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Shares)1 Annual Total Returns (Class R6 Shares)1 Annual Total Returns (Class R6 Shares)1 2026-07-31 0001090155 false 485BPOS 0.2216 -0.0906 0.2444 0.1175 0.1978 -0.1525 0.1854 0.1379 0.1963 0.0849 -0.0305 0.1363 0.0838 0.0942 -0.1162 0.0903 0.0672 0.1052 0.2034 -0.0808 0.2380 0.1159 0.1908 -0.1490 0.1723 0.1279 0.1769 0.2057 -0.0837 0.2411 0.1159 0.1952 -0.1514 0.1824 0.1347 0.1867 0.0952 0.1753 -0.0699 0.3134 0.1401 0.2474 -0.1035 0.0868 0.1746 0.1879 0.1594 -0.0564 0.1991 0.0996 0.1481 -0.1303 0.1264 0.0943 0.1271 0.1934 -0.0739 0.2288 0.1102 0.1818 -0.1434 0.1613 0.1229 0.1639 0.1771 -0.0694 0.2187 0.1105 0.1695 -0.1406 0.1473 0.1108 0.1462 0.1293 -0.0455 0.1681 0.0929 0.1282 -0.1227 0.1120 0.0840 0.1189 0.2011 -0.0409 0.2225 0.1069 0.1637 -0.1564 0.1893 0.1620 0.1358 0.0733 0.2294 -0.0135 0.3024 0.4239 0.2262 -0.3289 0.4604 0.3050 0.1767 0.1184 0.2017 -0.1525 0.1853 0.1439 0.2015 0.1070 -0.0396 0.1585 0.0890 0.1158 -0.1194 0.1021 0.0758 0.1123 0.2157 -0.0933 0.2490 0.1181 0.1997 -0.1529 0.1878 0.1368 0.1992 N-1A Prudential Investment Portfolios 5 2026-09-29 <span style="color:#545454;font-family:Arial;font-size:13.58pt;">SUMMARY: PGIM TARGET DATE INCOME FUND</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The investment objective of the Fund is to seek a balance between growth and conservation of capital.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">FUND FEES AND EXPENSES</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The tables below describe the sales charges, fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 15 0 0 15 0 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0050 0.0025 0.0010 0 0 0 0.0280 0.0428 0.0130 0.0676 0.0112 0.0061 0.0010 0.0010 0.0010 0.0010 0 0 0.0270 0.0418 0.0120 0.0666 0.0112 0.0061 0.0032 0.0032 0.0032 0.0032 0.0032 0.0032 0.0362 0.0485 0.0172 0.0708 0.0144 0.0093 -0.0262 -0.0410 -0.0112 -0.0658 -0.0104 -0.0068 0.0100 0.0075 0.0060 0.0050 0.0040 0.0025 <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Example. </span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following hypothetical example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year, that the Fund's operating expenses remain the same and that all dividends and distributions are reinvested. Your actual costs may be higher or lower.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">If Shares Are Redeemed</span> 102 318 552 1225 77 240 417 930 61 192 335 750 51 160 280 628 41 128 224 505 26 80 141 318 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">If Shares Are Not Redeemed</span> 102 318 552 1225 77 240 417 930 61 192 335 750 51 160 280 628 41 128 224 505 26 80 141 318 <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Portfolio Turnover. </span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.70pt;">67</span><span style="font-family:Arial;font-size:9.70pt;">% of the average value of its portfolio.</span> 0.67 <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">INVESTMENTS, RISKS AND PERFORMANCE</span><span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Principal Investment Strategies. </span> <span style="font-family:Arial;font-size:9.70pt;">The Fund is intended for retired investors who seek income from fixed income investments with some capital appreciation from equities.</span><span style="font-family:Arial;font-size:9.70pt;">The Fund pursues its objective by investing in a diversified portfolio of other mutual funds and exchange-traded funds (“ETFs”) within the PGIM fund family (collectively, the “Underlying Funds”) that represent various asset classes and sectors. The Fund will invest in Underlying Funds that provide exposure to equity, fixed income and non-traditional asset classes.</span><span style="font-family:Arial;font-size:9.70pt;"> The investments held by Underlying Funds </span><span style="font-family:Arial;font-size:9.70pt;">that provide exposure to equities may include U.S. large-cap equity, mid-cap equity and small-cap equity, as well as international developed markets equity, emerging markets equity and other non-U.S. securities. Underlying Funds that provide exposure to fixed income may invest primarily in bonds, including below investment grade bonds, commonly known as “junk bonds.” Underlying Funds may gain exposure to non-traditional asset classes through investments in equity securities and related derivatives of issuers that are primarily engaged in or related to the real estate industry, real estate investment trusts (“REITs”), commodity-related instruments and derivative securities or instruments, such as options and futures, the value of which is derived from another security, a commodity, a currency or an index. </span><span style="font-family:Arial;font-size:9.70pt;">Approximately 65% of the Fund’s assets will be allocated to Underlying Funds that provide exposure to fixed income investments, with the remainder invested in Underlying Funds that provide exposure to equity and equity-related securities and non-traditional asset classes (including U.S. and non-U.S. equities, commodities and real estate). The Fund is typically rebalanced periodically (typically monthly) to maintain the asset allocations with respect to the Underlying Funds in which the Fund is invested. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The subadviser will review the Fund’s asset allocations to the Underlying Funds annually to determine, in its discretion, whether the allocations remain suitable to meet the Fund’s investment objective. Based on such reviews, the subadviser may make changes to the Fund’s asset allocations as it deems appropriate to meet the Fund’s investment objective in light of market and economic conditions and such other factors as it deems relevant. There is no assurance that the Fund’s objective will be achieved or that the Fund will provide adequate income through the investor’s retirement. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The information in the table below represents the strategic allocations for the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;line-height:12.61pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The Fund’s actual allocations may differ from those shown in the table below by plus or minus 5%.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Fund Name</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Equity and Non-Traditional</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Fixed Income</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">PGIM Target Date Income Fund</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">35%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">65%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The Fund shall maintain not less than the minimum total allocation to fixed income investments and such other constraints, if any, as may be required for it to be considered a Qualified Default Investment Alternative as defined under the Employee Retirement Income Security Act of 1974 (“ERISA”) and determined by the U.S. Department of Labor.</span> <span style="font-family:Arial;font-size:9.70pt;">The Fund is intended for retired investors who seek income from fixed income investments with some capital appreciation from equities.</span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pursues its objective by investing in a diversified portfolio of other mutual funds and exchange-traded funds (“ETFs”) within the PGIM fund family (collectively, the “Underlying Funds”) that represent various asset classes and sectors. The Fund will invest in Underlying Funds that provide exposure to equity, fixed income and non-traditional asset classes.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">An investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; and is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Target Date/ Income Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The Fund does not provide a guarantee that sufficient capital appreciation will be achieved to provide adequate income at and through retirement. The Fund does not assure an investor that the assets in the Fund will provide income in amounts adequate to meet the investor’s retirement or financial goals. For investors who are in retirement, the Fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Affiliated Funds Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The Fund’s Manager serves as manager of the Underlying Funds. In addition, the Fund may invest in certain Underlying Funds for which affiliates of the Manager and subadviser serve as subadvisers. It is possible that a conflict of interest among the Fund and the Underlying Funds could affect how the Manager and subadviser fulfill their fiduciary duties to the Fund and the Underlying Funds. For example, the subadviser may have an incentive to allocate the Fund’s assets to those Underlying Funds for which the fees paid to the Manager or affiliated subadvisers are higher than the fees paid by other Underlying Funds for which the Manager or affiliated subadviser serve. However, the Fund has adopted procedures to mitigate these concerns.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Asset Allocation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. The Fund’s risks will directly correspond to the risks of the Underlying Funds in which it invests. By investing in many Underlying Funds, the Fund has partial exposure to the risks of many different areas in the market, and the Fund’s overall level of risk should decline over time. However, the selection of the Underlying Funds and the allocation of the Fund’s assets among the various asset classes and market sectors could cause the Fund to underperform other funds with a similar investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Asset Class Variation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. The Underlying Funds invest principally in the securities constituting their asset class (i.e., equity, non-traditional and fixed income). However, under normal market conditions, an Underlying Fund may vary the percentage of assets in these securities (subject to any applicable regulatory requirements). Depending on the percentage of securities in a particular asset class held by the Underlying Funds at any given time and the percentage of the Fund's assets invested in various Underlying Funds, the Fund's actual exposure to the securities in a particular asset class may vary substantially from the allocation to that asset class. There is a risk that the Manager's evaluations and assumptions regarding asset classes or Underlying Funds may be incorrect in view of actual market conditions.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Additionally, the securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Derivatives Risk.</span><span style="font-family:Arial;font-size:9.70pt;"> Derivatives involve special risks and costs and may result in losses to the Underlying Funds. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, will depend on the ability to analyze and manage derivatives transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” or may create economic leverage for the Underlying Funds and therefore may magnify or otherwise increase investment losses to the Underlying Funds. The Underlying Funds’ use of derivatives may also increase the amount of taxes payable by shareholders. </span><span style="font-family:Arial;font-size:9.70pt;">Appropriate derivatives may not be available in all circumstances for risk management or other purposes for which the Fund seeks to use them. Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid market may not always exist for the Underlying Funds’ derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Underlying Funds. The use of derivatives also exposes the Underlying Funds to operational issues, such as documentation and settlement issues, systems failures, inadequate control and human error. </span><span style="font-family:Arial;font-size:9.70pt;">Derivatives may also involve legal risks, such as insufficient documentation, the lack of capacity or authority of a counterparty to execute or settle a transaction, and the legality and enforceability of derivatives contracts. The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. Regulation of derivatives can make derivatives more costly, limit their availability or utility to the Underlying Funds, or otherwise adversely affect their performance or disrupt markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Economic and Market Events Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Equity and Equity-Related Securities Risks.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. In addition to an individual security losing value, the value of the equity markets or a sector in which an Underlying Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Exchange-Traded Funds (“ETFs”) Risk.</span><span style="font-family:Arial;font-size:9.70pt;"> Investing in securities issued by ETFs involves risks similar to those of investing directly in the securities and other assets held by the ETF. Unlike shares of typical mutual funds, shares of ETFs are generally traded on an exchange throughout a trading day and bought and sold based on market values and not at net asset value. For this reason, shares could trade at either a premium or discount to net asset value, which may be substantial during periods of market stress. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. In addition, the Fund will indirectly bear its pro rata share of the fees and expenses incurred by an ETF (including ETFs managed by the Manager or the subadviser(s)) in which it invests, including advisory fees (to the extent not offset by the Manager through waivers). These expenses are in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fixed Income Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> As with credit risk, market risk and interest rate risk, an Underlying Fund's holdings, share price, yield and total return may fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer’s goods and services. Certain types of fixed income obligations also may be subject to call and redemption risk, which is the risk that the issuer may call a bond held by an Underlying Fund for redemption before it matures and the Underlying Fund may lose income.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fund of Funds Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The value of an investment in the Fund will be related, to a substantial degree, to the investment performance of the Underlying Funds in which it invests. Therefore, the principal risks of investing in the Fund are closely related to the principal risks associated with these Underlying Funds and their investments. Because the Fund’s allocation among different Underlying Funds and direct investments in securities and derivatives will vary, an investment in the Fund may be subject to any and all of these risks at different times and to different degrees. Investing in an Underlying Fund will also expose the Fund to a pro rata portion of the Underlying Fund’s fees and expenses. In addition, one Underlying Fund may buy the same securities that another Underlying Fund sells. Therefore, the Fund would indirectly bear the costs of these trades without accomplishing the investment purpose.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fund Rebalancing Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. Underlying Funds may experience relatively large redemptions or investments due to a rebalancing of the Fund's allocations. In such event, an Underlying Fund may be required to sell securities or to invest cash at a time when it is not advantageous to do so. Rebalancing may increase brokerage and/or other transaction costs of an Underlying Fund, increase the Underlying Fund's expenses or result in the Underlying Fund's becoming too small to be economically viable. Rebalancing may also adversely affect an Underlying Fund's performance and thus the Fund's performance. The impact of rebalancing is likely to be greater when the Fund purchases, redeems or invests in a substantial portion of an Underlying Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The subadviser will seek to cooperate with the subadvisers of the Underlying Funds to minimize any adverse impact on the Underlying Funds. The subadvisers of the Underlying Funds may take such actions as they deem appropriate to minimize such adverse impact, considering the potential benefits of such investments to the Underlying Funds and consistent with their obligations to the Underlying Funds. Such actions may delay the rebalancing of the Fund's investments in the event of significant market or other events that may require more rapid action.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Increase in Expenses Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Underlying Fund securities can increase expenses.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Index Tracking Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> While certain Underlying Funds generally seek to track the performance of an index as closely as possible (i.e., achieve a high degree of correlation with an index), the return may not match or achieve a high degree of correlation with the return of the index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. If an index fund is properly correlated to its stated index, the fund will perform poorly when the index performs poorly.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. Similarly, a rise in interest rates may also have a greater negative impact on the value of equity securities whose issuers expect earnings further out in the future. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">“duration risk.”</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;line-height:12.61pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and an Underlying Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">prepayment risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.” In addition, if an Underlying Fund purchases a fixed income security at a premium (at a price that exceeds its stated par or principal value), the Fund may lose the amount of the premium paid in the event of prepayment. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of an Underlying Fund's holdings may fall sharply. This is referred to as “</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">extension risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.” An Underlying Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by its subadviser.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Under certain market conditions, growth investments have performed better during the later stages of economic expansion and value investments have performed better during periods of economic recovery. Therefore, these investment styles may over time go in and out of favor. At times when an investment style used by an Underlying Fund is out of favor, the Underlying Fund may underperform other funds that use different investment styles.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Large Shareholder and Large Scale Redemption Risk. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Funds’ shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy.  The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> An Underlying Fund may not be able to sell a holding in a timely manner at a desired price. This risk could affect both stock and bond funds in which the Fund invests, but typically represents a greater risk for bond funds. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit an Underlying Fund’s ability to sell a holding at a suitable price.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Management Risk. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser’s judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund’s benchmark and other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Capitalization Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Certain Underlying Funds may invest in stocks of small- and medium-size companies which may present above-average risks. These companies usually offer a smaller range of products and services than larger companies. They may also have limited financial resources and may lack management depth. As a result, the prices of stocks issued by small- and medium-size companies tend to fluctuate more than the stocks of larger, more established companies. In exchange for potentially lower risks of investing in large capitalization companies, such investments may not rise as much in value as the value of investments in smaller-capitalized companies.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Disruption and Geopolitical Risks.</span><span style="font-family:Arial;font-size:9.70pt;"> Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including the U.S. and Israeli military operation against Iran, Russia’s military invasion of Ukraine and the Israel Hamas War), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as the Middle East, South America, Eastern Europe, and Asia, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally). </span><span style="font-family:Arial;font-size:9.70pt;">Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests. The risk of such events has meaningfully increased in recent periods due to heightened international tensions stemming from rivalry among the world’s dominant economic and military</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">powers. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Securities markets may be volatile and the market prices of an Underlying Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by an Underlying Fund fall, the value of the Fund’s investment in the Underlying Fund will decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following bar chart shows the Fund's performance for Class R6 shares for each full calendar year of operations or for the last 10 calendar years, whichever is shorter. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following table shows the Fund's average annual </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">returns and also compares the Fund’s performance with the average annual total returns of an index or other benchmark. The bar chart and table demonstrate the risk of investing in the Fund by showing how returns can change from year to year.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Without the management fee waiver and/or expense reimbursement, if any, the annual total returns would have been lower. Updated Fund performance information, including current net asset value, is available online at </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">www.pgim.com/investments</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following table shows the Fund's average annual </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">returns and also compares the Fund’s performance with the average annual total returns of an index or other benchmark. The bar chart and table demonstrate the risk of investing in the Fund by showing how returns can change from year to year.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">www.pgim.com/investments</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Best Quarter:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Worst Quarter:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">8.64%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;-sec-ix-hidden:fc58cf39-3083-44a5-8de1-2534a5edf339">2nd </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Quarter </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">2020</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">-8.34%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;-sec-ix-hidden:x_8454ed51-6a9a-4286-a7f7-0714c463bda9">1st </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Quarter </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">2020</span><span style="font-family:Arial Narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt;">1</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> The total return of the Fund's Class R6 shares from January 1, 2026 through</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">June 30, 2026</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">5.10%</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Best Quarter:</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Worst Quarter:</span> 0.0864 -0.0834 <span style="font-family:Arial Narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt;">1</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> The total return of the Fund's Class R6 shares from January 1, 2026 through</span> 2026-06-30 0.0510 <span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Average Annual Total Returns % (as of 12-31-25)</span> 0.0972 0.0368 0.0460 2016-12-13 0.0999 0.0395 0.0486 2016-12-13 0.1015 0.0410 0.0502 2016-12-13 0.1026 0.0420 0.0512 2016-12-13 0.1037 0.0431 0.0524 2016-12-13 0.1052 0.0446 0.0540 2016-12-13 0.0846 0.0220 0.0363 2016-12-13 0.0638 0.0252 0.0352 2016-12-13 0.1788 0.1442 0.1524 0.0730 -0.0036 0.0193 0.1166 0.0415 0.0539 0.1046 0.0429 0.0540 <span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">° </span><span style="font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as </span><span style="font-family:Arial Narrow;font-size:8pt;">traditional 401(k) plans or individual retirement accounts.</span><span style="font-family:Arial Narrow;font-size:8pt;"> After-tax returns are shown only for Class R6 shares. After-tax returns for other classes will vary </span><span style="font-family:Arial Narrow;font-size:8pt;">due to differing sales charges and expenses.</span> <span style="font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as </span><span style="font-family:Arial Narrow;font-size:8pt;">traditional 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:8pt;"> After-tax returns are shown only for Class R6 shares. After-tax returns for other classes will vary </span><span style="font-family:Arial Narrow;font-size:8pt;">due to differing sales charges and expenses.</span> <span style="color:#545454;font-family:Arial;font-size:13.58pt;">SUMMARY: PGIM TARGET DATE 2020 FUND</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The investment objective of the Fund is to seek a balance between growth and conservation of capital.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">FUND FEES AND EXPENSES</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The tables below describe the sales charges, fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 15 0 0 15 0 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0050 0.0025 0.0010 0 0 0 0.1728 0.0368 0.0114 0.0729 0.0088 0.0050 0.0010 0.0010 0.0010 0.0010 0 0 0.1718 0.0358 0.0104 0.0719 0.0088 0.0050 0.0032 0.0032 0.0032 0.0032 0.0032 0.0032 0.1810 0.0425 0.0156 0.0761 0.0120 0.0082 -0.1710 -0.0350 -0.0096 -0.0711 -0.0080 -0.0057 0.0100 0.0075 0.0060 0.0050 0.0040 0.0025 <span style="font-family:Arial Narrow;font-size:8pt;">Other expenses have been updated from the most recent annual report to reflect current expenses.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Example. </span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following hypothetical example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year, that the Fund's operating expenses remain the same and that all dividends and distributions are reinvested. Your actual costs may be higher or lower.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">If Shares Are Redeemed</span> 102 318 552 1225 77 240 417 930 61 192 335 750 51 160 280 628 41 128 224 505 26 80 141 318 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">If Shares Are Not Redeemed</span> 102 318 552 1225 77 240 417 930 61 192 335 750 51 160 280 628 41 128 224 505 26 80 141 318 <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Portfolio Turnover. </span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.70pt;">58</span><span style="font-family:Arial;font-size:9.70pt;">% of the average value of its portfolio.</span> 0.58 <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">INVESTMENTS, RISKS AND PERFORMANCE</span><span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Principal Investment Strategies. </span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pursues its objective by investing in a diversified portfolio of other mutual funds and exchange-traded funds (“ETFs”) within the PGIM fund family (collectively, the “Underlying Funds”) that represent various asset classes and sectors. The Fund will invest in Underlying Funds that provide exposure to equity, fixed income and non-traditional asset classes.</span><span style="font-family:Arial;font-size:9.70pt;"> The investments held by Underlying Funds that provide exposure to </span><span style="font-family:Arial;font-size:9.70pt;">equities may include U.S. large-cap equity, mid-cap equity and small-cap equity, as well as international developed markets equity, emerging markets equity and other non-U.S. securities. Underlying Funds that provide exposure to fixed income may invest primarily in bonds, including below investment grade bonds, commonly known as “junk bonds.” Underlying Funds may gain exposure to non-traditional asset classes through investments in equity securities and related derivatives of issuers that are primarily engaged in or related to the real estate industry, real estate investment trusts (“REITs”), commodity-related instruments and derivative securities or instruments, such as options and futures, the value of which is derived from another security, a commodity, a currency or an index. </span><span style="font-family:Arial;font-size:9.70pt;">The Fund is designed for investors who retired in or within a few years of the year 2020 (the “target date”).</span><span style="font-family:Arial;font-size:9.70pt;"> The Fund is </span><span style="font-family:Arial;font-size:9.70pt;">designed to accommodate investors who will either withdraw all of their assets from the Fund upon retirement or who will gradually withdraw assets from the Fund over a moderate time period following retirement. In addition to the retirement date, relevant factors for selection of the Fund may include age, risk tolerance, other investments owned, and planned withdrawals. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The Fund’s allocations among Underlying Funds (and asset classes) will change over time in relation to the Fund’s target date. The Fund’s asset allocations to the Underlying Funds follow a glidepath that becomes more conservative prior to and for approximately 10 years following the target date, by reducing exposure to equity investments and non-traditional asset classes (including non-U.S. equities, commodities and real estate) and increasing exposure to fixed income investments (the “Glidepath”). Accordingly, the Fund’s exposure to equity investments and non-traditional asset classes may continue to decline until approximately 10 years after its target date, when allocations to equity investments and non-traditional asset classes will remain fixed at approximately 35% of the Fund’s assets, with the remainder invested in fixed income investments. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">In this prospectus, we refer to both the “strategic Glidepath” and the “current Glidepath.” The strategic Glidepath reflects the allocations between equity/non-traditional and fixed income assets through time based on long-term investment views and participant demographics. The strategic Glidepath serves as an anchor from which allocations to equity/non-traditional and fixed income may deviate from year to year to reflect intermediate capital market expectations. The current Glidepath reflects such intermediate expectations. The current Glidepath is reviewed annually and deviations are constrained so as to preserve the general risk and return characteristics of the strategic Glidepath. The Fund’s allocations to the broad asset classes (equity/non-traditional and fixed income) as set forth in the </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">current Glidepath are not expected to vary from the Fund’s allocations set forth in the strategic Glidepath by more than plus or minus 5%. Where the term “Glidepath” is used by itself in this prospectus, it applies to both the strategic Glidepath and the current Glidepath. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The subadviser is responsible for asset allocation of the Fund and will monitor the Fund's investments in the Underlying Funds on a regular basis in order to maintain the approximate allocation to each asset class. The Fund is “ratcheted” annually to shift the Fund’s allocation gradually from equity investments toward fixed income investments in accordance with the current Glidepath. In addition, the Fund is rebalanced periodically (typically monthly) to maintain the target asset allocations dictated by the current Glidepath (as then in effect) with respect to the Underlying Funds in which the Fund is invested. </span><span style="font-family:Arial;font-size:9.70pt;">The following chart illustrates the Fund’s strategic Glidepath:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The information in the table below represents the approximate current allocations for the Fund.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Fund Name</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Equity and Non-Traditional</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Fixed Income</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">PGIM Target Date 2020 Fund</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">40.44%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">59.56%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Pursuant to the annual ratcheting described above, this asset class mix may change each year. In addition, the Fund’s subadviser will review the current Glidepath and the Fund’s asset allocations to Underlying Funds annually to determine, in its discretion, whether the then current Glidepath allocations remain suitable to meet the Fund’s investment objective. Based on such reviews, the subadviser may, without prior notification to shareholders, make changes to the current Glidepath and/or the Fund’s asset allocations as it deems appropriate to meet the Fund’s investment objective in light of market and economic conditions and such other factors as it deems relevant. There is no assurance that the Fund’s objective will be achieved. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The Fund shall maintain not less than the minimum total allocation to fixed income investments and such other constraints, if any, as may be required for it to be considered a Qualified Default Investment Alternative as defined under the Employee Retirement Income Security Act of 1974 (“ERISA”) and determined by the U.S. Department of Labor. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">At the time when the Fund’s target allocations match the asset allocations of the PGIM Target Date Income Fund (the “Income Fund”), PGIM Investments expects, subject to approval by the Board of Trustees, to combine the Fund with the Income Fund without shareholder approval, and the Fund’s shareholders will become shareholders of the Income Fund. This is expected to occur approximately ten years following the Fund’s target date. This combination is expected to be tax-free under current law. Shareholders will be provided with additional information at that time.</span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pursues its objective by investing in a diversified portfolio of other mutual funds and exchange-traded funds (“ETFs”) within the PGIM fund family (collectively, the “Underlying Funds”) that represent various asset classes and sectors. The Fund will invest in Underlying Funds that provide exposure to equity, fixed income and non-traditional asset classes.</span> <span style="font-family:Arial;font-size:9.70pt;">The Fund is designed for investors who retired in or within a few years of the year 2020 (the “target date”).</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">An investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; and is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Target Date/ Income Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The Fund may suffer losses near, at or after the target date, and the Fund does not provide a guarantee that sufficient capital appreciation will be achieved to provide adequate income at and through retirement. The Fund does not assure an investor that the assets in the Fund will provide income in amounts adequate to meet the investor’s retirement or financial goals. For investors who are close to or in retirement, the Fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Affiliated Funds Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The Fund’s Manager serves as manager of the Underlying Funds. In addition, the Fund may invest in certain Underlying Funds for which affiliates of the Manager and subadviser serve as subadvisers. It is possible that a conflict of interest among the Fund and the Underlying Funds could affect how the Manager and subadviser fulfill their fiduciary duties to the Fund and the Underlying Funds. For example, the subadviser may have an incentive to allocate the Fund’s assets to those Underlying Funds for which the fees paid to the Manager or affiliated subadvisers are higher than the fees paid by other Underlying Funds for which the Manager or affiliated subadviser serve. However, the Fund has adopted procedures to mitigate these concerns.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Asset Allocation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. The Fund’s risks will directly correspond to the risks of the Underlying Funds in which it invests. By investing in many Underlying Funds, the Fund has partial exposure to the risks of many different areas in the market, and the Fund’s overall level of risk should decline over time. However, the selection of the Underlying Funds and the allocation of the Fund’s assets among the various asset classes and market sectors could cause the Fund to underperform other funds with a similar investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Asset Class Variation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. The Underlying Funds invest principally in the securities constituting their asset class (i.e., equity, non-traditional and fixed income). However, under normal market conditions, an Underlying Fund may vary the percentage of assets in these securities (subject to any applicable regulatory requirements). Depending on the percentage of securities in a particular asset class held by the Underlying Funds at any given time and the percentage of the Fund's assets invested in various Underlying Funds, the Fund's actual exposure to the securities in a particular asset class may vary substantially from the allocation to that asset class. There is a risk that the Manager's evaluations and assumptions regarding asset classes or Underlying Funds may be incorrect in view of actual market conditions.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Additionally, the securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Derivatives Risk.</span><span style="font-family:Arial;font-size:9.70pt;"> Derivatives involve special risks and costs and may result in losses to the Underlying Funds. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, will depend on the ability to analyze and manage derivatives transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” or may create economic leverage for the Underlying Funds and therefore may magnify or otherwise increase investment losses to the Underlying Funds. The Underlying Funds’ use of derivatives may also increase the amount of taxes payable by shareholders. </span><span style="font-family:Arial;font-size:9.70pt;">Appropriate derivatives may not be available in all circumstances for risk management or other purposes for which the Fund seeks to use them. Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid market may not always exist for the Underlying Funds’ derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Underlying Funds. The use of derivatives also exposes the Underlying Funds to operational issues, such as documentation and settlement issues, systems failures, inadequate control and human error. </span><span style="font-family:Arial;font-size:9.70pt;">Derivatives may also involve legal risks, such as insufficient documentation, the lack of capacity or authority of a counterparty to execute or settle a transaction, and the legality and enforceability of derivatives contracts. The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. Regulation of derivatives can make derivatives more costly, limit their availability or utility to the Underlying Funds, or otherwise adversely affect their performance or disrupt markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Economic and Market Events Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Equity and Equity-Related Securities Risks.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. In addition to an individual security losing value, the value of the equity markets or a sector in which an Underlying Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Exchange-Traded Funds (“ETFs”) Risk.</span><span style="font-family:Arial;font-size:9.70pt;"> Investing in securities issued by ETFs involves risks similar to those of investing directly in the securities and other assets held by the ETF. Unlike shares of typical mutual funds, shares of ETFs are generally traded on an exchange throughout a trading day and bought and sold based on market values and not at net asset value. For this reason, shares could trade at either a premium or discount to net asset value, which may be substantial during periods of market stress. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. In addition, the Fund will indirectly bear its pro rata share of the fees and expenses incurred by an ETF (including ETFs managed by the Manager or the subadviser(s)) in which it invests, including advisory fees (to the extent not offset by the Manager through waivers). These expenses are in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fixed Income Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> As with credit risk, market risk and interest rate risk, an Underlying Fund's holdings, share price, yield and total return may fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer’s goods and services. Certain types of fixed income obligations also may be subject to call and redemption risk, which is the risk that the issuer may call a bond held by an Underlying Fund for redemption before it matures and the Underlying Fund may lose income.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fund of Funds Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The value of an investment in the Fund will be related, to a substantial degree, to the investment performance of the Underlying Funds in which it invests. Therefore, the principal risks of investing in the Fund are closely related to the principal risks associated with these Underlying Funds and their investments. Because the Fund’s allocation among different Underlying Funds and direct investments in securities and derivatives will vary, an investment in the Fund may be subject to any and all of these risks at different times and to different degrees. Investing in an Underlying Fund will also expose the Fund to a pro rata portion of the Underlying Fund’s fees and expenses. In addition, one Underlying Fund may buy the same securities that another Underlying Fund sells. Therefore, the Fund would indirectly bear the costs of these trades without accomplishing the investment purpose.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fund Rebalancing Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. Underlying Funds may experience relatively large redemptions or investments due to a rebalancing of the Fund's allocations. In such event, an Underlying Fund may be required to sell securities or to invest cash at a time when it is not advantageous to do so. Rebalancing may increase brokerage and/or other transaction costs of an Underlying Fund, increase the Underlying Fund's expenses or result in the Underlying Fund's becoming too small to be economically viable. Rebalancing may also adversely affect an Underlying Fund's performance and thus the Fund's performance. The impact of rebalancing is likely to be greater when the Fund purchases, redeems or invests in a substantial portion of an Underlying Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The subadviser will seek to cooperate with the subadvisers of the Underlying Funds to minimize any adverse impact on the Underlying Funds. The subadvisers of the Underlying Funds may take such actions as they deem appropriate to minimize such adverse impact, considering the potential benefits of such investments to the Underlying Funds and consistent with their obligations to the Underlying Funds. Such actions may delay the rebalancing of the Fund's investments in the event of significant market or other events that may require more rapid action.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Increase in Expenses Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Underlying Fund securities can increase expenses.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Index Tracking Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> While certain Underlying Funds generally seek to track the performance of an index as closely as possible (i.e., achieve a high degree of correlation with an index), the return may not match or achieve a high degree of correlation with the return of the index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. If an index fund is properly correlated to its stated index, the fund will perform poorly when the index performs poorly.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. Similarly, a rise in interest rates may also have a greater negative impact on the value of equity securities whose issuers expect earnings further out in the future. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">“duration risk.”</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;line-height:12.61pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and an Underlying Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">prepayment risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.” In addition, if an Underlying Fund purchases a fixed income security at a premium (at a price that exceeds its stated par or principal value), the Fund may lose the amount of the premium paid in the event of prepayment. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of an Underlying Fund's holdings may fall sharply. This is referred to as “</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">extension risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.” An Underlying Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by its subadviser.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Under certain market conditions, growth investments have performed better during the later stages of economic expansion and value investments have performed better during periods of economic recovery. Therefore, these investment styles may over time go in and out of favor. At times when an investment style used by an Underlying Fund is out of favor, the Underlying Fund may underperform other funds that use different investment styles.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Large Shareholder and Large Scale Redemption Risk. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Funds’ shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy.  The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> An Underlying Fund may not be able to sell a holding in a timely manner at a desired price. This risk could affect both stock and bond funds in which the Fund invests, but typically represents a greater risk for bond funds. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit an Underlying Fund’s ability to sell a holding at a suitable price.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Management Risk. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser’s judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund’s benchmark and other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Capitalization Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Certain Underlying Funds may invest in stocks of small- and medium-size companies which may present above-average risks. These companies usually offer a smaller range of products and services than larger companies. They may also have limited financial resources and may lack management depth. As a result, the prices of stocks issued by small- and medium-size companies tend to fluctuate more than the stocks of larger, more established companies. In exchange for potentially lower risks of investing in large capitalization companies, such investments may not rise as much in value as the value of investments in smaller-capitalized companies.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Disruption and Geopolitical Risks.</span><span style="font-family:Arial;font-size:9.70pt;"> Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including the U.S. and Israeli military operation against Iran, Russia’s military invasion of Ukraine and the Israel Hamas War), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as the Middle East, South America, Eastern Europe, and Asia, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally). </span><span style="font-family:Arial;font-size:9.70pt;">Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests. The risk of such events has meaningfully increased in recent periods due to heightened international tensions stemming from rivalry among the world’s dominant economic and military</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">powers. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Securities markets may be volatile and the market prices of an Underlying Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by an Underlying Fund fall, the value of the Fund’s investment in the Underlying Fund will decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following bar chart shows the Fund's performance for Class R6 shares for each full calendar year of operations or for the last 10 calendar years, whichever is shorter. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following table shows the Fund's average annual </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">returns and also compares the Fund’s performance with the average annual total returns of an index or other benchmark. The bar chart and table demonstrate the risk of investing in the Fund by showing how returns can change from year to year.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Without the management fee waiver and/or expense reimbursement, if any, the annual total returns would have been lower. Updated Fund performance information, including current net asset value, is available online at </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">www.pgim.com/investments</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following table shows the Fund's average annual </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">returns and also compares the Fund’s performance with the average annual total returns of an index or other benchmark. The bar chart and table demonstrate the risk of investing in the Fund by showing how returns can change from year to year.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">www.pgim.com/investments</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Best Quarter:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Worst Quarter:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">10.49%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;-sec-ix-hidden:x_4f69702b-0f48-4402-b843-89e9ea297085">2nd </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Quarter </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">2020</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">-10.96%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;-sec-ix-hidden:d41a67a5-e72a-452d-b216-efc64d356464">1st </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Quarter </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">2020</span><span style="font-family:Arial Narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt;">1</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> The total return of the Fund's Class R6 shares from January 1, 2026 through</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">June 30, 2026</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">5.59%</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Best Quarter:</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Worst Quarter:</span> 0.1049 -0.1096 <span style="font-family:Arial Narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt;">1</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> The total return of the Fund's Class R6 shares from January 1, 2026 through</span> 2026-06-30 0.0559 <span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Average Annual Total Returns % (as of 12-31-25)</span> 0.1039 0.0453 0.0551 2016-12-13 0.1066 0.0480 0.0577 2016-12-13 0.1081 0.0494 0.0593 2016-12-13 0.1090 0.0506 0.0604 2016-12-13 0.1112 0.0517 0.0615 2016-12-13 0.1123 0.0532 0.0626 2016-12-13 0.0930 0.0265 0.0430 2016-12-13 0.0681 0.0316 0.0423 2016-12-13 0.1788 0.1442 0.1524 0.0730 -0.0036 0.0193 0.1272 0.0535 0.0686 0.1126 0.0512 0.0640 <span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">° </span><span style="font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as </span><span style="font-family:Arial Narrow;font-size:8pt;">traditional 401(k) plans or individual retirement accounts.