvariations and rewarding consistent performance. The top 10% of funds in eachcategory receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Eachshare class is counted as a fraction of one fund within this scale and rated sepa-rately, which may cause slight variations in the distribution percentages.) TheOverall Morningstar Rating for a fund is derived from a weighted average of the per-formance figures associated with its three-, five-, and ten-year (if applicable)Morningstar Rating metrics. Past performance is no guarantee of future results.

Morningstar RatingTM (Group Annuity- Variable Annuity Subaccounts)

The Morningstar Rating™ is provided for those group variable annuities with at leasta three-year history. Ratings are based on the group variable annuity’s MorningstarRisk-Adjusted Return measure which accounts for variation in monthly performance,placing more emphasis on downward variations and rewarding consistent perform-ance. Morningstar compares each group variable annuity’s risk-adjusted return to theopen-end mutual fund rating breakpoints for that category. The group variable annuityMorningstar Rating does not affect the retail mutual fund data published byMorningstar. Consistent with the open-end mutual fund ratings, the top 10% of groupvariable annuities in each category receive 5 stars, the next 22.5% receive 4 stars, thenext 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive1 star. The Overall Morningstar Rating for each group variable annuity is derived froma weighted average of the performance figures associated with its three-, five- andten-year (if applicable) Morningstar Rating metrics. Past performance is no guaranteeof future results.

Morningstar RatingTM (Based on Extended Performance)

Please note, some of the Morningstar proprietary calculations, including theMorningstar Rating™, are not customarily calculated based on adjusted historicalreturns. The evaluation of this investment does not affect the retail mutual funddata published by Morningstar. For each retail mutual fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on aMorningstar Risk-Adjusted Return measure that accounts for variation in a fund’smonthly performance (including the effects of sales charges, loads, and redemptionfees), placing more emphasis on downward variations and rewarding consistentperformance. The top 10% of funds in each category receive 5 stars, the next22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 starsand the bottom 10% receive 1 star. (Each share class is counted as a fraction of onefund within this scale and rated separately, which may cause slight variations in thedistribution percentages.) The Overall Morningstar Rating for a retail mutual fund isderived from a weighted average of the performance figures associated with itsthree-, five- and ten-year (if applicable) Morningstar Rating metrics. This invest-ment’s independent Morningstar Rating metric is then compared against the retailmutual fund universe breakpoints to determine its hypothetical rating. Past perform-ance is no guarantee of future results.

Portfolio Manager The name of the person(s) who determines which stocks,bonds and cash equivalents belong in the investment portfolio.

Morningstar Style Box/Investment Style Box While the category descriptiontells you how the portfolio has been run in the past, the Style Box is a snapshot ofwhat the portfolio currently owns. For equity separate accounts, Investment StyleBox data is based on a quarter lag and assigned by Prudential.

Morningstar Style BoxTM sdsdsdsddssdsdsdssdsssdsdsds asdasdasdasdasdadasdasdasdasdasdsdasdasdasdasdasdasd

The Morningstar Style BoxTM reveals a fund’s investment strategy. For equity fundsthe vertical axis shows the market capitalization of the long stocks owned and thehorizontal axis shows investment style (value, blend, or growth).

For fixed-income funds, the vertical axis shows the credit quality of the long bondsowned and the horizontal axis shows interest rate sensitivity as measured by abond's effective duration.

Morningstar seeks credit rating information from fund companies on a periodicbasis (e.g., quarterly). In compiling credit rating information Morningstar acceptscredit ratings reported by fund companies that have been issued by all NationallyRecognized Statistical Rating Organizations (NRSROs). For a list of all NRSROs,please visit http://www.sec.gov/divisions/marketreg/ratingagency.htm.Additionally, Morningstar accepts foreign credit ratings from widely recognized orregistered rating agencies. If two rating organizations/agencies have rated a secu-rity, fund companies are to report the lower rating; if three or moreorganizations/agencies have rated a security, fund companies are to report themedian rating, and in cases where there are more than two organization/agencyratings and a median rating does not exist, fund companies are to use the lower ofthe two middle ratings. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nordoes it issue a credit rating on the fund. An NRSRO or rating agency ratings canchange from time-to-time.

For credit quality, Morningstar combines the credit rating information provided bythe fund companies with an average default rate calculation to come up with aweighted-average credit quality. The weighted-average credit quality is currently aletter that roughly corresponds to the scale used by a leading NRSRO. Bond fundsare assigned a style box placement of "low", "medium", or "high" based on theiraverage credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-"; medium are those lessthan "AA-", but greater or equal to "BBB-"; and high are those with a weighted-aver-age credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstarfirst maps the NRSRO credit ratings of the underlying holdings to their respectivedefault rates (as determined by Morningstar's analysis of actual historical defaultrates). Morningstar then averages these default rates to determine the averagedefault rate for the entire bond fund. Finally, Morningstar maps this average defaultrate to its corresponding credit rating along a convex curve.

For interest-rate sensitivity, Morningstar obtains from fund companies the averageeffective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index(MCBI), which is currently three years. The classification of Limited will be assignedto those funds whose average effective duration is between 25% to 75% of MCBI'saverage effective duration; funds whose average effective duration is between 75%to 125% of the MCBI will be classified as Moderate; and those that are at 125% orgreater of the average effective duration of the MCBI will be classified as Extensive.For municipal bond funds, Morningstar also obtains from fund companies the aver-age effective duration. In these cases static breakpoints are utilized. These break-points are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, fornon-US taxable and non-US domiciled fixed income funds static duration break-points are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greaterthan 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years.

Morningstar Volatility Rank is an investment’s 3-year standard deviation overallpercentile rank within its US open-end, VA/L fund, or VA/L subaccount universe.The investment with the lowest standard deviation receives a rank of 1. We thenclassify investment portfolios as having one of three volatility levels relative to alltypes of mutual funds: Low, Moderate, and High. Investments with wider ranges ofreturns are labeled “high,” as they are considered riskier than “low” volatilityinvestments, which have had smaller ranges of returns.

