Prudential Jennison Value Fund Expiration: 7/31/2016 For financial professional use only. Not for use with the public.

SECTOR ALLOCATIONS AS OF MARCH 31, 2016 Sector allocation is subject to change. See Important Information for index definition. Prudential Investments, A PGIM Business For financial professional use only. Not for use with the public.

LARGEST EQUITY HOLDINGS AS OF MARCH 31, 2016 Top 10 Holdings% of Fund Wells Fargo3.4 JPMorgan Chase3.3 PG&E2.7 First Energy2.4 Citigroup2.4 Bank of America2.4 Pfizer2.4 Microsoft2.3 Alphabet2.1 Merck2.1 % in top 10 holdings (out of 61)25.5% Holdings are subject to change. For informational purposes only and not intended as a solicitation or recommendation to purchase or sell any security. Prudential Investments, A PGIM Business For financial professional use only. Not for use with the public.

SECTOR ATTRIBUTION 1Q16 (12/31/15–3/31/16) Past performance does not guarantee future results. An investment cannot be made directly in an index. See Important Information for index and term definitions. Sector AttributionPrudential Jennison Value Fund Russell 1000 ® Value Index VariationAttribution Analysis Economic Sector Average Weight Total Return Contribution to Return Average Weight Total Return Contribution to Return Average Weight Total Return Contribution to Return Allocation Effect Selection Effect Total Effect Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Telecommunication Services Utilities Cash Unassigned -- Total Prudential Investments, A PGIM Business For financial professional use only. Not for use with the public.

 The Prudential Jennison Value Fund underperformed but we remain positive on our positioning since our companies are performing as we expected from a business fundamental perspective.  The financials sector was the largest source of relative weakness due to stock selection. Concerns about a slowdown in the U.S. economy putting future Fed rate hikes on hold, as well as the potential for higher credit losses (both due to weakness in oil markets and global economic outlook) weighed on the shares of most large banks. Several of these banks are among our largest holdings due to their extremely attractive valuations.  Positions in health care and industrials were also disappointing in aggregate.  The consumer discretionary sector was the largest source of relative gain.  We remain committed to our investment process and believe a long-term perspective is needed to navigate this market volatility.  With the vast majority of our companies meeting or exceeding expectations in their business performance, we strongly believe that our portfolio consists of companies whose valuations do not reflect their true long-term intrinsic value. PERFORMANCE SUMMARY AS OF MARCH 31, 2016 The views expressed herein are those of Jennison Associates LLC investment professionals at the time the comments were made, may not be reflective of their current opinions, and are subject to change without notice. Neither the information contained herein nor any opinion expressed shall be construed to constitute investment advice or an offer to sell or a solicitation to buy any securities mentioned herein. Jennison Associates is a registered investment advisor. Both are Prudential Financial companies. Prudential Investments, A PGIM Business For financial professional use only. Not for use with the public.

FUND PERFORMANCE AS OF MARCH 31, 2016 Past performance is no guarantee of future results, and current performance may be lower or higher than the past performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. For the most recent month-end performance update, visit our website at prudentialfunds.com. Maximum sales charge: Class A, 5.50%. Class R and Z do not carry a sales charge. Gross operating expenses: Class A, 1.06%; Class R, 1.51%; Class Z, 0.76%. Net operating expenses apply to: Class R, 1.26%, after contractual reduction through 12/31/2016.prudentialfunds.com 1 Since inception returns for the Russell 1000 Value Index, Morningstar category average and Lipper category average reflect the closest available date to the Fund’s inception date of 01/22/1990. Total return describes the return to the investor after net operating expense but before any sales charges are imposed. SEC standardized return describes the return to the investor after net operating expense and maximum sales charges are imposed. All returns assume share price changes as well as the compounding effect of reinvested dividends and capital gains. Returns may reflect fee waivers and/or expense reimbursements. Without such, returns would be lower. Performance by share class may vary. See Important Information for index and average definitions. Only eligible investors, including various institutional investors and investors in certain mutual fund wrap or asset allocation programs, may purchase Class Z shares. See the prospectus for eligibility requirements. Performance as of 3/31/16YTD1-year3-year5-year10-yearS.I. 1 S.I. date Total return (without sales charges) Prudential Jennison Value Fund A /22/1990 Prudential Jennison Value Fund R /03/2005 Prudential Jennison Value Fund Z /01/1996 Russell 1000 Value Index /31/1990 Lipper Large Cap Value Funds Average /31/1990 Morningstar Large Value Average N/A SEC standardized return (with sales charges) Prudential Jennison Value Fund A N/A /22/1990 Prudential Jennison Value Fund R N/A /03/2005 Prudential Jennison Value Fund Z N/A /01/1996 Prudential Investments, A PGIM Business For financial professional use only. Not for use with the public.