</span><span style="font-family:Arial Narrow;font-size:8pt;"> After-tax returns are shown only for Class R6 shares. After-tax returns for other classes will vary </span><span style="font-family:Arial Narrow;font-size:8pt;">due to differing sales charges and expenses.</span> <span style="font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as </span><span style="font-family:Arial Narrow;font-size:8pt;">traditional 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:8pt;"> After-tax returns are shown only for Class R6 shares. After-tax returns for other classes will vary </span><span style="font-family:Arial Narrow;font-size:8pt;">due to differing sales charges and expenses.</span> <span style="color:#545454;font-family:Arial;font-size:13.58pt;">SUMMARY: PGIM TARGET DATE 2025 FUND</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The investment objective of the Fund is to seek a balance between growth and conservation of capital.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">FUND FEES AND EXPENSES</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The tables below describe the sales charges, fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 15 0 0 15 0 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0050 0.0025 0.0010 0 0 0 0.0351 0.0111 0.0110 0.1667 0.0103 0.0035 0.0010 0.0010 0.0010 0.0010 0 0 0.0341 0.0101 0.0100 0.1657 0.0103 0.0035 0.0031 0.0031 0.0031 0.0031 0.0031 0.0031 0.0432 0.0167 0.0151 0.1698 0.0134 0.0066 -0.0332 -0.0092 -0.0091 -0.1648 -0.0094 -0.0041 0.0100 0.0075 0.0060 0.0050 0.0040 0.0025 <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Example. </span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following hypothetical example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year, that the Fund's operating expenses remain the same and that all dividends and distributions are reinvested. Your actual costs may be higher or lower.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">If Shares Are Redeemed</span> 102 318 552 1225 77 240 417 930 61 192 335 750 51 160 280 628 41 128 224 505 26 80 141 318 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">If Shares Are Not Redeemed</span> 102 318 552 1225 77 240 417 930 61 192 335 750 51 160 280 628 41 128 224 505 26 80 141 318 <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Portfolio Turnover. </span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.70pt;">56</span><span style="font-family:Arial;font-size:9.70pt;">% of the average value of its portfolio.</span> 0.56 <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">INVESTMENTS, RISKS AND PERFORMANCE</span><span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Principal Investment Strategies. </span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pursues its objective by investing in a diversified portfolio of other mutual funds and exchange-traded funds (“ETFs”) within the PGIM fund family (collectively, the “Underlying Funds”) that represent various asset classes and sectors. The Fund will invest in Underlying Funds that provide exposure to equity, fixed income and non-traditional asset classes.</span><span style="font-family:Arial;font-size:9.70pt;"> The investments held by Underlying Funds that provide exposure to </span><span style="font-family:Arial;font-size:9.70pt;">equities may include U.S. large-cap equity, mid-cap equity and small-cap equity, as well as international developed markets equity, emerging markets equity and other non-U.S. securities. Underlying Funds that provide exposure to fixed income may invest primarily in bonds, including below investment grade bonds, commonly known as “junk bonds.” Underlying Funds may gain exposure to non-traditional asset classes through investments in equity securities and related derivatives of issuers that are primarily engaged in or related to the real estate industry, real estate investment trusts (“REITs”), commodity-related instruments and derivative securities or instruments, such as options and futures, the value of which is derived from another security, a commodity, a currency or an index. </span><span style="font-family:Arial;font-size:9.70pt;">The Fund is designed for investors who retired, or are expecting to retire, in or within a few years of the year 2025 (the “target date”).</span><span style="font-family:Arial;font-size:9.70pt;"> The Fund is designed to accommodate investors who will either withdraw all of their assets from the </span><span style="font-family:Arial;font-size:9.70pt;">Fund upon retirement or who will gradually withdraw assets from the Fund over a moderate time period following retirement. In addition to the retirement date, relevant factors for selection of the Fund may include age, risk tolerance, other investments owned, and planned withdrawals. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The Fund’s allocations among Underlying Funds (and asset classes) will change over time in relation to the Fund’s target date. The Fund’s asset allocations to the Underlying Funds follow a glidepath that becomes more conservative prior to and for approximately 10 years following the target date, by reducing exposure to equity investments and non-traditional asset classes (including non-U.S. equities, commodities and real estate) and increasing exposure to fixed income investments (the “Glidepath”). Accordingly, the Fund’s exposure to equity investments and non-traditional asset classes may continue to decline until approximately 10 years after its target date, when allocations to equity investments and non-traditional asset classes will remain fixed at approximately 35% of the Fund’s assets, with the remainder invested in fixed income investments. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">In this prospectus, we refer to both the “strategic Glidepath” and the “current Glidepath.” The strategic Glidepath reflects the allocations between equity/non-traditional and fixed income assets through time based on long-term investment views and participant demographics. The strategic Glidepath serves as an anchor from which allocations to equity/non-traditional and fixed income may deviate from year to year to reflect intermediate capital market expectations. The current Glidepath reflects such intermediate expectations. The current Glidepath is reviewed annually and deviations are constrained so as to preserve the general risk and return characteristics of the strategic Glidepath. The Fund’s allocations to the broad asset classes (equity/non-traditional and fixed income) as set forth in the </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">current Glidepath are not expected to vary from the Fund’s allocations set forth in the strategic Glidepath by more than plus or minus 5%. Where the term “Glidepath” is used by itself in this prospectus, it applies to both the strategic Glidepath and the current Glidepath. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The subadviser is responsible for asset allocation of the Fund and will monitor the Fund's investments in the Underlying Funds on a regular basis in order to maintain the approximate allocation to each asset class. The Fund is “ratcheted” annually to shift the Fund’s allocation gradually from equity investments toward fixed income investments in accordance with the current Glidepath. In addition, the Fund is rebalanced periodically (typically monthly) to maintain the target asset allocations dictated by the current Glidepath (as then in effect) with respect to the Underlying Funds in which the Fund is invested. </span><span style="font-family:Arial;font-size:9.70pt;">The following chart illustrates the Fund’s strategic Glidepath:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The information in the table below represents the approximate current allocations for the Fund.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Fund Name</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Equity and Non-Traditional</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Fixed Income</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">PGIM Target Date 2025 Fund</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">46.6%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">53.40%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Pursuant to the annual ratcheting described above, this asset class mix may change each year. In addition, the Fund’s subadviser will review the current Glidepath and the Fund’s asset allocations to Underlying Funds annually to determine, in its discretion, whether the then current Glidepath allocations remain suitable to meet the Fund’s investment objective. Based on such reviews, the subadviser may, without prior notification to shareholders, make changes to the current Glidepath and/or the Fund’s asset allocations as it deems appropriate to meet the Fund’s investment objective in light of market and economic conditions and such other factors as it deems relevant. There is no assurance that the Fund’s objective will be achieved. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The Fund shall maintain not less than the minimum total allocation to fixed income investments and such other constraints, if any, as may be required for it to be considered a Qualified Default Investment Alternative as defined under the Employee Retirement Income Security Act of 1974 (“ERISA”) and determined by the U.S. Department of Labor. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">At the time when the Fund’s target allocations match the asset allocations of the PGIM Target Date Income Fund (the “Income Fund”), PGIM Investments expects, subject to approval by the Board of Trustees, to combine the Fund with the Income Fund without shareholder approval, and the Fund’s shareholders will become shareholders of the Income Fund. This is expected to occur approximately ten years following the Fund’s target date. This combination is expected to be tax-free under current law. Shareholders will be provided with additional information at that time.</span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pursues its objective by investing in a diversified portfolio of other mutual funds and exchange-traded funds (“ETFs”) within the PGIM fund family (collectively, the “Underlying Funds”) that represent various asset classes and sectors. The Fund will invest in Underlying Funds that provide exposure to equity, fixed income and non-traditional asset classes.</span> <span style="font-family:Arial;font-size:9.70pt;">The Fund is designed for investors who retired, or are expecting to retire, in or within a few years of the year 2025 (the “target date”).</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">An investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; and is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Target Date/ Income Risk.</span><span style="font-family:Arial;font-size:9.70pt;"> The Fund may suffer losses near, at or after the target date, and the Fund does not provide a guarantee that sufficient capital appreciation will be achieved to provide adequate income at and through retirement. The Fund does not assure an investor that the assets in the Fund will provide income in amounts adequate to meet the investor’s retirement or financial goals. For investors who are close to or in retirement, the Fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">funds.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Affiliated Funds Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The Fund’s Manager serves as manager of the Underlying Funds. In addition, the Fund may invest in certain Underlying Funds for which affiliates of the Manager and subadviser serve as subadvisers. It is possible that a conflict of interest among the Fund and the Underlying Funds could affect how the Manager and subadviser fulfill their fiduciary duties to the Fund and the Underlying Funds. For example, the subadviser may have an incentive to allocate the Fund’s assets to those Underlying Funds for which the fees paid to the Manager or affiliated subadvisers are higher than the fees paid by other Underlying Funds for which the Manager or affiliated subadviser serve. However, the Fund has adopted procedures to mitigate these concerns.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Asset Allocation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. The Fund’s risks will directly correspond to the risks of the Underlying Funds in which it invests. By investing in many Underlying Funds, the Fund has partial exposure to the risks of many different areas in the market, and the Fund’s overall level of risk should decline over time. However, the selection of the Underlying Funds and the allocation of the Fund’s assets among the various asset classes and market sectors could cause the Fund to underperform other funds with a similar investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Asset Class Variation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. The Underlying Funds invest principally in the securities constituting their asset class (i.e., equity, non-traditional and fixed income). However, under normal market conditions, an Underlying Fund may vary the percentage of assets in these securities (subject to any applicable regulatory requirements). Depending on the percentage of securities in a particular asset class held by the Underlying Funds at any given time and the percentage of the Fund's assets invested in various Underlying Funds, the Fund's actual exposure to the securities in a particular asset class may vary substantially from the allocation to that asset class. There is a risk that the Manager's evaluations and assumptions regarding asset classes or Underlying Funds may be incorrect in view of actual market conditions.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Additionally, the securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Derivatives Risk.</span><span style="font-family:Arial;font-size:9.70pt;"> Derivatives involve special risks and costs and may result in losses to the Underlying Funds. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, will depend on the ability to analyze and manage derivatives transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” or may create economic leverage for the Underlying Funds and therefore may magnify or otherwise increase investment losses to the Underlying Funds. The Underlying Funds’ use of derivatives may also increase the amount of taxes payable by shareholders. </span><span style="font-family:Arial;font-size:9.70pt;">Appropriate derivatives may not be available in all circumstances for risk management or other purposes for which the Fund seeks to use them. Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid market may not always exist for the Underlying Funds’ derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Underlying Funds. The use of derivatives also exposes the Underlying Funds to operational issues, such as documentation and settlement issues, systems failures, inadequate control and human error. </span><span style="font-family:Arial;font-size:9.70pt;">Derivatives may also involve legal risks, such as insufficient documentation, the lack of capacity or authority of a counterparty to execute or settle a transaction, and the legality and enforceability of derivatives contracts. The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. Regulation of derivatives can make derivatives more costly, limit their availability or utility to the Underlying Funds, or otherwise adversely affect their performance or disrupt markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Economic and Market Events Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Equity and Equity-Related Securities Risks.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. In addition to an individual security losing value, the value of the equity markets or a sector in which an Underlying Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Exchange-Traded Funds (“ETFs”) Risk.</span><span style="font-family:Arial;font-size:9.70pt;"> Investing in securities issued by ETFs involves risks similar to those of investing directly in the securities and other assets held by the ETF. Unlike shares of typical mutual funds, shares of ETFs are generally traded on an exchange throughout a trading day and bought and sold based on market values and not at net asset value. For this reason, shares could trade at either a premium or discount to net asset value, which may be substantial during periods of market stress. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. In addition, the Fund will indirectly bear its pro rata share of the fees and expenses incurred by an ETF (including ETFs managed by the Manager or the subadviser(s)) in which it invests, including advisory fees (to the extent not offset by the Manager through waivers). These expenses are in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fixed Income Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> As with credit risk, market risk and interest rate risk, an Underlying Fund's holdings, share price, yield and total return may fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer’s goods and services. Certain types of fixed income obligations also may be subject to call and redemption risk, which is the risk that the issuer may call a bond held by an Underlying Fund for redemption before it matures and the Underlying Fund may lose income.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fund of Funds Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The value of an investment in the Fund will be related, to a substantial degree, to the investment performance of the Underlying Funds in which it invests. Therefore, the principal risks of investing in the Fund are closely related to the principal risks associated with these Underlying Funds and their investments. Because the Fund’s allocation among different Underlying Funds and direct investments in securities and derivatives will vary, an investment in the Fund may be subject to any and all of these risks at different times and to different degrees. Investing in an Underlying Fund will also expose the Fund to a pro rata portion of the Underlying Fund’s fees and expenses. In addition, one Underlying Fund may buy the same securities that another Underlying Fund sells. Therefore, the Fund would indirectly bear the costs of these trades without accomplishing the investment purpose.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fund Rebalancing Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. Underlying Funds may experience relatively large redemptions or investments due to a rebalancing of the Fund's allocations. In such event, an Underlying Fund may be required to sell securities or to invest cash at a time when it is not advantageous to do so. Rebalancing may increase brokerage and/or other transaction costs of an Underlying Fund, increase the Underlying Fund's expenses or result in the Underlying Fund's becoming too small to be economically viable. Rebalancing may also adversely affect an Underlying Fund's performance and thus the Fund's performance. The impact of rebalancing is likely to be greater when the Fund purchases, redeems or invests in a substantial portion of an Underlying Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The subadviser will seek to cooperate with the subadvisers of the Underlying Funds to minimize any adverse impact on the Underlying Funds. The subadvisers of the Underlying Funds may take such actions as they deem appropriate to minimize such adverse impact, considering the potential benefits of such investments to the Underlying Funds and consistent with their obligations to the Underlying Funds. Such actions may delay the rebalancing of the Fund's investments in the event of significant market or other events that may require more rapid action.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Increase in Expenses Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Underlying Fund securities can increase expenses.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Index Tracking Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> While certain Underlying Funds generally seek to track the performance of an index as closely as possible (i.e., achieve a high degree of correlation with an index), the return may not match or achieve a high degree of correlation with the return of the index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. If an index fund is properly correlated to its stated index, the fund will perform poorly when the index performs poorly.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. Similarly, a rise in interest rates may also have a greater negative impact on the value of equity securities whose issuers expect earnings further out in the future. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">“duration risk.”</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;line-height:12.61pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and an Underlying Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">prepayment risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.” In addition, if an Underlying Fund purchases a fixed income security at a premium (at a price that exceeds its stated par or principal value), the Fund may lose the amount of the premium paid in the event of prepayment. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of an Underlying Fund's holdings may fall sharply. This is referred to as “</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">extension risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.” An Underlying Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by its subadviser.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Under certain market conditions, growth investments have performed better during the later stages of economic expansion and value investments have performed better during periods of economic recovery. Therefore, these investment styles may over time go in and out of favor. At times when an investment style used by an Underlying Fund is out of favor, the Underlying Fund may underperform other funds that use different investment styles.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Large Shareholder and Large Scale Redemption Risk. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Funds’ shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy.  The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> An Underlying Fund may not be able to sell a holding in a timely manner at a desired price. This risk could affect both stock and bond funds in which the Fund invests, but typically represents a greater risk for bond funds. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit an Underlying Fund’s ability to sell a holding at a suitable price.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Management Risk. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser’s judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund’s benchmark and other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Capitalization Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Certain Underlying Funds may invest in stocks of small- and medium-size companies which may present above-average risks. These companies usually offer a smaller range of products and services than larger companies. They may also have limited financial resources and may lack management depth. As a result, the prices of stocks issued by small- and medium-size companies tend to fluctuate more than the stocks of larger, more established companies. In exchange for potentially lower risks of investing in large capitalization companies, such investments may not rise as much in value as the value of investments in smaller-capitalized companies.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Disruption and Geopolitical Risks.</span><span style="font-family:Arial;font-size:9.70pt;"> Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including the U.S. and Israeli military operation against Iran, Russia’s military invasion of Ukraine and the Israel Hamas War), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as the Middle East, South America, Eastern Europe, and Asia, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally). </span><span style="font-family:Arial;font-size:9.70pt;">Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests. The risk of such events has meaningfully increased in recent periods due to heightened international tensions stemming from rivalry among the world’s dominant economic and military</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">powers. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Securities markets may be volatile and the market prices of an Underlying Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by an Underlying Fund fall, the value of the Fund’s investment in the Underlying Fund will decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following bar chart shows the Fund's performance for Class R6 shares for each full calendar year of operations or for the last 10 calendar years, whichever is shorter. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following table shows the Fund's average annual </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">returns and also compares the Fund’s performance with the average annual total returns of an index or other benchmark. The bar chart and table demonstrate the risk of investing in the Fund by showing how returns can change from year to year.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Without the management fee waiver and/or expense reimbursement, if any, the annual total returns would have been lower. Updated Fund performance information, including current net asset value, is available online at </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">www.pgim.com/investments</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following table shows the Fund's average annual </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">returns and also compares the Fund’s performance with the average annual total returns of an index or other benchmark. The bar chart and table demonstrate the risk of investing in the Fund by showing how returns can change from year to year.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">www.pgim.com/investments</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Best Quarter:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Worst Quarter:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">11.27%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;-sec-ix-hidden:x_1e2e5fda-de65-4f9b-8e5c-e00e9ccce8f1">2nd </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Quarter </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">2020</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">-12.05%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;-sec-ix-hidden:x_73364841-5269-432e-9160-1b26a55f137e">1st </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Quarter </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">2020</span><span style="font-family:Arial Narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt;">1</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> The total return of the Fund's Class R6 shares from January 1, 2026 through</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">June 30, 2026</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">6.18%</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Best Quarter:</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Worst Quarter:</span> 0.1127 -0.1205 <span style="font-family:Arial Narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt;">1</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> The total return of the Fund's Class R6 shares from January 1, 2026 through</span> 2026-06-30 0.0618 <span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Average Annual Total Returns % (as of 12-31-25)</span> 0.1113 0.0515 0.0607 2016-12-13 0.1139 0.0543 0.0634 2016-12-13 0.1155 0.0558 0.0650 2016-12-13 0.1176 0.0569 0.0661 2016-12-13 0.1176 0.0580 0.0671 2016-12-13 0.1189 0.0595 0.0688 2016-12-13 0.0981 0.0329 0.0489 2016-12-13 0.0739 0.0367 0.0474 2016-12-13 0.1788 0.1442 0.1524 0.0730 -0.0036 0.0193 0.1398 0.0607 0.0765 0.1209 0.0577 0.0705 <span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">° </span><span style="font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as </span><span style="font-family:Arial Narrow;font-size:8pt;">traditional 401(k) plans or individual retirement accounts.</span><span style="font-family:Arial Narrow;font-size:8pt;"> After-tax returns are shown only for Class R6 shares. After-tax returns for other classes will vary </span><span style="font-family:Arial Narrow;font-size:8pt;">due to differing sales charges and expenses.</span> <span style="font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as </span><span style="font-family:Arial Narrow;font-size:8pt;">traditional 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:8pt;"> After-tax returns are shown only for Class R6 shares. After-tax returns for other classes will vary </span><span style="font-family:Arial Narrow;font-size:8pt;">due to differing sales charges and expenses.</span> <span style="color:#545454;font-family:Arial;font-size:13.58pt;">SUMMARY: PGIM TARGET DATE 2030 FUND</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The investment objective of the Fund is to seek a balance between growth and conservation of capital.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">FUND FEES AND EXPENSES</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The tables below describe the sales charges, fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 15 0 0 15 0 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0050 0.0025 0.0010 0 0 0 0.0173 0.0088 0.0068 0.1253 0.0055 0.0028 0.0010 0.0010 0.0010 0.0010 0 0 0.0163 0.0078 0.0058 0.1243 0.0055 0.0028 0.0031 0.0031 0.0031 0.0031 0.0031 0.0031 0.0254 0.0144 0.0109 0.1284 0.0086 0.0059 -0.0154 -0.0069 -0.0049 -0.1234 -0.0046 -0.0034 0.0100 0.0075 0.0060 0.0050 0.0040 0.0025 <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Example. </span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following hypothetical example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year, that the Fund's operating expenses remain the same and that all dividends and distributions are reinvested. Your actual costs may be higher or lower.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">If Shares Are Redeemed</span> 102 318 552 1225 77 240 417 930 61 192 335 750 51 160 280 628 41 128 224 505 26 80 141 318 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">If Shares Are Not Redeemed</span> 102 318 552 1225 77 240 417 930 61 192 335 750 51 160 280 628 41 128 224 505 26 80 141 318 <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Portfolio Turnover. </span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.70pt;">65</span><span style="font-family:Arial;font-size:9.70pt;">% of the average value of its portfolio.</span> 0.65 <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">INVESTMENTS, RISKS AND PERFORMANCE</span><span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Principal Investment Strategies. </span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pursues its objective by investing in a diversified portfolio of other mutual funds and exchange-traded funds (“ETFs”) within the PGIM fund family (collectively, the “Underlying Funds”) that represent various asset classes and sectors. The Fund will invest in Underlying Funds that provide exposure to equity, fixed income and non-traditional asset classes.</span><span style="font-family:Arial;font-size:9.70pt;"> The investments held by Underlying Funds that provide exposure to </span><span style="font-family:Arial;font-size:9.70pt;">equities may include U.S. large-cap equity, mid-cap equity and small-cap equity, as well as international developed markets equity, emerging markets equity and other non-U.S. securities. Underlying Funds that provide exposure to fixed income may invest primarily in bonds, including below investment grade bonds, commonly known as “junk bonds.” Underlying Funds may gain exposure to non-traditional asset classes through investments in equity securities and related derivatives of issuers that are primarily engaged in or related to the real estate industry, real estate investment trusts (“REITs”), commodity-related instruments and derivative securities or instruments, such as options and futures, the value of which is derived from another security, a commodity, a currency or an index. </span><span style="font-family:Arial;font-size:9.70pt;">The Fund is designed for investors expecting to retire in or within a few years of the year 2030 (the “target date”).</span><span style="font-family:Arial;font-size:9.70pt;"> The </span><span style="font-family:Arial;font-size:9.70pt;">Fund is designed to accommodate investors who will either withdraw all of their assets from the Fund upon retirement or who will gradually withdraw assets from the Fund over a moderate time period following retirement. In addition to the anticipated retirement date, relevant factors for selection of the Fund may include age, risk tolerance, other investments owned, and planned withdrawals. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The Fund’s allocations among Underlying Funds (and asset classes) will change over time in relation to the Fund’s target date. The Fund’s asset allocations to the Underlying Funds follow a glidepath that becomes more conservative prior to and for approximately 10 years following the target date, by reducing exposure to equity investments and non-traditional asset classes (including non-U.S. equities, commodities and real estate) and increasing exposure to fixed income investments (the “Glidepath”). Accordingly, the Fund’s exposure to equity investments and non-traditional asset classes may continue to decline until approximately 10 years after its target date, when allocations to equity investments and non-traditional asset classes will remain fixed at approximately 35% of the Fund’s assets, with the remainder invested in fixed income investments. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">In this prospectus, we refer to both the “strategic Glidepath” and the “current Glidepath.” The strategic Glidepath reflects the allocations between equity/non-traditional and fixed income assets through time based on long-term investment views and participant demographics. The strategic Glidepath serves as an anchor from which allocations to equity/non-traditional and fixed income may deviate from year to year to reflect intermediate capital market expectations. The current Glidepath reflects such intermediate expectations. The current Glidepath is reviewed annually and deviations are constrained so as to preserve the general risk and return characteristics of the strategic Glidepath. The Fund’s allocations to the broad asset classes (equity/non-traditional and fixed income) as set forth in the </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">current Glidepath are not expected to vary from the Fund’s allocations set forth in the strategic Glidepath by more than plus or minus 5%. Where the term “Glidepath” is used by itself in this prospectus, it applies to both the strategic Glidepath and the current Glidepath. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The subadviser is responsible for asset allocation of the Fund and will monitor the Fund's investments in the Underlying Funds on a regular basis in order to maintain the approximate allocation to each asset class. The Fund is “ratcheted” annually to shift the Fund’s allocation gradually from equity investments toward fixed income investments in accordance with the current Glidepath. In addition, the Fund is rebalanced periodically (typically monthly) to maintain the target asset allocations dictated by the current Glidepath (as then in effect) with respect to the Underlying Funds in which the Fund is invested. </span><span style="font-family:Arial;font-size:9.70pt;">The following chart illustrates the Fund’s strategic Glidepath:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The information in the table below represents the approximate current allocations for the Fund.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Fund Name</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Equity and Non-Traditional</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Fixed Income</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">PGIM Target Date 2030 Fund</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">55.48%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">44.52%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Pursuant to the annual ratcheting described above, this asset class mix may change each year. In addition, the Fund’s subadviser will review the current Glidepath and the Fund’s asset allocations to Underlying Funds annually to determine, in its discretion, whether the then current Glidepath allocations remain suitable to meet the Fund’s investment objective. Based on such reviews, the subadviser may, without prior notification to shareholders, make changes to the current Glidepath and/or the Fund’s asset allocations as it deems appropriate to meet the Fund’s investment objective in light of market and economic conditions and such other factors as it deems relevant. There is no assurance that the Fund’s objective will be achieved. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The Fund shall maintain not less than the minimum total allocation to fixed income investments and such other constraints, if any, as may be required for it to be considered a Qualified Default Investment Alternative as defined under the Employee Retirement Income Security Act of 1974 (“ERISA”) and determined by the U.S. Department of Labor. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">At the time when the Fund’s target allocations match the asset allocations of the PGIM Target Date Income Fund (the “Income Fund”), PGIM Investments expects, subject to approval by the Board of Trustees, to combine the Fund with the Income Fund without shareholder approval, and the Fund’s shareholders will become shareholders of the Income Fund. This is expected to occur approximately ten years following the Fund’s target date. This combination is expected to be tax-free under current law. Shareholders will be provided with additional information at that time.</span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pursues its objective by investing in a diversified portfolio of other mutual funds and exchange-traded funds (“ETFs”) within the PGIM fund family (collectively, the “Underlying Funds”) that represent various asset classes and sectors. The Fund will invest in Underlying Funds that provide exposure to equity, fixed income and non-traditional asset classes.</span> <span style="font-family:Arial;font-size:9.70pt;">The Fund is designed for investors expecting to retire in or within a few years of the year 2030 (the “target date”).</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">An investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; and is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Target Date/ Income Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The Fund may suffer losses near, at or after the target date, and the Fund does not provide a guarantee that sufficient capital appreciation will be achieved to provide adequate income at and through retirement. The Fund does not assure an investor that he or she will be able to retire in the target year identified in the Fund name or that the assets in the Fund will provide income in amounts adequate to meet the investor’s retirement or financial goals. These risks may be increased to the extent that the participant begins to make withdrawals significantly before the Fund’s target year. For investors who are close to or in retirement, the Fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk the Fund may invest too much in investments designed to ensure capital conservation and/or current income, which may prevent the investor from meeting his or her retirement goals.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Affiliated Funds Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The Fund’s Manager serves as manager of the Underlying Funds. In addition, the Fund may invest in certain Underlying Funds for which affiliates of the Manager and subadviser serve as subadvisers. It is possible that a conflict of interest among the Fund and the Underlying Funds could affect how the Manager and subadviser fulfill their fiduciary duties to the Fund and the Underlying Funds. For example, the subadviser may have an incentive to allocate the Fund’s assets to those Underlying Funds for which the fees paid to the Manager or affiliated subadvisers are higher than the fees paid by other Underlying Funds for which the Manager or affiliated subadviser serve. However, the Fund has adopted procedures to mitigate these concerns.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Asset Allocation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. The Fund’s risks will directly correspond to the risks of the Underlying Funds in which it invests. By investing in many Underlying Funds, the Fund has partial exposure to the risks of many different areas in the market, and the Fund’s overall level of risk should decline over time. However, the selection of the Underlying Funds and the allocation of the Fund’s assets among the various asset classes and market sectors could cause the Fund to underperform other funds with a similar investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Asset Class Variation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. The Underlying Funds invest principally in the securities constituting their asset class (i.e., equity, non-traditional and fixed income). However, under normal market conditions, an Underlying Fund may vary the percentage of assets in these securities (subject to any applicable regulatory requirements). Depending on the percentage of securities in a particular asset class held by the Underlying Funds at any given time and the percentage of the Fund's assets invested in various Underlying Funds, the Fund's actual exposure to the securities in a particular asset class may vary substantially from the allocation to that asset class. There is a risk that the Manager's evaluations and assumptions regarding asset classes or Underlying Funds may be incorrect in view of actual market conditions.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Additionally, the securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Derivatives Risk.</span><span style="font-family:Arial;font-size:9.70pt;"> Derivatives involve special risks and costs and may result in losses to the Underlying Funds. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, will depend on the ability to analyze and manage derivatives transactions. The prices of derivatives may move in </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” or may create economic leverage for the Underlying Funds and therefore may magnify or otherwise increase investment losses to the Underlying Funds. The Underlying Funds’ use of derivatives may also increase the amount of taxes payable by shareholders. </span><span style="font-family:Arial;font-size:9.70pt;">Appropriate derivatives may not be available in all circumstances for risk management or other purposes for which the Fund seeks to use them. Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid market may not always exist for the Underlying Funds’ derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Underlying Funds. The use of derivatives also exposes the Underlying Funds to operational issues, such as documentation and settlement issues, systems failures, inadequate control and human error. </span><span style="font-family:Arial;font-size:9.70pt;">Derivatives may also involve legal risks, such as insufficient documentation, the lack of capacity or authority of a counterparty to execute or settle a transaction, and the legality and enforceability of derivatives contracts. The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. Regulation of derivatives can make derivatives more costly, limit their availability or utility to the Underlying Funds, or otherwise adversely affect their performance or disrupt markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Economic and Market Events Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Equity and Equity-Related Securities Risks.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. In addition to an individual security losing value, the value of the equity markets or a sector in which an Underlying Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Exchange-Traded Funds (“ETFs”) Risk.</span><span style="font-family:Arial;font-size:9.70pt;"> Investing in securities issued by ETFs involves risks similar to those of investing directly in the securities and other assets held by the ETF. Unlike shares of typical mutual funds, shares of ETFs are generally traded on an exchange throughout a trading day and bought and sold based on market values and not at net asset value. For this reason, shares could trade at either a premium or discount to net asset value, which may be substantial during periods of market stress. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. In addition, the Fund will indirectly bear its pro rata share of the fees and expenses incurred by an ETF (including ETFs managed by the Manager or the subadviser(s)) in which it invests, including advisory fees (to the extent not offset by the Manager through waivers). These expenses are in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fixed Income Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> As with credit risk, market risk and interest rate risk, an Underlying Fund's holdings, share price, yield and total return may fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer’s goods and services. Certain types of fixed income obligations also may be subject to call and redemption risk, which is the risk that the issuer may call a bond held by an Underlying Fund for redemption before it matures and the Underlying Fund may lose income.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fund of Funds Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The value of an investment in the Fund will be related, to a substantial degree, to the investment performance of the Underlying Funds in which it invests. Therefore, the principal risks of investing in the Fund are closely related to the principal risks associated with these Underlying Funds and their investments. Because the Fund’s allocation among different Underlying Funds and direct investments in securities and derivatives will vary, an </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">investment in the Fund may be subject to any and all of these risks at different times and to different degrees. Investing in an Underlying Fund will also expose the Fund to a pro rata portion of the Underlying Fund’s fees and expenses. In addition, one Underlying Fund may buy the same securities that another Underlying Fund sells. Therefore, the Fund would indirectly bear the costs of these trades without accomplishing the investment purpose.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fund Rebalancing Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. Underlying Funds may experience relatively large redemptions or investments due to a rebalancing of the Fund's allocations. In such event, an Underlying Fund may be required to sell securities or to invest cash at a time when it is not advantageous to do so. Rebalancing may increase brokerage and/or other transaction costs of an Underlying Fund, increase the Underlying Fund's expenses or result in the Underlying Fund's becoming too small to be economically viable. Rebalancing may also adversely affect an Underlying Fund's performance and thus the Fund's performance. The impact of rebalancing is likely to be greater when the Fund purchases, redeems or invests in a substantial portion of an Underlying Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The subadviser will seek to cooperate with the subadvisers of the Underlying Funds to minimize any adverse impact on the Underlying Funds. The subadvisers of the Underlying Funds may take such actions as they deem appropriate to minimize such adverse impact, considering the potential benefits of such investments to the Underlying Funds and consistent with their obligations to the Underlying Funds. Such actions may delay the rebalancing of the Fund's investments in the event of significant market or other events that may require more rapid action.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Increase in Expenses Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Underlying Fund securities can increase expenses.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Index Tracking Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> While certain Underlying Funds generally seek to track the performance of an index as closely as possible (i.e., achieve a high degree of correlation with an index), the return may not match or achieve a high degree of correlation with the return of the index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. If an index fund is properly correlated to its stated index, the fund will perform poorly when the index performs poorly.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. Similarly, a rise in interest rates may also have a greater negative impact on the value of equity securities whose issuers expect earnings further out in the future. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">“duration risk.”</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;line-height:12.61pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and an Underlying Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">prepayment risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.” In addition, if an Underlying Fund purchases a fixed income security at a premium (at a price that exceeds its stated par or principal value), the Fund may lose the amount of the premium paid in the event of prepayment. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of an Underlying Fund's holdings may fall sharply. This is referred to as “</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">extension risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.” An Underlying Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by its subadviser.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Under certain market conditions, growth investments have performed better during the later stages of economic expansion and value investments have performed better during periods of economic recovery. Therefore, these investment styles may over time go in and out of favor. At times when an investment style used by an Underlying Fund is out of favor, the Underlying Fund may underperform other funds that use different investment styles.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Large Shareholder and Large Scale Redemption Risk. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Funds’ shareholders generally may redeem all or a substantial portion </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy.  The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> An Underlying Fund may not be able to sell a holding in a timely manner at a desired price. This risk could affect both stock and bond funds in which the Fund invests, but typically represents a greater risk for bond funds. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit an Underlying Fund’s ability to sell a holding at a suitable price.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Management Risk. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser’s judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund’s benchmark and other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Capitalization Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Certain Underlying Funds may invest in stocks of small- and medium-size companies which may present above-average risks. These companies usually offer a smaller range of products and services than larger companies. They may also have limited financial resources and may lack management depth. As a result, the prices of stocks issued by small- and medium-size companies tend to fluctuate more than the stocks of larger, more established companies. In exchange for potentially lower risks of investing in large capitalization companies, such investments may not rise as much in value as the value of investments in smaller-capitalized companies.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Disruption and Geopolitical Risks.</span><span style="font-family:Arial;font-size:9.70pt;"> Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including the U.S. and Israeli military operation against Iran, Russia’s military invasion of Ukraine and the Israel Hamas War), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as the Middle East, South America, Eastern Europe, and Asia, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally). </span><span style="font-family:Arial;font-size:9.70pt;">Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests. The risk of such events has meaningfully increased in recent periods due to heightened international tensions stemming from rivalry among the world’s dominant economic and military</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">powers. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Securities markets may be volatile and the market prices of an Underlying Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by an Underlying Fund fall, the value of the Fund’s investment in the Underlying Fund will decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following bar chart shows the Fund's performance for Class R6 shares for each full calendar year of operations or for the last 10 calendar years, whichever is shorter. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following table shows the Fund's average annual </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">returns and also compares the Fund’s performance with the average annual total returns of an index or other benchmark. The bar chart and table demonstrate the risk of investing in the Fund by showing how returns can change from year to year.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Without the management fee waiver and/or expense reimbursement, if any, the annual total returns would have been lower. Updated Fund performance information, including current net asset value, is available online at </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">www.pgim.com/investments</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following table shows the Fund's average annual </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">returns and also compares the Fund’s performance with the average annual total returns of an index or other benchmark. The bar chart and table demonstrate the risk of investing in the Fund by showing how returns can change from year to year.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">www.pgim.com/investments</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Best Quarter:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Worst Quarter:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">13.43%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;-sec-ix-hidden:x_7f070af7-26d4-4a6f-b812-b1886f54bdd0">2nd </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Quarter </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">2020</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">-15.04%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;-sec-ix-hidden:x_05a53e35-5b16-41d1-aed2-f17d72698143">1st </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Quarter </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">2020</span><span style="font-family:Arial Narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt;">1</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> The total return of the Fund's Class R6 shares from January 1, 2026 through</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">June 30, 2026</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">7.08%</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Best Quarter:</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Worst Quarter:</span> 0.1343 -0.1504 <span style="font-family:Arial Narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt;">1</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> The total return of the Fund's Class R6 shares from January 1, 2026 through</span> 2026-06-30 0.0708 <span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Average Annual Total Returns % (as of 12-31-25)</span> 0.1185 0.0597 0.0706 2016-12-13 0.1210 0.0623 0.0733 2016-12-13 0.1237 0.0640 0.0748 2016-12-13 0.1239 0.0651 0.0758 2016-12-13 0.1258 0.0662 0.0770 2016-12-13 0.1271 0.0676 0.0787 2016-12-13 0.1101 0.0417 0.0591 2016-12-13 0.0775 0.0436 0.0559 2016-12-13 0.1788 0.1442 0.1524 0.0730 -0.0036 0.0193 0.1513 0.0707 0.0854 0.1292 0.0658 0.0816 <span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">° </span><span style="font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as </span><span style="font-family:Arial Narrow;font-size:8pt;">traditional 401(k) plans or individual retirement accounts.</span><span style="font-family:Arial Narrow;font-size:8pt;"> After-tax returns are shown only for Class R6 shares. After-tax returns for other classes will vary </span><span style="font-family:Arial Narrow;font-size:8pt;">due to differing sales charges and expenses.</span> <span style="font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as </span><span style="font-family:Arial Narrow;font-size:8pt;">traditional 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:8pt;"> After-tax returns are shown only for Class R6 shares. After-tax returns for other classes will vary </span><span style="font-family:Arial Narrow;font-size:8pt;">due to differing sales charges and expenses.</span> <span style="color:#545454;font-family:Arial;font-size:13.58pt;">SUMMARY: PGIM TARGET DATE 2035 FUND</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The investment objective of the Fund is to seek a balance between growth and conservation of capital.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">FUND FEES AND EXPENSES</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The tables below describe the sales charges, fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 15 0 0 15 0 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0050 0.0025 0.0010 0 0 0 0.0125 0.0215 0.0083 0.1188 0.0074 0.0030 0.0010 0.0010 0.0010 0.0010 0 0 0.0115 0.0205 0.0073 0.1178 0.0074 0.0030 0.0032 0.0032 0.0032 0.0032 0.0032 0.0032 0.0207 0.0272 0.0125 0.1220 0.0106 0.0062 -0.0107 -0.0197 -0.0065 -0.1170 -0.0066 -0.0037 0.0100 0.0075 0.0060 0.0050 0.0040 0.0025 <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Example. </span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following hypothetical example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year, that the Fund's operating expenses remain the same and that all dividends and distributions are reinvested. Your actual costs may be higher or lower.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">If Shares Are Redeemed</span> 102 318 552 1225 77 240 417 930 61 192 335 750 51 160 280 628 41 128 224 505 26 80 141 318 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">If Shares Are Not Redeemed</span> 102 318 552 1225 77 240 417 930 61 192 335 750 51 160 280 628 41 128 224 505 26 80 141 318 <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Portfolio Turnover. </span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.70pt;">60</span><span style="font-family:Arial;font-size:9.70pt;">% of the average value of its portfolio.</span> 0.60 <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">INVESTMENTS, RISKS AND PERFORMANCE</span><span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Principal Investment Strategies. </span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pursues its objective by investing in a diversified portfolio of other mutual funds and exchange-traded funds (“ETFs”) within the PGIM fund family (collectively, the “Underlying Funds”) that represent various asset classes and sectors. The Fund will invest in Underlying Funds that provide exposure to equity, fixed income and non-traditional asset classes.</span><span style="font-family:Arial;font-size:9.70pt;"> The investments held by Underlying Funds that provide exposure to </span><span style="font-family:Arial;font-size:9.70pt;">equities may include U.S. large-cap equity, mid-cap equity and small-cap equity, as well as international developed markets equity, emerging markets equity and other non-U.S. securities. Underlying Funds that provide exposure to fixed income may invest primarily in bonds, including below investment grade bonds, commonly known as “junk bonds.” Underlying Funds may gain exposure to non-traditional asset classes through investments in equity securities and related derivatives of issuers that are primarily engaged in or related to the real estate industry, real estate investment trusts (“REITs”), commodity-related instruments and derivative securities or instruments, such as options and futures, the value of which is derived from another security, a commodity, a currency or an index. </span><span style="font-family:Arial;font-size:9.70pt;">The Fund is designed for investors expecting to retire in or within a few years of the year 2035 (the “target date”).</span><span style="font-family:Arial;font-size:9.70pt;"> The </span><span style="font-family:Arial;font-size:9.70pt;">Fund is designed to accommodate investors who will either withdraw all of their assets from the Fund upon retirement or who will gradually withdraw assets from the Fund over a moderate time period following retirement. In addition to the anticipated retirement date, relevant factors for selection of the Fund may include age, risk tolerance, other investments owned, and planned withdrawals. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The Fund’s allocations among Underlying Funds (and asset classes) will change over time in relation to the Fund’s target date. The Fund’s asset allocations to the Underlying Funds follow a glidepath that becomes more conservative prior to and for approximately 10 years following the target date, by reducing exposure to equity investments and non-traditional asset classes (including non-U.S. equities, commodities and real estate) and increasing exposure to fixed income investments (the “Glidepath”). Accordingly, the Fund’s exposure to equity investments and non-traditional asset classes may continue to decline until approximately 10 years after its target date, when allocations to equity investments and non-traditional asset classes will remain fixed at approximately 35% of the Fund’s assets, with the remainder invested in fixed income investments. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">In this prospectus, we refer to both the “strategic Glidepath” and the “current Glidepath.” The strategic Glidepath reflects the allocations between equity/non-traditional and fixed income assets through time based on long-term investment views and participant demographics. The strategic Glidepath serves as an anchor from which allocations to equity/non-traditional and fixed income may deviate from year to year to reflect intermediate capital market expectations. The current Glidepath reflects such intermediate expectations. The current Glidepath is reviewed annually and deviations are constrained so as to preserve the general risk and return characteristics of the strategic Glidepath. The Fund’s allocations to the broad asset classes (equity/non-traditional and fixed income) as set forth in the </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">current Glidepath are not expected to vary from the Fund’s allocations set forth in the strategic Glidepath by more than plus or minus 5%. Where the term “Glidepath” is used by itself in this prospectus, it applies to both the strategic Glidepath and the current Glidepath. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The subadviser is responsible for asset allocation of the Fund and will monitor the Fund's investments in the Underlying Funds on a regular basis in order to maintain the approximate allocation to each asset class. The Fund is “ratcheted” annually to shift the Fund’s allocation gradually from equity investments toward fixed income investments in accordance with the current Glidepath. In addition, the Fund is rebalanced periodically (typically monthly) to maintain the target asset allocations dictated by the current Glidepath (as then in effect) with respect to the Underlying Funds in which the Fund is invested. </span><span style="font-family:Arial;font-size:9.70pt;">The following chart illustrates the Fund’s strategic Glidepath:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The information in the table below represents the approximate current allocations for the Fund.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Fund Name</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Equity and Non-Traditional</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Fixed Income</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">PGIM Target Date 2035 Fund</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">67.08%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">32.92%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Pursuant to the annual ratcheting described above, this asset class mix may change each year. In addition, the Fund’s subadviser will review the current Glidepath and the Fund’s asset allocations to Underlying Funds annually to determine, in its discretion, whether the then current Glidepath allocations remain suitable to meet the Fund’s investment objective. Based on such reviews, the subadviser may, without prior notification to shareholders, make changes to the current Glidepath and/or the Fund’s asset allocations as it deems appropriate to meet the Fund’s investment objective in light of market and economic conditions and such other factors as it deems relevant. There is no assurance that the Fund’s objective will be achieved. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The Fund shall maintain not less than the minimum total allocation to fixed income investments and such other constraints, if any, as may be required for it to be considered a Qualified Default Investment Alternative as defined under the Employee Retirement Income Security Act of 1974 (“ERISA”) and determined by the U.S. Department of Labor. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">At the time when the Fund’s target allocations match the asset allocations of the PGIM Target Date Income Fund (the “Income Fund”), PGIM Investments expects, subject to approval by the Board of Trustees, to combine the Fund with the Income Fund without shareholder approval, and the Fund’s shareholders will become shareholders of the Income Fund. This is expected to occur approximately ten years following the Fund’s target date. This combination is expected to be tax-free under current law. Shareholders will be provided with additional information at that time.</span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pursues its objective by investing in a diversified portfolio of other mutual funds and exchange-traded funds (“ETFs”) within the PGIM fund family (collectively, the “Underlying Funds”) that represent various asset classes and sectors. The Fund will invest in Underlying Funds that provide exposure to equity, fixed income and non-traditional asset classes.</span> <span style="font-family:Arial;font-size:9.70pt;">The Fund is designed for investors expecting to retire in or within a few years of the year 2035 (the “target date”).</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">An investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; and is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Target Date/ Income Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The Fund may suffer losses near, at or after the target date, and the Fund does not provide a guarantee that sufficient capital appreciation will be achieved to provide adequate income at and through retirement. The Fund does not assure an investor that he or she will be able to retire in the target year identified in the Fund name or that the assets in the Fund will provide income in amounts adequate to meet the investor’s retirement or financial goals. These risks may be increased to the extent that the participant begins to make withdrawals significantly before the Fund’s target year. For investors who are close to or in retirement, the Fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk the Fund may invest too much in investments designed to ensure capital conservation and/or current income, which may prevent the investor from meeting his or her retirement goals.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Affiliated Funds Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The Fund’s Manager serves as manager of the Underlying Funds. In addition, the Fund may invest in certain Underlying Funds for which affiliates of the Manager and subadviser serve as subadvisers. It is possible that a conflict of interest among the Fund and the Underlying Funds could affect how the Manager and subadviser fulfill their fiduciary duties to the Fund and the Underlying Funds. For example, the subadviser may have an incentive to allocate the Fund’s assets to those Underlying Funds for which the fees paid to the Manager or affiliated subadvisers are higher than the fees paid by other Underlying Funds for which the Manager or affiliated subadviser serve. However, the Fund has adopted procedures to mitigate these concerns.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Asset Allocation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. The Fund’s risks will directly correspond to the risks of the Underlying Funds in which it invests. By investing in many Underlying Funds, the Fund has partial exposure to the risks of many different areas in the market, and the Fund’s overall level of risk should decline over time. However, the selection of the Underlying Funds and the allocation of the Fund’s assets among the various asset classes and market sectors could cause the Fund to underperform other funds with a similar investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Asset Class Variation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. The Underlying Funds invest principally in the securities constituting their asset class (i.e., equity, non-traditional and fixed income). However, under normal market conditions, an Underlying Fund may vary the percentage of assets in these securities (subject to any applicable regulatory requirements). Depending on the percentage of securities in a particular asset class held by the Underlying Funds at any given time and the percentage of the Fund's assets invested in various Underlying Funds, the Fund's actual exposure to the securities in a particular asset class may vary substantially from the allocation to that asset class. There is a risk that the Manager's evaluations and assumptions regarding asset classes or Underlying Funds may be incorrect in view of actual market conditions.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Additionally, the securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Derivatives Risk.</span><span style="font-family:Arial;font-size:9.70pt;"> Derivatives involve special risks and costs and may result in losses to the Underlying Funds. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, will depend on the ability to analyze and manage derivatives transactions. The prices of derivatives may move in </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” or may create economic leverage for the Underlying Funds and therefore may magnify or otherwise increase investment losses to the Underlying Funds. The Underlying Funds’ use of derivatives may also increase the amount of taxes payable by shareholders. </span><span style="font-family:Arial;font-size:9.70pt;">Appropriate derivatives may not be available in all circumstances for risk management or other purposes for which the Fund seeks to use them. Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid market may not always exist for the Underlying Funds’ derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Underlying Funds. The use of derivatives also exposes the Underlying Funds to operational issues, such as documentation and settlement issues, systems failures, inadequate control and human error. </span><span style="font-family:Arial;font-size:9.70pt;">Derivatives may also involve legal risks, such as insufficient documentation, the lack of capacity or authority of a counterparty to execute or settle a transaction, and the legality and enforceability of derivatives contracts. The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. Regulation of derivatives can make derivatives more costly, limit their availability or utility to the Underlying Funds, or otherwise adversely affect their performance or disrupt markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Economic and Market Events Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Equity and Equity-Related Securities Risks.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. In addition to an individual security losing value, the value of the equity markets or a sector in which an Underlying Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Exchange-Traded Funds (“ETFs”) Risk.</span><span style="font-family:Arial;font-size:9.70pt;"> Investing in securities issued by ETFs involves risks similar to those of investing directly in the securities and other assets held by the ETF. Unlike shares of typical mutual funds, shares of ETFs are generally traded on an exchange throughout a trading day and bought and sold based on market values and not at net asset value. For this reason, shares could trade at either a premium or discount to net asset value, which may be substantial during periods of market stress. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. In addition, the Fund will indirectly bear its pro rata share of the fees and expenses incurred by an ETF (including ETFs managed by the Manager or the subadviser(s)) in which it invests, including advisory fees (to the extent not offset by the Manager through waivers). These expenses are in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fixed Income Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> As with credit risk, market risk and interest rate risk, an Underlying Fund's holdings, share price, yield and total return may fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer’s goods and services. Certain types of fixed income obligations also may be subject to call and redemption risk, which is the risk that the issuer may call a bond held by an Underlying Fund for redemption before it matures and the Underlying Fund may lose income.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fund of Funds Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The value of an investment in the Fund will be related, to a substantial degree, to the investment performance of the Underlying Funds in which it invests. Therefore, the principal risks of investing in the Fund are closely related to the principal risks associated with these Underlying Funds and their investments. Because the Fund’s allocation among different Underlying Funds and direct investments in securities and derivatives will vary, an </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">investment in the Fund may be subject to any and all of these risks at different times and to different degrees. Investing in an Underlying Fund will also expose the Fund to a pro rata portion of the Underlying Fund’s fees and expenses. In addition, one Underlying Fund may buy the same securities that another Underlying Fund sells. Therefore, the Fund would indirectly bear the costs of these trades without accomplishing the investment purpose.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fund Rebalancing Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. Underlying Funds may experience relatively large redemptions or investments due to a rebalancing of the Fund's allocations. In such event, an Underlying Fund may be required to sell securities or to invest cash at a time when it is not advantageous to do so. Rebalancing may increase brokerage and/or other transaction costs of an Underlying Fund, increase the Underlying Fund's expenses or result in the Underlying Fund's becoming too small to be economically viable. Rebalancing may also adversely affect an Underlying Fund's performance and thus the Fund's performance. The impact of rebalancing is likely to be greater when the Fund purchases, redeems or invests in a substantial portion of an Underlying Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The subadviser will seek to cooperate with the subadvisers of the Underlying Funds to minimize any adverse impact on the Underlying Funds. The subadvisers of the Underlying Funds may take such actions as they deem appropriate to minimize such adverse impact, considering the potential benefits of such investments to the Underlying Funds and consistent with their obligations to the Underlying Funds. Such actions may delay the rebalancing of the Fund's investments in the event of significant market or other events that may require more rapid action.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Increase in Expenses Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Underlying Fund securities can increase expenses.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Index Tracking Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> While certain Underlying Funds generally seek to track the performance of an index as closely as possible (i.e., achieve a high degree of correlation with an index), the return may not match or achieve a high degree of correlation with the return of the index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. If an index fund is properly correlated to its stated index, the fund will perform poorly when the index performs poorly.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. Similarly, a rise in interest rates may also have a greater negative impact on the value of equity securities whose issuers expect earnings further out in the future. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">“duration risk.”</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;line-height:12.61pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and an Underlying Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">prepayment risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.” In addition, if an Underlying Fund purchases a fixed income security at a premium (at a price that exceeds its stated par or principal value), the Fund may lose the amount of the premium paid in the event of prepayment. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of an Underlying Fund's holdings may fall sharply. This is referred to as “</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">extension risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.” An Underlying Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by its subadviser.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Under certain market conditions, growth investments have performed better during the later stages of economic expansion and value investments have performed better during periods of economic recovery. Therefore, these investment styles may over time go in and out of favor. At times when an investment style used by an Underlying Fund is out of favor, the Underlying Fund may underperform other funds that use different investment styles.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Large Shareholder and Large Scale Redemption Risk. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Funds’ shareholders generally may redeem all or a substantial portion </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy.  The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> An Underlying Fund may not be able to sell a holding in a timely manner at a desired price. This risk could affect both stock and bond funds in which the Fund invests, but typically represents a greater risk for bond funds. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit an Underlying Fund’s ability to sell a holding at a suitable price.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Management Risk. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser’s judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund’s benchmark and other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Capitalization Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Certain Underlying Funds may invest in stocks of small- and medium-size companies which may present above-average risks. These companies usually offer a smaller range of products and services than larger companies. They may also have limited financial resources and may lack management depth. As a result, the prices of stocks issued by small- and medium-size companies tend to fluctuate more than the stocks of larger, more established companies. In exchange for potentially lower risks of investing in large capitalization companies, such investments may not rise as much in value as the value of investments in smaller-capitalized companies.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Disruption and Geopolitical Risks.</span><span style="font-family:Arial;font-size:9.70pt;"> Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including the U.S. and Israeli military operation against Iran, Russia’s military invasion of Ukraine and the Israel Hamas War), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as the Middle East, South America, Eastern Europe, and Asia, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally). </span><span style="font-family:Arial;font-size:9.70pt;">Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests. The risk of such events has meaningfully increased in recent periods due to heightened international tensions stemming from rivalry among the world’s dominant economic and military</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">powers. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Securities markets may be volatile and the market prices of an Underlying Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by an Underlying Fund fall, the value of the Fund’s investment in the Underlying Fund will decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following bar chart shows the Fund's performance for Class R6 shares for each full calendar year of operations or for the last 10 calendar years, whichever is shorter. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following table shows the Fund's average annual </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">returns and also compares the Fund’s performance with the average annual total returns of an index or other benchmark. The bar chart and table demonstrate the risk of investing in the Fund by showing how returns can change from year to year.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Without the management fee waiver and/or expense reimbursement, if any, the annual total returns would have been lower. Updated Fund performance information, including current net asset value, is available online at </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">www.pgim.com/investments</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following table shows the Fund's average annual </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">returns and also compares the Fund’s performance with the average annual total returns of an index or other benchmark. The bar chart and table demonstrate the risk of investing in the Fund by showing how returns can change from year to year.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">www.pgim.com/investments</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Best Quarter:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Worst Quarter:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">15.64%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;-sec-ix-hidden:d344044d-fe36-4c19-8dce-b4b0ea143104">2nd </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Quarter </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">2020</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">-17.61%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;-sec-ix-hidden:x_3b5688c3-6f2a-4758-a704-5d49da7a7753">1st </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Quarter </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">2020</span><span style="font-family:Arial Narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt;">1</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> The total return of the Fund's Class R6 shares from January 1, 2026 through</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">June 30, 2026</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">8.61%</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Best Quarter:</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Worst Quarter:</span> 0.1564 -0.1761 <span style="font-family:Arial Narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt;">1</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> The total return of the Fund's Class R6 shares from January 1, 2026 through</span> 2026-06-30 0.0861 <span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Average Annual Total Returns % (as of 12-31-25)</span> 0.1366 0.0717 0.0804 2016-12-13 0.1404 0.0745 0.0831 2016-12-13 0.1417 0.0760 0.0848 2016-12-13 0.1426 0.0771 0.0859 2016-12-13 0.1437 0.0781 0.0869 2016-12-13 0.1462 0.0798 0.0885 2016-12-13 0.1306 0.0534 0.0685 2016-12-13 0.0902 0.0538 0.0644 2016-12-13 0.1788 0.1442 0.1524 0.0730 -0.0036 0.0193 0.1680 0.0819 0.0951 0.1481 0.0783 0.0936 <span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">° </span><span style="font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as </span><span style="font-family:Arial Narrow;font-size:8pt;">traditional 401(k) plans or individual retirement accounts.</span><span style="font-family:Arial Narrow;font-size:8pt;"> After-tax returns are shown only for Class R6 shares. After-tax returns for other classes will vary </span><span style="font-family:Arial Narrow;font-size:8pt;">due to differing sales charges and expenses.</span> <span style="font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as </span><span style="font-family:Arial Narrow;font-size:8pt;">traditional 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:8pt;"> After-tax returns are shown only for Class R6 shares. After-tax returns for other classes will vary </span><span style="font-family:Arial Narrow;font-size:8pt;">due to differing sales charges and expenses.</span> <span style="color:#545454;font-family:Arial;font-size:13.58pt;">SUMMARY: PGIM TARGET DATE 2040 FUND</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The investment objective of the Fund is to seek a balance between growth and conservation of capital.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">FUND FEES AND EXPENSES</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The tables below describe the sales charges, fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 15 0 0 15 0 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0050 0.0025 0.0010 0 0 0 0.0102 0.0113 0.0081 0.0368 0.0063 0.0038 0.0010 0.0010 0.0010 0.0010 0 0 0.0092 0.0103 0.0071 0.0358 0.0063 0.0038 0.0033 0.0033 0.0033 0.0033 0.0033 0.0033 0.0185 0.0171 0.0124 0.0401 0.0096 0.0071 -0.0085 -0.0096 -0.0064 -0.0351 -0.0056 -0.0046 0.0100 0.0075 0.0060 0.0050 0.0040 0.0025 <span style="font-family:Arial Narrow;font-size:8pt;">Other expenses have been updated from the most recent annual report to reflect current expenses.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Example. </span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following hypothetical example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year, that the Fund's operating expenses remain the same and that all dividends and distributions are reinvested. Your actual costs may be higher or lower.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">If Shares Are Redeemed</span> 102 318 552 1225 77 240 417 930 61 192 335 750 51 160 280 628 41 128 224 505 26 80 141 318 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">If Shares Are Not Redeemed</span> 102 318 552 1225 77 240 417 930 61 192 335 750 51 160 280 628 41 128 224 505 26 80 141 318 <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Portfolio Turnover. </span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.70pt;">55</span><span style="font-family:Arial;font-size:9.70pt;">% of the average value of its portfolio.</span> 0.55 <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">INVESTMENTS, RISKS AND PERFORMANCE</span><span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Principal Investment Strategies. </span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pursues its objective by investing in a diversified portfolio of other mutual funds and exchange-traded funds (“ETFs”) within the PGIM fund family (collectively, the “Underlying Funds”) that represent various asset classes and sectors. The Fund will invest in Underlying Funds that provide exposure to equity, fixed income and non-traditional asset classes.</span><span style="font-family:Arial;font-size:9.70pt;"> The investments held by Underlying Funds that provide exposure to </span><span style="font-family:Arial;font-size:9.70pt;">equities may include U.S. large-cap equity, mid-cap equity and small-cap equity, as well as international developed markets equity, emerging markets equity and other non-U.S. securities. Underlying Funds that provide exposure to fixed income may invest primarily in bonds, including below investment grade bonds, commonly known as “junk bonds.” Underlying Funds may gain exposure to non-traditional asset classes through investments in equity securities and related derivatives of issuers that are primarily engaged in or related to the real estate industry, real estate investment trusts (“REITs”), commodity-related instruments and derivative securities or instruments, such as options and futures, the value of which is derived from another security, a commodity, a currency or an index. </span><span style="font-family:Arial;font-size:9.70pt;">The Fund is designed for investors expecting to retire in or within a few years of the year 2040 (the “target date”).</span><span style="font-family:Arial;font-size:9.70pt;"> The </span><span style="font-family:Arial;font-size:9.70pt;">Fund is designed to accommodate investors who will either withdraw all of their assets from the Fund upon retirement or who will gradually withdraw assets from the Fund over a moderate time period following retirement. In addition to the anticipated retirement date, relevant factors for selection of the Fund may include age, risk tolerance, other investments owned, and planned withdrawals. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The Fund’s allocations among Underlying Funds (and asset classes) will change over time in relation to the Fund’s target date. The Fund’s asset allocations to the Underlying Funds follow a glidepath that becomes more conservative prior to and for approximately 10 years following the target date, by reducing exposure to equity investments and non-traditional asset classes (including non-U.S. equities, commodities and real estate) and increasing exposure to fixed income investments (the “Glidepath”). Accordingly, the Fund’s exposure to equity investments and non-traditional asset classes may continue to decline until approximately 10 years after its target date, when allocations to equity investments and non-traditional asset classes will remain fixed at approximately 35% of the Fund’s assets, with the remainder invested in fixed income investments. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">In this prospectus, we refer to both the “strategic Glidepath” and the “current Glidepath.” The strategic Glidepath reflects the allocations between equity/non-traditional and fixed income assets through time based on long-term investment views and participant demographics. The strategic Glidepath serves as an anchor from which allocations to equity/non-traditional and fixed income may deviate from year to year to reflect intermediate capital market expectations. The current Glidepath reflects such intermediate expectations. The current Glidepath is reviewed annually and deviations are constrained so as to preserve the general risk and return characteristics of the strategic Glidepath. The Fund’s allocations to the broad asset classes (equity/non-traditional and fixed income) as set forth in the </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">current Glidepath are not expected to vary from the Fund’s allocations set forth in the strategic Glidepath by more than plus or minus 5%. Where the term “Glidepath” is used by itself in this prospectus, it applies to both the strategic Glidepath and the current Glidepath. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The subadviser is responsible for asset allocation of the Fund and will monitor the Fund's investments in the Underlying Funds on a regular basis in order to maintain the approximate allocation to each asset class. The Fund is “ratcheted” annually to shift the Fund’s allocation gradually from equity investments toward fixed income investments in accordance with the current Glidepath. In addition, the Fund is rebalanced periodically (typically monthly) to maintain the target asset allocations dictated by the current Glidepath (as then in effect) with respect to the Underlying Funds in which the Fund is invested. </span><span style="font-family:Arial;font-size:9.70pt;">The following chart illustrates the Fund’s strategic Glidepath:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The information in the table below represents the approximate current allocations for the Fund.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Fund Name</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Equity and Non-Traditional</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Fixed Income</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">PGIM Target Date 2040 Fund</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">78.7%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">21.3%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Pursuant to the annual ratcheting described above, this asset class mix may change each year. In addition, the Fund’s subadviser will review the current Glidepath and the Fund’s asset allocations to Underlying Funds annually to determine, in its discretion, whether the then current Glidepath allocations remain suitable to meet the Fund’s investment objective. Based on such reviews, the subadviser may, without prior notification to shareholders, make changes to the current Glidepath and/or the Fund’s asset allocations as it deems appropriate to meet the Fund’s investment objective in light of market and economic conditions and such other factors as it deems relevant. There is no assurance that the Fund’s objective will be achieved. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The Fund shall maintain not less than the minimum total allocation to fixed income investments and such other constraints, if any, as may be required for it to be considered a Qualified Default Investment Alternative as defined under the Employee Retirement Income Security Act of 1974 (“ERISA”) and determined by the U.S. Department of Labor. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">At the time when the Fund’s target allocations match the asset allocations of the PGIM Target Date Income Fund (the “Income Fund”), PGIM Investments expects, subject to approval by the Board of Trustees, to combine the Fund with the Income Fund without shareholder approval, and the Fund’s shareholders will become shareholders of the Income Fund. This is expected to occur approximately ten years following the Fund’s target date. This combination is expected to be tax-free under current law. Shareholders will be provided with additional information at that time.</span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pursues its objective by investing in a diversified portfolio of other mutual funds and exchange-traded funds (“ETFs”) within the PGIM fund family (collectively, the “Underlying Funds”) that represent various asset classes and sectors. The Fund will invest in Underlying Funds that provide exposure to equity, fixed income and non-traditional asset classes.</span> <span style="font-family:Arial;font-size:9.70pt;">The Fund is designed for investors expecting to retire in or within a few years of the year 2040 (the “target date”).</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">An investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; and is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Target Date/ Income Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The Fund may suffer losses near, at or after the target date, and the Fund does not provide a guarantee that sufficient capital appreciation will be achieved to provide adequate income at and through retirement. The Fund does not assure an investor that he or she will be able to retire in the target year identified in the Fund name or that the assets in the Fund will provide income in amounts adequate to meet the investor’s retirement or financial goals. These risks may be increased to the extent that the participant begins to make withdrawals significantly before the Fund’s target year. For investors who are close to or in retirement, the Fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk the Fund may invest too much in investments designed to ensure capital conservation and/or current income, which may prevent the investor from meeting his or her retirement goals.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Affiliated Funds Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The Fund’s Manager serves as manager of the Underlying Funds. In addition, the Fund may invest in certain Underlying Funds for which affiliates of the Manager and subadviser serve as subadvisers. It is possible that a conflict of interest among the Fund and the Underlying Funds could affect how the Manager and subadviser fulfill their fiduciary duties to the Fund and the Underlying Funds. For example, the subadviser may have an incentive to allocate the Fund’s assets to those Underlying Funds for which the fees paid to the Manager or affiliated subadvisers are higher than the fees paid by other Underlying Funds for which the Manager or affiliated subadviser serve. However, the Fund has adopted procedures to mitigate these concerns.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Asset Allocation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. The Fund’s risks will directly correspond to the risks of the Underlying Funds in which it invests. By investing in many Underlying Funds, the Fund has partial exposure to the risks of many different areas in the market, and the Fund’s overall level of risk should decline over time. However, the selection of the Underlying Funds and the allocation of the Fund’s assets among the various asset classes and market sectors could cause the Fund to underperform other funds with a similar investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Asset Class Variation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. The Underlying Funds invest principally in the securities constituting their asset class (i.e., equity, non-traditional and fixed income). However, under normal market conditions, an Underlying Fund may vary the percentage of assets in these securities (subject to any applicable regulatory requirements). Depending on the percentage of securities in a particular asset class held by the Underlying Funds at any given time and the percentage of the Fund's assets invested in various Underlying Funds, the Fund's actual exposure to the securities in a particular asset class may vary substantially from the allocation to that asset class. There is a risk that the Manager's evaluations and assumptions regarding asset classes or Underlying Funds may be incorrect in view of actual market conditions.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Additionally, the securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Derivatives Risk.</span><span style="font-family:Arial;font-size:9.70pt;"> Derivatives involve special risks and costs and may result in losses to the Underlying Funds. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, will depend on the ability to analyze and manage derivatives transactions. The prices of derivatives may move in </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” or may create economic leverage for the Underlying Funds and therefore may magnify or otherwise increase investment losses to the Underlying Funds. The Underlying Funds’ use of derivatives may also increase the amount of taxes payable by shareholders. </span><span style="font-family:Arial;font-size:9.70pt;">Appropriate derivatives may not be available in all circumstances for risk management or other purposes for which the Fund seeks to use them. Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid market may not always exist for the Underlying Funds’ derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Underlying Funds. The use of derivatives also exposes the Underlying Funds to operational issues, such as documentation and settlement issues, systems failures, inadequate control and human error. </span><span style="font-family:Arial;font-size:9.70pt;">Derivatives may also involve legal risks, such as insufficient documentation, the lack of capacity or authority of a counterparty to execute or settle a transaction, and the legality and enforceability of derivatives contracts. The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. Regulation of derivatives can make derivatives more costly, limit their availability or utility to the Underlying Funds, or otherwise adversely affect their performance or disrupt markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Economic and Market Events Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Equity and Equity-Related Securities Risks.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. In addition to an individual security losing value, the value of the equity markets or a sector in which an Underlying Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Exchange-Traded Funds (“ETFs”) Risk.</span><span style="font-family:Arial;font-size:9.70pt;"> Investing in securities issued by ETFs involves risks similar to those of investing directly in the securities and other assets held by the ETF. Unlike shares of typical mutual funds, shares of ETFs are generally traded on an exchange throughout a trading day and bought and sold based on market values and not at net asset value. For this reason, shares could trade at either a premium or discount to net asset value, which may be substantial during periods of market stress. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. In addition, the Fund will indirectly bear its pro rata share of the fees and expenses incurred by an ETF (including ETFs managed by the Manager or the subadviser(s)) in which it invests, including advisory fees (to the extent not offset by the Manager through waivers). These expenses are in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fixed Income Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> As with credit risk, market risk and interest rate risk, an Underlying Fund's holdings, share price, yield and total return may fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer’s goods and services. Certain types of fixed income obligations also may be subject to call and redemption risk, which is the risk that the issuer may call a bond held by an Underlying Fund for redemption before it matures and the Underlying Fund may lose income.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fund of Funds Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The value of an investment in the Fund will be related, to a substantial degree, to the investment performance of the Underlying Funds in which it invests. Therefore, the principal risks of investing in the Fund are closely related to the principal risks associated with these Underlying Funds and their investments. Because the Fund’s allocation among different Underlying Funds and direct investments in securities and derivatives will vary, an </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">investment in the Fund may be subject to any and all of these risks at different times and to different degrees. Investing in an Underlying Fund will also expose the Fund to a pro rata portion of the Underlying Fund’s fees and expenses. In addition, one Underlying Fund may buy the same securities that another Underlying Fund sells. Therefore, the Fund would indirectly bear the costs of these trades without accomplishing the investment purpose.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fund Rebalancing Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. Underlying Funds may experience relatively large redemptions or investments due to a rebalancing of the Fund's allocations. In such event, an Underlying Fund may be required to sell securities or to invest cash at a time when it is not advantageous to do so. Rebalancing may increase brokerage and/or other transaction costs of an Underlying Fund, increase the Underlying Fund's expenses or result in the Underlying Fund's becoming too small to be economically viable. Rebalancing may also adversely affect an Underlying Fund's performance and thus the Fund's performance. The impact of rebalancing is likely to be greater when the Fund purchases, redeems or invests in a substantial portion of an Underlying Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The subadviser will seek to cooperate with the subadvisers of the Underlying Funds to minimize any adverse impact on the Underlying Funds. The subadvisers of the Underlying Funds may take such actions as they deem appropriate to minimize such adverse impact, considering the potential benefits of such investments to the Underlying Funds and consistent with their obligations to the Underlying Funds. Such actions may delay the rebalancing of the Fund's investments in the event of significant market or other events that may require more rapid action.