The Fund Fact Sheet User’s Guide Page 1 0233352

FUND FACT SHEET USER’S GUIDEThis guide will help provide a glossary of terms and benchmark definitions commonly found on fund fact sheets.In providing this information Prudential Retirement is not undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity.

Prudential Retirement may benefit from advisory and other fees paid to it or its affiliates for managing, selling, or settling of the Prudential mutual funds andother investment products or securities offered by Prudential Retirement or its affiliates. Investment vehicles sponsored or managed by a Prudential Retirementaffiliate generate more revenue for the Prudential enterprise than non-proprietary investment vehicles. Prudential Retirement's sales personnel generallyreceive greater compensation if plan assets are invested in proprietary investment vehicles. Prudential Retirement may benefit directly from the differencebetween investment earnings of Prudential Retirement's stable value funds and the amount credited to deposits in those funds. Prudential Retirement may alsobenefit from broker-dealer or other entities’ co-sponsorship of Prudential conferences.

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©2017 Morningstar. All Rights Reserved. The information contained herein: (1)is proprietary to Morningstar and/or its content providers; (2) may not be copied ordistributed; and (3) is not warranted to be accurate, complete or timely. NeitherMorningstar nor its content providers are responsible for any damages or lossesarising from any use of this information. Past performance is no guarantee of futureresults.

Annual Performance Calendar year returns for the fund and corresponding bench-marks.

Top Five Holdings The top holdings are the stocks or bonds with the most influ-ence on a portfolio’s returns.

Allocation We break down the investment holdings into general investment class-es. The pie chart shows how much emphasis is placed on stocks, bonds or cash. Wealso show how much is held in foreign stocks. Bond investments replace the port-folio allocation chart with the following: Quality Distribution: We reveal the qualityof the bonds in a bond-heavy portfolio, from least risky to most risky, with the per-centage assigned to each.

Sector Allocation Morningstar classifies each stock holding into 11 major indus-trial sectors for all Retail, Non-Qualified and Variable Annuity Fact sheets. The topfive are listed on the Fund Fact Sheets. For Manager of Managers InstitutionalEquity Sub-Advised Separate Accounts Source of Sector Classification: S&P/MSCI.

Performance The total return is shown for the quarter, year-to-date and precedingyear, as well as the average annual total return for the past three, five, and 10 years,or since inception. To provide you with a point of comparison, the returns of thebenchmark indexes are shown for the quarter, year-to-date, one, three, five and 10year periods. For Manager of Managers separate accounts, we may also present asecond index reflecting the category’s performance.

Benchmark Performance The holdings and characteristics may differ from thoseof the benchmark(s), and such differences may be material. Factors affecting port-folio performance that do not affect benchmark performance may include portfoliorebalancing, the timing of cash flows, credit quality, diversification and differencesin volatility. In addition, financial indices do not reflect the impact of fees, applica-ble taxes or trading costs which reduce returns. Unless otherwise noted, financialindices assume reinvestment of dividends. You cannot make a direct investment inan index. The statistical data regarding such indices has not been independentlyverified.

Description of PRIAC Separate AccountsIn addition to registered mutual funds and bank collective trust funds, PRIAC makes avail-able an array of insurance company separate accounts (“Separate Account”) from whichthe retirement plan’s fiduciary can construct the investment lineup for your retirementplan. A PRIAC Separate Account is an insurance company separate account whoseinvestors include only qualified retirement plans and certain governmental retirementplans. PRIAC makes most Separate Accounts available as commingled investment vehi-cles; however, in certain instances, PRIAC may make a Separate Account available onlyto a single retirement plan client.

PRIAC offers a variety of different types of Separate Accounts through a group annuitycontract issued by PRIAC. Each retirement plan’s fiduciary is generally responsible for allinvestment decisions related to its plan and for selecting the investment options for theretirement plan’s investment lineup. Each retirement plan’s fiduciary is also responsiblefor monitoring and, if necessary, replacing the investment options on the retirementplan’s investment lineup. The following is a general description of the types of SeparateAccounts offered by PRIAC.

A Custom Client Separate Account PRIAC provides investors with the information inthis Fact Sheet to assist them in making investment decisions regarding the Fund.Investors must determine whether any other information is necessary in making thosedecisions. The investor is solely responsible for obtaining any other information requiredby the investor, which may not be available from PRIAC. To the extent PRIAC providessuch information, PRIAC makes no warranty as to the accuracy of such information andmakes no undertaking to continue to provide such information unless PRIAC agrees tocontinue to provide such information in writing. The investor is solely responsible for thedecision to invest or continue to invest in the Fund. PRIAC assumes no responsibility forany investor’s decision to invest or continue to invest in the Fund. Selection or terminationof the Fund on a retirement plan’s investment line-up is the sole responsibility of eachretirement plan’s fiduciary. These Separate Accounts are not part of the Manager ofManager’s program.

ISelect Platform: Limitation of PRIAC’s Responsibilities Institutional SelectSeparate Accounts PRIAC provides investors with the information in this Fact Sheet toassist them in making investment decisions regarding the Fund. Investors must determinewhether any other information is necessary in making those decisions. The investor issolely responsible for obtaining any other information required by the investor, which maynot be available from PRIAC. The investor is solely responsible for the decision to investor continue to invest in the Fund. PRIAC assumes no responsibility for any investor’s deci-sion to invest or continue to invest in the Fund. These Separate Accounts are not part ofthe Manager-of-Managers program and therefore, PRIAC does not assume any respon-sibility with respect to the selection, monitoring, or replacement of the investment man-ager. Selection or termination of the Fund on a retirement plan’s investment line-up is thesole responsibility of each retirement plan’s fiduciary.

