PRUDENTIAL RETIREMENT! · 2018-12-13 · PRUDENTIAL RETIREMENT! As you may know, we have chosen to transfer recordkeeping of the Charles County Board of Education 403(b) Plan to Prudential

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WELCOME TO PRUDENTIAL RETIREMENT!

As you may know, we have chosen to transfer recordkeeping of the Charles County Board of Education 403(b) Plan to Prudential Retirement, with good reason: Whether you’re a long-time saver or just getting started, Prudential can help you plan for a life after work that could last two or three decades or more. Indeed, Prudential has nearly 90 years’ experience in helping people just like you reach their “Day One” of retirement confident they’ll have the income they’ll need for all the days that follow. This guide offers an overview of what you can expect—and what you may need to do— in the coming weeks.

IMPORTANT DATES The following chart tells you what will happen when—and what you may wish to do before your account moves to Prudential Retirement®. (To conduct transactions before the move, contact MetLife for instructions).

Date Affected Account What’s Happening

December 21, 2018 before 4 p.m. ET

Current account with MetLife

This is the last day to:

• Request a distribution

• Make a change to your contribution amount

• Move your assets among investments

December 21, 2018 through approximately January 9, 2019


“Blackout” period: You’re temporarily unable to make most changes to your account—including fund transfers or distributions.

December 31, 2018 Current account with MetLife

MetLife will liquidate your account and transfer the assets to Prudential. Your account assets will be out of the market at least one business day.

January 2, 2019 before 4 p.m. ET


Your account transfers to Prudential.

Approximately January 9, 2019

New account at Prudential You once again have full access to your account and can make transactions online and by phone.

IMPORTANT DETAILS FRACTIONAL DOLLAR DEFERRALS If you have a fractional dollar deferral election on file, effective January 1, 2019 your deferral rate will be rounded to the nearest whole dollar.

WHAT’S INSIDE:

• Important Dates

• Important Details

• Your Account

• Beneficiary

Designation

• Meetings

• Tools and

Resources

• When Can You Take Action?

• Questions?

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BENEFICIARY DESIGNATION A “beneficiary” is the person or persons who would receive the money remaining in your plan account if you die. Naming a beneficiary is an important—but often neglected—part of sound financial planning. Your beneficiary designation will be transferred to Prudential, but it is a good idea to periodically review who your beneficiaries are and update as needed. That way you will be sure your plan account is distributed according to your wishes. Once your account has been moved to Prudential, you can review and make updates as instructed below. To add or update your beneficiary information online:

• Log in to your account at prudential.com/online/retirement.

• Choose “Personal Information” from the menu bar.

• Beneficiary information is on the right.

• Add or update your beneficiary and follow the instructions to confirm.

If you would prefer to update your beneficiary over the phone, please call Prudential at 1-877-PRU-2100. Participant service representatives are available Monday through Friday, 8 a.m. to 9 p.m. ET.

MEETINGS Representatives from Prudential Retirement will be conducting education sessions in early 2019 to answer your questions about the transition. They’ll also provide information about the tools and resources available to you. Be on the lookout for details about upcoming meeting dates, time and locations.

TOOLS AND RESOURCES During the transition, CCBOE.retirepru.com is your online resource for all the information you need about your account’s transfer to Prudential. Once the transition is complete, take advantage of:

prudential.com/online/retirement Manage your account, review plan information, research your investment options and perform transactions. You can register or log in any time after the move to Prudential is complete.

1-877-PRU-2100 Get account information or initiate transactions any time with our easy-to-use automated phone system. If you have questions or need help, participant service representatives are available Monday through Friday, 8 a.m. to 9 p.m., ET. Call any time after the move to Prudential is complete to create your personal identification number (PIN).

WHEN CAN YOU TAKE ACTION? The transition to Prudential will be complete on or about January 9, 2019. Make sure you understand all your options, and then do what it takes to help build the retirement of your dreams.

QUESTIONS? Call Chris Passante, Key Accounts Manager, at 1-860-534-2617. Once the transition is complete you may contact Prudential at 1-877-PRU-2100. Participant service representatives are available Monday through Friday, 8 a.m. to 9 p.m. ET.

See the next page for important disclosures.

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For informational or educational purposes only. This material is not intended as advice or recommendation about investing or managing your retirement savings. By sharing it, Prudential Retirement is not acting as your fiduciary as defined by the Department of Labor’s fiduciary rule or otherwise. If you need investment advice, please consult with a qualified professional. Amounts withdrawn are subject to income taxes and may also be subject to a 10% Federal income tax penalty if taken before age 59 ½. Prudential Financial and its affiliates do not provide tax or legal advice for which you should consult your qualified professional. 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.

© 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. 1014414-00001-00 CSMCBRRE5_0001 12/2018

Enclosed you will find the following important legal notices regarding the Charles County Board of Education 403(b) Plan and its transition to Prudential Retirement®.

• Notice of Blackout Period and Mapping Notice: There will be a period of time when you will be unable to make changes to your account. This is done to ensure the move to Prudential is accurate and completed in a timely manner. Your current investments will transfer to Prudential and will be invested in the designated funds. Read this notice for specific details on the blackout period, how your current investment options will transfer, and (details on plan administrative fees and charges that may be levied on your investments).

• Fund Fact Sheets: Read the fund fact sheets to learn more about the investment options in your plan, including their objectives and key risks.

For questions regarding these documents, please contact Chris Passante, Key Accounts Manager, at 1-860-534-2617.

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.

© 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.

0279165-00004-00

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TRANSITION OF THE CHARLES COUNTY BOARD OF EDUCATION 403(B) PLAN TO PRUDENTIAL RETIREMENT: NOTICE OF BLACKOUT PERIOD AND INVESTMENT CHANGES

We’re moving the recordkeeping of the Charles County Board of Education 403(b) Plan from MetLife to

Prudential Retirement® to bring you the very best in retirement savings resources. This letter includes

information about:

• A brief “blackout” period when you will be unable to perform most account transactions

• Changes to your investments that will take place when your account is transferred

BLACKOUT PERIOD

To enable us to transfer your account balance and other information to Prudential Retirement completely and

accurately, you will be unable to perform most account transactions during a brief “blackout” period. During the

blackout period, you will be temporarily unable to exercise rights otherwise available under the plan, such as

directing or diversifying investments in your individual account or receiving a distribution from the plan.

Whether or not you are planning retirement in the near future, we encourage you to carefully consider how this

blackout period may affect your retirement planning, as well as your overall financial plan.

The blackout will begin at 4 p.m. ET on December 21, 2018 and is expected to end on or about

January 9, 2019.

REVIEW YOUR CURRENT INVESTMENT ALLOCATIONS It is very important that you review and consider the appropriateness of your current investments in light of your inability to direct or diversify those investments during the blackout period.

For your long-term retirement security, you should give careful consideration to the importance of a well-balanced and diversified investment portfolio, taking into account all your assets, income, and investments and any fees.

INVESTMENT CHANGES

The prior recordkeeper, MetLife, will transfer some shares in-kind, meaning your investments are re-registered

to Prudential Retirement and not liquidated to cash. It is important for you to know that at no time during this

process will your retirement plan assets, that are transferred in-kind, be out of the market. You will remain fully

invested, and no action is required by you to complete this transaction.

On December 31, 2018, MetLife will sell those investments that are not transferred in-kind. The proceeds will

then be wired to Prudential Retirement, where the proceeds will be “mapped” to (invested in) the same or similar

funds as shown in the chart below. Your assets will be out of the market for at least one business day. There is

a possibility this process can take more than one business day if trades take longer to settle or there is a need

for additional reconciliation of MetLife’s data.

Old Fund Asset Class

From: Investment Option Name

New Fund

Asset Class

To: Investment Option Name

New Gross Expense

Ratio

Stable Value MetLife Strategic Value Annuity Stable Value

Guaranteed Income Fund 0.00%

Diversified Emerging Markets

Oppenheimer Developing Markets Y (ODVYX)*

Diversified Emerging Mkts

Oppenheimer Developing Markets I (ODVIX)*

0.05%

Small Growth T. Rowe Price New Horizons (PRNHX)*

Small Growth

T. Rowe Price New Horizons I (PRJIX)*

0.65%

* Registered mutual fund

Your investment options once your plan transfers to Prudential Retirement:

Investment Category Fund Name

Target-Date 2015 American Funds 2015 Trgt Date Retire R6 (RFJTX)*

Target-Date 2020 American Funds 2020 Trgt Date Retire R6 (RRCTX)*

Target-Date 2025 American Funds 2025 Trgt Date Retire R6 (RFDTX)*

Target-Date 2030 American Funds 2030 Trgt Date Retire R6 (RFETX)*

Target-Date 2035 American Funds 2035 Trgt Date Retire R6 (RFFTX)*

Target-Date 2040 American Funds 2040 Trgt Date Retire R6 (RFGTX)*

Target-Date 2045 American Funds 2045 Trgt Date Retire R6 (RFHTX)*

Target-Date 2050 American Funds 2050 Trgt Date Retire R6 (RFITX)*

Target-Date 2055 American Funds 2055 Trgt Date Retire R6 (RFKTX)*

Target-Date 2060+ American Funds 2060 Trgt Date Retire R6 (RFUTX)*

Target-Date 2000-2010 American Funds 2010 Trgt Date Retire R6 (RFTTX)*

Large Value JPMorgan Equity Income R6 (OIEJX)*

Large Blend Vanguard 500 Index Admiral (VFIAX)*

Large Growth Vanguard Growth Index Admiral (VIGAX)*

Mid-Cap Value Vanguard Mid-Cap Value Index Admiral (VMVAX)*

Mid-Cap Blend Lord Abbett Value Opportunities R6 (LVOVX)*

Mid-Cap Growth Janus Henderson Enterprise N (JDMNX)*

Small Value Vanguard Small Cap Value Index Admiral (VSIAX)*

Small Growth T. Rowe Price New Horizons I (PRJIX)*

Foreign Large Growth American Funds Europacific Growth R6 (RERGX)*

Diversified Emerging Mkts Oppenheimer Developing Markets I (ODVIX)*

Intermediate-Term Bond JPMorgan Core Plus Bond R6 (JCPUX)*

Small-Cap Blend Gabelli Small Cap Growth I (GACIX)*

Stable Value Guaranteed Income Fund

*Registered mutual fund

The most recent fund fact sheets for the funds are enclosed for your review. Visit

www.prudential.com/online/retirement for the most current expense ratios.

American Funds Trgt Date Retire R6 funds are target-date funds. The target date is the approximate date when investors plan to retire and may begin withdrawing their money. The asset allocation of the target date funds will become more conservative as the target date approaches by lessening the equity exposure and increasing the exposure in fixed income type investments. The principal value of an investment in a target date fund is not guaranteed at any time, including the target date. There is no guarantee that the fund will provide adequate retirement income.

