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20038.53 22337.85 10000.00 11040.00 12360.57 12494.89 12891.68 17293.41 15889.68 27440.96 10000.00 11050.00 12382.56 22529.58 27709.69 12532.16 12945.58 17374.80 15982.39 17587.48 20178.89 10000.00 11060.00 12400.49 12572.80 13007.30 17494.48 16106.99 17749.90 20416.33 22820.31 28108.87 10000.00 10483.550561821978 20995.9863564118 20795.921870326343 21393.631155870364 10206.966292151521 17047.05814463896 17169.601332834904 20007.84 25579.077756349718 14705.12 18390.115170495355 9873.123595515131 15195.201064193932 15172.565917502647 16338.32 11731.967278185175 12875.16 15055.568188152813 9393.932584276019 13188.957274299119 13099.308879279593 12969.749648295572 12858.898175418064 11758.67 13321.689244453144 9721.3033707879 11905.615571115726 10772.044943819641 9727.005965741273 9746.858255354928 12866.69 13969.810911894883 10696.44943820131 10000 10000 10000 10000 9603.67 10238.40092375263 20287.11 10000.00 9624.81 12925.74 11833.21 12989.58 14841.69 16541.00 10000.00 9635.49 12953.57 11877.90 13058.13 14969.57 16693.52 20515.40 10000.00 9635.90 12975.42 11910.57 13106.49 15055.85 16810.24 20677.86 11910.57 13106.49 15055.85 16810.24 20677.86 10000.00 9635.90 12975.42 10000.00 9657.05 13024.99 11987.08 13224.24 15265.04 17085.58 21069.14 11527.04885721906 11538.100670204658 11955.13 10204.90237930853 10676.376180546984 10722.418277798337 11375.80 11471.836289779962 10504.841717415267 9281.219712540176 10149.632658575283 9692.087875798403 9700.433387976242 10558.92 10599.775049622474 9994.17 10033.453614117678 9888.516929163567 10008.536565549472 10012.666394647566 9641.19 10000.00 10000 10000 10000 10000 13149.54443873823 12987.055927712468 10561.36961065082 12603.643452169566 12517.162441290899 12925.59 12673.513356320107 10481.430721898407 11673.8477789285 10565.773214411165 12129.785788734285 12050.592256882308 12461.01 12163.302372568447 12975.69 12499.71 10000.00 9994.51 9651.61 10569.37 11406.45 11982.34 10000.00 9995.10 9652.18 10580.08 11417.20 12009.53 12527.63 13014.65 10000.00 9995.10 9662.26 10590.16 11427.29 12020.49 12549.43 13036.89 13049.46 10005.96 9663.01 10601.07 11438.26 12032.08 12561.53 10000.00 10602.41 11449.80 12049.57 12590.19 13089.22 10000.00 10007.23 9664.24 22650.13 35002.73476910727 11388.431850256953 22891.904006889436 10725.316251743885 18270.3056945318 19741.21 29275.316500070054 11087.974377626833 20309.003116542808 15283.05 20602.23066319517 10204.764159914808 15865.630949645265 17983.48 25165.267091241876 11619.706963620929 15885.436147842016 14370.17 18229.568702269175 10560.391756688436 14907.614501437292 12687.12 14010.357816944139 11701.827449313563 13180.515031943425 15343.01 19116.466620938005 9831.804355991075 10864.397538539039 11665.86 12513.981313683744 10626.302966967074 11785.503229670894 10000.00 10000 10000 10000 10930.14 11588.540419162355 false 0001090155 N-1A N-CSR Prudential Investment Portfolios 5 2026-07-31 PGIM Jennison Diversified Growth Fund Class A TBDAX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This <span style="display:inline;"></span><span style="display:inline;">annual shareholder rep</span>ort contains important information about the Class A shares of PGIM Jennison Diversified Growth Fund (the “Fund”) </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for the period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/mutual-fund-documents</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request this information by contacting us </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/mutual-fund-documents (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Jennison Diversified Growth Fund—Class A</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$83</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.78%</div></div></div></td></tr></table> 83 0.0078 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Equity markets generated positive returns during the reporting period despite bouts of market turbulence. Persistent inflation, evolving US </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Federal Reserve expectations, and Middle East geopolitical tensions, coupled with intermittent weakness in technology leadership, shaped </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investor sentiment.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Strong stock selection drove the Fund's relative outperformance versus the Russell 1000 Growth Index (the “Index”). The largest contributions </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">came from information technology, particularly semiconductors; consumer discretionary, led by specialty retail; and health care, driven </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by pharmaceuticals.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In contrast, the largest detractors from relative performance were stock selection in communication services, particularly interactive media &amp; </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">services, along with an overweight in consumer discretionary and a modest underweight in consumer staples.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/mutual-fund-documents</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> or call </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g1jenndivgrowth_a.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Ten Years (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class A with sales charges</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.43%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.21%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.60%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class A without sales charges</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.57%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.45%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">16.25%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.08%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Russell 1000 Growth Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.03%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.88%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">17.46%</span></div></div></td></tr></table><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</div></div></div> Class A with sales charges 0.0543 0.0921 0.156 Class A without sales charges 0.1157 0.1045 0.1625 S&P 500 Index 0.1956 0.1286 0.1508 Russell 1000 Growth Index 0.0803 0.1188 0.1746 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 22.1pt; letter-spacing: 0px; top: 0px;display:inline;">437,942,755</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">80</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 31.16pt; letter-spacing: 0px; top: 0px;display:inline;">1,683,546</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">112%</div></div></div></td></tr></table> 437942755 80 1683546 1.12 <div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span></div><div style="clear: both; max-height: 0px;"> </div><div style="line-height: 1pt; text-align: left; font-size: 1pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:1.0pt;margin-top:-1pt;text-align:left"> </div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Industry Classification</div></div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">% of Net </div></div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Assets</div></div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Semiconductors &amp; Semiconductor Equipment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">26.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Software</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">12.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Interactive Media &amp; Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">11.