PRIAC Manager-of-Managers Institutional Sub-Advised Separate AccountsWith respect to separate accounts designated by Prudential as Institutional Sub-AdvisedFunds under the Manager-of-Managers Program, PRIAC acknowledges it is a fiduciary asdefined by ERISA Section 3(38), as amended, for the selection, monitoring, and, if neces-sary, the replacement of the investment manager. Selection or termination of the fund ona retirement plan's investment line-up is the sole responsibility of each retirement plan'sfiduciary.

PRIAC Manager-of-Managers Retail-Branded Sub-Advised Separate AccountsWith respect to separate accounts designated by Prudential as Retail-Branded Sub-Advised Funds under the Manager-of-Managers Program, PRIAC acknowledges it is afiduciary as defined by ERISA Section 3(38), as amended, for the selection, monitoring,and if necessary, replacement of the investment manager. Selection or termination of theFund on a retirement plan’s investment line-up is the sole responsibility of each retire-ment plan’s fiduciary.

Proprietary Separate Accounts Proprietary Funds are managed by an affiliate ofPRIAC. Although PRIAC may provide periodic monitoring with respect to certainProprietary Funds, Proprietary Funds are not part of PRIAC’s Manager-of-ManagersProgram, and therefore, PRIAC does not assume any responsibility with respect to theselection, monitoring, or replacement of the investment manager. Selection or termina-tion of the Fund on a retirement plan’s investment line-up is the sole responsibility ofeach retirement plan’s fiduciary.

Prudential Retirement Separate Account Fund-of-Fund Products These Fund-of-Funds are not part of the Manager-of-Managers program, and therefore, PRIAC does notassume any responsibility with respect to the selection, monitoring, or replacement of theunderlying investment options. Selection or termination of the Fund on a retirementplan’s investment line-up is the sole responsibility of each retirement plan’s fiduciary.

Custom Plan Investment Options (Recordkeeping Constructs)These investment options are designed and maintained by your plan sponsor and/or theplan's investment adviser and are not investment options offered by PRIAC. PRIAC pro-vides investors with the information in this Fact Sheet to assist them in making invest-ment decisions regarding the investment option. Investors must determine whether anyother information is necessary in making those decisions. The investor is solely respon-sible for obtaining any other information required by the investor, which may not be avail-able from PRIAC. The investor is solely responsible for the decision to invest or continueto invest in the investment option. PRIAC assumes no responsibility for any investor’sdecision to invest or continue to invest in the investment option. Selection or terminationof the Fund on a retirement plan’s investment line-up is the sole responsibility of eachretirement plan’s fiduciary. These investment options are not part of the Manager-of-Managers program.

Description of PICA Separate AccountsThe Prudential Insurance Company of America, Inc. (PICA) makes available groupannuity insurance contracts such as variable annuities and insurance company sep-arate accounts to institutional clients. Each retirement plan’s fiduciary is generallyresponsible for all investment decisions related to its plan and for selecting theinvestment options for the retirement plan’s investment lineup. Each retirementplan’s fiduciary is also responsible for monitoring and, if necessary, replacing theinvestment options on the retirement plan’s investment lineup.

For More InformationPara hablar con un representante de servicios al cliente en español (u otroslenguajes), por favor, llama a nuestro numero gratuito 800 entre las 8:00 a.m. ylas 8:00 p.m., Hora del Este, días de trabajo. (To speak with a Prudential ServiceRepresentative through an interpreter in Spanish (or other languages), please call our toll-free number week-days between 8:00 a.m. and 8:00 p.m. Eastern Time.)

Mutual funds are distributed by Prudential Investment Management Services LLC. (PIMS)a registered broker-dealer. Prudential Fixed Income and Prudential Real Estate Investorsare units of PGIM, Inc. Effective January 4, 2016, Prudential Investment Management(“PIM”) rebranded itself as PGIM to coincide with the expansion of its businesses aroundthe world. QMA, Jennison Associates, and PGIM are registered investment advisors. Allare Prudential Financial companies and affiliates of Prudential Retirement Insurance andAnnuity Company (PRIAC).

QMA is the primary business name of Quantitative Management Associates LLC.

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3-Year Constant Maturity Treasury(CMT) Index: Treasury Yield Curve Rates,commonly referred to as "ConstantMaturity Treasury" rates, or CMTs, areinterpolated by the U.S. Treasury from thedaily yield curve. This curve, which relatesthe yield on a security to its time to maturi-ty is based on the closing market bid yieldson actively traded Treasury securities inthe over-the-counter market. These marketyields are calculated from composites ofquotations obtained by the Federal ReserveBank of New York. The yield values areread from the yield curve at a fixed maturityof 3 years.

3-Year Treasury Average Yield: Theaverage daily treasury yield for U.S.Treasury Notes with a maturity of threeyears (negotiable debt obligations of theU.S. Government, considered intermediatein maturity).

5-Year Treasury Average Yield: Theaverage daily treasury yield for U.S.Treasury Notes with a maturity of fiveyears (negotiable debt obligations of theU.S. Government, considered intermediatein maturity).

60% Russell 1000 Growth Index/40%Bloomberg Barclays U.S. AggregateBond Index: An unmanaged, weighted-average composite consisting of the Russell1000® Growth Index (60%) and theBloomberg Barclays Aggregate Bond Index(40%).

60% Russell 1000 Growth Index/40%Bloomberg Barclays U.S. IntermediateGovernment/ Credit Index: An unman-aged, weighted-average composite con-sisting of the Russell 1000 Growth Index(60%)aandatheaBloombergaBarclaysIntermediate U.S. Government/ CreditIndex (40%).

60% Russell 1000 Value Index/40%Bloomberg Barclays U.S. AggregateBond Index: An unmanaged, weighted-average composite consisting of the Russell1000 Value Index (60%) and the BloombergBarclays Aggregate Bond Index (40%).