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Increase in Expenses Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Underlying Fund securities can increase expenses.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Index Tracking Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> While certain Underlying Funds generally seek to track the performance of an index as closely as possible (i.e., achieve a high degree of correlation with an index), the return may not match or achieve a high degree of correlation with the return of the index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. If an index fund is properly correlated to its stated index, the fund will perform poorly when the index performs poorly.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. Similarly, a rise in interest rates may also have a greater negative impact on the value of equity securities whose issuers expect earnings further out in the future. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">“duration risk.”</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;line-height:12.61pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and an Underlying Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">prepayment risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.” In addition, if an Underlying Fund purchases a fixed income security at a premium (at a price that exceeds its stated par or principal value), the Fund may lose the amount of the premium paid in the event of prepayment. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of an Underlying Fund's holdings may fall sharply. This is referred to as “</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">extension risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.” An Underlying Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by its subadviser.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Under certain market conditions, growth investments have performed better during the later stages of economic expansion and value investments have performed better during periods of economic recovery. Therefore, these investment styles may over time go in and out of favor. At times when an investment style used by an Underlying Fund is out of favor, the Underlying Fund may underperform other funds that use different investment styles.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Large Shareholder and Large Scale Redemption Risk. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Funds’ shareholders generally may redeem all or a substantial portion </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy.  The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> An Underlying Fund may not be able to sell a holding in a timely manner at a desired price. This risk could affect both stock and bond funds in which the Fund invests, but typically represents a greater risk for bond funds. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit an Underlying Fund’s ability to sell a holding at a suitable price.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Management Risk. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser’s judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund’s benchmark and other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Capitalization Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Certain Underlying Funds may invest in stocks of small- and medium-size companies which may present above-average risks. These companies usually offer a smaller range of products and services than larger companies. They may also have limited financial resources and may lack management depth. As a result, the prices of stocks issued by small- and medium-size companies tend to fluctuate more than the stocks of larger, more established companies. In exchange for potentially lower risks of investing in large capitalization companies, such investments may not rise as much in value as the value of investments in smaller-capitalized companies.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Disruption and Geopolitical Risks.</span><span style="font-family:Arial;font-size:9.70pt;"> Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including the U.S. and Israeli military operation against Iran, Russia’s military invasion of Ukraine and the Israel Hamas War), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as the Middle East, South America, Eastern Europe, and Asia, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally). </span><span style="font-family:Arial;font-size:9.70pt;">Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests. The risk of such events has meaningfully increased in recent periods due to heightened international tensions stemming from rivalry among the world’s dominant economic and military</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">powers. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Securities markets may be volatile and the market prices of an Underlying Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by an Underlying Fund fall, the value of the Fund’s investment in the Underlying Fund will decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following bar chart shows the Fund's performance for Class R6 shares for each full calendar year of operations or for the last 10 calendar years, whichever is shorter. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following table shows the Fund's average annual </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">returns and also compares the Fund’s performance with the average annual total returns of an index or other benchmark. The bar chart and table demonstrate the risk of investing in the Fund by showing how returns can change from year to year.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Without the management fee waiver and/or expense reimbursement, if any, the annual total returns would have been lower. Updated Fund performance information, including current net asset value, is available online at </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">www.pgim.com/investments</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following table shows the Fund's average annual </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">returns and also compares the Fund’s performance with the average annual total returns of an index or other benchmark. The bar chart and table demonstrate the risk of investing in the Fund by showing how returns can change from year to year.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">www.pgim.com/investments</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Best Quarter:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Worst Quarter:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">16.77%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;-sec-ix-hidden:x_851bb79a-9562-4462-8c68-08a54a55c5bf">2nd </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Quarter </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">2020</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">-19.63%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;-sec-ix-hidden:x_27ab9c7f-b585-48b2-a2d8-fa50f7d1d34d">1st </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Quarter </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">2020</span><span style="font-family:Arial Narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt;">1</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> The total return of the Fund's Class R6 shares from January 1, 2026 through</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">June 30, 2026</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">10.21%</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Best Quarter:</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Worst Quarter:</span> 0.1677 -0.1963 <span style="font-family:Arial Narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt;">1</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> The total return of the Fund's Class R6 shares from January 1, 2026 through</span> 2026-06-30 0.1021 <span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Average Annual Total Returns % (as of 12-31-25)</span> 0.1555 0.0815 0.0877 2016-12-13 0.1581 0.0842 0.0904 2016-12-13 0.1596 0.0859 0.0921 2016-12-13 0.1606 0.0869 0.0932 2016-12-13 0.1625 0.0880 0.0943 2016-12-13 0.1639 0.0897 0.0959 2016-12-13 0.1474 0.0630 0.0760 2016-12-13 0.1016 0.0617 0.0707 2016-12-13 0.1788 0.1442 0.1524 0.0730 -0.0036 0.0193 0.1820 0.0918 0.1029 0.1668 0.0875 0.1014 <span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">° </span><span style="font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as </span><span style="font-family:Arial Narrow;font-size:8pt;">traditional 401(k) plans or individual retirement accounts.</span><span style="font-family:Arial Narrow;font-size:8pt;"> After-tax returns are shown only for Class R6 shares. After-tax returns for other classes will vary </span><span style="font-family:Arial Narrow;font-size:8pt;">due to differing sales charges and expenses.</span> <span style="font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as </span><span style="font-family:Arial Narrow;font-size:8pt;">traditional 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:8pt;"> After-tax returns are shown only for Class R6 shares. After-tax returns for other classes will vary </span><span style="font-family:Arial Narrow;font-size:8pt;">due to differing sales charges and expenses.</span> <span style="color:#545454;font-family:Arial;font-size:13.58pt;">SUMMARY: PGIM TARGET DATE 2045 FUND</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The investment objective of the Fund is to seek a balance between growth and conservation of capital.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">FUND FEES AND EXPENSES</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The tables below describe the sales charges, fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 15 0 0 15 0 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0050 0.0025 0.0010 0 0 0 0.0189 0.0102 0.0190 0.0537 0.0091 0.0048 0.0010 0.0010 0.0010 0.0010 0 0 0.0179 0.0092 0.0180 0.0527 0.0091 0.0048 0.0034 0.0034 0.0034 0.0034 0.0034 0.0034 0.0273 0.0161 0.0234 0.0571 0.0125 0.0082 -0.0173 -0.0086 -0.0174 -0.0521 -0.0085 -0.0057 0.0100 0.0075 0.0060 0.0050 0.0040 0.0025 <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Example. </span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following hypothetical example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year, that the Fund's operating expenses remain the same and that all dividends and distributions are reinvested. Your actual costs may be higher or lower.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">If Shares Are Redeemed</span> 102 318 552 1225 77 240 417 930 61 192 335 750 51 160 280 628 41 128 224 505 26 80 141 318 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">If Shares Are Not Redeemed</span> 102 318 552 1225 77 240 417 930 61 192 335 750 51 160 280 628 41 128 224 505 26 80 141 318 <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Portfolio Turnover. </span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.70pt;">50</span><span style="font-family:Arial;font-size:9.70pt;">% of the average value of its portfolio.</span> 0.50 <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">INVESTMENTS, RISKS AND PERFORMANCE</span><span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Principal Investment Strategies. </span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pursues its objective by investing in a diversified portfolio of other mutual funds and exchange-traded funds (“ETFs”) within the PGIM fund family (collectively, the “Underlying Funds”) that represent various asset classes and sectors. The Fund will invest in Underlying Funds that provide exposure to equity, fixed income and non-traditional asset classes.</span><span style="font-family:Arial;font-size:9.70pt;"> The investments held by Underlying Funds that provide exposure to </span><span style="font-family:Arial;font-size:9.70pt;">equities may include U.S. large-cap equity, mid-cap equity and small-cap equity, as well as international developed markets equity, emerging markets equity and other non-U.S. securities. Underlying Funds that provide exposure to fixed income may invest primarily in bonds, including below investment grade bonds, commonly known as “junk bonds.” Underlying Funds may gain exposure to non-traditional asset classes through investments in equity securities and related derivatives of issuers that are primarily engaged in or related to the real estate industry, real estate investment trusts (“REITs”), commodity-related instruments and derivative securities or instruments, such as options and futures, the value of which is derived from another security, a commodity, a currency or an index. </span><span style="font-family:Arial;font-size:9.70pt;">The Fund is designed for investors expecting to retire in or within a few years of the year 2045 (the “target date”).</span><span style="font-family:Arial;font-size:9.70pt;"> The </span><span style="font-family:Arial;font-size:9.70pt;">Fund is designed to accommodate investors who will either withdraw all of their assets from the Fund upon retirement or who will gradually withdraw assets from the Fund over a moderate time period following retirement. In addition to the anticipated retirement date, relevant factors for selection of the Fund may include age, risk tolerance, other investments owned, and planned withdrawals. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The Fund’s allocations among Underlying Funds (and asset classes) will change over time in relation to the Fund’s target date. The Fund’s asset allocations to the Underlying Funds follow a glidepath that becomes more conservative prior to and for approximately 10 years following the target date, by reducing exposure to equity investments and non-traditional asset classes (including non-U.S. equities, commodities and real estate) and increasing exposure to fixed income investments (the “Glidepath”). Accordingly, the Fund’s exposure to equity investments and non-traditional asset classes may continue to decline until approximately 10 years after its target date, when allocations to equity investments and non-traditional asset classes will remain fixed at approximately 35% of the Fund’s assets, with the remainder invested in fixed income investments. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">In this prospectus, we refer to both the “strategic Glidepath” and the “current Glidepath.” The strategic Glidepath reflects the allocations between equity/non-traditional and fixed income assets through time based on long-term investment views and participant demographics. The strategic Glidepath serves as an anchor from which allocations to equity/non-traditional and fixed income may deviate from year to year to reflect intermediate capital market expectations. The current Glidepath reflects such intermediate expectations. The current Glidepath is reviewed annually and deviations are constrained so as to preserve the general risk and return characteristics of the strategic Glidepath. The Fund’s allocations to the broad asset classes (equity/non-traditional and fixed income) as set forth in the </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">current Glidepath are not expected to vary from the Fund’s allocations set forth in the strategic Glidepath by more than plus or minus 5%. Where the term “Glidepath” is used by itself in this prospectus, it applies to both the strategic Glidepath and the current Glidepath. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The subadviser is responsible for asset allocation of the Fund and will monitor the Fund's investments in the Underlying Funds on a regular basis in order to maintain the approximate allocation to each asset class. The Fund is “ratcheted” annually to shift the Fund’s allocation gradually from equity investments toward fixed income investments in accordance with the current Glidepath. In addition, the Fund is rebalanced periodically (typically monthly) to maintain the target asset allocations dictated by the current Glidepath (as then in effect) with respect to the Underlying Funds in which the Fund is invested. </span><span style="font-family:Arial;font-size:9.70pt;">The following chart illustrates the Fund’s strategic Glidepath:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The information in the table below represents the approximate current allocations for the Fund.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Fund Name</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Equity and Non-Traditional</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Fixed Income</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">PGIM Target Date 2045 Fund</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">86.92%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">13.08%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Pursuant to the annual ratcheting described above, this asset class mix may change each year. In addition, the Fund’s subadviser will review the current Glidepath and the Fund’s asset allocations to Underlying Funds annually to determine, in its discretion, whether the then current Glidepath allocations remain suitable to meet the Fund’s investment objective. Based on such reviews, the subadviser may, without prior notification to shareholders, make changes to the current Glidepath and/or the Fund’s asset allocations as it deems appropriate to meet the Fund’s investment objective in light of market and economic conditions and such other factors as it deems relevant. There is no assurance that the Fund’s objective will be achieved. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The Fund shall maintain not less than the minimum total allocation to fixed income investments and such other constraints, if any, as may be required for it to be considered a Qualified Default Investment Alternative as defined under the Employee Retirement Income Security Act of 1974 (“ERISA”) and determined by the U.S. Department of Labor. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">At the time when the Fund’s target allocations match the asset allocations of the PGIM Target Date Income Fund (the “Income Fund”), PGIM Investments expects, subject to approval by the Board of Trustees, to combine the Fund with the Income Fund without shareholder approval, and the Fund’s shareholders will become shareholders of the Income Fund. This is expected to occur approximately ten years following the Fund’s target date. This combination is expected to be tax-free under current law. Shareholders will be provided with additional information at that time.</span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pursues its objective by investing in a diversified portfolio of other mutual funds and exchange-traded funds (“ETFs”) within the PGIM fund family (collectively, the “Underlying Funds”) that represent various asset classes and sectors. The Fund will invest in Underlying Funds that provide exposure to equity, fixed income and non-traditional asset classes.</span> <span style="font-family:Arial;font-size:9.70pt;">The Fund is designed for investors expecting to retire in or within a few years of the year 2045 (the “target date”).</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">An investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; and is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Target Date/ Income Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The Fund may suffer losses near, at or after the target date, and the Fund does not provide a guarantee that sufficient capital appreciation will be achieved to provide adequate income at and through retirement. The Fund does not assure an investor that he or she will be able to retire in the target year identified in the Fund name or that the assets in the Fund will provide income in amounts adequate to meet the investor’s retirement or financial goals. These risks may be increased to the extent that the participant begins to make withdrawals significantly before the Fund’s target year. For investors who are close to or in retirement, the Fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk the Fund may invest too much in investments designed to ensure capital conservation and/or current income, which may prevent the investor from meeting his or her retirement goals.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Affiliated Funds Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The Fund’s Manager serves as manager of the Underlying Funds. In addition, the Fund may invest in certain Underlying Funds for which affiliates of the Manager and subadviser serve as subadvisers. It is possible that a conflict of interest among the Fund and the Underlying Funds could affect how the Manager and subadviser fulfill their fiduciary duties to the Fund and the Underlying Funds. For example, the subadviser may have an incentive to allocate the Fund’s assets to those Underlying Funds for which the fees paid to the Manager or affiliated subadvisers are higher than the fees paid by other Underlying Funds for which the Manager or affiliated subadviser serve. However, the Fund has adopted procedures to mitigate these concerns.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Asset Allocation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. The Fund’s risks will directly correspond to the risks of the Underlying Funds in which it invests. By investing in many Underlying Funds, the Fund has partial exposure to the risks of many different areas in the market, and the Fund’s overall level of risk should decline over time. However, the selection of the Underlying Funds and the allocation of the Fund’s assets among the various asset classes and market sectors could cause the Fund to underperform other funds with a similar investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Asset Class Variation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. The Underlying Funds invest principally in the securities constituting their asset class (i.e., equity, non-traditional and fixed income). However, under normal market conditions, an Underlying Fund may vary the percentage of assets in these securities (subject to any applicable regulatory requirements). Depending on the percentage of securities in a particular asset class held by the Underlying Funds at any given time and the percentage of the Fund's assets invested in various Underlying Funds, the Fund's actual exposure to the securities in a particular asset class may vary substantially from the allocation to that asset class. There is a risk that the Manager's evaluations and assumptions regarding asset classes or Underlying Funds may be incorrect in view of actual market conditions.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Additionally, the securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Derivatives Risk.</span><span style="font-family:Arial;font-size:9.70pt;"> Derivatives involve special risks and costs and may result in losses to the Underlying Funds. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, will depend on the ability to analyze and manage derivatives transactions. The prices of derivatives may move in </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” or may create economic leverage for the Underlying Funds and therefore may magnify or otherwise increase investment losses to the Underlying Funds. The Underlying Funds’ use of derivatives may also increase the amount of taxes payable by shareholders. </span><span style="font-family:Arial;font-size:9.70pt;">Appropriate derivatives may not be available in all circumstances for risk management or other purposes for which the Fund seeks to use them. Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid market may not always exist for the Underlying Funds’ derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Underlying Funds. The use of derivatives also exposes the Underlying Funds to operational issues, such as documentation and settlement issues, systems failures, inadequate control and human error. </span><span style="font-family:Arial;font-size:9.70pt;">Derivatives may also involve legal risks, such as insufficient documentation, the lack of capacity or authority of a counterparty to execute or settle a transaction, and the legality and enforceability of derivatives contracts. The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. Regulation of derivatives can make derivatives more costly, limit their availability or utility to the Underlying Funds, or otherwise adversely affect their performance or disrupt markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Economic and Market Events Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Equity and Equity-Related Securities Risks.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. In addition to an individual security losing value, the value of the equity markets or a sector in which an Underlying Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Exchange-Traded Funds (“ETFs”) Risk.</span><span style="font-family:Arial;font-size:9.70pt;"> Investing in securities issued by ETFs involves risks similar to those of investing directly in the securities and other assets held by the ETF. Unlike shares of typical mutual funds, shares of ETFs are generally traded on an exchange throughout a trading day and bought and sold based on market values and not at net asset value. For this reason, shares could trade at either a premium or discount to net asset value, which may be substantial during periods of market stress. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. In addition, the Fund will indirectly bear its pro rata share of the fees and expenses incurred by an ETF (including ETFs managed by the Manager or the subadviser(s)) in which it invests, including advisory fees (to the extent not offset by the Manager through waivers). These expenses are in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fixed Income Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> As with credit risk, market risk and interest rate risk, an Underlying Fund's holdings, share price, yield and total return may fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer’s goods and services. Certain types of fixed income obligations also may be subject to call and redemption risk, which is the risk that the issuer may call a bond held by an Underlying Fund for redemption before it matures and the Underlying Fund may lose income.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fund of Funds Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The value of an investment in the Fund will be related, to a substantial degree, to the investment performance of the Underlying Funds in which it invests. Therefore, the principal risks of investing in the Fund are closely related to the principal risks associated with these Underlying Funds and their investments. Because the Fund’s allocation among different Underlying Funds and direct investments in securities and derivatives will vary, an </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">investment in the Fund may be subject to any and all of these risks at different times and to different degrees. Investing in an Underlying Fund will also expose the Fund to a pro rata portion of the Underlying Fund’s fees and expenses. In addition, one Underlying Fund may buy the same securities that another Underlying Fund sells. Therefore, the Fund would indirectly bear the costs of these trades without accomplishing the investment purpose.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fund Rebalancing Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. Underlying Funds may experience relatively large redemptions or investments due to a rebalancing of the Fund's allocations. In such event, an Underlying Fund may be required to sell securities or to invest cash at a time when it is not advantageous to do so. Rebalancing may increase brokerage and/or other transaction costs of an Underlying Fund, increase the Underlying Fund's expenses or result in the Underlying Fund's becoming too small to be economically viable. Rebalancing may also adversely affect an Underlying Fund's performance and thus the Fund's performance. The impact of rebalancing is likely to be greater when the Fund purchases, redeems or invests in a substantial portion of an Underlying Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The subadviser will seek to cooperate with the subadvisers of the Underlying Funds to minimize any adverse impact on the Underlying Funds. The subadvisers of the Underlying Funds may take such actions as they deem appropriate to minimize such adverse impact, considering the potential benefits of such investments to the Underlying Funds and consistent with their obligations to the Underlying Funds. Such actions may delay the rebalancing of the Fund's investments in the event of significant market or other events that may require more rapid action.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Increase in Expenses Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Underlying Fund securities can increase expenses.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Index Tracking Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> While certain Underlying Funds generally seek to track the performance of an index as closely as possible (i.e., achieve a high degree of correlation with an index), the return may not match or achieve a high degree of correlation with the return of the index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. If an index fund is properly correlated to its stated index, the fund will perform poorly when the index performs poorly.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. Similarly, a rise in interest rates may also have a greater negative impact on the value of equity securities whose issuers expect earnings further out in the future. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">“duration risk.”</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;line-height:12.61pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and an Underlying Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">prepayment risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.” In addition, if an Underlying Fund purchases a fixed income security at a premium (at a price that exceeds its stated par or principal value), the Fund may lose the amount of the premium paid in the event of prepayment. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of an Underlying Fund's holdings may fall sharply. This is referred to as “</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">extension risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.” An Underlying Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by its subadviser.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Under certain market conditions, growth investments have performed better during the later stages of economic expansion and value investments have performed better during periods of economic recovery. Therefore, these investment styles may over time go in and out of favor. At times when an investment style used by an Underlying Fund is out of favor, the Underlying Fund may underperform other funds that use different investment styles.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Large Shareholder and Large Scale Redemption Risk. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Funds’ shareholders generally may redeem all or a substantial portion </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy.  The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> An Underlying Fund may not be able to sell a holding in a timely manner at a desired price. This risk could affect both stock and bond funds in which the Fund invests, but typically represents a greater risk for bond funds. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit an Underlying Fund’s ability to sell a holding at a suitable price.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Management Risk. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser’s judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund’s benchmark and other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Capitalization Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Certain Underlying Funds may invest in stocks of small- and medium-size companies which may present above-average risks. These companies usually offer a smaller range of products and services than larger companies. They may also have limited financial resources and may lack management depth. As a result, the prices of stocks issued by small- and medium-size companies tend to fluctuate more than the stocks of larger, more established companies. In exchange for potentially lower risks of investing in large capitalization companies, such investments may not rise as much in value as the value of investments in smaller-capitalized companies.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Disruption and Geopolitical Risks.</span><span style="font-family:Arial;font-size:9.70pt;"> Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including the U.S. and Israeli military operation against Iran, Russia’s military invasion of Ukraine and the Israel Hamas War), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as the Middle East, South America, Eastern Europe, and Asia, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally). </span><span style="font-family:Arial;font-size:9.70pt;">Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests. The risk of such events has meaningfully increased in recent periods due to heightened international tensions stemming from rivalry among the world’s dominant economic and military</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">powers. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Securities markets may be volatile and the market prices of an Underlying Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by an Underlying Fund fall, the value of the Fund’s investment in the Underlying Fund will decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following bar chart shows the Fund's performance for Class R6 shares for each full calendar year of operations or for the last 10 calendar years, whichever is shorter. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following table shows the Fund's average annual </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">returns and also compares the Fund’s performance with the average annual total returns of an index or other benchmark. The bar chart and table demonstrate the risk of investing in the Fund by showing how returns can change from year to year.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Without the management fee waiver and/or expense reimbursement, if any, the annual total returns would have been lower. Updated Fund performance information, including current net asset value, is available online at </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">www.pgim.com/investments</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following table shows the Fund's average annual </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">returns and also compares the Fund’s performance with the average annual total returns of an index or other benchmark. The bar chart and table demonstrate the risk of investing in the Fund by showing how returns can change from year to year.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">www.pgim.com/investments</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Best Quarter:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Worst Quarter:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">18.02%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;-sec-ix-hidden:e02540d5-7a86-4859-9a24-e2906b84c401">2nd </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Quarter </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">2020</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">-21.17%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;-sec-ix-hidden:a4714239-fab4-497d-9a5d-f36c3569dd98">1st </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Quarter </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">2020</span><span style="font-family:Arial Narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt;">1</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> The total return of the Fund's Class R6 shares from January 1, 2026 through</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">June 30, 2026</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">11.44%</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Best Quarter:</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Worst Quarter:</span> 0.1802 -0.2117 <span style="font-family:Arial Narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt;">1</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> The total return of the Fund's Class R6 shares from January 1, 2026 through</span> 2026-06-30 0.1144 <span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Average Annual Total Returns % (as of 12-31-25)</span> 0.1681 0.0873 0.0924 2016-12-13 0.1712 0.0899 0.0951 2016-12-13 0.1725 0.0917 0.0967 2016-12-13 0.1740 0.0927 0.0978 2016-12-13 0.1755 0.0940 0.0990 2016-12-13 0.1769 0.0954 0.1007 2016-12-13 0.1615 0.0676 0.0797 2016-12-13 0.1089 0.0660 0.0744 2016-12-13 0.1788 0.1442 0.1524 0.0730 -0.0036 0.0193 0.1948 0.0984 0.1079 0.1800 0.0934 0.1065 <span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">° </span><span style="font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as </span><span style="font-family:Arial Narrow;font-size:8pt;">traditional 401(k) plans or individual retirement accounts.</span><span style="font-family:Arial Narrow;font-size:8pt;"> After-tax returns are shown only for Class R6 shares. After-tax returns for other classes will vary </span><span style="font-family:Arial Narrow;font-size:8pt;">due to differing sales charges and expenses.</span> <span style="font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as </span><span style="font-family:Arial Narrow;font-size:8pt;">traditional 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:8pt;"> After-tax returns are shown only for Class R6 shares. After-tax returns for other classes will vary </span><span style="font-family:Arial Narrow;font-size:8pt;">due to differing sales charges and expenses.</span> <span style="color:#545454;font-family:Arial;font-size:13.58pt;">SUMMARY: PGIM TARGET DATE 2050 FUND</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The investment objective of the Fund is to seek a balance between growth and conservation of capital.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">FUND FEES AND EXPENSES</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The tables below describe the sales charges, fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 15 0 0 15 0 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0050 0.0025 0.0010 0 0 0 0.0194 0.0147 0.0120 0.0319 0.0108 0.0072 0.0010 0.0010 0.0010 0.0010 0 0 0.0184 0.0137 0.0110 0.0309 0.0108 0.0072 0.0033 0.0033 0.0033 0.0033 0.0033 0.0033 0.0277 0.0205 0.0163 0.0352 0.0141 0.0105 -0.0177 -0.0130 -0.0103 -0.0302 -0.0101 -0.0080 0.0100 0.0075 0.0060 0.0050 0.0040 0.0025 <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Example. </span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following hypothetical example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year, that the Fund's operating expenses remain the same and that all dividends and distributions are reinvested. Your actual costs may be higher or lower.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">If Shares Are Redeemed</span> 102 318 552 1225 77 240 417 930 61 192 335 750 51 160 280 628 41 128 224 505 26 80 141 318 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">If Shares Are Not Redeemed</span> 102 318 552 1225 77 240 417 930 61 192 335 750 51 160 280 628 41 128 224 505 26 80 141 318 <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Portfolio Turnover. </span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.70pt;">59</span><span style="font-family:Arial;font-size:9.70pt;">% of the average value of its portfolio.</span> 0.59 <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">INVESTMENTS, RISKS AND PERFORMANCE</span><span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Principal Investment Strategies. </span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pursues its objective by investing in a diversified portfolio of other mutual funds and exchange-traded funds (“ETFs”) within the PGIM fund family (collectively, the “Underlying Funds”) that represent various asset classes and sectors. The Fund will invest in Underlying Funds that provide exposure to equity, fixed income and non-traditional asset classes.</span><span style="font-family:Arial;font-size:9.70pt;"> The investments held by Underlying Funds that provide exposure to </span><span style="font-family:Arial;font-size:9.70pt;">equities may include U.S. large-cap equity, mid-cap equity and small-cap equity, as well as international developed markets equity, emerging markets equity and other non-U.S. securities. Underlying Funds that provide exposure to fixed income may invest primarily in bonds, including below investment grade bonds, commonly known as “junk bonds.” Underlying Funds may gain exposure to non-traditional asset classes through investments in equity securities and related derivatives of issuers that are primarily engaged in or related to the real estate industry, real estate investment trusts (“REITs”), commodity-related instruments and derivative securities or instruments, such as options and futures, the value of which is derived from another security, a commodity, a currency or an index. </span><span style="font-family:Arial;font-size:9.70pt;">The Fund is designed for investors expecting to retire in or within a few years of the year 2050 (the “target date”).</span><span style="font-family:Arial;font-size:9.70pt;"> The </span><span style="font-family:Arial;font-size:9.70pt;">Fund is designed to accommodate investors who will either withdraw all of their assets from the Fund upon retirement or who will gradually withdraw assets from the Fund over a moderate time period following retirement. In addition to the anticipated retirement date, relevant factors for selection of the Fund may include age, risk tolerance, other investments owned, and planned withdrawals. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The Fund’s allocations among Underlying Funds (and asset classes) will change over time in relation to the Fund’s target date. The Fund’s asset allocations to the Underlying Funds follow a glidepath that becomes more conservative prior to and for approximately 10 years following the target date, by reducing exposure to equity investments and non-traditional asset classes (including non-U.S. equities, commodities and real estate) and increasing exposure to fixed income investments (the “Glidepath”). Accordingly, the Fund’s exposure to equity investments and non-traditional asset classes may continue to decline until approximately 10 years after its target date, when allocations to equity investments and non-traditional asset classes will remain fixed at approximately 35% of the Fund’s assets, with the remainder invested in fixed income investments. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">In this prospectus, we refer to both the “strategic Glidepath” and the “current Glidepath.” The strategic Glidepath reflects the allocations between equity/non-traditional and fixed income assets through time based on long-term investment views and participant demographics. The strategic Glidepath serves as an anchor from which allocations to equity/non-traditional and fixed income may deviate from year to year to reflect intermediate capital market expectations. The current Glidepath reflects such intermediate expectations. The current Glidepath is reviewed annually and deviations are constrained so as to preserve the general risk and return characteristics of the strategic Glidepath. The Fund’s allocations to the broad asset classes (equity/non-traditional and fixed income) as set forth in the </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">current Glidepath are not expected to vary from the Fund’s allocations set forth in the strategic Glidepath by more than plus or minus 5%. Where the term “Glidepath” is used by itself in this prospectus, it applies to both the strategic Glidepath and the current Glidepath. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The subadviser is responsible for asset allocation of the Fund and will monitor the Fund's investments in the Underlying Funds on a regular basis in order to maintain the approximate allocation to each asset class. The Fund is “ratcheted” annually to shift the Fund’s allocation gradually from equity investments toward fixed income investments in accordance with the current Glidepath. In addition, the Fund is rebalanced periodically (typically monthly) to maintain the target asset allocations dictated by the current Glidepath (as then in effect) with respect to the Underlying Funds in which the Fund is invested. </span><span style="font-family:Arial;font-size:9.70pt;">The following chart illustrates the Fund’s strategic Glidepath:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The information in the table below represents the approximate current allocations for the Fund.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Fund Name</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Equity and Non-Traditional</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Fixed Income</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">PGIM Target Date 2050 Fund</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">92.56%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">7.44%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Pursuant to the annual ratcheting described above, this asset class mix may change each year. In addition, the Fund’s subadviser will review the current Glidepath and the Fund’s asset allocations to Underlying Funds annually to determine, in its discretion, whether the then current Glidepath allocations remain suitable to meet the Fund’s investment objective. Based on such reviews, the subadviser may, without prior notification to shareholders, make changes to the current Glidepath and/or the Fund’s asset allocations as it deems appropriate to meet the Fund’s investment objective in light of market and economic conditions and such other factors as it deems relevant. There is no assurance that the Fund’s objective will be achieved. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The Fund shall maintain not less than the minimum total allocation to fixed income investments and such other constraints, if any, as may be required for it to be considered a Qualified Default Investment Alternative as defined under the Employee Retirement Income Security Act of 1974 (“ERISA”) and determined by the U.S. Department of Labor. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">At the time when the Fund’s target allocations match the asset allocations of the PGIM Target Date Income Fund (the “Income Fund”), PGIM Investments expects, subject to approval by the Board of Trustees, to combine the Fund with the Income Fund without shareholder approval, and the Fund’s shareholders will become shareholders of the Income Fund. This is expected to occur approximately ten years following the Fund’s target date. This combination is expected to be tax-free under current law. Shareholders will be provided with additional information at that time.</span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pursues its objective by investing in a diversified portfolio of other mutual funds and exchange-traded funds (“ETFs”) within the PGIM fund family (collectively, the “Underlying Funds”) that represent various asset classes and sectors. The Fund will invest in Underlying Funds that provide exposure to equity, fixed income and non-traditional asset classes.</span> <span style="font-family:Arial;font-size:9.70pt;">The Fund is designed for investors expecting to retire in or within a few years of the year 2050 (the “target date”).</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">An investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; and is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Target Date/ Income Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The Fund may suffer losses near, at or after the target date, and the Fund does not provide a guarantee that sufficient capital appreciation will be achieved to provide adequate income at and through retirement. The Fund does not assure an investor that he or she will be able to retire in the target year identified in the Fund name or that the assets in the Fund will provide income in amounts adequate to meet the investor’s retirement or financial goals. These risks may be increased to the extent that the participant begins to make withdrawals significantly before the Fund’s target year. For investors who are close to or in retirement, the Fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk the Fund may invest too much in investments designed to ensure capital conservation and/or current income, which may prevent the investor from meeting his or her retirement goals.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Affiliated Funds Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The Fund’s Manager serves as manager of the Underlying Funds. In addition, the Fund may invest in certain Underlying Funds for which affiliates of the Manager and subadviser serve as subadvisers. It is possible that a conflict of interest among the Fund and the Underlying Funds could affect how the Manager and subadviser fulfill their fiduciary duties to the Fund and the Underlying Funds. For example, the subadviser may have an incentive to allocate the Fund’s assets to those Underlying Funds for which the fees paid to the Manager or affiliated subadvisers are higher than the fees paid by other Underlying Funds for which the Manager or affiliated subadviser serve. However, the Fund has adopted procedures to mitigate these concerns.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Asset Allocation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. The Fund’s risks will directly correspond to the risks of the Underlying Funds in which it invests. By investing in many Underlying Funds, the Fund has partial exposure to the risks of many different areas in the market, and the Fund’s overall level of risk should decline over time. However, the selection of the Underlying Funds and the allocation of the Fund’s assets among the various asset classes and market sectors could cause the Fund to underperform other funds with a similar investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Asset Class Variation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. The Underlying Funds invest principally in the securities constituting their asset class (i.e., equity, non-traditional and fixed income). However, under normal market conditions, an Underlying Fund may vary the percentage of assets in these securities (subject to any applicable regulatory requirements). Depending on the percentage of securities in a particular asset class held by the Underlying Funds at any given time and the percentage of the Fund's assets invested in various Underlying Funds, the Fund's actual exposure to the securities in a particular asset class may vary substantially from the allocation to that asset class. There is a risk that the Manager's evaluations and assumptions regarding asset classes or Underlying Funds may be incorrect in view of actual market conditions.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Additionally, the securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Derivatives Risk.</span><span style="font-family:Arial;font-size:9.70pt;"> Derivatives involve special risks and costs and may result in losses to the Underlying Funds. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, will depend on the ability to analyze and manage derivatives transactions. The prices of derivatives may move in </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” or may create economic leverage for the Underlying Funds and therefore may magnify or otherwise increase investment losses to the Underlying Funds. The Underlying Funds’ use of derivatives may also increase the amount of taxes payable by shareholders. </span><span style="font-family:Arial;font-size:9.70pt;">Appropriate derivatives may not be available in all circumstances for risk management or other purposes for which the Fund seeks to use them. Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid market may not always exist for the Underlying Funds’ derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Underlying Funds. The use of derivatives also exposes the Underlying Funds to operational issues, such as documentation and settlement issues, systems failures, inadequate control and human error. </span><span style="font-family:Arial;font-size:9.70pt;">Derivatives may also involve legal risks, such as insufficient documentation, the lack of capacity or authority of a counterparty to execute or settle a transaction, and the legality and enforceability of derivatives contracts. The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. Regulation of derivatives can make derivatives more costly, limit their availability or utility to the Underlying Funds, or otherwise adversely affect their performance or disrupt markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Economic and Market Events Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Equity and Equity-Related Securities Risks.