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Technology Hardware, Storage &amp; Peripherals</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Pharmaceuticals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Broadline Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Financial Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Aerospace &amp; Defense</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Entertainment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Specialty Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Biotechnology</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Electronic Equipment, Instruments &amp; Components</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Machinery</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.8%</div></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Automobiles</div></div></div></td> <td style="padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.4%</div></div></div></td></tr></table></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Industry Classification</div></div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">% of Net </div></div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Assets</div></div></div></div></td></tr> <tr style="height:16pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Textiles, Apparel &amp; Luxury Goods</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Consumer Staples Distribution &amp; Retail</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Construction &amp; Engineering</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Consumer Finance</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Commercial Services &amp; Supplies</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Hotels, Restaurants &amp; Leisure</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">IT Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Banks</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Others*</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.2%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.1%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.1)%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</div></div></div></div></td></tr></table></div><div style="line-height: 1pt; text-align: right; font-size: 1pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:auto"> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:8.53pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">*</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:249.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Consists of Industries that each make up less than 0.5% of the Fund's net assets</div></div></div></td></tr></table> 0.261 0.121 0.118 0.081 0.047 0.047 0.043 0.035 0.034 0.031 0.02 0.02 0.02 0.018 0.014 0.013 0.012 0.01 0.009 0.008 0.007 0.005 0.005 0.022 1.001 -0.001 1 PGIM Jennison Diversified Growth Fund Class C TBDCX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class C shares of PGIM Jennison Diversified Growth Fund (the “Fund”) </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for the period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/mutual-fund-documents</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request this information by contacting us </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/mutual-fund-documents (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Jennison Diversified Growth Fund—Class C</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$188</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.79%</div></div></div></td></tr></table> 188 0.0179 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Equity markets generated positive returns during the reporting period despite bouts of market turbulence. Persistent inflation, evolving US </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Federal Reserve expectations, and Middle East geopolitical tensions, coupled with intermittent weakness in technology leadership, shaped </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investor sentiment.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Strong stock selection drove the Fund's relative outperformance versus the Russell 1000 Growth Index (the “Index”). The largest contributions </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">came from information technology, particularly semiconductors; consumer discretionary, led by specialty retail; and health care, driven </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by pharmaceuticals.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In contrast, the largest detractors from relative performance were stock selection in communication services, particularly interactive media &amp; </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">services, along with an overweight in consumer discretionary and a modest underweight in consumer staples.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/mutual-fund-documents</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> or call </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g2jenndivgrowth_c.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Ten Years (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class C with sales charges</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.45%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.30%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.16%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class C without sales charges</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.45%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.30%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.16%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="display:inline;">S&amp;P 500 Index</span>*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.08%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Russell 1000 Growth Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.03%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.88%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">17.46%</span></div></div></td></tr></table><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</div></div></div> Class C with sales charges 0.0945 0.093 0.1516 Class C without sales charges 0.1045 0.093 0.1516 S&P 500 Index 0.1956 0.1286 0.1508 Russell 1000 Growth Index 0.0803 0.1188 0.1746 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 22.1pt; letter-spacing: 0px; top: 0px;display:inline;">437,942,755</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">80</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 31.16pt; letter-spacing: 0px; top: 0px;display:inline;">1,683,546</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">112%</div></div></div></td></tr></table> 437942755 80 1683546 1.12 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span></div></div><div style="float:left;margin-left:48pt;margin-top:18pt;width:258pt;min-height:254pt"><div style="line-height: 1pt; text-align: left; font-size: 1pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:1.0pt;margin-top:-1pt;text-align:left"> </div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Industry Classification</div></div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">% of Net </div></div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Assets</div></div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Semiconductors &amp; Semiconductor Equipment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">26.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Software</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">12.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Interactive Media &amp; Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">11.