60% Russell 1000 Value Index/40%Bloomberg Barclays U.S. IntermediateGovernment/ Credit Index: An unman-aged, weighted-average composite con-sisting of the Russell 1000 Value Index(60%) and the Bloomberg BarclaysIntermediate U.S. Government/ CreditIndex (40%).

60% S&P 500 Index/40% BloombergBarclays U.S. Aggregate Bond Index: Anunmanaged, weighted-average compositeIndex that consists of the S&P 500 Index(60%) and the Bloomberg Barclays U.S.

Aggregate Bond Index (40%).

Bloomberg Barclays Global AggregateBond Index Ex-US (USD Hedged):Measures the performance of global invest-ment grade fixed-rate debt markets thatexcludes USD-dominated securities.

Bloomberg Barclays Municipal 10 Yr 8-12 Index: Measures the performance ofUSD-denominated long-term tax exemptbond market with maturities of 10 years(8-12), including state and local general obliga-tion bonds, revenue bonds, insured bonds,and prerefunded bonds.

Bloomberg Barclays Municipal 20 Yr17-22 Index: Measures the performance ofUSD-denominated long-term tax exemptbond market with maturities of 20 years(17-22), including state and local general obliga-tion bonds, revenue bonds, insured bonds,and prerefunded bonds.

Bloomberg Barclays Municipal 3 Yr 2-4Index: Measures the performance of USD-denominated long-term tax exempt bondmarket with maturities of 3 years(2-4),including state and local general obligationbonds, revenue bonds, insured bonds, andprerefunded bonds.

Bloomberg Barclays U.S. AggregateBond Index: Measures the performance ofinvestment grade, U.S. dollar-denominated,fixed-rate taxable bond market, includingTreasuries, government-related and corpo-rate securities, MBS (agency fixed-rate andhybrid ARM pass-through’s), ABS, andCMBS. It rolls up into other BloombergBarclays flagship indices, such as the multi-currency Global Aggregate Index and theU.S. Universal Index, which includes highyield and emerging markets debt.

BloombergaBarclaysaMunicipalCalifornia Exempt TR: Measures the per-formance of USD-denominated long-term taxexempt bond market, including Californiabonds only.

Bloomberg Barclays Municipal NewYork Exempt TR: Measures the perform-ance of USD-denominated long-term taxexempt bond market, including New Yorkbonds only.

Bloomberg Barclays U.S. CorporateHigh-Yield Index: Measures the perform-ance of USD-denominated, non-investmentgrade, fixed-rate, taxable corporate bonds,including corporate bonds, fixed-rate bullet,putable,and callabledbonds,SECdRuleg144Asecurities,Original issue zeros, Pay-in-kind(PIK) bonds, Fixed-rate and fixed-to-floatingcapital securities.

Bloomberg Barclays U.S. High YieldBond Index, 2% Issuer Capped:

Measures the performance of USD-denomi-nated, non-investment grade, fixed-rate, tax-able corporate bonds. It follows the samerules as the uncapped index but limits theexposure of each issuer to 2% of the totalmarket value and redistributes any excessmarket value index-wide on a pro-rata basis.

Bloomberg Barclays U.S. IntermediateGovernment/ Credit Index: Measures theperformance of the U.S. investment gradefixed rate bond market, with index compo-nents for Agencies, Financial Institutions,Industrial, Treasuries and Utility, withremaining time to maturity of 1-10 years. It’sa custom index.

Bloomberg Barclays U.S. Credit Index:Measures the performance of the USCorporate and a non-corporate componentthat includes foreign agencies, sovereigns,supranationals and local authorities. It is asubset of the US Government/Credit Indexand the US Aggregate Index.

Bloomberg Barclays U.S. GovernmentIndex: Measures the performance of theU.S. Treasury and U.S. Agency Indices,including Treasuries and U.S. agency deben-tures. It is a component of the U.S.Government/Credit Index and the U.S.Aggregate Index.

Bloomberg Barclays Govt/Corp 1 YrDuration Index: Measures the performanceof investment grade, U.S. denominated,fixed-rate securities excluding STRIPS, TIPSand floaters. Its minimum index rating is A3and the max maturity is 5 years.

Bloomberg Barclays U.S. Government1-5 Year Index:Measures the performanceof US Treasurys and US Agency bonds withmaturities of 1 (inclusive) to 5 (exclusive)years.

Bloomberg Barclays U.S. GovernmentBond Index: Measures the performance ofthe U.S. Treasury and U.S. Agency Indices,including Treasuries and U.S. agency deben-tures. It is a component of the U.S.Government/Credit Index and the U.S.Aggregate Index.

B l o o m b e r g a B a r c l a y s a U . S .Government/Credit 1-5 Year Index:Measures the performance of the non-secu-ritized component of the U.S. AggregateIndex including treasuries, government-relat-ed issues and corporates with maturities ofone to five years. It is a subset of the U.S.Aggregate Index.

B l o o m b e r g a B a r c l a y s a U . S .Government/Credit 5-10 Year Index:Measures the performance of the USCorporate and a non-corporate componentwith maturities of 5-10 year that includesforeign agencies, sovereigns, supranationals

and local authorities. It is a subset of the USGovernment/Credit Index and the USAggregate Index.

B l o o m b e r g a B a r c l a y s a U . S .Government/Credit Index: Measures theperformance of non-securitized componentof the U.S. Aggregate Index includingTreasuries, government-related issues andcorporates. It is a subset of the U.S.Aggregate Index.

Bloomberg Barclays U.S. GovernmentLong Index: Measures the performance ofnon-securitized component of the U.S.Aggregate Index with maturities of 10 yearsand greater, including Treasuries, govern-ment-related issues and corporates. It is asubset of the U.S. Aggregate Index.

Bloomberg Barclays U.S. Long TermGovernment/ Credit Index: Measures theperformance of non-securitized componentof the U.S. Aggregate Index with maturitiesof 10 years and greater, including Treasuries,government-related issues and corporates. Itis a subset of the U.S. Aggregate Index.