PORTFOLIO STATISTICS AS OF MARCH 31, 2016 Fund nameAlphaBetaR-SquaredInformation Ratio 3-year5-year3-year5-year3-year5-year3-year5-year Prudential Jennison Value Z Russell 1000 Value Index Fund nameStd DeviationSharpe RatioUp/Down Market Capture Ratio 3-year5-year3-year5-year 3-year up 3-year down 5-year up 5-year down Prudential Jennison Value Z Russell 1000 Value Index Alpha: A measure of a fund’s risk-adjusted return. Alpha can be used to directly measure the value added or subtracted by a fund’s manager. It is calculated by measuring the difference between a fund’s actual returns and its expected performance given its level of market risk as measured by beta. Beta: A measure of a stock or fund’s volatility relative to a chosen market benchmark. Information Ratio: The Information Ratio is determined by taking the annualized excess return over a benchmark (style benchmark by default) and dividing it by the standard deviation of excess return. R-Squared: A measure of how much of a portfolio’s performance can be explained by the returns from the overall market (or a benchmark index). Sharpe Ratio: This statistic measures the quality of the returns for an investment on a risk-adjusted basis over a given period. It is defined as the excess returns of an investment divided by the standard deviation of returns. Standard Deviation: This statistic measures the volatility of a stream of data compared to its average value. Up/Down Market Capture: Up/Down Market Capture shows what portion of market performance was captured by the manager in up and down markets. Source: Morningstar, MPI Stylus as of 3/31/2016. See Important Information page for index definitions. Prudential Investments, A PGIM Business For financial professional use only. Not for use with the public.

The Fund may invest in foreign securities, which are subject to currency fluctuation and political uncertainty; short sales, which involve costs and the risks of potentially unlimited losses; and derivative securities, which may carry market, credit, and liquidity risks. These risks may result in greater share price volatility. There is no guarantee the Fund’s objective will be achieved. The Russell 1000 Value Index is an index which measures the performance of the Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. The Lipper Multi-Cap Core is an average of funds that invest in a variety of market capitalizations without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Morningstar Large-Blend portfolios are fairly representative of the overall U.S. stock market in size, growth rates, and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large-cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad market exposure, these portfolios’ returns are often similar to the S&P 500 Index. The index and averages are all unmanaged. Investors cannot invest directly in an index or an average. IMPORTANT INFORMATION Prudential Investments, A PGIM Business For financial professional use only. Not for use with the public.

Allocation Effect is the portion of portfolio excess return attributed to taking different group bets from the benchmark. (If either the portfolio or the benchmark has no position in a given group, allocation effect is the lone effect.) A group’s allocation effect equals the weight of the portfolio’s group minus the weight of the benchmark’s group times the total return of the benchmark minus the total return of the benchmark in aggregate. Selection Effect is the portion of portfolio excess return attributable to choosing different securities within groups from the benchmark. A group’s selection effect equals the weight of the benchmark’s group multiplied by the total return of the portfolio’s group minus the total return of the benchmark’s group. Total Effect is the sum of allocation and selection effect. The total effect represents the opportunity cost of your investment decisions in a group relative to the overall benchmark. IMPORTANT INFORMATION Prudential Investments, A PGIM Business For financial professional use only. Not for use with the public.