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Technology Hardware, Storage &amp; Peripherals</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Pharmaceuticals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Broadline Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Financial Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Aerospace &amp; Defense</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Entertainment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Specialty Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Biotechnology</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Electronic Equipment, Instruments &amp; Components</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Machinery</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.8%</div></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Automobiles</div></div></div></td> <td style="padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.4%</div></div></div></td></tr></table></div></div><div style="float:left;margin-left:12pt;margin-top:18pt;width:258pt;min-height:254pt"><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Industry Classification</div></div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">% of Net </div></div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Assets</div></div></div></div></td></tr> <tr style="height:16pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Textiles, Apparel &amp; Luxury Goods</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Consumer Staples Distribution &amp; Retail</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Construction &amp; Engineering</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Consumer Finance</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Commercial Services &amp; Supplies</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Hotels, Restaurants &amp; Leisure</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">IT Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Banks</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Others*</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.2%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.1%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.1)%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</div></div></div></div></td></tr></table></div><div style="line-height: 1pt; text-align: right; font-size: 1pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:auto"> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:8.53pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">*</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:249.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Consists of Industries that each make up less than 0.5% of the Fund's net assets</div></div></div></td></tr></table></div></div> 0.261 0.121 0.118 0.081 0.047 0.047 0.043 0.035 0.034 0.031 0.02 0.02 0.02 0.018 0.014 0.013 0.012 0.01 0.009 0.008 0.007 0.005 0.005 0.022 1.001 -0.001 1 PGIM Jennison Diversified Growth Fund Class Z TBDZX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class Z shares of PGIM Jennison Diversified Growth Fund (the “Fund”) </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for the period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/mutual-fund-documents</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request this information by contacting us </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/mutual-fund-documents (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div> </div> <div style="line-height:12.0pt;margin-top:1pt;text-align:left"> <div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> </td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"> <div style="line-height:13.0pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div> </div> </td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"> <div style="line-height:13.0pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div> </div> </td> </tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Jennison Diversified Growth Fund—Class Z</div></div> </div> </td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$65</div></div> </div> </td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.61%</div></div> </div> </td> </tr> </table> 65 0.0061 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div> </div> <div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div></div> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Equity markets generated positive returns during the reporting period despite bouts of market turbulence. Persistent inflation, evolving US </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Federal Reserve expectations, and Middle East geopolitical tensions, coupled with intermittent weakness in technology leadership, shaped </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investor sentiment.</span></div> </div> <div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div></div> <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Strong stock selection drove the Fund's relative outperformance versus the Russell 1000 Growth Index (the “Index”). The largest contributions </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">came from information technology, particularly semiconductors; consumer discretionary, led by specialty retail; and health care, driven </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by pharmaceuticals.</div></div> </div> <div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div></div> <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In contrast, the largest detractors from relative performance were stock selection in communication services, particularly interactive media &amp; </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">services, along with an overweight in consumer discretionary and a modest underweight in consumer staples.</div></div> </div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/mutual-fund-documents</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> or call </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g3jenndivgrowth_z.jpg" style="height:216pt;width:531pt"/> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div> </div> </td> </tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"> <div style="line-height:13.0pt;text-align:left"> <div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div> </div> </td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"> <div style="line-height:13.0pt;text-align:left"> <div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div> </div> </td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"> <div style="line-height:13.0pt;text-align:left"> <div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div> </div> </td> </tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"> <div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class Z</span></div> </div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"> <div style="line-height:13.0pt;text-align:left"> <div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.71%</span></div> </div> </td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"> <div style="line-height:13.0pt;text-align:left"> <div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.63%</span></div> </div> </td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"> <div style="line-height:13.0pt;text-align:left"> <div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">16.35% (9/27/2017)</span></div> </div> </td> </tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"> <div style="line-height:13.0pt;text-align:left"> <div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div> </div> </td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"> <div style="line-height:13.0pt;text-align:left"> <div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div> </div> </td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"> <div style="line-height:13.0pt;text-align:left"> <div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div> </div> </td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"> <div style="line-height:13.0pt;text-align:left"> <div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">14.97%</span></div> </div> </td> </tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Russell 1000 Growth Index</span></div> </div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.03%</span></div> </div> </td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.88%</span></div> </div> </td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">17.34%</span></div> </div> </td> </tr> </table> </div> <div style="line-height:10.