Bloomberg Barclays U.S. Long TermCredit Index:Measures the performance ofthe US Corporate and a non-corporate com-ponent that includes foreign agencies, sov-ereigns, supranationals and local authori-ties with maturities of 10 years andgreater. It is a subset of the USGovernment/Credit Index and the USAggregate Index.

Bloomberg Barclays U.S. MortgageBacked Securities Index: Measures theperformance of the agency mortgage-backedpass-through securities (both fixed-rate andhybrid ARM) issued by Ginnie Mae (GNMA),Fannie Mae (FNMA), and Freddie Mac(FHLMC).

Bloomberg Barclays U.S. MunicipalIndex: Measures the performance of USD-denominated long-term tax exempt bondmarket, including state and local generalobligation bonds, revenue bonds, insuredbonds, and prerefunded bonds.

Bloomberg Barclays U.S. TreasuryInflation-Protected Securities (TIPS)Index:Measures the performance of rules-based, market value-weighted inflation-protected securities issued by the U.S.Treasury. It is a subset of the GlobalInflation-Linked Index (Series-L).

Bloomberg Barclays U.S. UniversalIndex: Measures the performance of USD-denominated, taxable bonds that are ratedeither investment grade or high-yield. Itrepresents the union of the U.S. AggregateIndex, U.S. Corporate High Yield Index,Investment Grade 144A Index, EurodollarIndex, U.S. Emerging Markets Index, and

Benchmark DefinitionsMSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You maynot redistribute the MSCI data or use it as a basis for other indices or investment products. Certain information contained in this product or report is derived by PGIM, Inc. in part fromMSCI’s EAFE, Emerging Markets™, Europe ex U.K., Japan Net Dividend, Pacific Ex Japan Net Dividend and/or United Kingdom Net Dividend Index (the “Index Data”).However, MSCI has not reviewed this product or report, and MSCI does not endorse or express any opinion regarding this product or report or any analysis or other information containedherein or the author or source of any such information or analysis. Neither MSCI nor any third party involved in or related to the computing or compiling of the Index Data makes anyexpress or implied warranties, representations or guarantees concerning the Index Data or any information or data derived therefrom, and in no event shall MSCI or any third party haveany liability for any direct, indirect, special, punitive, consequential or any other damages (incuding lost profits) relating to any use of this information. Any use of the Index Data requiresa direct license from MSCI. None of the Index Data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decisionand may not be relied on as such.

• Source: Bloomberg Barclays Indices, POINT ©2017 Bloomberg Barclays Inc.:"Bloomberg Barclays and POINT are registered trademarks of Bloomberg Barclays Inc. or its affiliates".

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excludes USD-dominated securities.

Bloomberg Barclays Municipal 10 Yr 8-12 Index: Measures the performance ofUSD-denominated long-term tax exemptbond market with maturities of 10 years(8-12), including state and local general obliga-tion bonds, revenue bonds, insured bonds,and prerefunded bonds.

Bloomberg Barclays Municipal 20 Yr17-22 Index: Measures the performance ofUSD-denominated long-term tax exemptbond market with maturities of 20 years(17-22), including state and local general obliga-tion bonds, revenue bonds, insured bonds,and prerefunded bonds.

Bloomberg Barclays Municipal 3 Yr 2-4Index: Measures the performance of USD-denominated long-term tax exempt bondmarket with maturities of 3 years(2-4),including state and local general obligationbonds, revenue bonds, insured bonds, andprerefunded bonds.

Bloomberg Barclays U.S. AggregateBond Index: Measures the performance ofinvestment grade, U.S. dollar-denominated,fixed-rate taxable bond market, includingTreasuries, government-related and corpo-rate securities, MBS (agency fixed-rate andhybrid ARM pass-through’s), ABS, andCMBS. It rolls up into other BloombergBarclays flagship indices, such as the multi-currency Global Aggregate Index and theU.S. Universal Index, which includes highyield and emerging markets debt.

BloombergaBarclaysaMunicipalCalifornia Exempt TR: Measures the per-formance of USD-denominated long-termtax exempt bond market, including Californiabonds only.

Bloomberg Barclays Municipal NewYork Exempt TR: Measures the perform-ance of USD-denominated long-term taxexempt bond market, including New Yorkbonds only.

Bloomberg Barclays U.S. CorporateHigh-Yield Index: Measures the perform-ance of USD-denominated, non-investmentgrade, fixed-rate, taxable corporate bonds,including corporate bonds, fixed-rate bullet,putable,and callabledbonds,SECdRuleg144Asecurities,Original issue zeros, Pay-in-kind(PIK) bonds, Fixed-rate and fixed-to-floatingcapital securities.

Bloomberg Barclays U.S. High YieldBond Index, 2% Issuer Capped:Measures the performance of USD-denomi-nated, non-investment grade, fixed-rate, tax-able corporate bonds. It follows the samerules as the uncapped index but limits theexposure of each issuer to 2% of the totalmarket value and redistributes any excessmarket value index-wide on a pro-rata basis.

Bloomberg Barclays U.S. IntermediateGovernment/ Credit Index: Measures theperformance of the U.S. investment gradefixed rate bond market, with index compo-nents for Agencies, Financial Institutions,Industrial, Treasuries and Utility, withremaining time to maturity of 1-10 years. It’sa custom index.

Bloomberg Barclays U.S. Credit Index:Measures the performance of the USCorporate and a non-corporate componentthat includes foreign agencies, sovereigns,supranationals and local authorities. It is a

subset of the US Government/Credit Indexand the US Aggregate Index.

Bloomberg Barclays U.S. GovernmentIndex: Measures the performance of theU.S. Treasury and U.S. Agency Indices,including Treasuries and U.S. agency deben-tures. It is a component of the U.S.Government/Credit Index and the U.S.Aggregate Index.