A target date fund should not be selected based solely on age or retirement date. Participants should carefully

consider the investment objectives, risks, charges and expenses of any Fund before investing. Funds are not

guaranteed investment and the stated asset allocation may be subject to change. It is possible to lose money by

investing in securities, including losses near and following retirement.

FEES Below are fees and expenses for general plan administrative services and individual expenses that may apply to your account:

Fee Type Fee Amount Frequency

Express Mail Fee $25.00 Per applicable transaction

Asset Based Fee 0.0850% Annual amount deducted quarterly

ADDITIONAL INVESTMENT INFORMATION AND PRODUCTS AVAILABLE TO YOU

RESTRICTIONS ON FREQUENT TRADING If you make excessive transfers into and out of (or out of and into) the same investment fund, your ability to

make investment transfers involving those funds may be restricted. “Excessive trading” is:

• One or more round-trip trades (transfers into and out of the same fund) within a 30-day period where each buy or sell in the transaction is more than $25,000

• The trading pattern did not result from automatic or system-driven transactions such as payroll contributions or loan repayments, re-mapping transactions, hardship withdrawals, regularly scheduled or periodic distributions, or periodic rebalancing through a systematic rebalancing program that is not initiated by the Plan.

Certain investment options may not be subject to these restrictions. Funds may also have their own market timing policy, and Prudential Retirement will take action, as directed by the investment provider, to enforce that provider’s rule or policy.

To obtain a copy of the complete Market Timing Policy, please contact Prudential.

DESIGNATED INVESTMENT MANAGERS A “designated investment manager” is a party designated by the plan to manage all or a portion of the assets

held in or contributed to participant accounts. To determine whether your plan offers this service, please contact

your plan sponsor.

VOTING RIGHTS If you invest in a mutual fund, it is your plan sponsor's right to vote for members of the fund company's board of

directors and other matters of corporate policy, such as the issuance of senior securities, stock splits, and

substantial changes in operations.

QUESTIONS?

Please contact Chris Passante, Key Accounts Manager, at 1-860-534-2617, or call Prudential at

1-877-778-2100, Monday through Friday, 8 a.m. to 9 p.m. ET with questions.

See the next page for important disclosures.

Investors should consider the fund’s investment objectives, risks, charges and expenses

before investing. The prospectus and, if available, the summary prospectus, contain complete

information about the investment options available through your plan. Please call 1-877-778-

2100 for a free prospectus and, if available, a summary prospectus that contain this and other

information about our mutual funds. You should read the prospectus and the summary

prospectus, if available, carefully before investing. It is possible to lose money when investing

in securities.

Securities products and services are offered through Prudential Investment Management Services LLC (PIMS), Newark, NJ, a Prudential

Financial company.

For informational or educational purposes only. This material is not intended as advice or

recommendation about investing or managing your retirement savings. By sharing it, Prudential

Retirement is not acting as your fiduciary as defined by the Department of Labor’s fiduciary rule or

otherwise. If you need investment advice, please consult with a qualified professional.

The Guaranteed Income Fund (GIF) is a group annuity product issued by Prudential Retirement Insurance and Annuity

Company (PRIAC), Hartford, CT 06103. Amounts contributed to the contract are deposited in PRIAC’s general account. Payment

obligations and the fulfillment of any guarantees specified in the group annuity contract are insurance claims supported by the full faith and

credit of PRIAC. PRIAC periodically resets the interest rate credited on contract balances, subject to a minimum rate specified in the group

annuity contract. Past interest rates are not indicative of future rates. This product is neither a mutual fund nor a bank product. The

obligations of PRIAC are not insured by the FDIC or any other federal governmental agency. Contract form # GA-2020-IA-0805 or

state variation thereof.

Prudential Retirement is compensated in connection with this product when general account investment returns exceed the interest credited

on contract balances. Prudential Retirement may earn fee revenue in addition to the foregoing compensation if your plan has agreed to pay

contract charges, which are sometimes paid in respect of plan and participant recordkeeping and distribution services. For some plans,

Prudential Retirement uses a portion of its aggregate compensation to satisfy the plan's request for allowances and for payments to defray

plan expenses. If Prudential Retirement’s aggregate compensation from this product and from other plan investment products exceeds the

costs of servicing your plan, Prudential Retirement earns a profit; otherwise we incur a loss.

Frequent exchanging between plan investment options may harm long-term investors. Your plan or the plan’s investment funds may have

provisions to deter exchanges that may be abusive. These policies may require us to modify, restrict or suspend purchase or exchange

privileges and/or impose redemption fees.

Investment vehicles sponsored or managed by a Prudential Retirement affiliate generate more revenue for the Prudential enterprise than

non-proprietary investment vehicles.

Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT or its

affiliates.

© 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. 1005647-00001-00

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.


©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.


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".


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


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 typically have a below average priceto- earnings ratio, price-to-book ratio, andthree-year sales-per-share growth value,compared to the S&P SmallCap 600 Index.

Morningstar Long-Only CommodityIndex: Measures the performance of futurecontracts on eligible long commodities.Eligibilty is defined as a commodity that hasfuture contracts traded on one of the USexchanges and rank in the top 95% by the12-month average of total dollar value ofopen interest. The index is reconstitutedannually, on the third Friday of Decembereach year. It is a fully collateralized commod-ity futures index.

Morningstar Lifetime Moderate Indices:Measures the performance of a portfolio ofglobal equities, bonds and traditional infla-tion hedges such as commodities and TIPS.This portfolio is held in proportions appropri-ate for a US investor who is recently retired.The Moderate risk profile is for investorswho are comfortable with average exposureto equity market volatility.

Morningstar Target Risk Index: TheMorningstar Target Risk Index family isdesigned to meet the needs of investorswho would like to maintain a target level ofequity exposure through a portfolio diversi-fied across equities, bonds and inflation-hedgedginstruments.gThe MorningstarModerate Target Risk Index seeks approxi-mately 60% exposure to global equity mar-kets.


Morningstar Moderate Target RiskIndex: The Morningstar Target Risk Indexfamily is designed to meet the needs ofinvestors who would like to maintain a tar-get level of equity exposure through a port-folio diversified across equities, bonds andinf lat ion-hedgedginst ruments .gTheMorningstar Moderate Target Risk Indexseeks approximately 60% exposure toglobal equity markets.

Morningstar Technology Sector Index:Measures the performance of companiesengaged in the design, development, andsupport of computer operating systems andapplications. This sector also includes com-panies that provide computer technologyconsulting services. Also includes compa-nies engaged in the manufacturing of com-puter equipment, data storage products,networking products, semiconductors, andcomponents.

MSCI ACWI Investable Market Index(IMI): captures large, mid and small caprepresentation across 23 DevelopedMarkets (DM) and 23 Emerging Markets(EM) countries. With 8,594 constituents,the index is comprehensive, coveringapproximately 99% of the global equityinvestment opportunity set.

MSCI All Country Far East Ex. JapanIndex: Measures the performance of thelarge and mid cap segments of the Far Eastregion, excluding Japan equity securities,including developed and emerging market.It is free float-adjusted market-capitaliza-tion weighted.

MSCI All Country World Ex. U.S. Index:Measures the performance of the large andmid cap segments of the particular regions,excluding USA equity securities, includingdeveloped and emerging market. It is freefloat-adjusteddmarket-capitalizationweighted.

MSCI All Country World Ex. U.S.Growth Index: Measures the performanceof the growth large and mid cap segmentsof the particular regions, excluding USAequity securities, including developed andemerging market. It is free float-adjustedg-market-capitalization weighted.

MSCI EAFE Growth Index (net):Measures the performance of the growthlarge and mid cap segments of equity secu-rities in developed markets, excluding theUS & Canada. It is free float-adjusted mar-ket-capitalization weighted.

MSCI EAFE Index (net): Measures theperformance of the large and mid cap seg-ments of developed markets, excluding theUS & Canada equity securities. It is freefloat-adjusteddmarket-capitalizationweighted.

MSCI EAFE Value Index (net):Measuresthe performance of the value large and midcap segments of developed markets,excluding the US & Canada equity securi-ties. It is free float-adjusted market-capi-talization weighted.

MSCI EMF Index (net):Measures the per-formance of the large and mid cap seg-ments of emerging market equity securi-ties. It is free float-adjusted market-capi-talization weighted.

MSCI EM (Emerging Markets) Latin

America Index: Measures the perform-ance of the large and mid cap segments ofemerging Latin America equity securities. Itis free float-adjusted market-capitalizationweighted.

MSCI Emerging Markets Net DividendIndex: Measures the performance of thelarge and mid cap segments of emergingmarket equity securities. It is free float-adjustedgmarket-capitalization weighted.

MSCI Europe Index: Measures the per-formance of the large and mid cap seg-ments of developed Europe equity securi-ties. It is free float-adjusted market-capi-talization weighted.

MSCI India Index: Measures the perform-ance of the large and mid cap segments ofIndia equity securities. It is free float-adjusted market-capitalization weighted.

MSCI Japan Index: Measures the per-formance of the large and mid cap seg-ments of Japan equity securities. It is freefloat-adjusteddmarket-capitalizationweighted.

MSCI Metals/Mining Index: Measuresthe performance of the large and mid capmetals and mining (industry) segments ofworld equity securities. It is constructedusing GICS-Global Industry ClassificationStandard. The index is free float-adjustedg-market-capitalization weighted.

MSCI Pacific Index: Measures the per-formance of the large and mid cap seg-ments of the developed Pacific region equi-ty securities. It is free float-adjusted mar-ket-capitalization weighted.

MSCI Pacific Free Index: Same con-stituents as MSCI Pacific Index, the “Free”index captures the history of certain ofthose constituents that were not deemed“developed” in previous years.

MSCI US REIT Index: Measures the per-formance of the large, mid and small capsegments of the US equity securities. It iscomprised of Equity REITs securities andbased on the MSCI USA Investable MarketIndex, with the exception of Mortgage REITand selected Specialized REITs. The indexrepresents approximately most of the USREIT universe and securities are classifiedin the REIT sector according to the GlobalIndustry Classification Standard. It is a freefloat market capitalization weighted index.

MSCI World Ex USA SMID Index:Measures the performance of small andmid segment of World excluding USA equi-ty securities. It captures mid and small rep-resentation accross 22 of 23 developedmarket countries and 21 emerging marketscountries and it covers approximately 28%of the free float-adjusted market capitaliza-tion in each country. The index is free float-adjusted market capitalization weighted.

