Summary

• The PGIM Target Date Fund returns hovered around 0%, ranging from -0.9% to 1.1%.
• Higher equity exposure and lower commodities exposure weighed more on the performance of the longer-dated PGIM Target Date Funds as large-cap U.S. stocks underperformed bonds and commodities outperformed both stocks and bonds.
• The PGIM Target Date Funds had very strong results relative to their respective custom benchmarks in the first quarter, with all funds in the series outperforming.
• The landscape shifted dramatically when conflict broke out in the Middle East on February 28, causing an oil supply shock and increased volatility across markets.
• The Bloomberg Commodity Total Return Index increased by over 24% in the first quarter of 2026, building on gains from 2025.

PGIM Target Date Funds Overview

The PGIM Target Date Funds combine PGIM's asset management capabilities, insights into participant behavior, and Prudential's leadership in pension risk transfer. Together, these provide us with a unique vantage point to assess the retirement