Bloomberg Barclays Govt/Corp 1 YrDuration Index: Measures the performanceof investment grade, U.S. denominated,fixed-rate securities excluding STRIPS, TIPSand floaters. Its minimum index rating is A3and the max maturity is 5 years.

Bloomberg Barclays U.S. Government1-5 Year Index:Measures the performanceof US Treasurys and US Agency bonds withmaturities of 1 (inclusive) to 5 (exclusive)years.

Bloomberg Barclays U.S. GovernmentBond Index: Measures the performance ofthe U.S. Treasury and U.S. Agency Indices,including Treasuries and U.S. agency deben-tures. It is a component of the U.S.Government/Credit Index and the U.S.Aggregate Index.

B l o o m b e r g a B a r c l a y s a U . S .Government/Credit 1-5 Year Index:Measures the performance of the non-secu-ritized component of the U.S. AggregateIndex including treasuries, government-relat-ed issues and corporates with maturities ofone to five years. It is a subset of the U.S.Aggregate Index.

B l o o m b e r g a B a r c l a y s a U . S .Government/Credit 5-10 Year Index:Measures the performance of the USCorporate and a non-corporate componentwith maturities of 5-10 year that includesforeign agencies, sovereigns, supranationalsand local authorities. It is a subset of the USGovernment/Credit Index and the USAggregate Index.

B l o o m b e r g a B a r c l a y s a U . S .Government/Credit Index: Measures theperformance of non-securitized componentof the U.S. Aggregate Index includingTreasuries, government-related issues andcorporates. It is a subset of the U.S.Aggregate Index.

Bloomberg Barclays U.S. GovernmentLong Index: measures the performance ofthe U.S. Treasury and U.S. Agency Indiceswith maturities of 10 years and greater,including Treasuries and U.S. agency deben-tures. It is a component of the U.S.Government/Credit Index and the U.S.Aggregate Index.

Bloomberg Barclays U.S. Long TermGovernment/ Credit Index: Measures theperformance of non-securitized componentof the U.S. Aggregate Index with maturitiesof 10 years and greater, including Treasuries,government-related issues and corporates. Itis a subset of the U.S. Aggregate Index.

Bloomberg Barclays U.S. Long TermCredit Index:Measures the performance ofthe US Corporate and a non-corporate com-ponent that includes foreign agencies, sov-ereigns, supranationals and local authori-ties with maturities of 10 years andgreater. It is a subset of the USGovernment/Credit Index and the USAggregate Index.

Bloomberg Barclays U.S. MortgageBacked Securities Index: Measures theperformance of the agency mortgage-backedpass-through securities (both fixed-rate andhybrid ARM) issued by Ginnie Mae (GNMA),Fannie Mae (FNMA), and Freddie Mac(FHLMC).

Bloomberg Barclays U.S. MunicipalIndex: Measures the performance of USD-denominated long-term tax exempt bondmarket, including state and local generalobligation bonds, revenue bonds, insuredbonds, and prerefunded bonds.

Bloomberg Barclays U.S. TreasuryInflation-Protected Securities (TIPS)Index:Measures the performance of rules-based, market value-weighted inflation-protected securities issued by the U.S.Treasury. It is a subset of the GlobalInflation-Linked Index (Series-L).

Bloomberg Barclays U.S. UniversalIndex: Measures the performance of USD-denominated, taxable bonds that are ratedeither investment grade or high-yield. Itrepresents the union of the U.S. AggregateIndex, U.S. Corporate High Yield Index,Investment Grade 144A Index, EurodollarIndex, U.S. Emerging Markets Index, andthe non-ERISA eligible portion of the CMBSI n d e x . f f f f f f f f f f f f f f f f f f f f f f f f f f f s d

Bloomberg Commodity Index: gggggggMeasures the performance of future con-tracts on physical commodities which tradedon US exchanges and London MetalExchange. The commodity weightings arebased on production and liquidity, subject toweighting restrictions applied annually.

BofAML 100 Technology Index:Measures the performance of a cross sectionof large, actively traded technology stocksand ADRs. It was developed with a basevalue of 200.00 as of January 30, 1998. Theindex is rebalanced annually based on clos-ing prices on the third Friday in December. Itis equal-dollar weighted.

BofAML 3-Month U.S. Treasury BillIndex: Measures the performance of a sin-gle issue of outstanding treasury bill whichmatures closest to, but not beyond, threemonths from the rebalancing date. The issueis purchased at the beginning of the monthand held for a full month; at the end of themonth that issue is sold and rolled into anewly selected issue.

BofAML All Convertibles/All QualitiesIndex: Measures the performance of USD-denominated convertibles that are sold inthe US market and publicly traded in the USincluding coupon bonds, OIDs, and zeros.Qualifying securities must have at least$50mn in market value. Qualifying compa-nies must have a significant revenue foot-print in the US. It is capitalization-weighted.

BofAML Preferred Stock Fixed RateIndex: Measures the performance of fixedrate US dollar denominated preferred securi-ties issued in the US domestic market.Qualifying securities must have an invest-ment grade rating and must have an invest-ment grade rated country of risk.

BofAML High Yield Master II Index:measures the performance of short-term USdollar denominated below investment gradecorporate debt publicly issued in the USdomestic market. Qualifying securities must

have at least 18 months to final maturity atthe time of issuance, at least one yearremaining term to final maturity as of therebalancing date, a fixed coupon scheduleand a minimum amount outstanding of $100million. It is capitalization-weighted.

BofAML USD LIBOR 3 Mon CM Index:Measures the performance of a syntheticasset paying Libor to a stated maturity. It isbased on the assumed purchase at par of asynthetic instrument having exactly its stat-ed maturity and with a coupon equal to thatdays fixing rate. That issue is assumed to besold the following business day (priced at ayield equal to the current day fixing rate) androlled into a new instrument.

CBOE S&P 500 BuyWrite BXM: designedto show the hypothetical performance of aportfolio that engages in a buy-write strate-gy using S&P 500 index call options.