MSCI World Growth Index (net):Measures the performance of the growthlarge and mid cap segments of world equitysecurities. It is free float-adjusted market-capitalization weighted.

MSCI World Index: Measures the per-formance of the large and mid cap seg-ments of world equity securities. It is freefloat-adjustedgmarket-capitalizationweighted.

MSCI World Ex US Index: Measures theperformance of the large and mid cap seg-ments of world, excluding US equity securi-ties. It is free float-adjusted market-capi-talization weighted.

MSCI ACWI Ex USA Value Index:Measures the performance of the valuelarge and mid cap segments of the particu-lar regions, excluding USA equity securi-ties, including developed and emergingmarket. It is free float-adjusted market-capitalization weighted.

MSCI ACWI Index: Measures the per-formance of the large and mid cap seg-ments of all country markets,excluding theUS. It is free float-adjusted market-capital-ization weighted.

MSCI China Index: Measures the per-formance of the large and mid cap seg-ments of emerging China equity securities.It is free float-adjusted market-capitaliza-tion weighted.

MSCI World Real Estate Index:Measures the performance of the large andmid cap real estate (industry group) seg-ments of world equity securities. It is con-structed using GICS-Global IndustryClassification Standard. The index is freefloat-adjustedgmarket-capitalizationweighted.

MSCI World Small Cap Index:Measuresthe performance of the small cap segmentof world equity securities. It is free float-adjusted market-capitalization weighted.

MSCI World Value Index (net):Measuresthe performance of the value large and midcap segments of world equity securities.

National Association of Real EstateInvestment Fiduciaries (NCREIF) Open-End Diversified Core Equity Fund Index(NFI-ODCE): Is a quarterly time series com-posite total rate of return measure of invest-ment performance of a very large pool ofindividual commercial real estate propertiesacquired in the private market for investmentpurposes only. All properties in the NPI havebeen acquired, at least in part, on behalf oftax-exempt institutional investors - the greatmajority being pension funds. As such, allproperties are held in a fiduciary environ-ment.

NYSE Arca Tech Index: The NYSE ArcaTech 100 is comprised of 100 listed and over-the-counter stocks from 14 different sub-sec-tors including computer hardware, software,semiconductors, telecommunications, datastorage and processing, electronics andbiotechnology. Archipelago®”, “ARCA®”,“ARCAEX®”, “NYSE®”, “NYSE ARCASM”and “NYSE Arca Tech 100SM” are trade-marks of the NYSE Group, Inc. andArchipelago Holdings, Inc. This Fund is notsponsored, endorsed, sold or promoted byArchipelago Holdings, Inc. (“ARCA”). ARCAmakes no representation or warranty regard-ing the advisability of investing in securitiesgenerally, in the Fund particularly, or the abil-ity of the NYSE Arca Tech 100 Index to trackgeneral stock market performance.

PRREF Composite Index: The SeparateAccount’s aggregate benchmark return,which is comprised of (a) the NCREIF Open-End Diversified Core Equity Fund Index(“NFIODCE”), S&P Developed Property Indexand the Citigroup U.S. Domestic 3 Month T-

Bill Total Return Index, weighted on a month-ly basis to correspond to the SeparateAccount’s investment allocation, for periodsprior to and including September 30, 2012and (b) 75% NFI-ODCE and 25% the S&PDeveloped Property Index for periodsOctober 1, 2012 and after. PRREF’s cus-tomized benchmark (the “Benchmark”) uti-lizes the NFI-ODCE (the “Index”) to judge theperformance of the Fund’s investments in pri-vate real estate. The Index is published quar-terly with the final returns released approxi-mately one month after quarter end. In orderto produce the Benchmark on a monthlybasis, as is required by most investors, theIndex is estimated intraquarter and trued upwhen the final Index values are published.This can result in the Benchmark returns fora quarter being subject to change until thistrue up has occurred.

Retirement Goal Custom Benchmarks:These indices are composite benchmarksthat reflect the weighted average of thebenchmarks of the underlying funds in whicheach specific Retirement Goal Fund invests.

Russell 1000® Growth Index: Measuresthe performance of the large-cap growthsegment of the US equity securities. Itincludes the Russell 1000 index companieswith higher price-to-book ratios and higherforecasted growth values. It is market-capi-talization weighted. Russell InvestmentGroup is the source and owner of the trade-marks, service marks and copyrights relatedto the Russell Indexes. Russell® is a trade-mark of Russell Investment Group.

Russell 1000® Index: Measures the per-formance of the large-cap segment of the USequity securities. It is a subset of the Russell3000 index and includes approximately 1000of the largest securities based on a combina-tion of their market cap and current indexmembership.

Russell 1000® Value Index: Measures theperformance of the large-cap value segmentof the US equity securities. It includes theRussell 1000 index companies with lowerprice-to-book ratios and lower expectedgrowth values. It is market-capitalizationweighted. Russell Investment Group is thesource and owner of the trademarks, servicemarks and copyrights related to the RussellIndexes. Russell® is a trademark of RussellInvestment Group.

Russell 2000® Growth Index: Measuresthe performance of small-cap growth seg-ment of the US equity universe. It includesthose Russell 2000 companies with higherprice-to-value ratios and higher forecastedgrowth values. It is market-capitalizationweighted. Russell Investment Group is thesource and owner of the trademarks, servicemarks and copyrights related to the RussellIndexes. Russell® is a trademark of RussellInvestment Group.

Russell 2000® Index: Measures the per-formance of the small-cap segment of the USequity universe. It is a subset of the Russell3000 and includes approximately 2000 of thesmallest securities based on a combinationof their market cap and current index mem-bership. Russell Investment Group is thesource and owner of the trademarks, servicemarks and copyrights related to the RussellIndexes. Russell® is a trademark of RussellInvestment Group.


Russell 2000® Value Index:Measures the performance ofsmall-cap value segment of the US equity universe. Itincludes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. It is mar-ket-capitalization weighted. Russell Investment Group is thesource and owner of the trademarks, service marks andcopyrights related to the Russell Indexes. Russell® is atrademark of Russell Investment Group.

Russell 2500® Growth Index:Measures the performanceof the small to mid-cap growth segment of the US equityuniverse. It includes Russell 2500 index companies withhigher price-to-book ratios and higher forecasted growthvalues. It is market-capitalization weighted.

Russell 2500® Index: Measures the performance of thesmall to mid-cap segment of the US equity universe. It is asubset of the Russell 3000 index includes approximately2500 of the smallest securities based on the combination oftheir market cap and current index membership.

Russell 2500® Value Index:Measures the performance ofthe small to mid-cap value segment of the US equity uni-verse. It includes Russell 2500 index companies with lowerprice-to-book and lower forecasted growth values. It is mar-ket-capitalization weighted.

Russell 3000 Growth Index: Measures the performanceof the broad growth segment of the US equity universe. Itincludes Russell 3000 index companies with higher price-to-book ratios and higher forecasted growth values. It is mar-ket-capitalization weighted.

Russell 3000 Value Index: Measures the performance ofthe broad value segment of US equity value universe. Itincludes Russell 3000 index companies with lower price-to-book ratios and lower forecasted growth values. It is mar-ket-capitalization weighted.

Russell 3000® Index: Measures the performance of thelargest 3000 US companies representing approximately98% of the investable US equity market. It is market-capital-ization weighted.

Russell Developed ex North America Large Cap IndexNet: Measures the performance of the large cap segment ofglobal developed equity markets, excluding companiesassigned to the U.S. It is a subcomponent of the RussellGlobal Index, which is designed to capture 98% of the glob-al equity market capitalization available to institutionalinvestors.

Russell Greater China Index:Measures the performanceof the China equity market based on liquid and eligible equi-ty securities covering large, mid and small cap securitiesand is a component of the Russell Global Index. It is market-capitalization weighted.

Russell Midcap® Growth Index:jMeasures the perform-ance of the mid-cap growth segment of the US equity uni-verse. It includes Russell midcap index companies withhigher price-to-book ratios and higher forecasted growthvalues. It is market-capitalization weighted. RussellInvestment Group is the source and owner of the trade-marks, service marks and copyrights related to the RussellIndexes. Russell® is a trademark of Russell InvestmentGroup.

Russell Midcap® Index: Measures the performance ofthe mid-cap segment of the US equity universe. It is a subsetof Russell 1000 index and includes approximately 800 of thesmallest securities based on a combination of their marketcap and current index membership. The index representsapproximately 31% of the total market capitalization of theRussell 1000 companies.

Russell Midcap® Value Index: Measures the perform-ance of the mid-cap value segment of the US equity uni-verse. It includes Russell midcap index companies withlower price-to-book ratios and lower forecasted growth val-ues. It is market-capitalization weighted.

Russell Top 200 Index: Measures the performance of thelargest cap segment of the US equity universe. It is a subsetof the Russell 3000 index and includes approximately 200 ofthe largest securities based on a combination of their mar-

ket cap and current index membership. The index representapproximately 68% of the US market.

SFDCP Retirement Simple Benchmark: Is a compositeof other indexes. These subindexes represent two majorasset classes-equity and fixed income. The asset classesare weighted within each Target Date Index to reflect a tar-geted level of risk. Over time, the weights are adjustedbased on predetermined formulas to reduce the level ofpotential risk as the index's maturity date approaches.S&P 500 Index (50%), the Russell 2000 Index (5%), theMSCI EAFE Index (5%), and Bloomberg Barclays U.S.Aggregate Bond Index (40%). An unmanaged, weighted-average composite Index.

S&P 1500 Consumer Discretionary Index:Measures theperformance of consumer discretionary(sector) segment ofUS equity securities. It comprises those companies includedin the S&P Composite 1500 that are classified as membersof the Global Industry Classification Standard(GICS)Consumer Discretionary (sector).

S&P 1500 Cons Staples TR: Measures the performance ofconsumer staples (sector) segment of US equity securities.It comprises those companies included in the S&PComposite 1500 that are classified as members of theGlobal Industry Classification Standard(GICS) ConsumerStaples (sector).

S&P 1500 Energy Index: Measures the performance ofenergy(sector) segment of US equity securities. It comprisesthose companies included in the S&P Composite 1500 thatare classified as members of the Global IndustryClassification Standard(GICS) Energy (sector).

S&P 1500 Financials TR: Measures the performance ofFinancials(sector) segment of US equity securities. It com-prises those companies included in the S&P Composite1500 that are classified as members of the Global IndustryClassification Standard(GICS) Financials (sector).

S&P 1500 Health Care TR: Measures the performance ofhealth care(sector) segment of US equity securities. It com-prises those companies included in the S&P Composite1500 that are classified as members of the Global IndustryClassification Standard(GICS) Health Care (sector).