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. In addition to an individual security losing value, the value of the equity markets or a sector in which an Underlying Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Exchange-Traded Funds (“ETFs”) Risk.</span><span style="font-family:Arial;font-size:9.70pt;"> Investing in securities issued by ETFs involves risks similar to those of investing directly in the securities and other assets held by the ETF. Unlike shares of typical mutual funds, shares of ETFs are generally traded on an exchange throughout a trading day and bought and sold based on market values and not at net asset value. For this reason, shares could trade at either a premium or discount to net asset value, which may be substantial during periods of market stress. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. In addition, the Fund will indirectly bear its pro rata share of the fees and expenses incurred by an ETF (including ETFs managed by the Manager or the subadviser(s)) in which it invests, including advisory fees (to the extent not offset by the Manager through waivers). These expenses are in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fixed Income Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> As with credit risk, market risk and interest rate risk, an Underlying Fund's holdings, share price, yield and total return may fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer’s goods and services. Certain types of fixed income obligations also may be subject to call and redemption risk, which is the risk that the issuer may call a bond held by an Underlying Fund for redemption before it matures and the Underlying Fund may lose income.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fund of Funds Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The value of an investment in the Fund will be related, to a substantial degree, to the investment performance of the Underlying Funds in which it invests. Therefore, the principal risks of investing in the Fund are closely related to the principal risks associated with these Underlying Funds and their investments. Because the Fund’s allocation among different Underlying Funds and direct investments in securities and derivatives will vary, an </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">investment in the Fund may be subject to any and all of these risks at different times and to different degrees. Investing in an Underlying Fund will also expose the Fund to a pro rata portion of the Underlying Fund’s fees and expenses. In addition, one Underlying Fund may buy the same securities that another Underlying Fund sells. Therefore, the Fund would indirectly bear the costs of these trades without accomplishing the investment purpose.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fund Rebalancing Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. Underlying Funds may experience relatively large redemptions or investments due to a rebalancing of the Fund's allocations. In such event, an Underlying Fund may be required to sell securities or to invest cash at a time when it is not advantageous to do so. Rebalancing may increase brokerage and/or other transaction costs of an Underlying Fund, increase the Underlying Fund's expenses or result in the Underlying Fund's becoming too small to be economically viable. Rebalancing may also adversely affect an Underlying Fund's performance and thus the Fund's performance. The impact of rebalancing is likely to be greater when the Fund purchases, redeems or invests in a substantial portion of an Underlying Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The subadviser will seek to cooperate with the subadvisers of the Underlying Funds to minimize any adverse impact on the Underlying Funds. The subadvisers of the Underlying Funds may take such actions as they deem appropriate to minimize such adverse impact, considering the potential benefits of such investments to the Underlying Funds and consistent with their obligations to the Underlying Funds. Such actions may delay the rebalancing of the Fund's investments in the event of significant market or other events that may require more rapid action.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Increase in Expenses Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Underlying Fund securities can increase expenses.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Index Tracking Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> While certain Underlying Funds generally seek to track the performance of an index as closely as possible (i.e., achieve a high degree of correlation with an index), the return may not match or achieve a high degree of correlation with the return of the index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. If an index fund is properly correlated to its stated index, the fund will perform poorly when the index performs poorly.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. Similarly, a rise in interest rates may also have a greater negative impact on the value of equity securities whose issuers expect earnings further out in the future. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">“duration risk.”</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;line-height:12.61pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and an Underlying Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">prepayment risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.” In addition, if an Underlying Fund purchases a fixed income security at a premium (at a price that exceeds its stated par or principal value), the Fund may lose the amount of the premium paid in the event of prepayment. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of an Underlying Fund's holdings may fall sharply. This is referred to as “</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">extension risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.” An Underlying Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by its subadviser.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Under certain market conditions, growth investments have performed better during the later stages of economic expansion and value investments have performed better during periods of economic recovery. Therefore, these investment styles may over time go in and out of favor. At times when an investment style used by an Underlying Fund is out of favor, the Underlying Fund may underperform other funds that use different investment styles.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Large Shareholder and Large Scale Redemption Risk. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Funds’ shareholders generally may redeem all or a substantial portion </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy.  The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> An Underlying Fund may not be able to sell a holding in a timely manner at a desired price. This risk could affect both stock and bond funds in which the Fund invests, but typically represents a greater risk for bond funds. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit an Underlying Fund’s ability to sell a holding at a suitable price.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Management Risk. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser’s judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund’s benchmark and other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Capitalization Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Certain Underlying Funds may invest in stocks of small- and medium-size companies which may present above-average risks. These companies usually offer a smaller range of products and services than larger companies. They may also have limited financial resources and may lack management depth. As a result, the prices of stocks issued by small- and medium-size companies tend to fluctuate more than the stocks of larger, more established companies. In exchange for potentially lower risks of investing in large capitalization companies, such investments may not rise as much in value as the value of investments in smaller-capitalized companies.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Disruption and Geopolitical Risks.</span><span style="font-family:Arial;font-size:9.70pt;"> Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including the U.S. and Israeli military operation against Iran, Russia’s military invasion of Ukraine and the Israel Hamas War), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as the Middle East, South America, Eastern Europe, and Asia, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally). </span><span style="font-family:Arial;font-size:9.70pt;">Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests. The risk of such events has meaningfully increased in recent periods due to heightened international tensions stemming from rivalry among the world’s dominant economic and military</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">powers. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Securities markets may be volatile and the market prices of an Underlying Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by an Underlying Fund fall, the value of the Fund’s investment in the Underlying Fund will decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following bar chart shows the Fund's performance for Class R6 shares for each full calendar year of operations or for the last 10 calendar years, whichever is shorter. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following table shows the Fund's average annual </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">returns and also compares the Fund’s performance with the average annual total returns of an index or other benchmark. The bar chart and table demonstrate the risk of investing in the Fund by showing how returns can change from year to year.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Without the management fee waiver and/or expense reimbursement, if any, the annual total returns would have been lower. Updated Fund performance information, including current net asset value, is available online at </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">www.pgim.com/investments</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following table shows the Fund's average annual </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">returns and also compares the Fund’s performance with the average annual total returns of an index or other benchmark. The bar chart and table demonstrate the risk of investing in the Fund by showing how returns can change from year to year.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">www.pgim.com/investments</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Best Quarter:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Worst Quarter:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">18.48%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;-sec-ix-hidden:fc4b4a82-f009-4c2c-b35f-ae63dba12553">2nd </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Quarter </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">2020</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">-21.87%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;-sec-ix-hidden:a6d57059-35d0-4fd7-866b-3c494f86dcab">1st </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Quarter </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">2020</span><span style="font-family:Arial Narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt;">1</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> The total return of the Fund's Class R6 shares from January 1, 2026 through</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">June 30, 2026</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">12.43%</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Best Quarter:</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Worst Quarter:</span> 0.1848 -0.2187 <span style="font-family:Arial Narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt;">1</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> The total return of the Fund's Class R6 shares from January 1, 2026 through</span> 2026-06-30 0.1243 <span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Average Annual Total Returns % (as of 12-31-25)</span> 0.1786 0.0927 0.0953 2016-12-13 0.1810 0.0952 0.0980 2016-12-13 0.1825 0.0968 0.0996 2016-12-13 0.1833 0.0980 0.1006 2016-12-13 0.1847 0.0989 0.1018 2016-12-13 0.1867 0.1006 0.1036 2016-12-13 0.1708 0.0726 0.0831 2016-12-13 0.1153 0.0704 0.0772 2016-12-13 0.1788 0.1442 0.1524 0.0730 -0.0036 0.0193 0.1956 0.1013 0.1105 0.1904 0.0987 0.1106 <span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">° </span><span style="font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as </span><span style="font-family:Arial Narrow;font-size:8pt;">traditional 401(k) plans or individual retirement accounts.</span><span style="font-family:Arial Narrow;font-size:8pt;"> After-tax returns are shown only for Class R6 shares. After-tax returns for other classes will vary </span><span style="font-family:Arial Narrow;font-size:8pt;">due to differing sales charges and expenses.</span> <span style="font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as </span><span style="font-family:Arial Narrow;font-size:8pt;">traditional 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:8pt;"> After-tax returns are shown only for Class R6 shares. After-tax returns for other classes will vary </span><span style="font-family:Arial Narrow;font-size:8pt;">due to differing sales charges and expenses.</span> <span style="color:#545454;font-family:Arial;font-size:13.58pt;">SUMMARY: PGIM TARGET DATE 2055 FUND</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The investment objective of the Fund is to seek a balance between growth and conservation of capital.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">FUND FEES AND EXPENSES</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The tables below describe the sales charges, fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 15 0 0 15 0 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0050 0.0025 0.0010 0 0 0 0.0311 0.0272 0.0278 0.0537 0.0188 0.0132 0.0010 0.0010 0.0010 0.0010 0 0 0.0301 0.0262 0.0268 0.0527 0.0188 0.0132 0.0035 0.0035 0.0035 0.0035 0.0035 0.0035 0.0396 0.0332 0.0323 0.0572 0.0223 0.0167 -0.0296 -0.0257 -0.0263 -0.0522 -0.0183 -0.0142 0.0100 0.0075 0.0060 0.0050 0.0040 0.0025 <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Example. </span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following hypothetical example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year, that the Fund's operating expenses remain the same and that all dividends and distributions are reinvested. Your actual costs may be higher or lower.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">If Shares Are Redeemed</span> 102 318 552 1225 77 240 417 930 61 192 335 750 51 160 280 628 41 128 224 505 26 80 141 318 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">If Shares Are Not Redeemed</span> 102 318 552 1225 77 240 417 930 61 192 335 750 51 160 280 628 41 128 224 505 26 80 141 318 <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Portfolio Turnover. </span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.70pt;">63</span><span style="font-family:Arial;font-size:9.70pt;">% of the average value of its portfolio.</span> 0.63 <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">INVESTMENTS, RISKS AND PERFORMANCE</span><span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Principal Investment Strategies. </span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pursues its objective by investing in a diversified portfolio of other mutual funds and exchange-traded funds (“ETFs”) within the PGIM fund family (collectively, the “Underlying Funds”) that represent various asset classes and sectors. The Fund will invest in Underlying Funds that provide exposure to equity, fixed income and non-traditional asset classes.</span><span style="font-family:Arial;font-size:9.70pt;"> The investments held by Underlying Funds that provide exposure to </span><span style="font-family:Arial;font-size:9.70pt;">equities may include U.S. large-cap equity, mid-cap equity and small-cap equity, as well as international developed markets equity, emerging markets equity and other non-U.S. securities. Underlying Funds that provide exposure to fixed income may invest primarily in bonds, including below investment grade bonds, commonly known as “junk bonds.” Underlying Funds may gain exposure to non-traditional asset classes through investments in equity securities and related derivatives of issuers that are primarily engaged in or related to the real estate industry, real estate investment trusts (“REITs”), commodity-related instruments and derivative securities or instruments, such as options and futures, the value of which is derived from another security, a commodity, a currency or an index. </span><span style="font-family:Arial;font-size:9.70pt;">The Fund is designed for investors expecting to retire in or within a few years of the year 2055 (the “target date”).</span><span style="font-family:Arial;font-size:9.70pt;"> The </span><span style="font-family:Arial;font-size:9.70pt;">Fund is designed to accommodate investors who will either withdraw all of their assets from the Fund upon retirement or who will gradually withdraw assets from the Fund over a moderate time period following retirement. In addition to the anticipated retirement date, relevant factors for selection of the Fund may include age, risk tolerance, other investments owned, and planned withdrawals. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The Fund’s allocations among Underlying Funds (and asset classes) will change over time in relation to the Fund’s target date. The Fund’s asset allocations to the Underlying Funds follow a glidepath that becomes more conservative prior to and for approximately 10 years following the target date, by reducing exposure to equity investments and non-traditional asset classes (including non-U.S. equities, commodities and real estate) and increasing exposure to fixed income investments (the “Glidepath”). Accordingly, the Fund’s exposure to equity investments and non-traditional asset classes may continue to decline until approximately 10 years after its target date, when allocations to equity investments and non-traditional asset classes will remain fixed at approximately 35% of the Fund’s assets, with the remainder invested in fixed income investments. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">In this prospectus, we refer to both the “strategic Glidepath” and the “current Glidepath.” The strategic Glidepath reflects the allocations between equity/non-traditional and fixed income assets through time based on long-term investment views and participant demographics. The strategic Glidepath serves as an anchor from which allocations to equity/non-traditional and fixed income may deviate from year to year to reflect intermediate capital market expectations. The current Glidepath reflects such intermediate expectations. The current Glidepath is reviewed annually and deviations are constrained so as to preserve the general risk and return characteristics of the strategic Glidepath. The Fund’s allocations to the broad asset classes (equity/non-traditional and fixed income) as set forth in the </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">current Glidepath are not expected to vary from the Fund’s allocations set forth in the strategic Glidepath by more than plus or minus 5%. Where the term “Glidepath” is used by itself in this prospectus, it applies to both the strategic Glidepath and the current Glidepath. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The subadviser is responsible for asset allocation of the Fund and will monitor the Fund's investments in the Underlying Funds on a regular basis in order to maintain the approximate allocation to each asset class. The Fund is “ratcheted” annually to shift the Fund’s allocation gradually from equity investments toward fixed income investments in accordance with the current Glidepath. In addition, the Fund is rebalanced periodically (typically monthly) to maintain the target asset allocations dictated by the current Glidepath (as then in effect) with respect to the Underlying Funds in which the Fund is invested. </span><span style="font-family:Arial;font-size:9.70pt;">The following chart illustrates the Fund’s strategic Glidepath:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The information in the table below represents the approximate current allocations for the Fund.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Fund Name</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Equity and Non-Traditional</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Fixed Income</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">PGIM Target Date 2055 Fund</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">95.68%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">4.32%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Pursuant to the annual ratcheting described above, this asset class mix may change each year. In addition, the Fund’s subadviser will review the current Glidepath and the Fund’s asset allocations to Underlying Funds annually to determine, in its discretion, whether the then current Glidepath allocations remain suitable to meet the Fund’s investment objective. Based on such reviews, the subadviser may, without prior notification to shareholders, make changes to the current Glidepath and/or the Fund’s asset allocations as it deems appropriate to meet the Fund’s investment objective in light of market and economic conditions and such other factors as it deems relevant. There is no assurance that the Fund’s objective will be achieved. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The Fund shall maintain not less than the minimum total allocation to fixed income investments and such other constraints, if any, as may be required for it to be considered a Qualified Default Investment Alternative as defined under the Employee Retirement Income Security Act of 1974 (“ERISA”) and determined by the U.S. Department of Labor. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">At the time when the Fund’s target allocations match the asset allocations of the PGIM Target Date Income Fund (the “Income Fund”), PGIM Investments expects, subject to approval by the Board of Trustees, to combine the Fund with the Income Fund without shareholder approval, and the Fund’s shareholders will become shareholders of the Income Fund. This is expected to occur approximately ten years following the Fund’s target date. This combination is expected to be tax-free under current law. Shareholders will be provided with additional information at that time.</span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pursues its objective by investing in a diversified portfolio of other mutual funds and exchange-traded funds (“ETFs”) within the PGIM fund family (collectively, the “Underlying Funds”) that represent various asset classes and sectors. The Fund will invest in Underlying Funds that provide exposure to equity, fixed income and non-traditional asset classes.</span> <span style="font-family:Arial;font-size:9.70pt;">The Fund is designed for investors expecting to retire in or within a few years of the year 2055 (the “target date”).</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">An investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; and is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Target Date/ Income Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The Fund may suffer losses near, at or after the target date, and the Fund does not provide a guarantee that sufficient capital appreciation will be achieved to provide adequate income at and through retirement. The Fund does not assure an investor that he or she will be able to retire in the target year identified in the Fund name or that the assets in the Fund will provide income in amounts adequate to meet the investor’s retirement or financial goals. These risks may be increased to the extent that the participant begins to make withdrawals significantly before the Fund’s target year. For investors who are close to or in retirement, the Fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk the Fund may invest too much in investments designed to ensure capital conservation and/or current income, which may prevent the investor from meeting his or her retirement goals.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Affiliated Funds Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The Fund’s Manager serves as manager of the Underlying Funds. In addition, the Fund may invest in certain Underlying Funds for which affiliates of the Manager and subadviser serve as subadvisers. It is possible that a conflict of interest among the Fund and the Underlying Funds could affect how the Manager and subadviser fulfill their fiduciary duties to the Fund and the Underlying Funds. For example, the subadviser may have an incentive to allocate the Fund’s assets to those Underlying Funds for which the fees paid to the Manager or affiliated subadvisers are higher than the fees paid by other Underlying Funds for which the Manager or affiliated subadviser serve. However, the Fund has adopted procedures to mitigate these concerns.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Asset Allocation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. The Fund’s risks will directly correspond to the risks of the Underlying Funds in which it invests. By investing in many Underlying Funds, the Fund has partial exposure to the risks of many different areas in the market, and the Fund’s overall level of risk should decline over time. However, the selection of the Underlying Funds and the allocation of the Fund’s assets among the various asset classes and market sectors could cause the Fund to underperform other funds with a similar investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Asset Class Variation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. The Underlying Funds invest principally in the securities constituting their asset class (i.e., equity, non-traditional and fixed income). However, under normal market conditions, an Underlying Fund may vary the percentage of assets in these securities (subject to any applicable regulatory requirements). Depending on the percentage of securities in a particular asset class held by the Underlying Funds at any given time and the percentage of the Fund's assets invested in various Underlying Funds, the Fund's actual exposure to the securities in a particular asset class may vary substantially from the allocation to that asset class. There is a risk that the Manager's evaluations and assumptions regarding asset classes or Underlying Funds may be incorrect in view of actual market conditions.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Additionally, the securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Derivatives Risk.</span><span style="font-family:Arial;font-size:9.70pt;"> Derivatives involve special risks and costs and may result in losses to the Underlying Funds. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, will depend on the ability to analyze and manage derivatives transactions. The prices of derivatives may move in </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” or may create economic leverage for the Underlying Funds and therefore may magnify or otherwise increase investment losses to the Underlying Funds. The Underlying Funds’ use of derivatives may also increase the amount of taxes payable by shareholders. </span><span style="font-family:Arial;font-size:9.70pt;">Appropriate derivatives may not be available in all circumstances for risk management or other purposes for which the Fund seeks to use them. Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid market may not always exist for the Underlying Funds’ derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Underlying Funds. The use of derivatives also exposes the Underlying Funds to operational issues, such as documentation and settlement issues, systems failures, inadequate control and human error. </span><span style="font-family:Arial;font-size:9.70pt;">Derivatives may also involve legal risks, such as insufficient documentation, the lack of capacity or authority of a counterparty to execute or settle a transaction, and the legality and enforceability of derivatives contracts. The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. Regulation of derivatives can make derivatives more costly, limit their availability or utility to the Underlying Funds, or otherwise adversely affect their performance or disrupt markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Economic and Market Events Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Equity and Equity-Related Securities Risks.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. In addition to an individual security losing value, the value of the equity markets or a sector in which an Underlying Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Exchange-Traded Funds (“ETFs”) Risk.</span><span style="font-family:Arial;font-size:9.70pt;"> Investing in securities issued by ETFs involves risks similar to those of investing directly in the securities and other assets held by the ETF. Unlike shares of typical mutual funds, shares of ETFs are generally traded on an exchange throughout a trading day and bought and sold based on market values and not at net asset value. For this reason, shares could trade at either a premium or discount to net asset value, which may be substantial during periods of market stress. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. In addition, the Fund will indirectly bear its pro rata share of the fees and expenses incurred by an ETF (including ETFs managed by the Manager or the subadviser(s)) in which it invests, including advisory fees (to the extent not offset by the Manager through waivers). These expenses are in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fixed Income Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> As with credit risk, market risk and interest rate risk, an Underlying Fund's holdings, share price, yield and total return may fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer’s goods and services. Certain types of fixed income obligations also may be subject to call and redemption risk, which is the risk that the issuer may call a bond held by an Underlying Fund for redemption before it matures and the Underlying Fund may lose income.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fund of Funds Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The value of an investment in the Fund will be related, to a substantial degree, to the investment performance of the Underlying Funds in which it invests. Therefore, the principal risks of investing in the Fund are closely related to the principal risks associated with these Underlying Funds and their investments. Because the Fund’s allocation among different Underlying Funds and direct investments in securities and derivatives will vary, an </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">investment in the Fund may be subject to any and all of these risks at different times and to different degrees. Investing in an Underlying Fund will also expose the Fund to a pro rata portion of the Underlying Fund’s fees and expenses. In addition, one Underlying Fund may buy the same securities that another Underlying Fund sells. Therefore, the Fund would indirectly bear the costs of these trades without accomplishing the investment purpose.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fund Rebalancing Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. Underlying Funds may experience relatively large redemptions or investments due to a rebalancing of the Fund's allocations. In such event, an Underlying Fund may be required to sell securities or to invest cash at a time when it is not advantageous to do so. Rebalancing may increase brokerage and/or other transaction costs of an Underlying Fund, increase the Underlying Fund's expenses or result in the Underlying Fund's becoming too small to be economically viable. Rebalancing may also adversely affect an Underlying Fund's performance and thus the Fund's performance. The impact of rebalancing is likely to be greater when the Fund purchases, redeems or invests in a substantial portion of an Underlying Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The subadviser will seek to cooperate with the subadvisers of the Underlying Funds to minimize any adverse impact on the Underlying Funds. The subadvisers of the Underlying Funds may take such actions as they deem appropriate to minimize such adverse impact, considering the potential benefits of such investments to the Underlying Funds and consistent with their obligations to the Underlying Funds. Such actions may delay the rebalancing of the Fund's investments in the event of significant market or other events that may require more rapid action.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Increase in Expenses Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Underlying Fund securities can increase expenses.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Index Tracking Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> While certain Underlying Funds generally seek to track the performance of an index as closely as possible (i.e., achieve a high degree of correlation with an index), the return may not match or achieve a high degree of correlation with the return of the index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. If an index fund is properly correlated to its stated index, the fund will perform poorly when the index performs poorly.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. Similarly, a rise in interest rates may also have a greater negative impact on the value of equity securities whose issuers expect earnings further out in the future. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">“duration risk.”</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;line-height:12.61pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and an Underlying Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">prepayment risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.” In addition, if an Underlying Fund purchases a fixed income security at a premium (at a price that exceeds its stated par or principal value), the Fund may lose the amount of the premium paid in the event of prepayment. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of an Underlying Fund's holdings may fall sharply. This is referred to as “</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">extension risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.” An Underlying Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by its subadviser.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Under certain market conditions, growth investments have performed better during the later stages of economic expansion and value investments have performed better during periods of economic recovery. Therefore, these investment styles may over time go in and out of favor. At times when an investment style used by an Underlying Fund is out of favor, the Underlying Fund may underperform other funds that use different investment styles.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Large Shareholder and Large Scale Redemption Risk. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Funds’ shareholders generally may redeem all or a substantial portion </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy.  The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> An Underlying Fund may not be able to sell a holding in a timely manner at a desired price. This risk could affect both stock and bond funds in which the Fund invests, but typically represents a greater risk for bond funds. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit an Underlying Fund’s ability to sell a holding at a suitable price.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Management Risk. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser’s judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund’s benchmark and other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Capitalization Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Certain Underlying Funds may invest in stocks of small- and medium-size companies which may present above-average risks. These companies usually offer a smaller range of products and services than larger companies. They may also have limited financial resources and may lack management depth. As a result, the prices of stocks issued by small- and medium-size companies tend to fluctuate more than the stocks of larger, more established companies. In exchange for potentially lower risks of investing in large capitalization companies, such investments may not rise as much in value as the value of investments in smaller-capitalized companies.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Disruption and Geopolitical Risks.</span><span style="font-family:Arial;font-size:9.70pt;"> Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including the U.S. and Israeli military operation against Iran, Russia’s military invasion of Ukraine and the Israel Hamas War), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as the Middle East, South America, Eastern Europe, and Asia, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally). </span><span style="font-family:Arial;font-size:9.70pt;">Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests. The risk of such events has meaningfully increased in recent periods due to heightened international tensions stemming from rivalry among the world’s dominant economic and military</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">powers. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Securities markets may be volatile and the market prices of an Underlying Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by an Underlying Fund fall, the value of the Fund’s investment in the Underlying Fund will decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following bar chart shows the Fund's performance for Class R6 shares for each full calendar year of operations or for the last 10 calendar years, whichever is shorter. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following table shows the Fund's average annual </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">returns and also compares the Fund’s performance with the average annual total returns of an index or other benchmark. The bar chart and table demonstrate the risk of investing in the Fund by showing how returns can change from year to year.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Without the management fee waiver and/or expense reimbursement, if any, the annual total returns would have been lower. Updated Fund performance information, including current net asset value, is available online at </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">www.pgim.com/investments</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following table shows the Fund's average annual </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">returns and also compares the Fund’s performance with the average annual total returns of an index or other benchmark. The bar chart and table demonstrate the risk of investing in the Fund by showing how returns can change from year to year.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">www.pgim.com/investments</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Best Quarter:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Worst Quarter:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">19.00%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;-sec-ix-hidden:x_1d5fb645-2591-4634-b433-edf0bd6af56d">2nd </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Quarter </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">2020</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">-22.70%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;-sec-ix-hidden:e570f390-41c3-4462-8aa9-e0c3d8e7abc6">1st </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Quarter </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">2020</span><span style="font-family:Arial Narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt;">1</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> The total return of the Fund's Class R6 shares from January 1, 2026 through</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">June 30, 2026</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">12.83%</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Best Quarter:</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Worst Quarter:</span> 0.1900 -0.2270 <span style="font-family:Arial Narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt;">1</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> The total return of the Fund's Class R6 shares from January 1, 2026 through</span> 2026-06-30 0.1283 <span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Average Annual Total Returns % (as of 12-31-25)</span> 0.1871 0.0953 0.0982 2016-12-13 0.1915 0.0982 0.1011 2016-12-13 0.1916 0.0997 0.1026 2016-12-13 0.1936 0.1007 0.1038 2016-12-13 0.1951 0.1019 0.1049 2016-12-13 0.1963 0.1038 0.1065 2016-12-13 0.1813 0.0712 0.0830 2016-12-13 0.1213 0.0711 0.0785 2016-12-13 0.1788 0.1442 0.1524 0.0730 -0.0036 0.0193 0.2006 0.1027 0.1117 0.2012 0.1018 0.1130 <span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">° </span><span style="font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as </span><span style="font-family:Arial Narrow;font-size:8pt;">traditional 401(k) plans or individual retirement accounts.</span><span style="font-family:Arial Narrow;font-size:8pt;"> After-tax returns are shown only for Class R6 shares. After-tax returns for other classes will vary </span><span style="font-family:Arial Narrow;font-size:8pt;">due to differing sales charges and expenses.</span> <span style="font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as </span><span style="font-family:Arial Narrow;font-size:8pt;">traditional 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:8pt;"> After-tax returns are shown only for Class R6 shares. After-tax returns for other classes will vary </span><span style="font-family:Arial Narrow;font-size:8pt;">due to differing sales charges and expenses.</span> <span style="color:#545454;font-family:Arial;font-size:13.58pt;">SUMMARY: PGIM TARGET DATE 2060 FUND</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The investment objective of the Fund is to seek a balance between growth and conservation of capital.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">FUND FEES AND EXPENSES</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The tables below describe the sales charges, fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 15 0 0 15 0 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0050 0.0025 0.0010 0 0 0 0.0242 0.0218 0.0314 0.0768 0.0147 0.0102 0.0010 0.0010 0.0010 0.0010 0 0 0.0232 0.0208 0.0304 0.0758 0.0147 0.0102 0.0036 0.0036 0.0036 0.0036 0.0036 0.0036 0.0328 0.0279 0.0360 0.0804 0.0183 0.0138 -0.0228 -0.0204 -0.0300 -0.0754 -0.0143 -0.0113 0.0100 0.0075 0.0060 0.0050 0.0040 0.0025 <span style="font-family:Arial Narrow;font-size:8pt;">Other expenses have been updated from the most recent annual report to reflect current expenses.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Example. </span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following hypothetical example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year, that the Fund's operating expenses remain the same and that all dividends and distributions are reinvested. Your actual costs may be higher or lower.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">If Shares Are Redeemed</span> 102 318 552 1225 77 240 417 930 61 192 335 750 51 160 280 628 41 128 224 505 26 80 141 318 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">If Shares Are Not Redeemed</span> 102 318 552 1225 77 240 417 930 61 192 335 750 51 160 280 628 41 128 224 505 26 80 141 318 <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Portfolio Turnover. </span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.70pt;">55</span><span style="font-family:Arial;font-size:9.70pt;">% of the average value of its portfolio.</span> 0.55 <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">INVESTMENTS, RISKS AND PERFORMANCE</span><span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Principal Investment Strategies. </span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pursues its objective by investing in a diversified portfolio of other mutual funds and exchange-traded funds (“ETFs”) within the PGIM fund family (collectively, the “Underlying Funds”) that represent various asset classes and sectors. The Fund will invest in Underlying Funds that provide exposure to equity, fixed income and non-traditional asset classes.</span><span style="font-family:Arial;font-size:9.70pt;"> The investments held by Underlying Funds that provide exposure to </span><span style="font-family:Arial;font-size:9.70pt;">equities may include U.S. large-cap equity, mid-cap equity and small-cap equity, as well as international developed markets equity, emerging markets equity and other non-U.S. securities. Underlying Funds that provide exposure to fixed income may invest primarily in bonds, including below investment grade bonds, commonly known as “junk bonds.” Underlying Funds may gain exposure to non-traditional asset classes through investments in equity securities and related derivatives of issuers that are primarily engaged in or related to the real estate industry, real estate investment trusts (“REITs”), commodity-related instruments and derivative securities or instruments, such as options and futures, the value of which is derived from another security, a commodity, a currency or an index. </span><span style="font-family:Arial;font-size:9.70pt;">The Fund is designed for investors expecting to retire in or within a few years of the year 2060 (the “target date”).</span><span style="font-family:Arial;font-size:9.70pt;"> The </span><span style="font-family:Arial;font-size:9.70pt;">Fund is designed to accommodate investors who will either withdraw all of their assets from the Fund upon retirement or who will gradually withdraw assets from the Fund over a moderate time period following retirement. In addition to the anticipated retirement date, relevant factors for selection of the Fund may include age, risk tolerance, other investments owned, and planned withdrawals. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The Fund’s allocations among Underlying Funds (and asset classes) will change over time in relation to the Fund’s target date. The Fund’s asset allocations to the Underlying Funds follow a glidepath that becomes more conservative prior to and for approximately 10 years following the target date, by reducing exposure to equity investments and non-traditional asset classes (including non-U.S. equities, commodities and real estate) and increasing exposure to fixed income investments (the “Glidepath”). Accordingly, the Fund’s exposure to equity investments and non-traditional asset classes may continue to decline until approximately 10 years after its target date, when allocations to equity investments and non-traditional asset classes will remain fixed at approximately 35% of the Fund’s assets, with the remainder invested in fixed income investments. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">In this prospectus, we refer to both the “strategic Glidepath” and the “current Glidepath.” The strategic Glidepath reflects the allocations between equity/non-traditional and fixed income assets through time based on long-term investment views and participant demographics. The strategic Glidepath serves as an anchor from which allocations to equity/non-traditional and fixed income may deviate from year to year to reflect intermediate capital market expectations. The current Glidepath reflects such intermediate expectations. The current Glidepath is reviewed annually and deviations are constrained so as to preserve the general risk and return characteristics of the strategic Glidepath. The Fund’s allocations to the broad asset classes (equity/non-traditional and fixed income) as set forth in the </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">current Glidepath are not expected to vary from the Fund’s allocations set forth in the strategic Glidepath by more than plus or minus 5%. Where the term “Glidepath” is used by itself in this prospectus, it applies to both the strategic Glidepath and the current Glidepath. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The subadviser is responsible for asset allocation of the Fund and will monitor the Fund's investments in the Underlying Funds on a regular basis in order to maintain the approximate allocation to each asset class. The Fund is “ratcheted” annually to shift the Fund’s allocation gradually from equity investments toward fixed income investments in accordance with the current Glidepath. In addition, the Fund is rebalanced periodically (typically monthly) to maintain the target asset allocations dictated by the current Glidepath (as then in effect) with respect to the Underlying Funds in which the Fund is invested. </span><span style="font-family:Arial;font-size:9.70pt;">The following chart illustrates the Fund’s strategic Glidepath:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The information in the table below represents the approximate current allocations for the Fund.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Fund Name</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Equity and Non-Traditional</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Fixed Income</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">PGIM Target Date 2060 Fund</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">96.84%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">3.16%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Pursuant to the annual ratcheting described above, this asset class mix may change each year. In addition, the Fund’s subadviser will review the current Glidepath and the Fund’s asset allocations to Underlying Funds annually to determine, in its discretion, whether the then current Glidepath allocations remain suitable to meet the Fund’s investment objective. Based on such reviews, the subadviser may, without prior notification to shareholders, make changes to the current Glidepath and/or the Fund’s asset allocations as it deems appropriate to meet the Fund’s investment objective in light of market and economic conditions and such other factors as it deems relevant. There is no assurance that the Fund’s objective will be achieved. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The Fund shall maintain not less than the minimum total allocation to fixed income investments and such other constraints, if any, as may be required for it to be considered a Qualified Default Investment Alternative as defined under the Employee Retirement Income Security Act of 1974 (“ERISA”) and determined by the U.S. Department of Labor. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">At the time when the Fund’s target allocations match the asset allocations of the PGIM Target Date Income Fund (the “Income Fund”), PGIM Investments expects, subject to approval by the Board of Trustees, to combine the Fund with the Income Fund without shareholder approval, and the Fund’s shareholders will become shareholders of the Income Fund. This is expected to occur approximately ten years following the Fund’s target date. This combination is expected to be tax-free under current law. Shareholders will be provided with additional information at that time.</span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pursues its objective by investing in a diversified portfolio of other mutual funds and exchange-traded funds (“ETFs”) within the PGIM fund family (collectively, the “Underlying Funds”) that represent various asset classes and sectors. The Fund will invest in Underlying Funds that provide exposure to equity, fixed income and non-traditional asset classes.</span> <span style="font-family:Arial;font-size:9.70pt;">The Fund is designed for investors expecting to retire in or within a few years of the year 2060 (the “target date”).