PGIM Investments LLC 655 Broad Street—17th Floor Newark, New Jersey 07102
PGIM Investments LLC
000 Xxxxx Xxxxxx—00xx Xxxxx
Xxxxxx, Xxx Xxxxxx 00000
August 1, 2017
The Board of Trustees
The Target Portfolio Trust
000 Xxxxx Xxxxxx—00xx Xxxxx
Xxxxxx, Xxx Xxxxxx 00000
Re: Prudential QMA Small-Cap Value Fund
To the Board of Trustees:
PGIM Investments has entered into an agreement that will waive fees in an amount up to .01% of the Fund’s average daily net assets through November 30, 2018, to the extent that the Fund’s net annual operating expenses and acquired fund fees and expenses (exclusive of taxes, interest, distribution and service (12b-1) fees and certain extraordinary expenses) exceed .68% of the Fund’s average daily net assets on an annualized basis.
Very truly yours,
PGIM INVESTMENTS LLC
By: /s/Xxxxx X. Xxxxxxxx
Name: Xxxxx X. Xxxxxxxx
Title: Executive Vice President