S&P 1500 Industrials Index: Measures the performanceof industrials(sector) segment of US equity securities. Itcomprises those companies included in the S&P Composite1500 that are classified as members of the Global IndustryClassification Standard(GICS) Industrials (sector).

S&P 1500 Telecom Services TR: Measures the perform-ance of Telecom Services(sector) segment of US equitysecurities. It comprises those companies included in theS&P Composite 1500 that are classified as members of theGlobal Industry Classification Standard(GICS) TelecomServices (sector).

S&P 1500 Utilities TR: Measures the performance ofUtilities(sector) segment of US equity securities. It compris-es those companies included in the S&P Composite 1500that are classified as members of the Global IndustryClassification Standard(GICS) Utilities (sector).

S&P 500® Index:Measures the performance of 500 widelyheld stocks in US equity market. Standard and Poor's choos-es member companies for the index based on market size,liquidity and industry group representation. Included are thestocks of industrial, financial, utility, and transportationcompanies. Since mid 1989, this composition has been moreflexible and the number of issues in each sector has varied.It is market capitalization-weighted.

S&P 500 Technology Index: Measures the performanceof all those companies held in the S&P 500 index that areclassified as a information technology(sector) companyusing the Global Industry Classification Standard(GICS) sys-tem.

S&P 500 Value Index:Measures the performance of valuestocks drawn from the S&P 500 index. The complete marketcapitalizaion of S&P 500 index is divided into growth andvalue segments by using three factors: sales growth, theratio of earnings change to price, and momentum.

S&P Global REIT : Measures the performance of publiclytraded equity REITs listed in both developed and emergingmarkets. It is a member of the S&P Global Property IndexSeries.

S&P Completion Index:Measures the performance of allmembers of the S&P TMI index except for the current con-stituents of the S&P 500. It covers approximately 3000 con-stituents, offering investors broad exposure to mid, small,and micro cap companies. The index is market-capitalisationweighted.

S&P Composite 1500® Index:Measures the performanceof widely available, liquid stocks in US equity market. Itcombines three leading indices - S&P 500, S&P MidCap 400,and S&P SmallCap 600, to cover approximately 90% of theUS market capitalization.

S&P Developed Property Index: This index defines andmeasures the investable universe of publicly traded prop-erty companies domiciled in developed markets. The com-panies in the index are engaged in real estate relatedactivities, such as property ownership, management,development, rental and investment.

S&P MidCap 400 Index: Measures the performance ofmid-sized US companies, reflecting the distinctive risk andreturn characteristics of this market segment. It comprisesstocks in the middle capitalization range, covering approxi-mately 7% of the of US equity market.

S&P North American Natural Resources SectorIndex: Measures the performance of US traded securitiesthat are calsssified under the Global Industry ClassificationStandard(GICS) energy and materials (sector) excluding thechemicals (industry) and steel (sub-industry).

S&P United States REIT: Measures the performance ofinvestable universe of pubilcly traded real estate investmenttrusts domiciled in the United States.

S&P/LSTA Leveraged Loan TR: Measures the perform-ance of 100 loan facilities drawn from the S&P/LSTA (LoanSyndications and Trading Association) Leveraged LoanIndex (LLI). Standard & Poor's chooses these based on mar-ket weightings, spreads, and interest payments of thelargest facilities in the leveraged loan market.

Prudential Real Assets composite index: This index iscomposed of future contracts on physical commodities trad-ed on U.S. exchanges, with the exception of aluminum, nick-el and zinc, which trade on the London Metal Exchange.

S&P Small Cap 600 Index: Measures the performance ofsmall cap segment of US equity market. It consists of 600domestic stocks chosen for market size, liquidity, and indus-try group representation and covers approximately 3% ofthe domestic equities market.

S&P Total Market Index: Measures the performance ofall large, mid, small nad micro cap companies and othercommon equities listed on NYSE (including NYSE Arca), theNYSE Alternext, the NASDAQ Global Select Market, theNASDAQ Global Market and the NASDAQ Capital Market.It is market-capitalisation weighted.

U.S. Treasury 6 Month Certificate of Deposit (CD)Index: The average of the secondary market interest ratesfor nationally traded 6 month certificates of deposit.

U.S. Treasury T-Bill Auction Average 3-Month Index:Measures the performance of the average investment rateof US T-Bills securities with the maturity of 3 months.

Vanguard Balanced Composite Index: Made up oftwo unmanaged benchmarks, weighted 60% Dow JonesWilshire 5000 Index and 40% Bloomberg Barclays U.S.Aggregate Bond Index through May 31, 2005; 60% MSCIU.S. Broad Market Index and 40% Bloomberg BarclaysU.S. Aggregate Bond Index there- after.

Wellington Composite Index: is a combination of unman-aged industry benchmarks: 65% S&P 500 Index and 35%Bloomberg Barclays Credit A or Better Index. Prior to March1, 2000, weighted 65% S&P 500 Index and 35% BloombergBarclays Long Credit AA or Better Index.

American Funds 2015 Trgt Date Retire R6 A Mutual Fund

Third Quarter 2018 Fund Fact Sheet

1004142

Key Facts INVESTMENT ADVISOR: Capital Research and

Management CompanyFUND CATEGORY: Target-Date 2015INDEX: Morningstar Lifetime Mod 2015 TR USD®NET ASSETS: $2,017.0 MillionINCEPTION DATE: 7/13/2009TICKER SYMBOL: RFJTX

GROSS EXPENSE RATIO: 0.33% of Fund Assets

OVERALL MORNINGSTAR RATINGTM: ★★★★ OVERALL # OF FUNDS IN MORNINGSTAR CATEGORY: 111PORTFOLIO MANAGER(S): Wesley K. Phoa; James

B. Lovelace CFA; BradleyJ. Vogt; John H. Smet;

Alan N. Berro CFA

Overall Morningstar Rating as of quarter ending09/30/2018. The Morningstar Rating shown is for the shareclass of this fund only; other classes may have differentperformance characteristics. ©2018 Morningstar, Inc. AllRights Reserved. Additional Morningstar information isavailable in the User Guide.

Morningstar Volatility Rank As of 09/30/2018

INVESTMENT ▼

LOW MODERATE HIGH ▲ CATEGORY

In the past, this investment has shown a relatively smallrange of price fluctuations relative to other investments.Based on this measure, currently more than two thirds of allinvestments have shown higher levels of risk. Consequently,this investment may appeal to investors looking for a conservative investment strategy.

Annual Performance

Mutual Fund* Index 2017 11.19% 11.39%2016 7.55% 7.10%2015 -0.62% -1.73%2014 6.64% 5.55%2013 15.72% 10.50%

DESCRIPTION/OBJECTIVEThe investment seeks growth, income and conservation of capital. The fund normally invests a greater portion of its assets in bond, equity income and balanced funds as it approaches and passes its target date. The advisor attempts to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories such as growth funds, growth-and-income funds, equity-income funds and a balanced fund and bond funds. The fund categories represent differing investment objectives.

There is no assurance the objectives will be met.

The target date is the approximate date when investors plan to start withdrawing their money. The asset allocation of the target date funds will become more conservative as the target date approaches by lessening your equity exposure and increasing your exposure in fixed income type investments. The stated asset allocation may be subject to change. The principal value of an investment in a target date fund is not guaranteed at any time, including the target date, and there is no guarantee that the funds will provide adequate retirement income. A target date fund should not be selected based solely on age or retirement date. It is possible to lose money by investing in securities, including losses near and following retirement.

Top Five Holdings As of 06/30/2018

American Funds Capital Income Bldr R6 ...................11.09% American Funds Income Fund of Amer R6 .................11.07% American Funds Interm Bd Fd of Amer R6 ...................9.03% American Funds Bond Fund of Amer R6 ......................8.03% American Funds Inflation Linked Bd R6 .......................7.02%

Top Five Sectors As of 06/30/2018

Financial Services ..................................................... 16.36% Technology ................................................................ 14.82% Healthcare ................................................................ 12.45% Consumer Defensive ................................................. 10.68% Industrials ................................................................... 9.99%

Holdings and Sector allocations are ranked as a percentage of net assets and subject to change without notice.

Allocation As of 06/30/2018

US Bonds 41.73%US Stocks 29.04%Non-US Stocks 13.96%Cash 7.82%Non-US Bonds 7.05%Other 0.19%Preferred 0.13%Convertible 0.08%

Characteristics As of 06/30/2018

Mutual Fund Index Weighted Geometric Market Cap. ($Bil) 82.13 33.07 Price/Earnings Ratio (Forward) 15.41x 16.15x Price/Book Ratio 2.43x 2.21x 3-Year Earnings Growth Rate (%) 9.25 10.02 Number of Holdings-Long 20 21

Performance(%) As of 09/30/2018

Cumulative Returns Average Annual Total Returns

QTD YTD 1 Year 3 Year 5 Year 10 Year Since InceptionMutual Fund* 1.81 1.55 4.02 7.52 6.24 7.11 NA Index 1.77 1.75 4.96 7.16 5.45 6.83 ---

Morningstar RatingTM ★★★★ ★★★★ ★★★★

# of Funds in Category 111 77 49

*Prudential Retirement and its affiliates do not receive finder’s fees, 12b-1, sub-accounting or servicing fees in connection with plan investments in this fund. Such fees, if applicable to this fund, compensate Prudential Retirement for selling the fund’s shares and servicing your retirement plan. The fund’s expense ratio includes these fees. Other investment options may generate more or less revenue than the fees associated with this fund. If the aggregate revenue from your plan exceeds our associated costs, we earn a profit. Otherwise, we incur a loss. Other share classes of this fund may have a lower expense ratio, but your plan’s investment options do not include such shares to compensate us for distribution and plan servicing.

Performance: The performance quoted represents past performance. Performance displayed for periods beginningearlier than the “Inception Date” noted in the “Key Facts” section is based on the historical returns of the oldest shareclass of the fund, adjusted to reflect the fees and expenses of this share class. “Since Inception” performance whenshown is based on the actual performance of this share class. The investment value and return will fluctuate so thatan investment, when redeemed, may be worth more or less than original cost. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted. For performance datacurrent to the most recent month end, please call 1-877-778-2100. These performance results represent the change in net asset value of an investment over a stated period, assuming the reinvestment of dividends and capital gaindistributions. Market Timing: Frequent exchanging of investment options may harm long-term investors. Your plan and/or the fund have policiesto detect and deter exchanges that may be abusive. Those policies may require us to modify or suspend purchase or exchangeprivileges.

Prospectus: Investors should consider the fund’s investment objectives, risks, charges and expenses beforeinvesting. The prospectus, and if available the summary prospectus, contain complete information about theinvestment options available through your plan. Please call 1-877-778-2100 for a free prospectus and if available, asummary prospectus that contain this and other information about the mutual funds. You should read the prospectusand the summary prospectus, if available, carefully before investing. It is possible to lose money when investing insecurities.