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div> </div> Class Z 0.1171 0.1063 0.1635 2017-09-27 S&P 500 Index 0.1956 0.1286 0.1497 Russell 1000 Growth Index 0.0803 0.1188 0.1734 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"></span></div> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"> <div style="line-height:13pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div> </div> </td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"> <div style="line-height:13pt;text-align:left"> <div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 22.1pt; letter-spacing: 0px; top: 0px;display:inline;">437,942,755</span></div> </div> </td> </tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"> <div style="line-height:13pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"> <div style="line-height:13pt;text-align:left"> <div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">80</span></div> </div> </td> </tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"> <div style="line-height:13pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div> </div> </td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"> <div style="line-height:13pt;text-align:left"> <div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 31.16pt; letter-spacing: 0px; top: 0px;display:inline;">1,683,546</span></div> </div> </td> </tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"> <div style="line-height:13pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div> </div> </td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"> <div style="line-height:13pt;text-align:left"> <div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">112%</span></div> </div> </td> </tr> </table> </div> 437942755 80 1683546 1.12 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"> <div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span></div> </div> <div style="float:left;margin-left:48pt;margin-top:18pt;width:258pt;min-height:254pt"> <div style="line-height: 1pt; text-align: left; font-size: 1pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="line-height:1.0pt;margin-top:-1pt;text-align:left"></div> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Industry Classification</div></div></div> </div> </td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">% of Net </div></div></div> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Assets</div></div></div> </div> </td> </tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Semiconductors &amp; Semiconductor Equipment</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">26.1%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Software</div></div> </div> </td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">12.1%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Interactive Media &amp; Services</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">11.8%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Technology Hardware, Storage &amp; Peripherals</div></div> </div> </td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8.1%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Pharmaceuticals</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.7%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Broadline Retail</div></div> </div> </td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.7%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Financial Services</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.3%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Aerospace &amp; Defense</div></div> </div> </td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.5%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Entertainment</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.4%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Specialty Retail</div></div> </div> </td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.1%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Biotechnology</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.0%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Electronic Equipment, Instruments &amp; Components</div></div> </div> </td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.0%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Machinery</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.0%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</div></div> </div> </td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.8%</div></div> </div> </td> </tr> <tr style="height:13pt"> <td style="padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Automobiles</div></div> </div> </td> <td style="padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.4%</div></div> </div> </td> </tr> </table> </div> </div> <div style="float:left;margin-left:12pt;margin-top:18pt;width:258pt;min-height:254pt"> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Industry Classification</div></div></div> </div> </td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">% of Net </div></div></div> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Assets</div></div></div> </div> </td> </tr> <tr style="height:16pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Textiles, Apparel &amp; Luxury Goods</div></div> </div> </td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.3%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Consumer Staples Distribution &amp; Retail</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.2%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Construction &amp; Engineering</div></div> </div> </td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.0%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Consumer Finance</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.9%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Commercial Services &amp; Supplies</div></div> </div> </td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.8%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Hotels, Restaurants &amp; Leisure</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.7%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">IT Services</div></div> </div> </td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.5%</div></div> </div> </td> </tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Banks</div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.5%</div></div> </div> </td> </tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Others*</div></div> </div> </td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:13.0pt;text-align:left"> <div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"> <div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.2%</div></div> </div> </div> </td> </tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> </td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.1%</div></div> </div> </td> </tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</div></div> </div> </td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"> <div style="line-height:13.0pt;text-align:left"> <div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"> <div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.1)%</div></div> </div> </div> </td> </tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> </td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"> <div style="line-height:13.0pt;text-align:left"> <div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"> <div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</div></div> </div> </div> </td> </tr> </table> </div> <div style="line-height: 1pt; text-align: right; font-size: 1pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:auto"> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:8.53pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">*</div></div> </div> </td> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:249.47pt"> <div