Citigroup 3 Month T-Bill Index:Measures the performance of the last threethree-month Treasury bill month-end rates.

Citigroup ESBI-Capped Brady Index:Measures the performance of US Dollaremerging market debt that has been restruc-tured under the Brady Plan.

Citigroup Dollar World Non-U.S.Government Bond Index: Measures theperformance of fixed-rate, local currency,investment-grade sovereign bonds of allWGBI countries except the United Statesand is stated in US dollar terms. It is a subsetof Citigroup World Government Bond Index(WGBI).

Custom (Conservative, Moderate,Aggressive) Portfolios Benchmarks:These indices are composite benchmarksthat reflect the weighted average of thebenchmarks of the underlying funds in whicheach specific Custom Portfolio invests.

Dow Jones Relative Risk Indices: Aretotal-portfolio indices that allow investors toevaluate the returns on their portfolios con-sidering the amount of risk they have taken.The family includes global and U.S. indicesfor five risk profiles—aggressive, moderate-ly aggressive, moderate, moderately conser-vative and conservative. These profiles aredefined based on incremental levels ofpotential risk relative to the risk of an all-stock index.

Dow Jones Target Indices: Measures theperformance of total portfolios of stocks,bonds and cash that automatically adjustover time to reduce potential risk as aninvestor’s target maturity date approaches.

Dow Jones U.S. Financials SectorIndex: Measures the performance of all USstocks in the Dow Jones US Index classifiedinto financial sector. The sector classifica-tions is defined by the proprietary classifica-tion system which used by S&P Dow Jones.It is a free-float weighted index.

Dow Jones U.S. Healthcare SectorIndex: Measures the performance of all USstocks in the Dow Jones US Index classifiedinto health care sector. The sector classifica-tions is defined by the proprietary classifica-tion system which used by S&P Dow Jones.It is a free-float weighted index.

Dow Jones U.S. Select Real EstateInvestment Trust (REIT) Index: Measuresthe performance of publicly traded real

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estate investment trusts(REITs) and REIT-likesecurities. The index is a subset of the DowJones US Select Real Estate Securities Index(RESI). The index is designed to serve asproxy for direct real estate investment, inpart by excluding companies whose perform-ance may be driven by factors other than thevalue of real estate.

Dow Jones U.S. Select Real EstateSecurities IndexSM (RESI): Measures theperformance of publicly traded real estatesecurities. Represents equity real estateinvestment trusts (REITs) and real estateoperating companies (REOCs) traded in theU.S.

Dow Jones U.S. TelecommunicationsSector Index: Measures the performanceof US stocks in the Dow Jones US Index thatare classified into telecommunications sec-tor. The sector classifications is defined bythe proprietary classification system whichused by S&P Dow Jones. It is a free-floatweighted index.

Dow Jones U.S. Utilities Sector Index:Measures the performance of all US stocksin the Dow Jones US Index classified intoUtilities sector. The sector classifications isdefined by the proprietary classification sys-tem which used by S&P Dow Jones. It is afree-float weighted index.

Dow Jones Wilshire 5000 Total MarketIndex: Measures the performance of all USequity securities with readily available pricedata. Over 5,000 capitalization weightedsecurity returns are used to adjust theindex.It is weighted by both full market cap-italization and float-adjusted market capital-ization.

Dow Jones Wilshire REIT Index:Measures the performance of U.S. publicly-traded Real Estate Investment Trusts. It's asubset of the Wilshire Real Estate SecuritiesIndex. The purpose was to create indexes ofpublicly-traded real estate equity securitieswithout the limitations of other appraisal-based indexes. These indexes serve as prox-ies for direct real estate investing by exclud-ing securities whose value is not always tiedto the value of the underlying real estate(mortage REITs, net-lease REITs, real estatefinance companies, mortgage brokers andbankers, commercial and residential realestate brokers, home builders, largelandowners and sub-dividers of unimprovedland, hybrid REITs and timber REITs).

FTSE NAREIT U.S. Real Estate Index:Measures the performance of REIT perform-ance indexes that spans the commercial realestate space across the US economy. It con-tains all Equity REITs not designated asTimber REITs or Infrastructure REITs. Theindex is market-capitalisation weighted.

IA SBBI US 30 Day TBill Index:Measuresthe performance of a single issue of out-standing Treasury Bill which matures closestto, but not beyond, one month from therebalancing date. The issue is purchased atthe beginning of the month and held for a fullmonth; at the end of the month that issue issold and rolled into a newly selected issue.The index is calculated by Morningstar andthe raw data is from WSJ.

iMoneyNet Taxable Money FundsIndex: Measures the equally weightedreturns of over 1,600 of the largest taxablemoney market funds.

JPM EMBI Global Index: Measures theperformance of fix-rate for external-currencydenominated debt instruments includingbrady bonds, loans, Eurobonds in emergingmarkets. Countries covered are Argentina,Brazil, Bulgaria, Mexico, Morocco, Nigeria,the Philippines, Poland, Russia, and SouthAfrica. It covers more of the eligible instru-ments than the EMBI+ by relaxing somewhatthe strict EMBI+ limits on secondary markettrading liquidity.

JP Morgan GBI Global ex-US Index (USDollar Hedged): Is an unmanaged indexmarket representative of the total return per-formance in U.S. dollars on an unhedgedbasis of major non-U.S. bond markets.

JPM GBI Global Ex US TR Hdg USD:The J.P. Morgan GBI series provides acomprehensive measure of local currencydenominated fixed rate government debtissued in developed markets. The seriesconsists of five core index products cover-ing developed markets. The broadestseries tracks 27 countries.

Lifetime Funds Custom Benchmarks:These indices are composite benchmarksthat reflect the weighted average of thebenchmarks for the underlying funds inwhich each specific Lifetime Fund invests.