Benchmark indices are unmanaged and cannot be invested in directly. See User Guide for index definitions.

Securities products and services are offered through Prudential Investment Management Services LLC (PIMS), Newark, NJ, a Prudential Financial company. © 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.



1004142


Management CompanyFUND CATEGORY: Target-Date 2020INDEX: Morningstar Lifetime Mod 2020 TR USD®NET ASSETS: $6,362.8 MillionINCEPTION DATE: 7/13/2009TICKER SYMBOL: RRCTX


OVERALL MORNINGSTAR RATINGTM: ★★★★★ OVERALL # OF FUNDS IN MORNINGSTAR CATEGORY: 205PORTFOLIO MANAGER(S): Wesley K. Phoa; James


Alan N. Berro CFA



INVESTMENT ▼



Annual Performance

Mutual Fund* Index 2017 12.87% 12.79%2016 7.05% 7.66%2015 0.19% -1.88%2014 6.74% 5.87%2013 18.71% 12.98%





American Funds Interm Bd Fd of Amer R6 ...................9.04% American Funds Capital Income Bldr R6 .....................7.40% American Funds Income Fund of Amer R6 ...................7.39% American Funds Bond Fund of Amer R6 ......................7.15% American Funds Inflation Linked Bd R6 .......................6.43%


Technology ................................................................ 16.90% Financial Services ..................................................... 16.02% Healthcare ................................................................ 12.77% Consumer Cyclical ..................................................... 10.68% Industrials ................................................................. 10.09%



US Bonds 37.98%US Stocks 31.63%Non-US Stocks 15.14%Cash 8.08%Non-US Bonds 6.83%Other 0.17%Preferred 0.11%Convertible 0.06%






Morningstar RatingTM ★★★★ ★★★★★ ★★★★★









1004142


Management CompanyFUND CATEGORY: Target-Date 2025INDEX: Morningstar Lifetime Mod 2025 TR USD®NET ASSETS: $8,138.9 MillionINCEPTION DATE: 7/13/2009TICKER SYMBOL: RFDTX




Alan N. Berro CFA



INVESTMENT ▼



Annual Performance






American Funds Interm Bd Fd of Amer R6 ...................7.56% American Funds Washington Mutual R6 .....................6.57% American Funds US Government Sec R6 .....................6.37% American Funds Invmt Co of Amer R6 .........................6.27% American Funds Global Balanced R6 ..........................6.00%





US Stocks 36.55%US Bonds 29.02%Non-US Stocks 19.71%Cash 8.24%Non-US Bonds 6.21%Other 0.14%Preferred 0.08%Convertible 0.04%






Morningstar RatingTM ★★★★ ★★★★★ ★★★★★









1004142


Management CompanyFUND CATEGORY: Target-Date 2030INDEX: Morningstar Lifetime Mod 2030 TR USD®NET ASSETS: $9,296.7 MillionINCEPTION DATE: 7/13/2009TICKER SYMBOL: RFETX




Alan N. Berro CFA



INVESTMENT ▼


In the past, this investment has shown a relativelymoderate range of price fluctuations relative to otherinvestments. This investment may experience larger orsmaller price declines or price increases depending onmarket conditions. Some of this risk may be offset byowning other investments with different portfolio make-ups or investment strategies.

Annual Performance






American Funds Washington Mutual R6 .....................7.97% American Funds US Government Sec R6 .....................7.41% American Funds Invmt Co of Amer R6 .........................6.97% American Funds Global Balanced R6 ..........................6.01% American Funds American Mutual R6 .........................6.00%





US Stocks 42.67%Non-US Stocks 24.17%US Bonds 20.69%Cash 7.78%Non-US Bonds 4.41%Other 0.12%Preferred 0.1%Convertible 0.04%






Morningstar RatingTM ★★★★★ ★★★★★ ★★★★★









1004142


Management CompanyFUND CATEGORY: Target-Date 2035INDEX: Morningstar Lifetime Mod 2035 TR USD®NET ASSETS: $7,291.3 MillionINCEPTION DATE: 7/13/2009TICKER SYMBOL: RFFTX




Alan N. Berro CFA



INVESTMENT ▼



Annual Performance






American Funds Washington Mutual R6 .....................7.97% American Funds US Government Sec R6 .....................7.21% American Funds New Perspective R6 .........................6.99% American Funds Invmt Co of Amer R6 .........................6.98% American Funds Growth Fund of Amer R6 ..................6.29%


Technology ................................................................ 19.46% Financial Services ..................................................... 15.79% Consumer Cyclical ..................................................... 13.15% Healthcare ................................................................ 13.13% Industrials ................................................................. 10.12%



US Stocks 48.59%Non-US Stocks 29.3%US Bonds 12.92%Cash 6.94%Non-US Bonds 1.97%Preferred 0.13%Other 0.1%Convertible 0.05%















1004142


Management CompanyFUND CATEGORY: Target-Date 2040INDEX: Morningstar Lifetime Mod 2040 TR USD®NET ASSETS: $6,511.2 MillionINCEPTION DATE: 7/27/2009TICKER SYMBOL: RFGTX




Alan N. Berro CFA



INVESTMENT ▼



Annual Performance






American Funds Washington Mutual R6 .....................7.97% American Funds Invmt Co of Amer R6 .........................7.30% American Funds Growth Fund of Amer R6 ..................7.00% American Funds AMCAP R6 ........................................6.98% American Funds New Perspective R6 .........................6.97%




















1004142


Management CompanyFUND CATEGORY: Target-Date 2045INDEX: Morningstar Lifetime Mod 2045 TR USD®NET ASSETS: $4,488.6 MillionINCEPTION DATE: 7/13/2009TICKER SYMBOL: RFHTX




Alan N. Berro CFA



INVESTMENT ▼



Annual Performance






American Funds Invmt Co of Amer R6 .........................8.29% American Funds Washington Mutual R6 .....................8.27% American Funds American Mutual R6 .........................7.33% American Funds Fundamental Invs R6 ........................7.28% American Funds Growth Fund of Amer R6 ..................6.99%




















1004142


Management CompanyFUND CATEGORY: Target-Date 2050INDEX: Morningstar Lifetime Mod 2050 TR USD®NET ASSETS: $3,699.2 MillionINCEPTION DATE: 7/13/2009TICKER SYMBOL: RFITX




Alan N. Berro CFA



INVESTMENT ▼



Annual Performance






American Funds Invmt Co of Amer R6 .........................9.00% American Funds Washington Mutual R6 .....................8.97% American Funds American Mutual R6 .........................8.03% American Funds Fundamental Invs R6 ........................7.97% American Funds Growth Fund of Amer R6 ..................6.99%




















1004142


Management CompanyFUND CATEGORY: Target-Date 2055INDEX: Morningstar Lifetime Mod 2055 TR USD®NET ASSETS: $1,781.5 MillionINCEPTION DATE: 2/1/2010TICKER SYMBOL: RFKTX




Alan N. Berro CFA



INVESTMENT ▼



Annual Performance






American Funds Invmt Co of Amer R6 .........................8.99% American Funds Washington Mutual R6 .....................8.99% American Funds American Mutual R6 .........................8.02% American Funds Fundamental Invs R6 ........................7.99% American Funds New Perspective R6 .........................7.00%










QTD YTD 1 Year 3 Year 5 Year 10 Year Since InceptionMutual Fund* 3.30 5.86 11.31 13.91 10.32 --- 11.34 Index 3.41 3.71 9.48 12.95 8.51 --- ---

Morningstar RatingTM ★★★★★ ★★★★★ --- # of Funds in Category 173 112 ---


Performance: The performance quoted represents past performance. The investment value and return will fluctuateso that an investment, when redeemed, may be worth more or less than original cost. Past performance does notguarantee future results. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1-877-778-2100. These performance results represent thechange in net asset value of an investment over a stated period, assuming the reinvestment of dividends and capitalgain distributions. Market Timing: Frequent exchanging of investment options may harm long-term investors. Your plan and/or the fund have policiesto detect and deter exchanges that may be abusive. Those policies may require us to modify or suspend purchase or exchangeprivileges. Prospectus: Investors should consider the fund’s investment objectives, risks, charges and expenses beforeinvesting. The prospectus, and if available the summary prospectus, contain complete information about theinvestment options available through your plan. Please call 1-877-778-2100 for a free prospectus and if available, asummary prospectus that contain this and other information about the mutual funds. You should read the prospectusand the summary prospectus, if available, carefully before investing. It is possible to lose money when investing insecurities.

Benchmark indices are unmanaged and cannot be invested in directly. See User Guide for index definitions. Securities products and services are offered through Prudential Investment Management Services LLC (PIMS), Newark, NJ, a Prudential Financial company. © 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.



1004142


Management CompanyFUND CATEGORY: Target-Date 2060+INDEX: Morningstar Lifetime Mod 2060 TR USD®NET ASSETS: $471.2 MillionINCEPTION DATE: 3/27/2015TICKER SYMBOL: RFUTX




Alan N. Berro CFA



INVESTMENT ▼



Annual Performance

Mutual Fund* Index 2017 22.49% 21.06%2016 8.41% 10.88%





American Funds Invmt Co of Amer R6 .........................9.00% American Funds Washington Mutual R6 .....................9.00% American Funds American Mutual R6 .........................8.00% American Funds Fundamental Invs R6 ........................8.00% American Funds New Perspective R6 .........................7.00%





US Stocks 52.89%Non-US Stocks 31.01%Cash 7.16%US Bonds 7.15%Non-US Bonds 1.53%Preferred 0.12%Other 0.09%Convertible 0.04%





QTD YTD 1 Year 3 Year 5 Year 10 Year Since InceptionMutual Fund* 3.30 5.88 11.35 13.87 --- --- 9.68 Index 3.32 3.54 9.30 12.89 --- --- ---

Morningstar RatingTM ★★★★★ --- --- # of Funds in Category 76 --- ---


Performance: The performance quoted represents past performance. The investment value and return will fluctuateso that an investment, when redeemed, may be worth more or less than original cost. Past performance does notguarantee future results. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1-877-778-2100. These performance results represent thechange in net asset value of an investment over a stated period, assuming the reinvestment of dividends and capitalgain distributions. Market Timing: Frequent exchanging of investment options may harm long-term investors. Your plan and/or the fund have policiesto detect and deter exchanges that may be abusive. Those policies may require us to modify or suspend purchase or exchangeprivileges. Prospectus: Investors should consider the fund’s investment objectives, risks, charges and expenses beforeinvesting. The prospectus, and if available the summary prospectus, contain complete information about theinvestment options available through your plan. Please call 1-877-778-2100 for a free prospectus and if available, asummary prospectus that contain this and other information about the mutual funds. You should read the prospectusand the summary prospectus, if available, carefully before investing. It is possible to lose money when investing insecurities.