</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">An investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; and is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Target Date/ Income Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The Fund may suffer losses near, at or after the target date, and the Fund does not provide a guarantee that sufficient capital appreciation will be achieved to provide adequate income at and through retirement. The Fund does not assure an investor that he or she will be able to retire in the target year identified in the Fund name or that the assets in the Fund will provide income in amounts adequate to meet the investor’s retirement or financial goals. These risks may be increased to the extent that the participant begins to make withdrawals significantly before the Fund’s target year. For investors who are close to or in retirement, the Fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk the Fund may invest too much in investments designed to ensure capital conservation and/or current income, which may prevent the investor from meeting his or her retirement goals.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Affiliated Funds Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The Fund’s Manager serves as manager of the Underlying Funds. In addition, the Fund may invest in certain Underlying Funds for which affiliates of the Manager and subadviser serve as subadvisers. It is possible that a conflict of interest among the Fund and the Underlying Funds could affect how the Manager and subadviser fulfill their fiduciary duties to the Fund and the Underlying Funds. For example, the subadviser may have an incentive to allocate the Fund’s assets to those Underlying Funds for which the fees paid to the Manager or affiliated subadvisers are higher than the fees paid by other Underlying Funds for which the Manager or affiliated subadviser serve. However, the Fund has adopted procedures to mitigate these concerns.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Asset Allocation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. The Fund’s risks will directly correspond to the risks of the Underlying Funds in which it invests. By investing in many Underlying Funds, the Fund has partial exposure to the risks of many different areas in the market, and the Fund’s overall level of risk should decline over time. However, the selection of the Underlying Funds and the allocation of the Fund’s assets among the various asset classes and market sectors could cause the Fund to underperform other funds with a similar investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Asset Class Variation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. The Underlying Funds invest principally in the securities constituting their asset class (i.e., equity, non-traditional and fixed income). However, under normal market conditions, an Underlying Fund may vary the percentage of assets in these securities (subject to any applicable regulatory requirements). Depending on the percentage of securities in a particular asset class held by the Underlying Funds at any given time and the percentage of the Fund's assets invested in various Underlying Funds, the Fund's actual exposure to the securities in a particular asset class may vary substantially from the allocation to that asset class. There is a risk that the Manager's evaluations and assumptions regarding asset classes or Underlying Funds may be incorrect in view of actual market conditions.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Additionally, the securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Derivatives Risk.</span><span style="font-family:Arial;font-size:9.70pt;"> Derivatives involve special risks and costs and may result in losses to the Underlying Funds. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, will depend on the ability to analyze and manage derivatives transactions. The prices of derivatives may move in </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” or may create economic leverage for the Underlying Funds and therefore may magnify or otherwise increase investment losses to the Underlying Funds. The Underlying Funds’ use of derivatives may also increase the amount of taxes payable by shareholders. </span><span style="font-family:Arial;font-size:9.70pt;">Appropriate derivatives may not be available in all circumstances for risk management or other purposes for which the Fund seeks to use them. Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid market may not always exist for the Underlying Funds’ derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Underlying Funds. The use of derivatives also exposes the Underlying Funds to operational issues, such as documentation and settlement issues, systems failures, inadequate control and human error. </span><span style="font-family:Arial;font-size:9.70pt;">Derivatives may also involve legal risks, such as insufficient documentation, the lack of capacity or authority of a counterparty to execute or settle a transaction, and the legality and enforceability of derivatives contracts. The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. Regulation of derivatives can make derivatives more costly, limit their availability or utility to the Underlying Funds, or otherwise adversely affect their performance or disrupt markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Economic and Market Events Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Equity and Equity-Related Securities Risks.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. In addition to an individual security losing value, the value of the equity markets or a sector in which an Underlying Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Exchange-Traded Funds (“ETFs”) Risk.</span><span style="font-family:Arial;font-size:9.70pt;"> Investing in securities issued by ETFs involves risks similar to those of investing directly in the securities and other assets held by the ETF. Unlike shares of typical mutual funds, shares of ETFs are generally traded on an exchange throughout a trading day and bought and sold based on market values and not at net asset value. For this reason, shares could trade at either a premium or discount to net asset value, which may be substantial during periods of market stress. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. In addition, the Fund will indirectly bear its pro rata share of the fees and expenses incurred by an ETF (including ETFs managed by the Manager or the subadviser(s)) in which it invests, including advisory fees (to the extent not offset by the Manager through waivers). These expenses are in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fixed Income Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> As with credit risk, market risk and interest rate risk, an Underlying Fund's holdings, share price, yield and total return may fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer’s goods and services. Certain types of fixed income obligations also may be subject to call and redemption risk, which is the risk that the issuer may call a bond held by an Underlying Fund for redemption before it matures and the Underlying Fund may lose income.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fund of Funds Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The value of an investment in the Fund will be related, to a substantial degree, to the investment performance of the Underlying Funds in which it invests. Therefore, the principal risks of investing in the Fund are closely related to the principal risks associated with these Underlying Funds and their investments. Because the Fund’s allocation among different Underlying Funds and direct investments in securities and derivatives will vary, an </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">investment in the Fund may be subject to any and all of these risks at different times and to different degrees. Investing in an Underlying Fund will also expose the Fund to a pro rata portion of the Underlying Fund’s fees and expenses. In addition, one Underlying Fund may buy the same securities that another Underlying Fund sells. Therefore, the Fund would indirectly bear the costs of these trades without accomplishing the investment purpose.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fund Rebalancing Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. Underlying Funds may experience relatively large redemptions or investments due to a rebalancing of the Fund's allocations. In such event, an Underlying Fund may be required to sell securities or to invest cash at a time when it is not advantageous to do so. Rebalancing may increase brokerage and/or other transaction costs of an Underlying Fund, increase the Underlying Fund's expenses or result in the Underlying Fund's becoming too small to be economically viable. Rebalancing may also adversely affect an Underlying Fund's performance and thus the Fund's performance. The impact of rebalancing is likely to be greater when the Fund purchases, redeems or invests in a substantial portion of an Underlying Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The subadviser will seek to cooperate with the subadvisers of the Underlying Funds to minimize any adverse impact on the Underlying Funds. The subadvisers of the Underlying Funds may take such actions as they deem appropriate to minimize such adverse impact, considering the potential benefits of such investments to the Underlying Funds and consistent with their obligations to the Underlying Funds. Such actions may delay the rebalancing of the Fund's investments in the event of significant market or other events that may require more rapid action.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Increase in Expenses Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Underlying Fund securities can increase expenses.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Index Tracking Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> While certain Underlying Funds generally seek to track the performance of an index as closely as possible (i.e., achieve a high degree of correlation with an index), the return may not match or achieve a high degree of correlation with the return of the index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. If an index fund is properly correlated to its stated index, the fund will perform poorly when the index performs poorly.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. Similarly, a rise in interest rates may also have a greater negative impact on the value of equity securities whose issuers expect earnings further out in the future. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">“duration risk.”</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;line-height:12.61pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and an Underlying Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">prepayment risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.” In addition, if an Underlying Fund purchases a fixed income security at a premium (at a price that exceeds its stated par or principal value), the Fund may lose the amount of the premium paid in the event of prepayment. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of an Underlying Fund's holdings may fall sharply. This is referred to as “</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">extension risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.” An Underlying Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by its subadviser.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Under certain market conditions, growth investments have performed better during the later stages of economic expansion and value investments have performed better during periods of economic recovery. Therefore, these investment styles may over time go in and out of favor. At times when an investment style used by an Underlying Fund is out of favor, the Underlying Fund may underperform other funds that use different investment styles.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Large Shareholder and Large Scale Redemption Risk. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Funds’ shareholders generally may redeem all or a substantial portion </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy.  The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> An Underlying Fund may not be able to sell a holding in a timely manner at a desired price. This risk could affect both stock and bond funds in which the Fund invests, but typically represents a greater risk for bond funds. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit an Underlying Fund’s ability to sell a holding at a suitable price.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Management Risk. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser’s judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund’s benchmark and other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Capitalization Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Certain Underlying Funds may invest in stocks of small- and medium-size companies which may present above-average risks. These companies usually offer a smaller range of products and services than larger companies. They may also have limited financial resources and may lack management depth. As a result, the prices of stocks issued by small- and medium-size companies tend to fluctuate more than the stocks of larger, more established companies. In exchange for potentially lower risks of investing in large capitalization companies, such investments may not rise as much in value as the value of investments in smaller-capitalized companies.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Disruption and Geopolitical Risks.</span><span style="font-family:Arial;font-size:9.70pt;"> Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including the U.S. and Israeli military operation against Iran, Russia’s military invasion of Ukraine and the Israel Hamas War), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as the Middle East, South America, Eastern Europe, and Asia, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally). </span><span style="font-family:Arial;font-size:9.70pt;">Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests. The risk of such events has meaningfully increased in recent periods due to heightened international tensions stemming from rivalry among the world’s dominant economic and military</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">powers. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Securities markets may be volatile and the market prices of an Underlying Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by an Underlying Fund fall, the value of the Fund’s investment in the Underlying Fund will decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following bar chart shows the Fund's performance for Class R6 shares for each full calendar year of operations or for the last 10 calendar years, whichever is shorter. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following table shows the Fund's average annual </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">returns and also compares the Fund’s performance with the average annual total returns of an index or other benchmark. The bar chart and table demonstrate the risk of investing in the Fund by showing how returns can change from year to year.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Without the management fee waiver and/or expense reimbursement, if any, the annual total returns would have been lower. Updated Fund performance information, including current net asset value, is available online at </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">www.pgim.com/investments</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following table shows the Fund's average annual </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">returns and also compares the Fund’s performance with the average annual total returns of an index or other benchmark. The bar chart and table demonstrate the risk of investing in the Fund by showing how returns can change from year to year.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">www.pgim.com/investments</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Best Quarter:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Worst Quarter:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">19.25%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;-sec-ix-hidden:f83c6bdd-9f7d-4ad4-a17d-f454307b8df0">2nd </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Quarter </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">2020</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">-23.20%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;-sec-ix-hidden:c6e217f9-760f-4a67-9949-50652efadbd6">1st </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Quarter </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">2020</span><span style="font-family:Arial Narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt;">1</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> The total return of the Fund's Class R6 shares from January 1, 2026 through</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">June 30, 2026</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">13.16%</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Best Quarter:</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Worst Quarter:</span> 0.1925 -0.2320 <span style="font-family:Arial Narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt;">1</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> The total return of the Fund's Class R6 shares from January 1, 2026 through</span> 2026-06-30 0.1316 <span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Average Annual Total Returns % (as of 12-31-25)</span> 0.1893 0.0963 0.0983 2016-12-13 0.1929 0.0991 0.1011 2016-12-13 0.1949 0.1008 0.1028 2016-12-13 0.1962 0.1019 0.1040 2016-12-13 0.1970 0.1029 0.1050 2016-12-13 0.1992 0.1047 0.1066 2016-12-13 0.1826 0.0828 0.0898 2016-12-13 0.1226 0.0753 0.0808 2016-12-13 0.1788 0.1442 0.1524 0.0730 -0.0036 0.0193 0.1994 0.1026 0.1123 0.2039 0.1027 0.1140 <span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">° </span><span style="font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as </span><span style="font-family:Arial Narrow;font-size:8pt;">traditional 401(k) plans or individual retirement accounts.</span><span style="font-family:Arial Narrow;font-size:8pt;"> After-tax returns are shown only for Class R6 shares. After-tax returns for other classes will vary </span><span style="font-family:Arial Narrow;font-size:8pt;">due to differing sales charges and expenses.</span> <span style="font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as </span><span style="font-family:Arial Narrow;font-size:8pt;">traditional 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:8pt;"> After-tax returns are shown only for Class R6 shares. After-tax returns for other classes will vary </span><span style="font-family:Arial Narrow;font-size:8pt;">due to differing sales charges and expenses.</span> <span style="color:#545454;font-family:Arial;font-size:13.58pt;">SUMMARY: PGIM TARGET DATE 2065 FUND</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The investment objective of the Fund is to seek a balance between growth and conservation of capital.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">FUND FEES AND EXPENSES</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The tables below describe the sales charges, fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 15 0 0 15 0 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0050 0.0025 0.0010 0 0 0 0.2403 0.0964 0.1386 0.2498 0.1664 0.0872 0.0010 0.0010 0.0010 0.0010 0 0 0.2393 0.0954 0.1376 0.2488 0.1664 0.0872 0.0036 0.0036 0.0036 0.0036 0.0036 0.0036 0.2489 0.1025 0.1432 0.2534 0.1700 0.0908 -0.2389 -0.0950 -0.1372 -0.2484 -0.1660 -0.0883 0.0100 0.0075 0.0060 0.0050 0.0040 0.0025 <span style="font-family:Arial Narrow;font-size:8pt;">Other expenses have been updated from the most recent annual report to reflect current expenses.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Example. </span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following hypothetical example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year, that the Fund's operating expenses remain the same and that all dividends and distributions are reinvested. Your actual costs may be higher or lower.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">If Shares Are Redeemed</span> 102 318 552 1225 77 240 417 930 61 192 335 750 51 160 280 628 41 128 224 505 26 80 141 318 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">If Shares Are Not Redeemed</span> 102 318 552 1225 77 240 417 930 61 192 335 750 51 160 280 628 41 128 224 505 26 80 141 318 <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Portfolio Turnover. </span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.70pt;">72</span><span style="font-family:Arial;font-size:9.70pt;">% of the average value of its portfolio.</span> 0.72 <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">INVESTMENTS, RISKS AND PERFORMANCE</span><span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Principal Investment Strategies. </span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pursues its objective by investing in a diversified portfolio of other mutual funds and exchange-traded funds (“ETFs”) within the PGIM fund family (collectively, the “Underlying Funds”) that represent various asset classes and sectors. The Fund will invest in Underlying Funds that provide exposure to equity, fixed income and non-traditional asset classes.</span><span style="font-family:Arial;font-size:9.70pt;"> The investments held by Underlying Funds that provide exposure to </span><span style="font-family:Arial;font-size:9.70pt;">equities may include U.S. large-cap equity, mid-cap equity and small-cap equity, as well as international developed markets equity, emerging markets equity and other non-U.S. securities. Underlying Funds that provide exposure to fixed income may invest primarily in bonds, including below investment grade bonds, commonly known as “junk bonds.” Underlying Funds may gain exposure to non-traditional asset classes through investments in equity securities and related derivatives of issuers that are primarily engaged in or related to the real estate industry, real estate investment trusts (“REITs”), commodity-related instruments and derivative securities or instruments, such as options and futures, the value of which is derived from another security, a commodity, a currency or an index. </span><span style="font-family:Arial;font-size:9.70pt;">The Fund is designed for investors expecting to retire in or within a few years of the year 2065 (the “target date”).</span><span style="font-family:Arial;font-size:9.70pt;"> The </span><span style="font-family:Arial;font-size:9.70pt;">Fund is designed to accommodate investors who will either withdraw all of their assets from the Fund upon retirement or who will gradually withdraw assets from the Fund over a moderate time period following retirement. In addition to the anticipated retirement date, relevant factors for selection of the Fund may include age, risk tolerance, other investments owned, and planned withdrawals. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The Fund’s allocations among Underlying Funds (and asset classes) will change over time in relation to the Fund’s target date. The Fund’s asset allocations to the Underlying Funds follow a glidepath that becomes more conservative prior to and for approximately 10 years following the target date, by reducing exposure to equity investments and non-traditional asset classes (including non-U.S. equities, commodities and real estate) and increasing exposure to fixed income investments (the “Glidepath”). Accordingly, the Fund’s exposure to equity investments and non-traditional asset classes may continue to decline until approximately 10 years after its target date, when allocations to equity investments and non-traditional asset classes will remain fixed at approximately 35% of the Fund’s assets, with the remainder invested in fixed income investments. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">In this prospectus, we refer to both the “strategic Glidepath” and the “current Glidepath.” The strategic Glidepath reflects the allocations between equity/non-traditional and fixed income assets through time based on long-term investment views and participant demographics. The strategic Glidepath serves as an anchor from which allocations to equity/non-traditional and fixed income may deviate from year to year to reflect intermediate capital market expectations. The current Glidepath reflects such intermediate expectations. The current Glidepath is reviewed annually and deviations are constrained so as to preserve the general risk and return characteristics of the strategic Glidepath. The Fund’s allocations to the broad asset classes (equity/non-traditional and fixed income) as set forth in the </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">current Glidepath are not expected to vary from the Fund’s allocations set forth in the strategic Glidepath by more than plus or minus 5%. Where the term “Glidepath” is used by itself in this prospectus, it applies to both the strategic Glidepath and the current Glidepath. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The subadviser is responsible for asset allocation of the Fund and will monitor the Fund's investments in the Underlying Funds on a regular basis in order to maintain the approximate allocation to each asset class. The Fund is “ratcheted” annually to shift the Fund’s allocation gradually from equity investments toward fixed income investments in accordance with the current Glidepath. In addition, the Fund is rebalanced periodically (typically monthly) to maintain the target asset allocations dictated by the current Glidepath (as then in effect) with respect to the Underlying Funds in which the Fund is invested. </span><span style="font-family:Arial;font-size:9.70pt;">The following chart illustrates the Fund’s strategic Glidepath:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The information in the table below represents the approximate current allocations for the Fund.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Fund Name</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Equity and Non-Traditional</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Fixed Income</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">PGIM Target Date 2065 Fund</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">97%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">3%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Pursuant to the annual ratcheting described above, this asset class mix may change each year. In addition, the Fund’s subadviser will review the current Glidepath and the Fund’s asset allocations to Underlying Funds annually to determine, in its discretion, whether the then current Glidepath allocations remain suitable to meet the Fund’s investment objective. Based on such reviews, the subadviser may, without prior notification to shareholders, make changes to the current Glidepath and/or the Fund’s asset allocations as it deems appropriate to meet the Fund’s investment objective in light of market and economic conditions and such other factors as it deems relevant. There is no assurance that the Fund’s objective will be achieved. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The Fund shall maintain not less than the minimum total allocation to fixed income investments and such other constraints, if any, as may be required for it to be considered a Qualified Default Investment Alternative as defined under the Employee Retirement Income Security Act of 1974 (“ERISA”) and determined by the U.S. Department of Labor. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">At the time when the Fund’s target allocations match the asset allocations of the PGIM Target Date Income Fund (the “Income Fund”), PGIM Investments expects, subject to approval by the Board of Trustees, to combine the Fund with the Income Fund without shareholder approval, and the Fund’s shareholders will become shareholders of the Income Fund. This is expected to occur approximately ten years following the Fund’s target date. This combination is expected to be tax-free under current law. Shareholders will be provided with additional information at that time.</span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pursues its objective by investing in a diversified portfolio of other mutual funds and exchange-traded funds (“ETFs”) within the PGIM fund family (collectively, the “Underlying Funds”) that represent various asset classes and sectors. The Fund will invest in Underlying Funds that provide exposure to equity, fixed income and non-traditional asset classes.</span> <span style="font-family:Arial;font-size:9.70pt;">The Fund is designed for investors expecting to retire in or within a few years of the year 2065 (the “target date”).</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">An investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; and is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Target Date/ Income Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The Fund may suffer losses near, at or after the target date, and the Fund does not provide a guarantee that sufficient capital appreciation will be achieved to provide adequate income at and through retirement. The Fund does not assure an investor that he or she will be able to retire in the target year identified in the Fund name or that the assets in the Fund will provide income in amounts adequate to meet the investor’s retirement or financial goals. These risks may be increased to the extent that the participant begins to make withdrawals significantly before the Fund’s target year. For investors who are close to or in retirement, the Fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk the Fund may invest too much in investments designed to ensure capital conservation and/or current income, which may prevent the investor from meeting his or her retirement goals.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Affiliated Funds Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The Fund’s Manager serves as manager of the Underlying Funds. In addition, the Fund may invest in certain Underlying Funds for which affiliates of the Manager and subadviser serve as subadvisers. It is possible that a conflict of interest among the Fund and the Underlying Funds could affect how the Manager and subadviser fulfill their fiduciary duties to the Fund and the Underlying Funds. For example, the subadviser may have an incentive to allocate the Fund’s assets to those Underlying Funds for which the fees paid to the Manager or affiliated subadvisers are higher than the fees paid by other Underlying Funds for which the Manager or affiliated subadviser serve. However, the Fund has adopted procedures to mitigate these concerns.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Asset Allocation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. The Fund’s risks will directly correspond to the risks of the Underlying Funds in which it invests. By investing in many Underlying Funds, the Fund has partial exposure to the risks of many different areas in the market, and the Fund’s overall level of risk should decline over time. However, the selection of the Underlying Funds and the allocation of the Fund’s assets among the various asset classes and market sectors could cause the Fund to underperform other funds with a similar investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Asset Class Variation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. The Underlying Funds invest principally in the securities constituting their asset class (i.e., equity, non-traditional and fixed income). However, under normal market conditions, an Underlying Fund may vary the percentage of assets in these securities (subject to any applicable regulatory requirements). Depending on the percentage of securities in a particular asset class held by the Underlying Funds at any given time and the percentage of the Fund's assets invested in various Underlying Funds, the Fund's actual exposure to the securities in a particular asset class may vary substantially from the allocation to that asset class. There is a risk that the Manager's evaluations and assumptions regarding asset classes or Underlying Funds may be incorrect in view of actual market conditions.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Additionally, the securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Derivatives Risk.</span><span style="font-family:Arial;font-size:9.70pt;"> Derivatives involve special risks and costs and may result in losses to the Underlying Funds. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, will depend on the ability to analyze and manage derivatives transactions. The prices of derivatives may move in </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” or may create economic leverage for the Underlying Funds and therefore may magnify or otherwise increase investment losses to the Underlying Funds. The Underlying Funds’ use of derivatives may also increase the amount of taxes payable by shareholders. </span><span style="font-family:Arial;font-size:9.70pt;">Appropriate derivatives may not be available in all circumstances for risk management or other purposes for which the Fund seeks to use them. Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid market may not always exist for the Underlying Funds’ derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Underlying Funds. The use of derivatives also exposes the Underlying Funds to operational issues, such as documentation and settlement issues, systems failures, inadequate control and human error. </span><span style="font-family:Arial;font-size:9.70pt;">Derivatives may also involve legal risks, such as insufficient documentation, the lack of capacity or authority of a counterparty to execute or settle a transaction, and the legality and enforceability of derivatives contracts. The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. Regulation of derivatives can make derivatives more costly, limit their availability or utility to the Underlying Funds, or otherwise adversely affect their performance or disrupt markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Economic and Market Events Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Equity and Equity-Related Securities Risks.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. In addition to an individual security losing value, the value of the equity markets or a sector in which an Underlying Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Exchange-Traded Funds (“ETFs”) Risk.</span><span style="font-family:Arial;font-size:9.70pt;"> Investing in securities issued by ETFs involves risks similar to those of investing directly in the securities and other assets held by the ETF. Unlike shares of typical mutual funds, shares of ETFs are generally traded on an exchange throughout a trading day and bought and sold based on market values and not at net asset value. For this reason, shares could trade at either a premium or discount to net asset value, which may be substantial during periods of market stress. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. In addition, the Fund will indirectly bear its pro rata share of the fees and expenses incurred by an ETF (including ETFs managed by the Manager or the subadviser(s)) in which it invests, including advisory fees (to the extent not offset by the Manager through waivers). These expenses are in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fixed Income Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> As with credit risk, market risk and interest rate risk, an Underlying Fund's holdings, share price, yield and total return may fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer’s goods and services. Certain types of fixed income obligations also may be subject to call and redemption risk, which is the risk that the issuer may call a bond held by an Underlying Fund for redemption before it matures and the Underlying Fund may lose income.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fund of Funds Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The value of an investment in the Fund will be related, to a substantial degree, to the investment performance of the Underlying Funds in which it invests. Therefore, the principal risks of investing in the Fund are closely related to the principal risks associated with these Underlying Funds and their investments. Because the Fund’s allocation among different Underlying Funds and direct investments in securities and derivatives will vary, an </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">investment in the Fund may be subject to any and all of these risks at different times and to different degrees. Investing in an Underlying Fund will also expose the Fund to a pro rata portion of the Underlying Fund’s fees and expenses. In addition, one Underlying Fund may buy the same securities that another Underlying Fund sells. Therefore, the Fund would indirectly bear the costs of these trades without accomplishing the investment purpose.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fund Rebalancing Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. Underlying Funds may experience relatively large redemptions or investments due to a rebalancing of the Fund's allocations. In such event, an Underlying Fund may be required to sell securities or to invest cash at a time when it is not advantageous to do so. Rebalancing may increase brokerage and/or other transaction costs of an Underlying Fund, increase the Underlying Fund's expenses or result in the Underlying Fund's becoming too small to be economically viable. Rebalancing may also adversely affect an Underlying Fund's performance and thus the Fund's performance. The impact of rebalancing is likely to be greater when the Fund purchases, redeems or invests in a substantial portion of an Underlying Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The subadviser will seek to cooperate with the subadvisers of the Underlying Funds to minimize any adverse impact on the Underlying Funds. The subadvisers of the Underlying Funds may take such actions as they deem appropriate to minimize such adverse impact, considering the potential benefits of such investments to the Underlying Funds and consistent with their obligations to the Underlying Funds. Such actions may delay the rebalancing of the Fund's investments in the event of significant market or other events that may require more rapid action.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Increase in Expenses Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Underlying Fund securities can increase expenses.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Index Tracking Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> While certain Underlying Funds generally seek to track the performance of an index as closely as possible (i.e., achieve a high degree of correlation with an index), the return may not match or achieve a high degree of correlation with the return of the index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. If an index fund is properly correlated to its stated index, the fund will perform poorly when the index performs poorly.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. Similarly, a rise in interest rates may also have a greater negative impact on the value of equity securities whose issuers expect earnings further out in the future. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">“duration risk.”</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;line-height:12.61pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and an Underlying Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">prepayment risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.” In addition, if an Underlying Fund purchases a fixed income security at a premium (at a price that exceeds its stated par or principal value), the Fund may lose the amount of the premium paid in the event of prepayment. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of an Underlying Fund's holdings may fall sharply. This is referred to as “</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">extension risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.” An Underlying Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by its subadviser.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Under certain market conditions, growth investments have performed better during the later stages of economic expansion and value investments have performed better during periods of economic recovery. Therefore, these investment styles may over time go in and out of favor. At times when an investment style used by an Underlying Fund is out of favor, the Underlying Fund may underperform other funds that use different investment styles.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Large Shareholder and Large Scale Redemption Risk. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Funds’ shareholders generally may redeem all or a substantial portion </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy.  The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> An Underlying Fund may not be able to sell a holding in a timely manner at a desired price. This risk could affect both stock and bond funds in which the Fund invests, but typically represents a greater risk for bond funds. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit an Underlying Fund’s ability to sell a holding at a suitable price.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Management Risk. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser’s judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund’s benchmark and other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Capitalization Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Certain Underlying Funds may invest in stocks of small- and medium-size companies which may present above-average risks. These companies usually offer a smaller range of products and services than larger companies. They may also have limited financial resources and may lack management depth. As a result, the prices of stocks issued by small- and medium-size companies tend to fluctuate more than the stocks of larger, more established companies. In exchange for potentially lower risks of investing in large capitalization companies, such investments may not rise as much in value as the value of investments in smaller-capitalized companies.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Disruption and Geopolitical Risks.</span><span style="font-family:Arial;font-size:9.70pt;"> Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including the U.S. and Israeli military operation against Iran, Russia’s military invasion of Ukraine and the Israel Hamas War), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as the Middle East, South America, Eastern Europe, and Asia, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally). </span><span style="font-family:Arial;font-size:9.70pt;">Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests. The risk of such events has meaningfully increased in recent periods due to heightened international tensions stemming from rivalry among the world’s dominant economic and military</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">powers. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Securities markets may be volatile and the market prices of an Underlying Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by an Underlying Fund fall, the value of the Fund’s investment in the Underlying Fund will decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following bar chart shows the Fund's performance for Class R6 shares for each full calendar year of operations or for the last 10 calendar years, whichever is shorter. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following table shows the Fund's average annual </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">returns and also compares the Fund’s performance with the average annual total returns of an index or other benchmark. The bar chart and table demonstrate the risk of investing in the Fund by showing how returns can change from year to year.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Without the management fee waiver and/or expense reimbursement, if any, the annual total returns would have been lower. Updated Fund performance information, including current net asset value, is available online at </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">www.pgim.com/investments</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following table shows the Fund's average annual </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">returns and also compares the Fund’s performance with the average annual total returns of an index or other benchmark. The bar chart and table demonstrate the risk of investing in the Fund by showing how returns can change from year to year.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">www.pgim.com/investments</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Best Quarter:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Worst Quarter:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">19.33%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;-sec-ix-hidden:c26c1f43-5b8d-405a-8854-f3f9dfd505f2">2nd </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Quarter </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">2020</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">-23.36%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;-sec-ix-hidden:x_85d1ea6d-423e-4c56-bb06-21c6aa7f98f0">1st </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Quarter </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">2020</span><span style="font-family:Arial Narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt;">1</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> The total return of the Fund's Class R6 shares from January 1, 2026 through</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">June 30, 2026</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">13.22%</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Best Quarter:</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Worst Quarter:</span> 0.1933 -0.2336 <span style="font-family:Arial Narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt;">1</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> The total return of the Fund's Class R6 shares from January 1, 2026 through</span> 2026-06-30 0.1322 <span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Average Annual Total Returns % (as of 12-31-25)</span> 0.1928 0.0977 0.1010 2019-12-16 0.1960 0.1000 0.1033 2019-12-16 0.1976 0.1021 0.1052 2019-12-16 0.1989 0.1034 0.1065 2019-12-16 0.1998 0.1044 0.1076 2019-12-16 0.2015 0.1066 0.1097 2019-12-16 0.1909 0.0889 0.0941 2019-12-16 0.1234 0.0779 0.0820 2019-12-16 0.1788 0.1442 0.1508 0.0730 -0.0036 0.0091 0.2017 0.1043 0.1102 0.2064 0.1039 0.1096 <span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">° </span><span style="font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as </span><span style="font-family:Arial Narrow;font-size:8pt;">traditional 401(k) plans or individual retirement accounts.</span><span style="font-family:Arial Narrow;font-size:8pt;"> After-tax returns are shown only for Class R6 shares. After-tax returns for other classes will vary </span><span style="font-family:Arial Narrow;font-size:8pt;">due to differing sales charges and expenses.</span> <span style="font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as </span><span style="font-family:Arial Narrow;font-size:8pt;">traditional 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:8pt;"> After-tax returns are shown only for Class R6 shares. After-tax returns for other classes will vary </span><span style="font-family:Arial Narrow;font-size:8pt;">due to differing sales charges and expenses.</span> <span style="color:#545454;font-family:Arial;font-size:13.58pt;">SUMMARY: PGIM TARGET DATE 2070 FUND</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The investment objective of the Fund is to seek a balance between growth and conservation of capital.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">FUND FEES AND EXPENSES</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The tables below describe the sales charges, fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 15 0 0 15 0 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0050 0.0025 0.0010 0 0 0 2.1789 2.0939 2.1730 2.0901 2.0856 2.0461 0.0010 0.0010 0.0010 0.0010 0 0 2.1779 2.0929 2.1720 2.0891 2.0856 2.0461 0.0035 0.0035 0.0035 0.0035 0.0035 0.0035 2.1874 2.0999 2.1775 2.0936 2.0891 2.0496 -2.1774 -2.0924 -2.1715 -2.0886 -2.0851 -2.0471 0.0100 0.0075 0.0060 0.0050 0.0040 0.0025 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">Other expenses have been updated from the most recent annual report to reflect current expenses.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Example. </span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following hypothetical example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year, that the Fund's operating expenses remain the same and that all dividends and distributions are reinvested. Your actual costs may be higher or lower.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">If Shares Are Redeemed</span> 102 318 552 1225 77 240 417 930 61 192 335 750 51 160 280 628 41 128 224 505 26 80 141 318 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">If Shares Are Not Redeemed</span> 102 318 552 1225 77 240 417 930 61 192 335 750 51 160 280 628 41 128 224 505 26 80 141 318 <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Portfolio Turnover. </span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.70pt;">21</span><span style="font-family:Arial;font-size:9.70pt;">% of the average value of its portfolio.</span> 0.21 <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">INVESTMENTS, RISKS AND PERFORMANCE</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Principal Investment Strategies. </span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pursues its objective by investing in a diversified portfolio of other mutual funds and exchange-traded funds (“ETFs”) within the PGIM fund family (collectively, the “Underlying Funds”) that represent various asset classes and sectors. The Fund will invest in Underlying Funds that provide exposure to equity, fixed income and non-traditional asset classes.</span><span style="font-family:Arial;font-size:9.70pt;"> The investments held by Underlying Funds that provide exposure to equities may include U.S. large-cap </span><span style="font-family:Arial;font-size:9.70pt;">equity, mid-cap equity and small-cap equity, as well as international developed markets equity, emerging markets equity and other non-U.S. securities. Underlying Funds that provide exposure to fixed income may invest primarily in bonds, including below investment grade bonds, commonly known as “junk bonds.” Underlying Funds may gain exposure to non-traditional asset classes through investments in equity securities and related derivatives of issuers that are primarily engaged in or related to the real estate industry, real estate investment trusts (“REITs”), commodity-related instruments and derivative securities or instruments, such as options and futures, the value of which is derived from another security, a commodity, a currency or an index. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The Fund is designed for investors expecting to retire in or close to the year 2070 (the “target date”).</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The Fund is </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">designed to accommodate investors who will either withdraw all of their assets from the Fund upon retirement or who will gradually withdraw assets from the Fund over a moderate time period following retirement. In addition to the anticipated retirement date, relevant factors for selection of the Fund may include age, risk tolerance, other investments owned, and planned withdrawals. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The Fund’s allocations among Underlying Funds (and asset classes) will change over time in relation to the Fund’s target date. The Fund’s asset allocations to the Underlying Funds follow a glidepath that becomes more conservative prior to and for approximately 10 years following the target date, by reducing exposure to equity investments and non-traditional asset classes (including non-U.S. equities, commodities and real estate) and increasing exposure to fixed income investments (the “Glidepath”). Accordingly, the Fund’s exposure to equity investments and non-traditional asset classes may continue to decline until approximately 10 years after its target date, when allocations to equity investments and non-traditional asset classes will remain fixed at approximately 35% of the Fund’s assets, with the remainder invested in fixed income investments. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">In this prospectus, we refer to both the “strategic Glidepath” and the “current Glidepath.” The strategic Glidepath reflects the allocations between equity/non-traditional and fixed income assets through time based on long-term investment views and participant demographics. The strategic Glidepath serves as an anchor from which allocations to equity/non-traditional and fixed income may deviate from year to year to reflect intermediate capital market expectations. The current Glidepath reflects such intermediate expectations. The current Glidepath is reviewed annually and deviations are constrained so as to preserve the general risk and return characteristics of the strategic </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Glidepath. The Fund’s allocations to the broad asset classes (equity/non-traditional and fixed income) as set forth in the current Glidepath are not expected to vary from the Fund’s allocations set forth in the strategic Glidepath by more than plus or minus 5%. Where the term “Glidepath” is used by itself in this prospectus, it applies to both the strategic Glidepath and the current Glidepath. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The subadviser is responsible for asset allocation of the Fund and will monitor the Fund's investments in the Underlying Funds on a regular basis in order to maintain the approximate allocation to each asset class. The Fund is “ratcheted” annually to shift the Fund’s allocation gradually from equity investments toward fixed income investments in accordance with the current Glidepath. In addition, the Fund is rebalanced periodically (typically monthly) to maintain the target asset allocations dictated by the current Glidepath (as then in effect) with respect to the Underlying Funds in which the Fund is invested. </span><span style="font-family:Arial;font-size:9.70pt;">The following chart illustrates the Fund’s strategic Glidepath:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The information in the table below represents the approximate current allocations for the Fund.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Fund Name</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Equity and Non-Traditional</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Fixed Income</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">PGIM Target Date 2070 Fund</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">97%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">3%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Pursuant to the annual ratcheting described above, this asset class mix may change each year. In addition, the Fund’s subadviser will review the current Glidepath and the Fund’s asset allocations to Underlying Funds annually to determine, in its discretion, whether the then current Glidepath allocations remain suitable to meet the Fund’s investment objective. Based on such reviews, the subadviser may, without prior notification to shareholders, make changes to the current Glidepath and/or the Fund’s asset allocations as it deems appropriate to meet the Fund’s investment objective in light of market and economic conditions and such other factors as it deems relevant. There is no assurance that the Fund’s objective will be achieved. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The Fund shall maintain not less than the minimum total allocation to fixed income investments and such other constraints, if any, as may be required for it to be considered a Qualified Default Investment Alternative as defined under the Employee Retirement Income Security Act of 1974 (“ERISA”) and determined by the U.S. Department of Labor. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">At the time when the Fund’s target allocations match the asset allocations of the PGIM Target Date Income Fund (the “Income Fund”), PGIM Investments expects, subject to approval by the Board of Trustees, to combine the Fund with the Income Fund without shareholder approval, and the Fund’s shareholders will become shareholders of the Income Fund. This is expected to occur approximately ten years following the Fund’s target date. This combination is expected to be tax-free under current law. Shareholders will be provided with additional information at that time.</span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pursues its objective by investing in a diversified portfolio of other mutual funds and exchange-traded funds (“ETFs”) within the PGIM fund family (collectively, the “Underlying Funds”) that represent various asset classes and sectors. The Fund will invest in Underlying Funds that provide exposure to equity, fixed income and non-traditional asset classes.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The Fund is designed for investors expecting to retire in or close to the year 2070 (the “target date”).</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">An investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; and is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Target Date/ Income Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The Fund may suffer losses near, at or after the target date, and the Fund does not provide a guarantee that sufficient capital appreciation will be achieved to provide adequate income at and through retirement. The Fund does not assure an investor that he or she will be able to retire in the target year identified in the Fund name or that the assets in the Fund will provide income in amounts adequate to meet the investor’s retirement or financial goals. These risks may be increased to the extent that the participant begins to make withdrawals significantly before the Fund’s target year. For investors who are close to or in retirement, the Fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk the Fund may invest too much in investments designed to ensure capital conservation and/or current income, which may prevent the investor from meeting his or her retirement goals.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Affiliated Funds Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The Fund’s Manager serves as manager of the Underlying Funds. In addition, the Fund may invest in certain Underlying Funds for which affiliates of the Manager and subadviser serve as subadvisers. It is possible that a conflict of interest among the Fund and the Underlying Funds could affect how the Manager and subadviser fulfill their fiduciary duties to the Fund and the Underlying Funds. For example, the subadviser may have an incentive to allocate the Fund’s assets to those Underlying Funds for which the fees paid to the Manager or affiliated subadvisers are higher than the fees paid by other Underlying Funds for which the Manager or affiliated subadviser serve. However, the Fund has adopted procedures to mitigate these concerns.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Asset Allocation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. The Fund’s risks will directly correspond to the risks of the Underlying Funds in which it invests. By investing in many Underlying Funds, the Fund has partial exposure to the risks of many different areas in the market, and the Fund’s overall level of risk should decline over time. However, the selection of the Underlying Funds and the allocation of the Fund’s assets among the various asset classes and market sectors could cause the Fund to underperform other funds with a similar investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Asset Class Variation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. The Underlying Funds invest principally in the securities constituting their asset class (i.e., equity, non-traditional and fixed income). However, under normal market conditions, an Underlying Fund may vary the percentage of assets in these securities (subject to any applicable regulatory requirements). Depending on the percentage of securities in a particular asset class held by the Underlying Funds at any given time and the percentage of the Fund's assets invested in various Underlying Funds, the Fund's actual exposure to the securities in a particular asset class may vary substantially from the allocation to that asset class. There is a risk that the Manager's evaluations and assumptions regarding asset classes or Underlying Funds may be incorrect in view of actual market conditions.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Credit Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Additionally, the securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Derivatives Risk.</span><span style="font-family:Arial;font-size:9.70pt;"> Derivatives involve special risks and costs and may result in losses to the Underlying Funds. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, will depend on the ability to analyze and manage derivatives transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” or may create economic leverage for the Underlying Funds and therefore may magnify or otherwise increase investment losses to the Underlying Funds. The Underlying Funds’ use of derivatives may also increase the amount of taxes payable by shareholders. </span><span style="font-family:Arial;font-size:9.70pt;">Appropriate derivatives may not be available in all circumstances for risk management or other purposes for which the Fund seeks to use them. Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid market may not always exist for the Underlying Funds’ derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Underlying Funds. The use of derivatives also exposes the Underlying Funds to operational issues, such as documentation and settlement issues, systems failures, inadequate control and human error. </span><span style="font-family:Arial;font-size:9.70pt;">Derivatives may also involve legal risks, such as insufficient documentation, the lack of capacity or authority of a counterparty to execute or settle a transaction, and the legality and enforceability of derivatives contracts. The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. Regulation of derivatives can make derivatives more costly, limit their availability or utility to the Underlying Funds, or otherwise adversely affect their performance or disrupt markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Economic and Market Events Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Equity and Equity-Related Securities Risks.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. In addition to an individual security losing value, the value of the equity markets or a sector in which an Underlying Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Exchange-Traded Funds (“ETFs”) Risk.</span><span style="font-family:Arial;font-size:9.70pt;"> Investing in securities issued by ETFs involves risks similar to those of investing directly in the securities and other assets held by the ETF. Unlike shares of typical mutual funds, shares of ETFs are generally traded on an exchange throughout a trading day and bought and sold based on market values and not at net asset value. For this reason, shares could trade at either a premium or discount to net asset value, which may be substantial during periods of market stress. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. In addition, the Fund will indirectly bear its pro rata share of the fees and expenses incurred by an ETF (including ETFs managed by the Manager or the subadviser(s)) in which it invests, including advisory fees (to the extent not offset by the Manager through waivers). These expenses are in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fixed Income Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> As with credit risk, market risk and interest rate risk, an Underlying Fund's holdings, share price, yield and total return may fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer’s goods and services. Certain types of fixed income obligations also may be subject to call and redemption risk, which is the risk that the issuer may call a bond held by an Underlying Fund for redemption before it matures and the Underlying Fund may lose income.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fund of Funds Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The value of an investment in the Fund will be related, to a substantial degree, to the investment performance of the Underlying Funds in which it invests. Therefore, the principal risks of investing in the Fund are closely related to the principal risks associated with these Underlying Funds and their investments. Because the Fund’s allocation among different Underlying Funds and direct investments in securities and derivatives will vary, an investment in the Fund may be subject to any and all of these risks at different times and to different degrees. Investing in an Underlying Fund will also expose the Fund to a pro rata portion of the Underlying Fund’s fees and expenses. In addition, one Underlying Fund may buy the same securities that another Underlying Fund sells. Therefore, the Fund would indirectly bear the costs of these trades without accomplishing the investment purpose.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fund Rebalancing Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. Underlying Funds may experience relatively large redemptions or investments due to a rebalancing of the Fund's allocations. In such event, an Underlying Fund may be required to sell securities or to invest cash at a time when it is not advantageous to do so. Rebalancing may increase brokerage and/or other transaction costs of an Underlying Fund, increase the Underlying Fund's expenses or result in the Underlying Fund's becoming too small to be economically viable. Rebalancing may also adversely affect an Underlying Fund's performance and thus the Fund's performance. The impact of rebalancing is likely to be greater when the Fund purchases, redeems or invests in a substantial portion of an Underlying Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The subadviser will seek to cooperate with the subadvisers of the Underlying Funds to minimize any adverse impact on the Underlying Funds. The subadvisers of the Underlying Funds may take such actions as they deem appropriate to minimize such adverse impact, considering the potential benefits of such investments to the Underlying Funds and consistent with their obligations to the Underlying Funds. Such actions may delay the rebalancing of the Fund's investments in the event of significant market or other events that may require more rapid action.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Increase in Expenses Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Underlying Fund securities can increase expenses.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Index Tracking Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> While certain Underlying Funds generally seek to track the performance of an index as closely as possible (i.e., achieve a high degree of correlation with an index), the return may not match or achieve a high degree of correlation with the return of the index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. If an index fund is properly correlated to its stated index, the fund will perform poorly when the index performs poorly.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. Similarly, a rise in interest rates may also have a greater negative impact on the value of equity securities whose issuers expect earnings further out in the future. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">“duration risk.”</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;line-height:12.61pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and an Underlying Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">prepayment risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.” In addition, if an Underlying Fund purchases a fixed income security at a premium (at a price that exceeds its stated par or principal value), the Fund may lose the amount of the premium paid in the event of prepayment. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of an Underlying Fund's holdings may fall sharply. This is referred to as “</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">extension risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.” An Underlying Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by its subadviser.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Under certain market conditions, growth investments have performed better during the later stages of economic expansion and value investments have performed better during periods of economic recovery. Therefore, these investment styles may over time go in and out of favor. At times when an investment style used by an Underlying Fund is out of favor, the Underlying Fund may underperform other funds that use different investment styles.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Large Shareholder and Large Scale Redemption Risk. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Funds’ shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy.  The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> An Underlying Fund may not be able to sell a holding in a timely manner at a desired price. This risk could affect both stock and bond funds in which the Fund invests, but typically represents a greater risk for bond funds. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit an Underlying Fund’s ability to sell a holding at a suitable price.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Management Risk. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser’s judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund’s benchmark and other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Capitalization Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Certain Underlying Funds may invest in stocks of small- and medium-size companies which may present above-average risks. These companies usually offer a smaller range of products and services than larger companies. They may also have limited financial resources and may lack management depth. As a result, the prices of stocks issued by small- and medium-size companies tend to fluctuate more than the stocks of larger, more established companies. In exchange for potentially lower risks of investing in large capitalization companies, such investments may not rise as much in value as the value of investments in smaller-capitalized companies.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Disruption and Geopolitical Risks.</span><span style="font-family:Arial;font-size:9.70pt;"> Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including the U.S. and Israeli military operation against Iran, Russia’s military invasion of Ukraine and the Israel Hamas War), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as the Middle East, South America, Eastern Europe, and Asia, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally). </span><span style="font-family:Arial;font-size:9.70pt;">Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests. The risk of such events has meaningfully increased in recent periods due to heightened international tensions stemming from rivalry among the world’s dominant economic and military</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">powers. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">directly affected, the value and liquidity of the Fund’s investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Securities markets may be volatile and the market prices of an Underlying Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by an Underlying Fund fall, the value of the Fund’s investment in the Underlying Fund will decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">New Fund Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The Fund recently commenced operations. As a new and relatively small fund, the Fund's performance may not represent how the Fund is expected to or may perform in the long term if it becomes larger and after it has fully implemented its investment strategies. Investment positions may have a disproportionate impact (negative or positive) on performance in new and smaller funds. New and smaller funds may also require a period of time before they are invested in securities that meet their investment objectives and policies and achieve a representative portfolio composition. Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, and may not employ a successful investment strategy, either of which could result in the Fund being liquidated at any time without shareholder approval and/or at a time that may not be favorable for all shareholders. Such a liquidation could result in transaction costs and have negative tax consequences for shareholders.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Performance.</span> <span style="font-family:Arial;font-size:9.70pt;">The following bar chart shows the Fund's performance for Class R6 shares for each full calendar year of operations or for the last 10 calendar years, whichever is shorter. </span><span style="font-family:Arial;font-size:9.70pt;">The following table shows the Fund's average annual </span><span style="font-family:Arial;font-size:9.70pt;">returns and also compares the Fund’s performance with the average annual total returns of an index or other benchmark. The bar chart and table demonstrate the risk of investing in the Fund by showing how returns can change from year to year.</span><span style="font-family:Arial;font-size:9.70pt;">Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future.</span><span style="font-family:Arial;font-size:9.70pt;">Without the management fee waiver and/or expense reimbursement, if any, the annual total returns would have been lower. Updated Fund performance information, including current net asset value, is available online at </span><span style="font-family:Arial;font-size:9.70pt;">www.pgim.com/investments</span><span style="font-family:Arial;font-size:9.70pt;">.</span> <span style="font-family:Arial;font-size:9.70pt;">The following table shows the Fund's average annual </span><span style="font-family:Arial;font-size:9.70pt;">returns and also compares the Fund’s performance with the average annual total returns of an index or other benchmark. The bar chart and table demonstrate the risk of investing in the Fund by showing how returns can change from year to year.</span> <span style="font-family:Arial;font-size:9.70pt;">Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future.</span> <span style="font-family:Arial;font-size:9.70pt;">www.pgim.com/investments</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Best Quarter:</span><span style="font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Worst Quarter:</span><span style="font-family:Arial;font-size:9.70pt;">9.62%</span><span style="font-family:Arial;font-size:9.70pt;-sec-ix-hidden:a368bc27-c5e1-43eb-a553-cc4250e44059">2nd </span><span style="font-family:Arial;font-size:9.70pt;">Quarter </span><span style="font-family:Arial;font-size:9.70pt;">2025</span><span style="font-family:Arial;font-size:9.70pt;">-0.52%</span><span style="font-family:Arial;font-size:9.70pt;-sec-ix-hidden:x_0118d82b-643d-4a90-8237-d13c096ca53e">1st </span><span style="font-family:Arial;font-size:9.70pt;">Quarter </span><span style="font-family:Arial;font-size:9.70pt;">2025</span><span style="font-family:Arial Narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt;">1</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> The total return of the Fund's Class R6 shares from January 1, 2026 through</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">June 30, 2026</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">13.21%</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Best Quarter:</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Worst Quarter:</span> 0.0962 -0.0052 <span style="font-family:Arial Narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt;">1</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> The total return of the Fund's Class R6 shares from January 1, 2026 through</span> 2026-06-30 0.1321 <span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Average Annual Total Returns % (as of 12-31-25)</span> 0.1920 0.1458 2024-12-10 0.1957 0.1492 2024-12-10 0.1974 0.1508 2024-12-10 0.1985 0.1518 2024-12-10 0.1995 0.1528 2024-12-10 0.2011 0.1544 2024-12-10 0.1903 0.1407 2024-12-10 0.1228 0.1138 2024-12-10 0.1788 0.1383 0.0730 0.0511 0.2017 0.1552 0.2064 0.1551 <span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">° </span><span style="font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as traditional 401(k) plans or individual retirement accounts.</span><span style="font-family:Arial Narrow;font-size:8pt;"> After-tax returns are shown only for Class R6 shares. After-tax returns for other classes will vary due to differing sales charges and expenses.</span> <span style="font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as traditional 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:8pt;"> After-tax returns are shown only for Class R6 shares. After-tax returns for other classes will vary due to differing sales charges and expenses.</span> <span style="color:#545454;font-family:Arial;font-size:13.58pt;">FUND SUMMARY</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The investment objective of the Fund is </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">long-term capital appreciation</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">FUND FEES AND EXPENSES</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The tables below describe the sales charges, fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may be required to pay commissions to a broker for transactions in Class Z shares, which are not reflected in the table or the example below. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">You may qualify for sales charge discounts if you and an eligible group of related investors purchase, or agree to purchase in the future, </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">$25,000</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> or more in shares of the Fund or other funds in the PGIM Funds family.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> More information about these discounts as well as other waivers </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">or discounts is available from your financial professional and is explained in </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-style:italic;">Reducing or Waiving Class A's and Class C’s Sales Charges</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> on page 26 of the Fund's Prospectus, </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-style:italic;">Appendix A: Waivers and Discounts Available From Certain Financial Intermediaries</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> on page 46 of the Fund's Prospectus and in </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-style:italic;">Rights of Accumulation</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> on page 50</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">of the Fund's Statement of Additional Information (“SAI”).</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">You may qualify for sales charge discounts if you and an eligible group of related investors purchase, or agree to purchase in the future, </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">$25,000</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> or more in shares of the Fund or other funds in the PGIM Funds family.</span> 25000 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0.0550 0 0 0 0.0100 0.0100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 15 15 0 0 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are also subject to a contingent deferred sales charge (“CDSC”) of 1.00%, although they are not subject to an initial sales charge. The CDSC is waived for certain retirement and/or benefit plans.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">Class C shares are sold with a CDSC of 1.00% on sales made within 12 months of purchase.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0044 0.0044 0.0044 0.0044 0.0030 0.0100 0 0 0.0014 0.0040 0.0022 0.0039 0.0088 0.0184 0.0066 0.0083 -0.0010 -0.0005 -0.0005 -0.0039 0.0078 0.0179 0.0061 0.0044 <span style="font-family:Arial Narrow;font-size:8pt;">November 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Example. </span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following hypothetical example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">your investment each year, that the Fund's operating expenses remain the same (except that fee waivers or reimbursements, if any, are only reflected in the 1-Year figures) and that all dividends and distributions are reinvested. Your actual costs may be higher or lower.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">If Shares Are Redeemed</span> 625 806 1002 1566 282 574 991 1902 62 206 363 818 45 226 422 989 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">If Shares Are Not Redeemed</span> 625 806 1002 1566 182 574 991 1902 62 206 363 818 45 226 422 989 <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Portfolio Turnover. </span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.70pt;">112</span><span style="font-family:Arial;font-size:9.70pt;">% of the average value of its portfolio.</span> 1.12 <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">INVESTMENTS, RISKS AND PERFORMANCE</span><span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Principal Investment Strategies. </span> <span style="font-family:Arial;font-size:9.70pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity and equity-related securities of companies with growth characteristics.</span><span style="font-family:Arial;font-size:9.70pt;">For purposes of the Fund’s 80%</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">investment policy, the Fund considers a company to have growth characteristics if</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">(i) the company’s securities are represented on any growth index, or</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">(ii)</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">the subadviser believes the company’s underlying metrics, including, but not limited to, price to earnings ratio,</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">price to book ratio and/or price to free cash flow ratio,</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">indicate that</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">the company could experience sales or earnings growth,</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">or high</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">returns</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">on equity and assets.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The Fund may actively and frequently trade its portfolio securities. </span><span style="font-family:Arial;font-size:9.70pt;">Subject to the Fund’s 80% investment policy, the subadviser uses a bottom-up, fundamental research-intensive approach to identify companies with attractive valuations and sustained above-average growth in revenues, earnings, and cash flows. The subadviser supplements this fundamental analysis with an analysis of quantitative factors, such as stock price momentum and stock valuation. Incorporating information from both the subadviser’s fundamental and quantitative analyses, the subadviser constructs a diversified portfolio using a technique known generally as portfolio optimization.</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">Any derivatives instruments that provide investment</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">exposure to the securities suggested by the Fund’s name, or facilitate the Fund’s investment in those securities by increasing or decreasing the Fund’s exposure to one or more risk factors associated with those securities, are counted (as applicable) toward compliance with the Fund’s 80% investment</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">policy. </span><span style="font-family:Arial;font-size:9.70pt;">From time</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">to time the Fund may invest a significant portion of its assets in companies within one or more economic sectors.</span> <span style="font-family:Arial;font-size:9.70pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity and equity-related securities of companies with growth characteristics.</span> <span style="font-family:Arial;font-size:9.70pt;">For purposes of the Fund’s 80%</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">investment policy, the Fund considers a company to have growth characteristics if</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">(i) the company’s securities are represented on any growth index, or</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">(ii)</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">the subadviser believes the company’s underlying metrics, including, but not limited to, price to earnings ratio,</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">price to book ratio and/or price to free cash flow ratio,</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">indicate that</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">the company could experience sales or earnings growth,</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">or high</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">returns</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">on equity and assets.</span> <span style="font-family:Arial;font-size:9.70pt;">For purposes of the Fund’s 80%</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">investment policy, the Fund considers a company to have growth characteristics if</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">(i) the company’s securities are represented on any growth index, or</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">(ii)</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">the subadviser believes the company’s underlying metrics, including, but not limited to, price to earnings ratio,</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">price to book ratio and/or price to free cash flow ratio,</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">indicate that</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">the company could experience sales or earnings growth,</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">or high</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">returns</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">on equity and assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">An investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; and is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Economic and Market Events Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Equity and Equity-Related Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. In addition to an individual security losing value, the value of the equity markets or a sector in which the Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Foreign Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Investments in securities of non-U.S. issuers (including those denominated in U.S. dollars) may involve more risk than investing in securities of U.S. issuers. Foreign political, economic and legal systems, especially those in developing and emerging market countries, may be less stable and more volatile than in the United States. Foreign legal systems generally have fewer regulatory requirements than the U.S. legal system, particularly those of emerging markets. In general, less information is publicly available with respect to non-U.S. companies than U.S. companies. Non-U.S. companies generally are not subject to the same accounting, auditing, and financial reporting standards as are U.S. companies. Additionally, the changing value of foreign currencies and changes in exchange rates could also affect the value of the assets the Fund holds and the Fund's performance. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Investments in emerging markets are subject to greater volatility and price declines. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">In addition, the Fund's investments in non-U.S. securities may be subject to the risks of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of non-U.S. currency, confiscatory taxation and adverse diplomatic developments. Special U.S. tax considerations may apply.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Growth Style Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The Fund's growth style may subject the Fund to above-average fluctuations as a result of seeking higher than average capital growth. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Since the Fund follows a growth investment style, there is the risk that the growth investment style may be out of favor for long periods of time. At times when the style is out of favor, the Fund may underperform the market in general, its benchmark and other mutual funds.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Increase in Expenses Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Fund securities can increase expenses.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Large Capitalization Company Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Companies with large market capitalizations go in and out of favor based on market and economic conditions. Larger companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Fund's value may not rise or fall as much as the value of funds that emphasize companies with smaller market capitalizations.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Large Shareholder and Large Scale Redemption Risk. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund’s shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">impact the Fund’s ability to implement its investment strategy. The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Management Risk. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser's judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund's benchmark and other funds with similar investment objectives.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Disruption and Geopolitical Risks.</span><span style="font-family:Arial;font-size:9.70pt;"> Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including the U.S. and Israeli military operation against Iran, Russia’s military invasion of Ukraine and the Israel-Hamas war), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as the Middle East, South America, Eastern Europe, and Asia, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally). </span><span style="font-family:Arial;font-size:9.70pt;">Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests. The risk of such events has meaningfully increased in recent periods due to heightened international tensions stemming from rivalry among the world’s dominant economic and military</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">powers. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Securities markets may be volatile and the market prices of the Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Portfolio Turnover Risk.</span><span style="font-family:Arial;font-size:9.70pt;"> The Fund may engage in active and frequent trading leading to an increased portfolio turnover rate. Under certain market conditions, the Fund’s portfolio turnover rate may be higher than that of other funds. Portfolio turnover generally involves some expense to the Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities. These transactions may result in realization of taxable capital gains. The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund’s investment performance.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Sector Exposure Risk. </span><span style="font-family:Arial;font-size:9.70pt;">From time</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">to time the Fund may invest a significant portion of its assets in companies within one or</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">more economic sectors. Issuers within an economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following bar chart shows the Fund's performance for Class A shares for each full calendar year of operations or for the last 10 calendar years, whichever is shorter. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following table shows the Fund's average annual </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">returns and also compares the Fund’s performance with the average annual total returns of an index or other benchmark. The bar chart and table demonstrate the risk of investing in the Fund by showing how returns can change from year to year.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Without the management fee waiver and/or expense reimbursement, if any, the annual total returns would have been lower. Updated Fund performance information, including current net asset value, is available online at </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">www.pgim.com/investments</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following table shows the Fund's average annual </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">returns and also compares the Fund’s performance with the average annual total returns of an index or other benchmark. The bar chart and table demonstrate the risk of investing in the Fund by showing how returns can change from year to year.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">www.pgim.com/investments</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Best Quarter:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Worst Quarter:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">30.90%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;-sec-ix-hidden:x_26b738f1-f7c3-4527-bb96-62e9417c48f3">2nd </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Quarter </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">2020</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">-21.85%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;-sec-ix-hidden:x_7bc61903-cf29-4bc8-940a-5a3f644bbe44">2nd </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Quarter </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">2022</span><span style="font-family:Arial Narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt;">1</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> The total return of the Fund's Class A shares from January 1, 2026 through</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">June 30, 2026</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">6.01%</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Best Quarter:</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Worst Quarter:</span> 0.3090 -0.2185 <span style="font-family:Arial Narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt;">1</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> The total return of the Fund's Class A shares from January 1, 2026 through</span> 2026-06-30 0.0601 <span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Average Annual Total Returns % (including sales charges) (as of 12-31-25)</span> 0.1547 0.1187 0.1504 0.1786 0.1323 0.1707 2017-09-27 0.1811 0.1330 0.1711 2017-09-27 0.1120 0.1177 0.1546 0.0999 0.0954 0.1297 0.0745 0.0871 0.1196 0.1788 0.1442 0.1482 0.1476 0.1856 0.1532 0.1813 0.1863 <span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">° </span><span style="font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as </span><span style="font-family:Arial Narrow;font-size:8pt;">traditional 401(k) plans or individual retirement accounts.</span><span style="font-family:Arial Narrow;font-size:8pt;"> After-tax returns are shown only for Class A shares. After-tax returns for other classes will vary due </span><span style="font-family:Arial Narrow;font-size:8pt;">to differing sales charges and expenses.</span> <span style="font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as </span><span style="font-family:Arial Narrow;font-size:8pt;">traditional 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:8pt;"> After-tax returns are shown only for Class A shares. After-tax returns for other classes will vary due </span><span style="font-family:Arial Narrow;font-size:8pt;">to differing sales charges and expenses.</span> <span style="color:#545454;font-family:Arial;font-size:13.58pt;">FUND SUMMARY</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">INVESTMENT OBJECTIVES</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The investment objectives of the Fund are</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;"> capital appreciation </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">and </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">income</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">FUND FEES AND EXPENSES</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The tables below describe the sales charges, fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may be required to pay commissions to a broker for transactions in Class Z shares, which are not reflected in the table or the example below. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">You may qualify for sales charge discounts if you and an eligible group of related investors purchase, or agree to purchase in the future, </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">$25,000</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> or more in shares of the Fund or other funds in the PGIM Funds family.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> More information about these discounts as well as other waivers </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">or discounts is available from your financial professional and is explained in </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-style:italic;">Reducing or Waiving Class A's and Class C’s Sales Charges</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> on page 27 of the Fund's Prospectus, </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-style:italic;">Appendix A: Waivers and Discounts Available From Certain Financial Intermediaries</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> on page 47 of the Fund's Prospectus and in </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-style:italic;">Rights of Accumulation</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> on page 50</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">of the Fund's Statement of Additional Information (“SAI”).</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">You may qualify for sales charge discounts if you and an eligible group of related investors purchase, or agree to purchase in the future, </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">$25,000</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> or more in shares of the Fund or other funds in the PGIM Funds family.</span> 25000 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0.0550 0 0 0 0.0100 0.0100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 15 15 0 0 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are also subject to a contingent deferred sales charge (“CDSC”) of 1.00%, although they are not subject to an initial sales charge. The CDSC is waived for certain retirement and/or benefit plans.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">Class C shares are sold with a CDSC of 1.00% on sales made within 12 months of purchase.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0078 0.0078 0.0078 0.0078 0.0030 0.0100 0 0 0.0031 0.0036 0.0047 0.0106 0.0139 0.0214 0.0125 0.0184 -0.0015 -0.0015 -0.0026 -0.0085 0.0124 0.0199 0.0099 0.0099 <span style="font-family:Arial Narrow;font-size:8pt;">November 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Example. </span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following hypothetical example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year, that the Fund's operating expenses remain the same (except that fee waivers or reimbursements, if any, are only reflected in the 1-Year figures) and that all dividends and distributions are reinvested. Your actual costs may be higher or lower.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">If Shares Are Redeemed</span> 669 952 1255 2115 302 656 1135 2270 101 371 661 1488 101 496 916 2089 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">If Shares Are Not Redeemed</span> 669 952 1255 2115 202 656 1135 2270 101 371 661 1488 101 496 916 2089 <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Portfolio Turnover. </span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.70pt;">26</span><span style="font-family:Arial;font-size:9.70pt;">% of the average value of its portfolio.</span> 0.26 <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">INVESTMENTS, RISKS AND PERFORMANCE</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Principal Investment Strategies. </span> <span style="font-family:Arial;font-size:9.70pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity and equity-related securities of companies expected to experience dividend growth</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">over time.</span><span style="font-family:Arial;font-size:9.70pt;">For purposes of</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">the Fund’s 80%</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">investment policy,</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">the Fund considers a company to have the potential for dividend growth over time if the subadviser believes the company’s management has shown a willingness to return capital to shareholders,</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">and the company’s underlying metrics, including,</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">but not limited to,</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">year over</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">year dividend change and projected dividend growth, indicate that the company may be able to sustain and grow its dividends over time.</span><span style="font-family:Arial;font-size:9.70pt;">The Fund’s investments will primarily be in large-capitalization companies, defined as those companies with a market capitalization equal to or greater than $1 billion, although the Fund may invest in issuers of all capitalization ranges. While the Fund intends primarily to be invested in the securities of U.S. issuers, the Fund may invest up to 50% of its net assets in foreign securities, which may include securities from emerging markets. </span><span style="font-family:Arial;font-size:9.70pt;">Equity and equity-related securities include common stocks, securities convertible or exchangeable for common stock or the cash value of common stock, preferred stocks, warrants and rights that can be exercised to obtain stock, investments in various types of business ventures including partnerships and business development companies, securities of real estate investment trusts (“REITs”) and income and royalty trusts, and other similar securities. Any derivatives instruments that provide investment exposure to the securities suggested by the Fund’s name, or facilitate the Fund’s investment in those securities by increasing or decreasing the Fund’s exposure to one or more risk factors associated with those securities, are counted (as applicable) toward compliance with the Fund’s 80% investment</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">policy. </span><span style="font-family:Arial;font-size:9.70pt;">From time</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">to time the Fund may invest a significant portion of its assets in companies within one or more economic sectors.</span> <span style="font-family:Arial;font-size:9.70pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity and equity-related securities of companies expected to experience dividend growth</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">over time.</span> <span style="font-family:Arial;font-size:9.70pt;">For purposes of</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">the Fund’s 80%</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">investment policy,</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">the Fund considers a company to have the potential for dividend growth over time if the subadviser believes the company’s management has shown a willingness to return capital to shareholders,</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">and the company’s underlying metrics, including,</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">but not limited to,</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">year over</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">year dividend change and projected dividend growth, indicate that the company may be able to sustain and grow its dividends over time.</span> <span style="font-family:Arial;font-size:9.70pt;">For purposes of</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">the Fund’s 80%</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">investment policy,</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">the Fund considers a company to have the potential for dividend growth over time if the subadviser believes the company’s management has shown a willingness to return capital to shareholders,</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">and the company’s underlying metrics, including,</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">but not limited to,</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">year over</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">year dividend change and projected dividend growth, indicate that the company may be able to sustain and grow its dividends over time.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">An investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; and is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Dividend Risk. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">There is no guarantee that the issuers of the stocks held by the Fund will pay dividends in the future or that, if dividends are paid, they will remain at their current levels or increase over time. High-dividend stocks may not experience high earnings growth or capital appreciation. The Fund’s performance during a broad market advance could suffer because dividend paying stocks may not experience the same capital appreciation as non-dividend paying stocks. A sharp rise in interest rates or economic downturn could cause a company to unexpectedly reduce or eliminate its dividend.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Economic and Market Events Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The risks of foreign investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic and political systems that are less fully developed, and can be expected to be less stable, than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Low trading volumes may result in a lack of liquidity and price volatility. Emerging market countries may have policies that restrict investment by non-U.S. investors, or that prevent non-U.S. investors from withdrawing their money at will. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The Fund may invest in some emerging markets that subject it to risks such as those associated with illiquidity, custody of assets, different settlement and clearance procedures and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Equity and Equity-Related Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. In addition to an individual security losing value, the value of the equity markets or a sector in which the Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Foreign Securities Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Investments in securities of non-U.S. issuers (including those denominated in U.S. dollars) may involve more risk than investing in securities of U.S. issuers. Foreign political, economic and legal systems, especially those in developing and emerging market countries, may be less stable and more volatile than in the United States. Foreign legal systems generally have fewer regulatory requirements than the U.S. legal system, particularly those of emerging markets. In general, less information is publicly available with respect to non-U.S. companies than U.S. companies. Non-U.S. companies generally are not subject to the same accounting, auditing, and financial reporting standards as are U.S. companies. Additionally, the changing value of foreign currencies and changes in exchange rates could also affect the value of the assets the Fund holds and the Fund's performance. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Investments in emerging markets are subject to greater volatility and price declines. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">In addition, the Fund's investments in non-U.S. securities may be subject to the risks of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of non-U.S. currency, confiscatory taxation and adverse diplomatic developments. Special U.S. tax considerations may apply.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Increase in Expenses Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Fund securities can increase expenses.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Large Capitalization Company Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Companies with large market capitalizations go in and out of favor based on market and economic conditions. Larger companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Fund's value may not rise or fall as much as the value of funds that emphasize companies with smaller market capitalizations.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Large Shareholder and Large Scale Redemption Risk. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund’s shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy. The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Management Risk. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser's judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund's benchmark and other funds with similar investment objectives.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Capitalization Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The Fund may invest in companies of any market capitalization. Generally, the stock prices of small- and mid-cap companies are less stable than the prices of large-cap stocks and may present greater risks. Large capitalization companies as a group could fall out of favor with the market, causing the Fund to underperform compared to investments that focus on smaller capitalized companies.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Disruption and Geopolitical Risks.</span><span style="font-family:Arial;font-size:9.70pt;"> Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including the U.S. and Israeli military operation against Iran, Russia’s military invasion of Ukraine and the Israel-Hamas war), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as the Middle East, South America, Eastern Europe, and Asia, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally). </span><span style="font-family:Arial;font-size:9.70pt;">Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests. The risk of such events has meaningfully increased in recent periods due to heightened international tensions stemming from rivalry among the world’s dominant economic and military</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">powers. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">directly affected, the value and liquidity of the Fund’s investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Securities markets may be volatile and the market prices of the Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Portfolio Turnover Risk.</span><span style="font-family:Arial;font-size:9.70pt;"> The Fund may engage in active and frequent trading leading to an increased portfolio turnover rate. Under certain market conditions, the Fund’s portfolio turnover rate may be higher than that of other funds. Portfolio turnover generally involves some expense to the Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities. These transactions may result in realization of taxable capital gains. The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund’s investment performance.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Sector Exposure Risk. </span><span style="font-family:Arial;font-size:9.70pt;">From time</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">to time the Fund may invest a significant portion of its assets in companies within one or</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">more economic sectors. Issuers within an economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following bar chart shows the Fund's performance for Class Z shares for each full calendar year of operations or for the last 10 calendar years, whichever is shorter. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following table shows the Fund's average annual </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">returns and also compares the Fund’s performance with the average annual total returns of an index or other benchmark. The bar chart and table demonstrate the risk of investing in the Fund by showing how returns can change from year to year.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Without the management fee waiver and/or expense reimbursement, if any, the annual total returns would have been lower. Updated Fund performance information, including current net asset value, is available online at </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">www.pgim.com/investments</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following table shows the Fund's average annual </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">returns and also compares the Fund’s performance with the average annual total returns of an index or other benchmark. The bar chart and table demonstrate the risk of investing in the Fund by showing how returns can change from year to year.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">www.pgim.com/investments</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Best Quarter:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Worst Quarter:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">15.91%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;-sec-ix-hidden:x_57328e52-a79f-4e66-a3fb-e53066253f0f">2nd </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Quarter </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">2020</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">-19.84%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;-sec-ix-hidden:e723f0f5-38a3-4687-b9d1-aeeb01071142">1st </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Quarter </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">2020</span><span style="font-family:Arial Narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt;">1</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> The total return of the Fund's Class Z shares from January 1, 2026 through</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">June 30, 2026</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">12.19%</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Best Quarter:</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Worst Quarter:</span> 0.1591 -0.1984 <span style="font-family:Arial Narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt;">1</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> The total return of the Fund's Class Z shares from January 1, 2026 through</span> 2026-06-30 0.1219 <span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Average Annual Total Returns % (including sales charges) (as of 12-31-25)</span> 0.1199 0.0964 0.1086 0.1658 0.1004 0.1065 0.1880 0.1119 0.1173 2017-09-27 0.1879 0.1114 0.1176 0.1704 0.0932 0.1027 0.1234 0.0850 0.0935 0.1788 0.1442 0.1482 0.1476 <span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">° </span><span style="font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as </span><span style="font-family:Arial Narrow;font-size:8pt;">traditional 401(k) plans or individual retirement accounts.</span><span style="font-family:Arial Narrow;font-size:8pt;"> After-tax returns are shown only for Class Z shares. After-tax returns for other classes will vary due </span><span style="font-family:Arial Narrow;font-size:8pt;">to differing sales charges and expenses.</span> <span style="font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as </span><span style="font-family:Arial Narrow;font-size:8pt;">traditional 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:8pt;"> After-tax returns are shown only for Class Z shares. After-tax returns for other classes will vary due </span><span style="font-family:Arial Narrow;font-size:8pt;">to differing sales charges and expenses.</span> <span style="color:#545454;font-family:Arial;font-size:13.58pt;">FUND SUMMARY</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The investment objective of the Fund is to seek a balance between growth and conservation of capital.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">FUND FEES AND EXPENSES</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The tables below describe the sales charges, fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0002 0 0.0009 0.0039 0.0050 -0.0010 0.0040 <span style="font-family:Arial Narrow;font-size:8pt;">November 30, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Example. </span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following hypothetical example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year, that the Fund's operating expenses remain the same (except that fee waivers or reimbursements, if any, are only reflected in the 1-Year figures) and that all dividends and distributions are reinvested. Your actual costs may be higher or lower.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">If Shares Are Redeemed</span> 41 150 270 619 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">If Shares Are Not Redeemed</span> 41 150 270 619 <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Portfolio Turnover. </span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund's performance. During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.70pt;">58</span><span style="font-family:Arial;font-size:9.70pt;">% of the average value of its portfolio.</span> 0.58 <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;text-transform:uppercase;">INVESTMENTS, RISKS AND PERFORMANCE</span><span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Principal Investment Strategies. </span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pursues its objective by primarily investing in a portfolio of other mutual funds and exchange-traded funds (“ETFs”) within the PGIM fund family (collectively, the “Underlying Funds”) that provide exposure to equity and fixed income.</span><span style="font-family:Arial;font-size:9.70pt;"> The investments held by Underlying Funds that provide exposure to </span><span style="font-family:Arial;font-size:9.70pt;">equities will include equity and equity-related securities of large capitalization U.S. companies. Underlying Funds that provide exposure to fixed income will invest primarily in bonds. Such fixed income securities may include below investment grade bonds, commonly known as “junk bonds.” </span><span style="font-family:Arial;font-size:9.70pt;">The Fund intends to invest a significant portion of its equity assets in the PGIM Quant Solutions Large-Cap Core Fund (the “Large-Cap Core Fund”). The Large-Cap Core Fund’s investment objective is long-term growth of capital. The Large-Cap Core Fund’s goal is to outperform the returns of the S&amp;P 500 Index over the long term. </span><span style="font-family:Arial;font-size:9.70pt;">The Large-Cap Core </span><span style="font-family:Arial;font-size:9.70pt;">Fund normally invests at least 80% of its investable assets in equity and equity-related securities of large capitalization U.S. companies.</span><span style="font-family:Arial;font-size:9.70pt;"> The Fund intends to invest a significant portion of its fixed income assets in the PGIM Total Return </span><span style="font-family:Arial;font-size:9.70pt;">Bond ETF (the “Total Return Bond ETF”). The investment objective of the Total Return Bond ETF is to seek total return. The Total Return Bond ETF’s subadviser allocates assets among different debt securities, including (but not limited to) U.S. Government securities, mortgage-related and asset-backed securities (including collateralized debt obligations and collateralized loan obligations), corporate debt securities and foreign debt securities. The Total Return Bond ETF may invest up to 30% of its investable assets in speculative, high-risk, below investment grade securities. These securities are also known as high yield debt securities or junk bonds. The Total Return Bond ETF may invest up to 30% of its investable assets in foreign debt securities, including emerging market debt</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">securities. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The Fund normally intends to obtain exposure to equity securities in an amount equal to approximately 60% of its total assets and exposure to fixed income securities in an amount equal to approximately 40% of its total assets.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> In order to </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">obtain this exposure, under normal circumstances, the Fund intends to invest primarily in Underlying Funds, although the Fund may also make investments directly in equity and fixed income securities, or in a combination of securities and Underlying Funds. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Variations in the target asset allocation between equity and fixed income securities, through investments in Underlying Funds, are permitted up to 10%. Therefore, based on a target equity/fixed income allocation of 60%/40%, the Fund may have an equity/fixed income allocation that ranges from 70%/30% to 50%/50%. Although variations beyond the 10% range are generally not permitted, Fund management may determine in light of market conditions or other factors that a greater variation is warranted to protect the Fund or achieve its investment goal. </span><span style="font-family:Arial;font-size:9.70pt;">The subadviser is responsible for asset allocation of the Fund and will monitor the Fund’s investments in Underlying Funds on a regular basis in order to maintain the approximate allocation to each asset class. The Fund is rebalanced periodically (typically monthly) to maintain the target asset allocations to the Underlying Funds in which the Fund is invested.</span> <span style="font-family:Arial;font-size:9.70pt;">The Fund pursues its objective by primarily investing in a portfolio of other mutual funds and exchange-traded funds (“ETFs”) within the PGIM fund family (collectively, the “Underlying Funds”) that provide exposure to equity and fixed income.</span> <span style="font-family:Arial;font-size:9.70pt;">The Large-Cap Core </span><span style="font-family:Arial;font-size:9.70pt;">Fund normally invests at least 80% of its investable assets in equity and equity-related securities of large capitalization U.S. companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The Fund normally intends to obtain exposure to equity securities in an amount equal to approximately 60% of its total assets and exposure to fixed income securities in an amount equal to approximately 40% of its total assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">An investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; and is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Affiliated Funds Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The Fund’s Manager serves as manager of the Underlying Funds. In addition, the Fund invests in certain Underlying Funds for which affiliates of the Manager and subadviser serve as subadvisers. It is possible that a conflict of interest among the Fund and the Underlying Funds could affect how the Manager and subadviser fulfill their </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">fiduciary duties to the Fund and the Underlying Funds. For example, the subadviser may have an incentive to allocate the Fund’s assets to those Underlying Funds for which the fees paid to the Manager or affiliated subadvisers are higher than the fees paid by other Underlying Funds for which the Manager or affiliated subadviser serve. However, the Fund has adopted procedures to mitigate these concerns.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Asset Allocation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. The Fund’s risks will directly correspond to the risks of the Underlying Funds in which it invests. The selection of the Underlying Funds and the allocation of the Fund’s assets among the various asset classes and market sectors could cause the Fund to underperform other funds with a similar investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Asset Class Variation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. The Underlying Funds invest principally in the securities constituting their asset class (i.e., equity and fixed income). However, an Underlying Fund may vary the percentage of assets in these securities (subject to any applicable regulatory requirements) due to market conditions. Depending on the percentage of securities in a particular asset class held by the Underlying Funds at any given time and the percentage of the Fund's assets invested in various Underlying Funds, the Fund's actual exposure to the securities in a particular asset class may vary substantially from the allocation to that asset class. There is a risk that the Manager's evaluations and assumptions regarding asset classes or Underlying Funds may be incorrect in view of actual market conditions.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Credit Risk. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Additionally, the securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Economic and Market Events Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Equity and Equity-Related Securities Risks.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Certain Underlying Funds invest in equity and equity-related securities. Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. In addition to an individual security losing value, the value of the equity markets or a sector in which an Underlying Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Exchange-Traded Funds (“ETFs”) Risk.</span><span style="font-family:Arial;font-size:9.70pt;"> Investing in securities issued by ETFs involves risks similar to those of investing directly in the securities and other assets held by the ETF. Unlike shares of typical mutual funds, shares of ETFs are generally traded on an exchange throughout a trading day and bought and sold based on market values and not at net asset value. For this reason, shares could trade at either a premium or discount to net asset value, which may be substantial during periods of market stress. The Funds will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. In addition, the Funds will indirectly bear its pro rata share of the fees and expenses incurred by an ETF (including ETFs managed by the Manager or the subadviser(s)) in which it invests, including advisory fees (to the extent not offset by the Manager through waivers). These expenses are in addition to the advisory and other expenses that each Fund bears directly in connection with its own operations.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fixed Income Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> As with credit risk, market risk and interest rate risk, an Underlying Fund's holdings, share price, yield and total return may fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer’s goods and services. Certain types of fixed income obligations also may be subject to call and redemption risk, which is the risk that the issuer may call a bond held by an Underlying Fund for redemption before it matures and the Underlying Fund may lose income.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fund of Funds Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The value of an investment in the Fund will be related, to a substantial degree, to the investment performance of the Underlying Funds in which it invests. Therefore, the principal risks of investing in the Fund are closely related to the principal risks associated with these Underlying Funds and their investments. Because the Fund’s allocation among different Underlying Funds and direct investments will vary, an investment in the Fund may be subject to any and all of these risks at different times and to different degrees. Investing in an Underlying Fund will also expose the Fund to a pro rata portion of the Underlying Fund’s fees and expenses. In addition, one Underlying Fund may buy the same securities that another Underlying Fund sells. Therefore, the Fund would indirectly bear the costs of these trades without accomplishing the investment purpose.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Fund Rebalancing Risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">. Underlying Funds may experience relatively large redemptions or investments due to a rebalancing of the Fund's allocations. In such event, an Underlying Fund may be required to sell securities or to invest cash at a time when it is not advantageous to do so. Rebalancing may increase brokerage and/or other transaction costs of an Underlying Fund, increase the Underlying Fund's expenses or result in the Underlying Fund's becoming too small to be economically viable. Rebalancing may also adversely affect an Underlying Fund's performance and thus the Fund's performance. The impact of rebalancing is likely to be greater when the Fund purchases, redeems or invests in a substantial portion of an Underlying Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The subadviser will seek to cooperate with the subadvisers of the Underlying Funds to minimize any adverse impact on the Underlying Funds. The subadvisers of the Underlying Funds may take such actions as they deem appropriate to minimize such adverse impact, considering the potential benefits of such investments to the Underlying Funds and consistent with their obligations to the Underlying Funds. Such actions may delay the rebalancing of the Fund's investments in the event of significant market or other events that may require more rapid action.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Increase in Expenses Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Underlying Fund securities can increase expenses.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">“duration risk.”</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;line-height:12.61pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and an Underlying Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">prepayment risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.” In addition, if an Underlying Fund purchases a fixed income security at a premium (at a price that exceeds its stated par or principal value), the Fund may lose the amount of the premium paid in the event of prepayment. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of an Underlying Fund's holdings may fall sharply. This is referred to as “</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">extension risk</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.” An Underlying Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by its subadviser.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Under certain market conditions, growth investments have performed better during the later stages of economic expansion and value investments have performed better during periods of economic recovery. Therefore, these investment styles may over time go in and out of favor. At times when an investment style used by an Underlying Fund is out of favor, the Underlying Fund may underperform other funds that use different investment styles.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Junk Bonds Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> High-yield, high-risk bonds have predominantly speculative characteristics, including particularly high credit risk. Junk bonds tend to have lower market liquidity than higher-rated securities. The liquidity of particular issuers or industries within a particular investment category may shrink or disappear suddenly and without warning. The non-investment grade bond market can experience sudden and sharp price swings and become illiquid due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by major investors, a high profile default or a change in the market's psychology.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Large Capitalization Company Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Companies with large market capitalizations go in and out of favor based on market and economic conditions. Larger companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Fund's value may not rise or fall as much as the value of funds that emphasize companies with smaller market capitalizations.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Large Shareholder and Large Scale Redemption Risk. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund’s shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy.  The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Management Risk. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The value of your investment may decrease if judgments by the Fund’s subadviser or the subadvisers of the Underlying Funds about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements are incorrect.</span> <span style="font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Disruption and Geopolitical Risks.</span><span style="font-family:Arial;font-size:9.70pt;"> Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including the U.S. and Israeli military operation against Iran, Russia’s military invasion of Ukraine and the Israel-Hamas war), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as the Middle East, South America, Eastern Europe, and Asia, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally). </span><span style="font-family:Arial;font-size:9.70pt;">Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests. The risk of such events has meaningfully increased in recent periods due to heightened international tensions stemming from rivalry among the world’s dominant economic and military</span><span style="font-family:Arial;font-size:9.70pt;line-height:12.61pt;"> </span><span style="font-family:Arial;font-size:9.70pt;">powers. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;"> Securities markets may be volatile and the market prices of an Underlying Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by an Underlying Fund fall, the value of the Fund’s investment in the Underlying Fund will decline.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;">Performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following bar chart shows the Fund's performance for Class R6 shares for each full calendar year of operations or for the last 10 calendar years, whichever is shorter. </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following table shows the Fund's average annual </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">returns and also compares the Fund’s performance with the average annual total returns of an index or other benchmark. The bar chart and table demonstrate the risk of investing in the Fund by showing how returns can change from year to year.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Without the management fee waiver and/or expense reimbursement, if any, the annual total returns would have been lower. Updated Fund performance information, including current net asset value, is available online at </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">www.pgim.com/investments</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">The following table shows the Fund's average annual </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">returns and also compares the Fund’s performance with the average annual total returns of an index or other benchmark. The bar chart and table demonstrate the risk of investing in the Fund by showing how returns can change from year to year.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;">www.pgim.com/investments</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Best Quarter:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Worst Quarter:</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">15.99%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;-sec-ix-hidden:x_49ffdcf5-4766-463f-bff3-d96cf4ce076a">2nd </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Quarter </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">2020</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">-15.23%</span><span style="color:#000000;font-family:Arial;font-size:9.70pt;-sec-ix-hidden:x_8d6bf0eb-caf4-410b-bf5e-39c501e2098b">1st </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">Quarter </span><span style="color:#000000;font-family:Arial;font-size:9.70pt;">2020</span><span style="font-family:Arial Narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt;">1</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> The total return of the Fund's Class R6 shares from January 1, 2026 through</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">June 30, 2026</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">7.46%</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Best Quarter:</span> <span style="color:#000000;font-family:Arial;font-size:9.70pt;font-weight:bold;margin-left:0.00pt;">Worst Quarter:</span> 0.1599 -0.1523 <span style="font-family:Arial Narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt;">1</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;"> The total return of the Fund's Class R6 shares from January 1, 2026 through</span> 2026-06-30 0.0746 <span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Average Annual Returns % (as of 12-31-25)</span> 0.1358 0.0903 0.0947 2017-09-13 0.1170 0.0696 0.0772 2017-09-13 0.0855 0.0630 0.0692 2017-09-13 0.1788 0.1442 0.1488 0.0730 -0.0036 0.0166 0.1370 0.0847 0.0970 <span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">° </span><span style="font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred </span><span style="font-family:Arial Narrow;font-size:8pt;">arrangements, such as traditional 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0%;">returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred </span><span style="font-family:Arial Narrow;font-size:8pt;">arrangements, such as traditional 401(k) plans or individual retirement accounts.</span> “Shareholder service fee” reflects maximum allowable fees under a shareholder services plan. PGIM Investments LLC (“PGIM Investments” or the “Manager”) has contractually agreed to limit Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements to 1.00% of average daily net assets for Class R1 shares, 0.75% of average daily net assets for Class R2 shares, 0.60% of average daily net assets for Class R3 shares, 0.50% of average daily net assets for Class R4 shares, 0.40% of average daily net assets for Class R5 shares, and 0.25% of average daily net assets for Class R6 shares. This contractual waiver includes acquired fund fees and expenses, and excludes Fund and any acquired fund interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. Where applicable, PGIM Investments agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. Expenses waived or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense limitation in effect at the time of recoupment. This waiver has no express termination date and may not be terminated by PGIM Investments without the prior approval of the Fund’s Board of Trustees. The Fund compares its performance against this broad-based index in response to regulatory requirements. Since Inception returns for the Indexes are measured from the month-end closest to the Fund's inception date. “Shareholder service fee” reflects maximum allowable fees under a shareholder services plan. PGIM Investments LLC (“PGIM Investments” or the “Manager”) has contractually agreed to limit Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements to 1.00% of average daily net assets for Class R1 shares, 0.75% of average daily net assets for Class R2 shares, 0.60% of average daily net assets for Class R3 shares, 0.50% of average daily net assets for Class R4 shares, 0.40% of average daily net assets for Class R5 shares, and 0.25% of average daily net assets for Class R6 shares. This contractual waiver includes acquired fund fees and expenses, and excludes Fund and any acquired fund interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. Where applicable, PGIM Investments agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. Expenses waived or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense limitation in effect at the time of recoupment. This waiver has no express termination date and may not be terminated by PGIM Investments without the prior approval of the Fund’s Board of Trustees. The Fund compares its performance against this broad-based index in response to regulatory requirements. Since Inception returns for the Indexes are measured from the month-end closest to the Fund's inception date. “Shareholder service fee” reflects maximum allowable fees under a shareholder services plan. PGIM Investments LLC (“PGIM Investments” or the “Manager”) has contractually agreed to limit Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements to 1.00% of average daily net assets for Class R1 shares, 0.75% of average daily net assets for Class R2 shares, 0.60% of average daily net assets for Class R3 shares, 0.50% of average daily net assets for Class R4 shares, 0.40% of average daily net assets for Class R5 shares, and 0.25% of average daily net assets for Class R6 shares. This contractual waiver includes acquired fund fees and expenses, and excludes Fund and any acquired fund interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. Where applicable, PGIM Investments agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. Expenses waived or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense limitation in effect at the time of recoupment. This waiver has no express termination date and may not be terminated by PGIM Investments without the prior approval of the Fund’s Board of Trustees. The Fund compares its performance against this broad-based index in response to regulatory requirements. Since Inception returns for the Indexes are measured from the month-end closest to the Fund's inception date. “Shareholder service fee” reflects maximum allowable fees under a shareholder services plan. PGIM Investments LLC (“PGIM Investments” or the “Manager”) has contractually agreed to limit Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements to 1.00% of average daily net assets for Class R1 shares, 0.75% of average daily net assets for Class R2 shares, 0.60% of average daily net assets for Class R3 shares, 0.50% of average daily net assets for Class R4 shares, 0.40% of average daily net assets for Class R5 shares, and 0.25% of average daily net assets for Class R6 shares. This contractual waiver includes acquired fund fees and expenses, and excludes Fund and any acquired fund interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. Where applicable, PGIM Investments agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. Expenses waived or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense limitation in effect at the time of recoupment. This waiver has no express termination date and may not be terminated by PGIM Investments without the prior approval of the Fund’s Board of Trustees. The Fund compares its performance against this broad-based index in response to regulatory requirements. Since Inception returns for the Indexes are measured from the month-end closest to the Fund's inception date. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are also subject to a contingent deferred sales charge (“CDSC”) of 1.00%, although they are not subject to an initial sales charge. The CDSC is waived for certain retirement and/or benefit plans. Class C shares are sold with a CDSC of 1.00% on sales made within 12 months of purchase. Direct Transfer Agent Accounts holding under $10,000 of Class Z shares are subject to the $15 fee. PGIM Investments LLC (“PGIM Investments” or the “Manager”) has contractually agreed, through November 30, 2027, to limit Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements to 1.24% of average daily net assets for Class A shares, 1.99% of average daily net assets for Class C shares, 0.99% of average daily net assets for Class Z shares and 0.99% of average daily net assets for Class R6 shares. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. Where applicable, PGIM Investments agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. In addition, Total Annual Fund Operating Expenses for Class R6 shares will not exceed Total Annual Fund Operating Expenses for Class Z shares. Expenses waived or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense limitation in effect at the time of recoupment. This waiver may not be terminated prior to November 30, 2027 without the prior approval of the Fund’s Board of Trustees. The distributor of the Fund has contractually agreed through November 30, 2027 to reduce its distribution and service (12b-1) fees for Class A shares to 0.25% of the average daily net assets of Class A shares. This waiver may not be terminated prior to November 30, 2027 without the prior approval of the Fund’s Board of Trustees. Since Inception return for the Index is measured from the month-end closest to the inception date for Class R6 shares. “Shareholder service fee” reflects maximum allowable fees under a shareholder services plan. PGIM Investments LLC (“PGIM Investments” or the “Manager”) has contractually agreed to limit Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements to 1.00% of average daily net assets for Class R1 shares, 0.75% of average daily net assets for Class R2 shares, 0.60% of average daily net assets for Class R3 shares, 0.50% of average daily net assets for Class R4 shares, 0.40% of average daily net assets for Class R5 shares, and 0.25% of average daily net assets for Class R6 shares. This contractual waiver includes acquired fund fees and expenses, and excludes Fund and any acquired fund interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. Where applicable, PGIM Investments agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. Expenses waived or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense limitation in effect at the time of recoupment. This waiver has no express termination date and may not be terminated by PGIM Investments without the prior approval of the Fund’s Board of Trustees. The Fund compares its performance against this broad-based index in response to regulatory requirements. Since Inception returns for the Indexes are measured from the month-end closest to the Fund's inception date. “Shareholder service fee” reflects maximum allowable fees under a shareholder services plan. Other expenses have been updated from the most recent annual report to reflect current expenses. PGIM Investments LLC (“PGIM Investments” or the “Manager”) has contractually agreed to limit Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements to 1.00% of average daily net assets for Class R1 shares, 0.75% of average daily net assets for Class R2 shares, 0.60% of average daily net assets for Class R3 shares, 0.50% of average daily net assets for Class R4 shares, 0.40% of average daily net assets for Class R5 shares, and 0.25% of average daily net assets for Class R6 shares. This contractual waiver includes acquired fund fees and expenses, and excludes Fund and any acquired fund interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. Where applicable, PGIM Investments agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. Expenses waived or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense limitation in effect at the time of recoupment. This waiver has no express termination date and may not be terminated by PGIM Investments without the prior approval of the Fund’s Board of Trustees. The Fund compares its performance against this broad-based index in response to regulatory requirements. Since Inception returns for the Indexes are measured from the month-end closest to the Fund's inception date. “Shareholder service fee” reflects maximum allowable fees under a shareholder services plan. PGIM Investments LLC (“PGIM Investments” or the “Manager”) has contractually agreed to limit Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements to 1.00% of average daily net assets for Class R1 shares, 0.75% of average daily net assets for Class R2 shares, 0.60% of average daily net assets for Class R3 shares, 0.50% of average daily net assets for Class R4 shares, 0.40% of average daily net assets for Class R5 shares, and 0.25% of average daily net assets for Class R6 shares. This contractual waiver includes acquired fund fees and expenses, and excludes Fund and any acquired fund interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. Where applicable, PGIM Investments agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. Expenses waived or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense limitation in effect at the time of recoupment. This waiver has no express termination date and may not be terminated by PGIM Investments without the prior approval of the Fund’s Board of Trustees. The Fund compares its performance against this broad-based index in response to regulatory requirements. Since Inception returns for the Indexes are measured from the month-end closest to the Fund's inception date. “Shareholder service fee” reflects maximum allowable fees under a shareholder services plan. PGIM Investments LLC (“PGIM Investments” or the “Manager”) has contractually agreed to limit Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements to 1.00% of average daily net assets for Class R1 shares, 0.75% of average daily net assets for Class R2 shares, 0.60% of average daily net assets for Class R3 shares, 0.50% of average daily net assets for Class R4 shares, 0.40% of average daily net assets for Class R5 shares, and 0.25% of average daily net assets for Class R6 shares. This contractual waiver includes acquired fund fees and expenses, and excludes Fund and any acquired fund interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. Where applicable, PGIM Investments agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. Expenses waived or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense limitation in effect at the time of recoupment. This waiver has no express termination date and may not be terminated by PGIM Investments without the prior approval of the Fund’s Board of Trustees. The Fund compares its performance against this broad-based index in response to regulatory requirements. Since Inception returns for the Indexes are measured from the month-end closest to the Fund's inception date. Other expenses have been updated from the most recent annual report to reflect current expenses. “Shareholder service fee” reflects maximum allowable fees under a shareholder services plan. PGIM Investments LLC (“PGIM Investments” or the “Manager”) has contractually agreed to limit Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements to 1.00% of average daily net assets for Class R1 shares, 0.75% of average daily net assets for Class R2 shares, 0.60% of average daily net assets for Class R3 shares, 0.50% of average daily net assets for Class R4 shares, 0.40% of average daily net assets for Class R5 shares, and 0.25% of average daily net assets for Class R6 shares. This contractual waiver includes acquired fund fees and expenses, and excludes Fund and any acquired fund interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. Where applicable, PGIM Investments agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. Expenses waived or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense limitation in effect at the time of recoupment. This waiver has no express termination date and may not be terminated by PGIM Investments without the prior approval of the Fund’s Board of Trustees. The Fund compares its performance against this broad-based index in response to regulatory requirements. Since Inception returns for the Indexes are measured from the month-end closest to the Fund's inception date. PGIM Investments LLC (“PGIM Investments” or the “Manager”) has contractually agreed, through November 30, 2027, to limit Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements to 0.40% of average daily net assets for Class R6 shares. This contractual waiver includes acquired fund fees and expenses, and excludes Fund and any acquired fund interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. Expenses waived or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense limitation in effect at the time of recoupment. This waiver may not be terminated prior to November 30, 2027 without the prior approval of the Fund’s Board of Trustees. The Fund compares its performance against this broad-based index in response to regulatory requirements. Since Inception returns for the Indexes are measured from the month-end closest to the Fund's inception date. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are also subject to a contingent deferred sales charge (“CDSC”) of 1.00%, although they are not subject to an initial sales charge. The CDSC is waived for certain retirement and/or benefit plans. Class C shares are sold with a CDSC of 1.00% on sales made within 12 months of purchase. Direct Transfer Agent Accounts holding under $10,000 of Class Z shares are subject to the $15 fee. PGIM Investments LLC (“PGIM Investments” or the “Manager”) has contractually agreed, through November 30, 2027, to limit Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements to 1.00% of average daily net assets for Class Z shares and 0.44% of average daily net assets for Class R6 shares. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. Where applicable, PGIM Investments agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. In addition, Total Annual Fund Operating Expenses for Class R6 shares will not exceed Total Annual Fund Operating Expenses for Class Z shares. Expenses waived or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense limitation in effect at the time of recoupment. This waiver may not be terminated prior to November 30, 2027 without the prior approval of the Fund’s Board of Trustees. The distributor of the Fund has contractually agreed through November 30, 2027 to reduce its distribution and service (12b-1) fees for Class A shares to 0.25% of the average daily net assets of Class A shares. This waiver may not be terminated prior to November 30, 2027 without the prior approval of the Fund’s Board of Trustees. The Fund compares its performance against this broad-based index in response to regulatory requirements. Since Inception returns for the Indexes are measured from the month-end closest to the inception date for Class Z and R6 shares. Other expenses have been updated from the most recent annual report to reflect current expenses. “Shareholder service fee” reflects maximum allowable fees under a shareholder services plan. PGIM Investments LLC (“PGIM Investments” or the “Manager”) has contractually agreed to limit Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements to 1.00% of average daily net assets for Class R1 shares, 0.75% of average daily net assets for Class R2 shares, 0.60% of average daily net assets for Class R3 shares, 0.50% of average daily net assets for Class R4 shares, 0.40% of average daily net assets for Class R5 shares, and 0.25% of average daily net assets for Class R6 shares. This contractual waiver includes acquired fund fees and expenses, and excludes Fund and any acquired fund interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. Where applicable, PGIM Investments agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. Expenses waived or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense limitation in effect at the time of recoupment. This waiver has no express termination date and may not be terminated by PGIM Investments without the prior approval of the Fund’s Board of Trustees. The Fund compares its performance against this broad-based index in response to regulatory requirements. Since Inception returns for the Indexes are measured from the month-end closest to the Fund's inception date. “Shareholder service fee” reflects maximum allowable fees under a shareholder services plan. Other expenses have been updated from the most recent annual report to reflect current expenses. PGIM Investments LLC (“PGIM Investments” or the “Manager”) has contractually agreed to limit Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements to 1.00% of average daily net assets for Class R1 shares, 0.75% of average daily net assets for Class R2 shares, 0.60% of average daily net assets for Class R3 shares, 0.50% of average daily net assets for Class R4 shares, 0.40% of average daily net assets for Class R5 shares, and 0.25% of average daily net assets for Class R6 shares. This contractual waiver includes acquired fund fees and expenses, and excludes Fund and any acquired fund interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. Where applicable, PGIM Investments agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. Expenses waived or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense limitation in effect at the time of recoupment. This waiver has no express termination date and may not be terminated by PGIM Investments without the prior approval of the Fund’s Board of Trustees. The Fund compares its performance against this broad-based index in response to regulatory requirements. Since Inception returns for the Indexes are measured from the month-end closest to the Fund's inception date. Other expenses have been updated from the most recent annual report to reflect current expenses. “Shareholder service fee” reflects maximum allowable fees under a shareholder services plan. PGIM Investments LLC (“PGIM Investments” or the “Manager”) has contractually agreed to limit Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements to 1.00% of average daily net assets for Class R1 shares, 0.75% of average daily net assets for Class R2 shares, 0.60% of average daily net assets for Class R3 shares, 0.50% of average daily net assets for Class R4 shares, 0.40% of average daily net assets for Class R5 shares, and 0.25% of average daily net assets for Class R6 shares. This contractual waiver includes acquired fund fees and expenses, and excludes Fund and any acquired fund interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. Where applicable, PGIM Investments agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. Expenses waived or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense limitation in effect at the time of recoupment. This waiver has no express termination date and may not be terminated by PGIM Investments without the prior approval of the Fund’s Board of Trustees. The Fund compares its performance against this broad-based index in response to regulatory requirements. Since Inception returns for the Indexes are measured from the month-end closest to the Fund's inception date.