Lipper Balanced Funds Index:Represents the average of the 30 largestqualifying mutual funds (based on year-endtotal net assets) for the investment objective(to conserve principal by maintaining a bal-anced portfolio of stocks and bonds).Typically, the stock/bond ratioranges around60%/40%.

Lipper Emerging Markets Funds Index:Is an equal dollar weighted index of the 30largest qualifying mutual funds in the LipperEmerging Markets universe (based on year-end total net assets).

Lipper Flexible Portfolio Funds Index:Represents the average of the 30 largestqualifying mutual funds in the Lipper FlexiblePortfolio investment objective category(based on year-end total net assets). Themutual funds that comprise the Index allo-cate their investments across various assetclasses, including domestic common stocks,bonds and money market instruments, with afocus on total return.

Lipper Global Funds Index: The averageof the 30 largest qualifying mutual funds(based on year-end total net assets) for theinvestment objective to invest at least 25%of its portfolio in securities traded outsideof the United States). These funds mayown U.S. securities as well.

Lipper High Yield Bond Funds Index: Is awidely recognized index of the 30 largestmutual funds that invest primarily in highyield bonds.

Lipper International Funds Index:Measures the performance of the 30largest mutual funds in the internationallarge cap core fund objective, as deter-mined by Lipper, Inc.

Lipper Intermediate Investment GradeIndex: Represents the average of the 30largest qualifying mutual funds (based onyear end total net assets) for the investmentobjective. Funds that invest primarily ininvestment-grade debt issues (rated in thetop four grades) with dollar-weighted aver-

age maturities of five to ten years.

Lipper Large-Cap Core Funds Index:Represents the average of the 30 largestqualifying mutual funds (based on year-endtotal net assets) in the Lipper Large-CapUniverse. These funds, by portfolio practice,invest at least 75% of their equity assets incompanies with market capitalizations (on athree-year weighted basis) greater than300% of the dollar-weighted median marketcapitalization of the middle 1,000 securitiesof the S&P SuperComposite 1500 Index.These funds typically have an average price-to-earnings ratio, price-to-book ratio, andthree-year sales-per-share growth value,compared to the S&P 500 Index.

Lipper Large-Cap Growth Funds Index:Is an unmanaged, equally weighted perform-ance index of the 30 largest qualifying mutu-al funds (based on net assets) in the LipperLarge-Cap classification.

Lipper Large-Cap Value Funds Index:Measures the performance of the 30 largestmutual funds that invest in the large-capvalue range, as determined by Lipper, Inc.Lipper categorizes Value Funds as those thatseek long-term growth of capital by invest-ing in companies that are considered to beundervalued relative to a major unmanagedstock index based on a price-to-earnings,price-to-book value, asset value or other fac-tors.

Lipper Mid Cap Funds Index: Is anunmanaged, equally weighted performanceindex of the 30 largest qualifying mutualfunds (based on net assets) in the LipperMicro Cap classification.

Lipper Mid-Cap Core Funds Index:Represents the average of the 30 largestqualifying mutual funds (based on year-endtotal net assets) in the Lipper Mid-CapUniverse. These funds, by portfolio practice,invest at least 75% of their equity assets incompanies with market capitalizations (on athree-year weighted basis) less than 300%of the dollar-weighted median market capi-talization of the middle 1,000 securities ofthe S&P SuperComposite 1500 Index. Thesefunds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, com-pared to the S&P Midcap 400 Index.

Lipper Mid-Cap Growth Funds Index:Represents the average of the 30 largestqualifying mutual funds (based on year-endtotal net assets) in the Lipper Mid-CapUniverse. These funds, by portfolio practice,invest at least 75% of their equity assets incompanies with market capitalizations (on athree-year weighted basis) less than 300%of the dollar-weighted median market capi-talization of the middle 1,000 securities ofthe S&P SuperComposite 1500 Index. Thesefunds typically have an above average price-to-earnings ratio, price-to-book ratio, andthree-year sales-per-share growth value,compared to the S&P Midcap 400 Index.

Lipper Mid-Cap Value Funds Index:Represents the average of the 30 largestqualifying mutual funds (based on year-endtotal net assets) in the Lipper Mid-CapUniverse. These funds, by portfolio practice,invest at least 75% of their equity assets incompanies with market capitalizations (on athree-year weighted basis) less than 300%of the dollar-weighted median market capi-talization of the middle 1,000 securities of

the S&P SuperComposite 1500 Index. Thesefunds typically have a below average price-to- earnings ratio, price-to-book ratio, andthree-year sales-per-share growth value,compared to the S&P Midcap 400 Index.

Lipper Real Estate Funds Index: Anequally weighted index of the 30 largestqualifying mutual funds (based on year-endtotal net assets) in the Lipper Real Estateuniverse. These funds invest at least 65% oftheir portfolios in equity securities of domes-tic and foreign companies engaged in thereal estate industry.

Lipper Science and Technology FundsIndex: Represents the average of the 30largest qualifying mutual funds in the LipperScience and Technology universe (based onyear-end total net assets). These funds, byportfolio practice, invest at least 65% oftheir equity assets in science and technologystocks.

Lipper Small-Cap Core Funds Index:Measures the performance of the 30 largestmutual funds in the small capitalizationrange, as determined by Lipper, Inc.

Lipper Small-Cap Growth Funds Index:Is an unmanaged, equally weighted perform-ance index of the 30 largest qualifying mutu-al funds (based on net assets) in the LipperSmall-Cap classification.

Lipper Small-Cap Value Funds Index:Represents the average of the 30 largestqualifying mutual funds (based on year-endtotal net assets) in the Lipper Small-CapUniverse. These funds, by portfolio practice,invest at least 75% of their equity assets incompanies with market capitalizations (on athree-year weighted basis) less than 250%of the dollar-weighted median of the small-est 500 of the middle 1,000 securities of theS&P SuperComposite 1500 Index. Thesefunds

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