1004142


Management CompanyFUND CATEGORY: Target-Date 2000-2010INDEX: Morningstar Lifetime Mod 2010 TR USD®NET ASSETS: $1,401.5 MillionINCEPTION DATE: 7/13/2009TICKER SYMBOL: RFTTX




Alan N. Berro CFA



INVESTMENT ▼



Annual Performance


DESCRIPTION/OBJECTIVEThe investment seeks growth, income and conservation of capital. The adviser will attempt to achieve the fund's investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories such as growth-and-income funds, equity-income funds and a balanced fund and bond funds. Equity-income and balanced funds generally strive for income and growth through stocks and/or bond investments, while bond funds seek current income through bond investments.




American Funds Interm Bd Fd of Amer R6 .................12.53% American Funds Capital Income Bldr R6 ...................11.98% American Funds Income Fund of Amer R6 .................11.95% American Funds Bond Fund of Amer R6 ......................8.03% American Funds Inflation Linked Bd R6 .......................7.03%


Financial Services ..................................................... 16.45% Technology ................................................................ 14.05% Healthcare ................................................................ 12.30% Consumer Defensive ................................................. 11.02% Industrials ................................................................... 9.84%



US Bonds 44.28%US Stocks 26.37%Non-US Stocks 13.09%Non-US Bonds 7.99%Cash 7.87%Other 0.2%Preferred 0.13%Convertible 0.07%






Morningstar RatingTM ★★★★ ★★★★★ ★★★★







JPMorgan Equity Income R6 A Mutual Fund


1001675

Key Facts INVESTMENT ADVISOR: J.P. Morgan Investment

Management, Inc.FUND CATEGORY: Large ValueINDEX: Russell 1000 Value TR USD®NET ASSETS: $5,904.1 MillionINCEPTION DATE: 1/31/2012TICKER SYMBOL: OIEJX


OVERALL MORNINGSTAR RATINGTM: ★★★★ OVERALL # OF FUNDS IN MORNINGSTAR CATEGORY: 1109PORTFOLIO MANAGER(S): Clare Hart CFA; Jonathan

K.L. Simon CFA



INVESTMENT ▼



Morningstar®Style BoxTM As of 08/31/2018

Domestic equity funds are placed in acategory based on the style and size ofthe stocks they typically own. The styleand size parameters are based on thedivisions used in the investment stylebox: Value, Blend, or Growth style andSmall, Medium, or Large geometric average market capitalization.

Annual Performance


DESCRIPTION/OBJECTIVEThe investment seeks capital appreciation and current income. Under normal circumstances, at least 80% of the fund's assets will be invested in the equity securities of corporations that regularly pay dividends, including common stocks and debt securities and preferred stock convertible to common stock. "Assets" means net assets, plus the amount of borrowings for investment purposes. Although the fund invests primarily in securities of large cap companies, it may invest in equity investments of companies across all market capitalizations.



Bank of America Corporation ......................................3.10% Microsoft Corp .............................................................3.09% Apple Inc .....................................................................2.87% Chevron Corp ...............................................................2.87% Merck & Co Inc ............................................................2.45%


Financial Services ..................................................... 26.14% Healthcare ................................................................ 14.09% Industrials ................................................................. 11.93% Technology ................................................................ 10.71% Energy ......................................................................... 9.08%



US Stocks 97.01%Cash 2.11%Non-US Stocks 0.88%






Morningstar RatingTM ★★★★ ★★★★ ★★★★★


*Prudential Retirement and its affiliates do not receive finder’s fees, 12b-1, sub-accounting or servicing fees in connection with plan investments in this fund. Such fees, if applicable to this fund, compensate Prudential Retirement for selling the fund’s shares and servicing your retirement plan. The fund’s expense ratio includes these fees. Other investment options may generate more or less revenue than the fees associated with this fund. If the aggregate revenue from your plan exceeds our associated costs, we earn a profit. Otherwise, we incur a loss. Other share classes of this fund may have a lower expense ratio, but your plan’s investment options do not include such shares to compensate us for distribution and plan servicing. Performance: The performance quoted represents past performance. Performance displayed for periods beginningearlier than the “Inception Date” noted in the “Key Facts” section is based on the historical returns of the oldest shareclass of the fund, adjusted to reflect the fees and expenses of this share class. “Since Inception” performance whenshown is based on the actual performance of this share class. The investment value and return will fluctuate so thatan investment, when redeemed, may be worth more or less than original cost. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted. For performance datacurrent to the most recent month end, please call 1-877-778-2100. These performance results represent the change in net asset value of an investment over a stated period, assuming the reinvestment of dividends and capital gaindistributions. Market Timing: Frequent exchanging of investment options may harm long-term investors. Your plan and/or the fund have policiesto detect and deter exchanges that may be abusive. Those policies may require us to modify or suspend purchase or exchangeprivileges.




Vanguard 500 Index Admiral A Mutual Fund


1001675

Key Facts INVESTMENT ADVISOR: Vanguard Group IncFUND CATEGORY: Large BlendINDEX: S&P 500®NET ASSETS: $265,379.8 MillionINCEPTION DATE: 11/13/2000TICKER SYMBOL: VFIAX


OVERALL MORNINGSTAR RATINGTM: ★★★★★ OVERALL # OF FUNDS IN MORNINGSTAR CATEGORY: 1196PORTFOLIO MANAGER(S): Michelle Louie CFA;

Donald M. Butler CFA



INVESTMENT ▼


In the past, this investment has shown a relativelymoderate range of price fluctuations relative to otherinvestments. This investment may experience larger orsmaller price declines or price increases depending onmarket conditions. Some of this risk may be offset by owning other investments with different portfolio make-ups or investment strategies.



Annual Performance

Mutual Fund* Index 2017 21.79% 21.83%2016 11.93% 11.96%2015 1.36% 1.38%2014 13.64% 13.69%2013 32.33% 32.39%

DESCRIPTION/OBJECTIVEThe investment seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks. The fund employs an indexing investment approach designed to track the performance of the Standard & Poor's 500 Index, a widely recognized benchmark of U.S. stock market performance that is dominated by the stocks of large U.S. companies. The advisor attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.



Apple Inc .....................................................................4.53% Microsoft Corp .............................................................3.50% Amazon.com Inc ..........................................................3.28% Facebook Inc A ............................................................1.71% JPMorgan Chase & Co ................................................1.58%





US Stocks 99.18%Non-US Stocks 0.45%Cash 0.37%






Morningstar RatingTM ★★★★★ ★★★★★ ★★★★


*Prudential Retirement and its affiliates do not receive finder’s fees, 12b-1, sub-accounting or servicing fees in connection with plan investments in this fund. Such fees, if applicable to this fund, compensate Prudential Retirement for selling the fund’s shares and servicing your retirement plan. The fund’s expense ratio includes these fees. Other investment options may generate more or less revenue than the fees associated with this fund. If the aggregate revenue from your plan exceeds our associated costs, we earn a profit. Otherwise, we incur a loss. Other share classes of this fund may have a lower expense ratio, but your plan’s investment options do not include such shares to compensate us for distribution and plan servicing. Performance: The performance quoted represents past performance. The investment value and return will fluctuateso that an investment, when redeemed, may be worth more or less than original cost. Past performance does notguarantee future results. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1-877-778-2100. These performance results represent thechange in net asset value of an investment over a stated period, assuming the reinvestment of dividends and capitalgain distributions. Market Timing: Frequent exchanging of investment options may harm long-term investors. Your plan and/or the fund have policiesto detect and deter exchanges that may be abusive. Those policies may require us to modify or suspend purchase or exchangeprivileges.




Vanguard Growth Index Admiral A Mutual Fund


1001675

Key Facts INVESTMENT ADVISOR: Vanguard Group IncFUND CATEGORY: Large GrowthINDEX: Russell 1000 Growth TR USD®NET ASSETS: $30,603.3 MillionINCEPTION DATE: 11/13/2000TICKER SYMBOL: VIGAX


OVERALL MORNINGSTAR RATINGTM: ★★★★ OVERALL # OF FUNDS IN MORNINGSTAR CATEGORY: 1258PORTFOLIO MANAGER(S): Walter Nejman; Gerard

C. O'Reilly



INVESTMENT ▼





Annual Performance

Mutual Fund* Index 2017 27.80% 30.21%2016 6.12% 7.08%2015 3.30% 5.67%2014 13.63% 13.05%2013 32.40% 33.48%

DESCRIPTION/OBJECTIVEThe investment seeks to track the performance of a benchmark index that measures the investment return of large-capitalization growth stocks. The fund employs an indexing investment approach designed to track the performance of the CRSP US Large Cap Growth Index, a broadly diversified index predominantly made up of growth stocks of large U.S. companies. The advisor attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.



Apple Inc .....................................................................8.21% Amazon.com Inc ..........................................................6.77% Facebook Inc A ............................................................3.44% Alphabet Inc A .............................................................3.00% Alphabet Inc Class C ...................................................2.95%


Technology ................................................................ 31.81% Consumer Cyclical ..................................................... 19.76% Healthcare ................................................................ 11.95% Industrials ................................................................. 10.69% Financial Services ....................................................... 8.94%



US Stocks 99.44%Cash 0.39%Non-US Stocks 0.17%






Morningstar RatingTM ★★★ ★★★ ★★★★


*Prudential Retirement and its affiliates do not receive finder’s fees, 12b-1, sub-accounting or servicing fees in connection with plan investments in this fund. Such fees, if applicable to this fund, compensate Prudential Retirement for selling the fund’s shares and servicing your retirement plan. The fund’s expense ratio includes these fees. Other investment options may generate more or less revenue than the fees associated with this fund. If the aggregate revenue from your plan exceeds our associated costs, we earn a profit. Otherwise, we incur a loss. Other share classes of this fund may have a lower expense ratio, but your plan’s investment options do not include such shares to compensate us for distribution and plan servicing. Performance: The performance quoted represents past performance. The investment value and return will fluctuateso that an investment, when redeemed, may be worth more or less than original cost. Past performance does notguarantee future results. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1-877-778-2100. These performance results represent thechange in net asset value of an investment over a stated period, assuming the reinvestment of dividends and capitalgain distributions. Market Timing: Frequent exchanging of investment options may harm long-term investors. Your plan and/or the fund have policiesto detect and deter exchanges that may be abusive. Those policies may require us to modify or suspend purchase or exchangeprivileges.




Vanguard Mid-Cap Value Index Admiral A Mutual Fund


1001675

Key Facts INVESTMENT ADVISOR: Vanguard Group IncFUND CATEGORY: Mid-Cap ValueINDEX: Russell Mid Cap Value TR USD®NET ASSETS: $8,864.5 MillionINCEPTION DATE: 9/27/2011TICKER SYMBOL: VMVAX


OVERALL MORNINGSTAR RATINGTM: ★★★★ OVERALL # OF FUNDS IN MORNINGSTAR CATEGORY: 373PORTFOLIO MANAGER(S): Michael A. Johnson;

Donald M. Butler CFA



INVESTMENT ▼





Annual Performance


DESCRIPTION/OBJECTIVEThe investment seeks to track the performance of the CRSP US Mid Cap Value Index that measures the investment return of mid-capitalization value stocks. The fund employs an indexing investment approach designed to track the performance of the CRSP US Mid Cap Value Index, a broadly diversified index of value stocks of mid-size U.S. companies. The advisor attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.


Small and mid sized companies may present greater opportunities for capital appreciation, but may also involve greater risks than larger companies. As a result, the value of stocks issued by these companies may fluctuate more than stocks of larger issuers.


NetApp Inc ..................................................................1.07% M&T Bank Corp ...........................................................1.07% KeyCorp .......................................................................1.03% Andeavor .....................................................................1.01% Regions Financial Corp ................................................1.01%


Financial Services ..................................................... 20.59% Consumer Cyclical ..................................................... 19.09% Technology ................................................................ 11.33% Utilities ....................................................................... 9.93% Industrials ................................................................... 8.89%









Morningstar RatingTM ★★★ ★★★★ ★★★★★







Lord Abbett Value Opportunities R6 A Mutual Fund


1001675

Key Facts INVESTMENT ADVISOR: Lord, Abbett & Co LLCFUND CATEGORY: Mid-Cap BlendINDEX: Russell Mid Cap TR USD®NET ASSETS: $103.8 MillionINCEPTION DATE: 6/30/2015TICKER SYMBOL: LVOVX


OVERALL MORNINGSTAR RATINGTM: ★★★ OVERALL # OF FUNDS IN MORNINGSTAR CATEGORY: 371PORTFOLIO MANAGER(S): Thomas B. Maher; Justin

C. Maurer



INVESTMENT ▼





Annual Performance


DESCRIPTION/OBJECTIVEThe investment seeks long-term capital appreciation. To pursue its objective, the fund normally invests at least 65% of its net assets in equity securities of small and mid-sized companies. The remainder of the fund's assets may be invested in companies of any size. The fund may change this policy at any time. The Advisor attempts to invest in companies it believes are undervalued by the market and whose securities are selling at reasonable prices in relation to an assessment of their potential or intrinsic value.




Conduent Inc ................................................................2.51% Cullen/Frost Bankers Inc .............................................2.26% Western Alliance Bancorp ...........................................2.17% Booz Allen Hamilton Holding Corp ..............................2.05% FLIR Systems Inc ..........................................................2.04%


Technology ................................................................ 16.51% Industrials ................................................................. 15.84% Healthcare ................................................................ 15.54% Financial Services ..................................................... 15.22% Consumer Cyclical ..................................................... 14.90%



US Stocks 98.84%Non-US Stocks 1.16%






Morningstar RatingTM ★★★ ★★★ ★★★ # of Funds in Category 371 334 230






Janus Henderson Enterprise N A Mutual Fund


1001675

Key Facts INVESTMENT ADVISOR: Janus Capital Management

LLCFUND CATEGORY: Mid-Cap GrowthINDEX: Russell Mid Cap Growth TR USD®NET ASSETS: $3,939.6 MillionINCEPTION DATE: 7/12/2012TICKER SYMBOL: JDMNX


OVERALL MORNINGSTAR RATINGTM: ★★★★★ OVERALL # OF FUNDS IN MORNINGSTAR CATEGORY: 540PORTFOLIO MANAGER(S): Philip Cody Wheaton

CFA; Brian Demain CFA



INVESTMENT ▼





Annual Performance


DESCRIPTION/OBJECTIVEThe investment seeks long-term growth of capital. The fund pursues its investment objective by investing primarily in common stocks selected for their growth potential, and normally invests at least 50% of its equity assets in medium-sized companies. Medium-sized companies are those whose market capitalization falls within the range of companies in the Russell Midcap® Growth Index. Market capitalization is a commonly used measure of the size and value of a company. It may also invest in foreign securities, which may include investments in emerging markets.




Microchip Technology Inc ............................................2.25% TD Ameritrade Holding Corp .......................................2.24% Constellation Software Inc ..........................................2.16% TE Connectivity Ltd ......................................................2.08% WEX Inc .......................................................................2.05%


Technology ................................................................ 32.56% Industrials ................................................................. 20.20% Healthcare ................................................................ 16.80% Consumer Cyclical ..................................................... 13.69% Financial Services ..................................................... 11.03%



US Stocks 81.67%Non-US Stocks 9.88%Cash 8.19%Preferred 0.27%








*Fees that Prudential Retirement and its affiliates receive in connection with plan investments in this fund include a 12b-1 fee of up to 0.00% and may include an annual sub-accounting and/or servicing fee of up to 0.00%. Such fees, if applicable to this fund, compensate Prudential Retirement for selling the fund’s shares and servicing your retirementplan. The fund’s expense ratio includes these fees. Other investment options may generate more or less revenue than the fees associated with this fund. If the aggregate revenue from your plan exceeds our associated costs, we earn a profit. Otherwise, weincur a loss. Other share classes of this fund may have a lower expense ratio, but your plan’s investment options do not include such shares to compensate us for distribution and plan servicing.





Vanguard Small Cap Value Index Admiral A Mutual Fund


1001675

Key Facts INVESTMENT ADVISOR: Vanguard Group IncFUND CATEGORY: Small ValueINDEX: Russell 2000 Value TR USD®NET ASSETS: $12,149.8 MillionINCEPTION DATE: 9/27/2011TICKER SYMBOL: VSIAX


OVERALL MORNINGSTAR RATINGTM: ★★★★★ OVERALL # OF FUNDS IN MORNINGSTAR CATEGORY: 362PORTFOLIO MANAGER(S): William A. Coleman;

Gerard C. O'Reilly



INVESTMENT ▼


In the past, this investment has shown a wide range ofprice fluctuations relative to other investments. Thisinvestment may experience significant price increases infavorable markets or undergo large price declines inadverse markets. Some of this risk may be offset by owningother investments that follow different investmentstrategies.



Annual Performance


DESCRIPTION/OBJECTIVEThe investment seeks to track the performance of a benchmark index that measures the investment return of small-capitalization value stocks. The fund employs an indexing investment approach designed to track the performance of the CRSP US Small Cap Value Index, a broadly diversified index of value stocks of small U.S. companies. The advisor attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.




WellCare Health Plans Inc ...........................................0.72% IDEX Corp ....................................................................0.57% Leidos Holdings Inc .....................................................0.52% NRG Energy Inc ............................................................0.51% Atmos Energy Corp ......................................................0.50%


Financial Services ..................................................... 19.92% Industrials ................................................................. 16.69% Consumer Cyclical ..................................................... 12.40% Real Estate ................................................................ 11.81% Technology ................................................................ 10.04%









Morningstar RatingTM ★★★★ ★★★★★ ★★★★







T. Rowe Price New Horizons I A Mutual Fund


1001675

Key Facts INVESTMENT ADVISOR: T. Rowe Price Associates, Inc.FUND CATEGORY: Small GrowthINDEX: Russell 2000 Growth TR USD® NET ASSETS: $5,847.3 MillionINCEPTION DATE: 8/28/2015TICKER SYMBOL: PRJIXGROSS EXPENSE RATIO: 0.65% of Fund AssetsOVERALL MORNINGSTAR RATINGTM: ★★★★★ OVERALL # OF FUNDS IN MORNINGSTAR CATEGORY: 606 PORTFOLIO MANAGER(S): Henry M. Ellenbogen



INVESTMENT ▼





Annual Performance


DESCRIPTION/OBJECTIVEThe investment seeks long-term capital growth. The fund invests primarily in a diversified group of small, emerging growth companies, preferably early in their corporate life cycle before the companies become widely recognized by the investment community. It may also invest in companies that offer the possibility of accelerating earnings growth because of rejuvenated management, new products, or structural changes in the economy.




Vail Resorts Inc ............................................................3.51% TransUnion ..................................................................2.28% Burlington Stores Inc ...................................................2.11% Black Knight Inc A .......................................................2.06% Bright Horizons Family Solutions Inc ...........................1.98%


Technology ................................................................ 26.30% Industrials ................................................................. 19.65% Healthcare ................................................................ 19.05% Consumer Cyclical ..................................................... 12.72% Financial Services ....................................................... 6.69%



US Stocks 81.16%Non-US Stocks 11.73%Cash 6.88%Other 0.23%













American Funds Europacific Growth R6 A Mutual Fund


1002175


Management CompanyFUND CATEGORY: Foreign Large GrowthINDEX: MSCI ACWI Ex USA Growth NR USD®NET ASSETS: $68,057.6 MillionINCEPTION DATE: 5/1/2009TICKER SYMBOL: RERGX


OVERALL MORNINGSTAR RATINGTM: ★★★★ OVERALL # OF FUNDS IN MORNINGSTAR CATEGORY: 347PORTFOLIO MANAGER(S): Jonathan Knowles; Sung

Lee; Nicholas J. Grace;Jesper Lyckeus;

Christopher M. Thomsen



INVESTMENT ▼



Annual Performance

Mutual Fund* Index 2017 31.17% 32.01%2016 1.01% 0.12%2015 -0.48% -1.25%2014 -2.29% -2.65%2013 20.58% 15.49%

DESCRIPTION/OBJECTIVEThe investment seeks long-term growth of capital. The fund invests primarily in common stocks of issuers in Europe and the Pacific Basin that the investment adviser believes have the potential for growth. Growth stocks are stocks that the investment adviser believes have the potential for above-average capital appreciation. It normally will invest at least 80% of its net assets in securities of issuers in Europe and the Pacific Basin. The fund may invest a portion of its assets in common stocks and other securities of companies in emerging markets.


Investing in foreign securities presents certain unique risks not associated with domestic investments, such as currency fluctuation and political and economic changes. This may result in greater share price volatility.


AIA Group Ltd ..............................................................2.64% Airbus SE .....................................................................2.45% Samsung Electronics Co Ltd ........................................2.31% HDFC Bank Ltd .............................................................2.17% Nintendo Co Ltd ...........................................................2.07%

Top Five Countries As of 06/30/2018

Japan ........................................................................ 14.12% United Kingdom ........................................................ 12.19% India ............................................................................ 8.27% China ........................................................................... 7.84% South Korea ................................................................ 5.65%

Holdings and Country allocations are ranked as a percentage of net assets and subject to change without notice.


Non-US Stocks 88.14%Cash 8.64%US Stocks 2.29%US Bonds 0.7%Preferred 0.14%Non-US Bonds 0.06%Other 0.03%





QTD YTD 1 Year 3 Year 5 Year 10 Year Since InceptionMutual Fund* -0.84 -2.65 1.47 9.93 6.20 6.83 NA Index -0.26 -2.54 3.08 10.59 5.32 5.83 ---

Morningstar RatingTM ★★★ ★★★★ ★★★★



Performance: The performance quoted represents past performance. Performance displayed for periods beginningearlier than the “Inception Date” noted in the “Key Facts” section is based on the historical returns of the oldest shareclass of the fund, adjusted to reflect the fees and expenses of this share class. “Since Inception” performance whenshown is based on the actual performance of this share class. The investment value and return will fluctuate so thatan investment, when redeemed, may be worth more or less than original cost. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted. For performance datacurrent to the most recent month end, please call 1-877-778-2100. These performance results represent the change in net asset value of an investment over a stated period, assuming the reinvestment of dividends and capital gaindistributions. Market Timing: Frequent exchanging of investment options may harm long-term investors. Your plan and/or the fund have policiesto detect and deter exchanges that may be abusive. Those policies may require us to modify or suspend purchase or exchangeprivileges. Prospectus: Investors should consider the fund’s investment objectives, risks, charges and expenses beforeinvesting. The prospectus, and if available the summary prospectus, contain complete information about theinvestment options available through your plan. Please call 1-877-778-2100 for a free prospectus and if available, asummary prospectus that contain this and other information about the mutual funds. You should read the prospectusand the summary prospectus, if available, carefully before investing. It is possible to lose money when investing insecurities.


Oppenheimer Developing Markets I A Mutual Fund


1002175

Key Facts INVESTMENT ADVISOR: OFI Global Asset Management,

Inc.FUND CATEGORY: Diversified Emerging MktsINDEX: MSCI EM NR USD® NET ASSETS: $14,123.1 MillionINCEPTION DATE: 12/29/2011TICKER SYMBOL: ODVIXGROSS EXPENSE RATIO: 0.88% of Fund AssetsOVERALL MORNINGSTAR RATINGTM: ★★★★ OVERALL # OF FUNDS IN MORNINGSTAR CATEGORY: 708 PORTFOLIO MANAGER(S): Justin M. Leverenz CFA



INVESTMENT ▼



Annual Performance

Mutual Fund* Index 2017 35.33% 37.28%2016 7.38% 11.19%2015 -13.67% -14.92%2014 -4.39% -2.19%2013 8.85% -2.60%

DESCRIPTION/OBJECTIVEThe investment seeks capital appreciation. The fund mainly invests in common stocks of issuers in developing and emerging markets throughout the world and at times it may invest up to 100% of its total assets in foreign securities. Under normal market conditions, it will invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities of issuers whose principal activities are in a developing market, i.e. are in a developing market or are economically tied to a developing market country. The fund will invest in at least three developing markets.


Investing in emerging markets is generally riskier than investing in foreign securities. Emerging market countries may have unstable governments and/or economies that are subject to sudden change. These changes may be magnified by the countries' emergent financial markets, resulting in significant volatility to investments in these countries. These countries may also lack the legal, business and social framework to support securities markets.


Taiwan Semiconductor Manufacturing Co Lt ..............6.12% Alibaba Group Holding Ltd ADR ..................................5.49% Tencent Holdings Ltd ...................................................4.79% NOVATEK PJSC GDR ...................................................4.10% Master China Series 1 .................................................3.55%

Top Five Countries As of 08/31/2018

China ......................................................................... 20.74% India .......................................................................... 11.32% South Korea ................................................................ 9.42% Russia ......................................................................... 7.75% Taiwan ........................................................................ 6.62%

Holdings and Country allocations are ranked as a percentage of net assets and subject to change without notice.


Non-US Stocks 91.36%Other 3.88%Cash 2.13%Preferred 1.5%US Stocks 1.13%





QTD YTD 1 Year 3 Year 5 Year 10 Year Since InceptionMutual Fund* -3.30 -4.36 0.55 13.32 3.54 7.50 NA Index -1.09 -7.68 -0.81 12.36 3.61 5.40 ---

Morningstar RatingTM ★★★★★ ★★★★ ★★★★★







JPMorgan Core Plus Bond R6 A Mutual Fund


1001190

Key Facts INVESTMENT ADVISOR: J.P. Morgan Investment

Management, Inc.FUND CATEGORY: Intermediate-Term BondINDEX: BBgBarc US Agg Bond TR USD®NET ASSETS: $10,446.5 MillionINCEPTION DATE: 2/22/2005TICKER SYMBOL: JCPUX


OVERALL MORNINGSTAR RATINGTM: ★★★★★ OVERALL # OF FUNDS IN MORNINGSTAR CATEGORY: 902PORTFOLIO MANAGER(S): Richard D. Figuly; J.

Andrew Norelli; StevenS. Lear CFA



INVESTMENT ▼




The vertical axis represents the Fund's average credit quality as measured by Standard & Poor’s® rating service. High >= AA Medium <AA and >=BBB Low <BBB The horizontal axis represents the Fund's sensitivity to interest rates as measured by the average effective duration: Ltd <=3.5 Yrs Mod > 3.5 Yrs and <=6 Yrs Ext > 6 Yrs

Annual Performance

Mutual Fund* Index 2017 4.32% 3.54%2016 4.25% 2.65%2015 0.35% 0.55%2014 6.39% 5.97%2013 0.42% -2.02%

DESCRIPTION/OBJECTIVEThe investment seeks a high level of current income by investing primarily in a diversified portfolio of high-, medium- and low-grade debt securities. The fund will normally invest at least 80% of its net assets plus the amount of borrowings for investment purposes in bonds. Under normal conditions, at least 65% of the fund's total assets must be invested in securities that, at the time of purchase, are rated investment grade. It may invest up to 35% of its net assets in foreign securities, including securities denominated in foreign currencies. The fund's average weighted maturity will ordinarily range between five and twenty years.


Fixed income investment (bond) funds are subject to interest rate risk; their value will decline as interest rates rise. Fund shares are not guaranteed by the U.S. Government.


United States Treasury Notes 1.75% ..........................2.84% United States Treasury Notes 1.75% ..........................2.10% Federal National Mortgage Association 4. .................1.70% United States Treasury Notes 2.62% ..........................1.48% United States Treasury Bonds 3% ..............................1.10%


Securitized ................................................................ 45.55% US Corporate ............................................................. 26.59% Government .............................................................. 20.84% Cash (%of FI assets) ................................................... 6.91% Municipal .................................................................... 0.10%


Quality Distribution As of 08/31/2018

AAA 52.8%A 13.01%BBB 9%BB 8.5%Not Rated 7.93%AA 5.48%B 2.43%Below B 0.85%


Mutual Fund Index Effective Duration (Yrs) 6.03 NA Average Maturity (Yrs) 7.98 NA Number of Holdings - Long 3202 NA Portfolio Turnover (%) NA NA



QTD YTD 1 Year 3 Year 5 Year 10 Year Since InceptionMutual Fund* 0.17 -1.18 -0.70 2.17 2.95 5.35 NA Index 0.02 -1.60 -1.22 1.31 2.16 3.77 ---

Morningstar RatingTM ★★★★ ★★★★ ★★★★★



Performance: The performance quoted represents past performance. The investment value and return will fluctuateso that an investment, when redeemed, may be worth more or less than original cost. Past performance does notguarantee future results. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1-877-778-2100. These performance results represent thechange in net asset value of an investment over a stated period, assuming the reinvestment of dividends and capitalgain distributions. Market Timing: Frequent exchanging of investment options may harm long-term investors. Your plan and/or the fund have policiesto detect and deter exchanges that may be abusive. Those policies may require us to modify or suspend purchase or exchangeprivileges.




Gabelli Small Cap Growth I A Mutual Fund


1001675

Key Facts INVESTMENT ADVISOR: Gabelli Funds LLCFUND CATEGORY: Small BlendINDEX: Russell 2000 TR USD® NET ASSETS: $1,624.5 MillionINCEPTION DATE: 1/11/2008TICKER SYMBOL: GACIXGROSS EXPENSE RATIO: 1.13% of Fund AssetsOVERALL MORNINGSTAR RATINGTM: ★★★★ OVERALL # OF FUNDS IN MORNINGSTAR CATEGORY: 652 PORTFOLIO MANAGER(S): Mario J. Gabelli CFA



INVESTMENT ▼





Annual Performance


DESCRIPTION/OBJECTIVEThe investment seeks to provide a high level of capital appreciation. The fund invests at least 80% of its net assets in equity securities of companies that are considered to be small companies at the time the fund makes its investment. It invests primarily in the common stocks of companies which the Adviser believes are likely to have rapid growth in revenues and above average rates of earnings growth. The Adviser currently characterizes small capitalization companies for the fund as those with total common stock market values of $3 billion or less at the time of investment.




Kikkoman Corp .............................................................1.67% Kaman Corp Class A ....................................................1.61% Navistar International Corp .........................................1.42% PNM Resources Inc .....................................................1.28% Tyler Technologies Inc .................................................1.28%


Industrials ................................................................. 28.51% Consumer Cyclical ..................................................... 25.10% Consumer Defensive ................................................. 11.03% Basic Materials ........................................................... 6.49% Healthcare .................................................................. 6.35%



US Stocks 85.57%Non-US Stocks 12.46%Cash 1.79%Preferred 0.11%US Bonds 0.06%Other 0.01%






Morningstar RatingTM ★★★ ★★★ ★★★★★



Performance: The performance quoted represents past performance. The investment value and return will fluctuateso that an investment, when redeemed, may be worth more or less than original cost. Past performance does notguarantee future results. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1-877-778-2100. These performance results represent thechange in net asset value of an investment over a stated period, assuming the reinvestment of dividends and capitalgain distributions. Market Timing: Frequent exchanging of investment options may harm long-term investors. Your plan and/or the fund have policiesto detect and deter exchanges that may be abusive. Those policies may require us to modify or suspend purchase or exchangeprivileges.




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Documents

PRUDENTIAL RETIREMENT! · 2018-12-13 · PRUDENTIAL RETIREMENT! As you may know, we have chosen to transfer recordkeeping of the Charles County Board of Education 403(b) Plan to Prudential