style="line-height:12pt;text-align:left"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Consists of Industries that each make up less than 0.5% of the Fund's net assets</div></div> </div> </td> </tr> </table> </div> </div> 0.261 0.121 0.118 0.081 0.047 0.047 0.043 0.035 0.034 0.031 0.02 0.02 0.02 0.018 0.014 0.013 0.012 0.01 0.009 0.008 0.007 0.005 0.005 0.022 1.001 -0.001 1 PGIM Jennison Diversified Growth Fund Class R6 TBDQX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R6 shares of PGIM Jennison Diversified Growth Fund (the “Fund”) </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">for the period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/mutual-fund-documents</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request this information by contacting us </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/mutual-fund-documents (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Jennison Diversified Growth Fund—Class R6</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$47</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.44%</div></div></div></td></tr></table> 47 0.0044 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Equity markets generated positive returns during the reporting period despite bouts of market turbulence. Persistent inflation, evolving US </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Federal Reserve expectations, and Middle East geopolitical tensions, coupled with intermittent weakness in technology leadership, shaped </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investor sentiment.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Strong stock selection drove the Fund's relative outperformance versus the Russell 1000 Growth Index (the “Index”). The largest contributions </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">came from information technology, particularly semiconductors; consumer discretionary, led by specialty retail; and health care, driven </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">by pharmaceuticals.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In contrast, the largest detractors from relative performance were stock selection in communication services, particularly interactive media &amp; </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">services, along with an overweight in consumer discretionary and a modest underweight in consumer staples.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/mutual-fund-documents</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> or call </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g4jenndivgrowth_r6.jpg" style="height:216pt;width:531pt"/> <div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top: 6pt; font-size: 8pt; background: none;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R6</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.93%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.73%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">16.41% (9/27/2017)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">14.97%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Russell 1000 Growth Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.03%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.88%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">17.34%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R6 0.1193 0.1073 0.1641 2017-09-27 S&P 500 Index 0.1956 0.1286 0.1497 Russell 1000 Growth Index 0.0803 0.1188 0.1734 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 22.1pt; letter-spacing: 0px; top: 0px;display:inline;">437,942,755</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">80</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 31.16pt; letter-spacing: 0px; top: 0px;display:inline;">1,683,546</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">112%</span></div></div></td></tr></table></div> 437942755 80 1683546 1.12 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span></div></div><div style="float:left;margin-left:48pt;margin-top:18pt;width:258pt;min-height:254pt"><div style="line-height: 1pt; text-align: left; font-size: 1pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:1.0pt;margin-top:-1pt;text-align:left"> </div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Industry Classification</div></div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">% of Net </div></div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Assets</div></div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Semiconductors &amp; Semiconductor Equipment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">26.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Software</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">12.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Interactive Media &amp; Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">11.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Technology Hardware, Storage &amp; Peripherals</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Pharmaceuticals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Broadline Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Financial Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Aerospace &amp; Defense</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Entertainment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Specialty Retail</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Biotechnology</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Electronic Equipment, Instruments &amp; Components</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Machinery</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.8%</div></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Automobiles</div></div></div></td> <td style="padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.4%</div></div></div></td></tr></table></div></div><div style="float:left;margin-left:12pt;margin-top:18pt;width:258pt;min-height:254pt"><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Industry Classification</div></div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">% of Net </div></div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Assets</div></div></div></div></td></tr> <tr style="height:16pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Textiles, Apparel &amp; Luxury Goods</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Consumer Staples Distribution &amp; Retail</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.2%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Construction &amp; Engineering</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Consumer Finance</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Commercial Services &amp; Supplies</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Hotels, Restaurants &amp; Leisure</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">IT Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Banks</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Others*</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.2%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.1%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.1)%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</div></div></div></div></td></tr></table></div><div style="line-height: 1pt; text-align: right; font-size: 1pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:auto"> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:8.53pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">*</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:249.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Consists of Industries that each make up less than 0.5% of the Fund's net assets</div></div></div></td></tr></table></div></div> 0.261 0.121 0.118 0.081 0.047 0.047 0.043 0.035 0.034 0.031 0.02 0.02 0.02 0.018 0.014 0.013 0.012 0.01 0.009 0.008 0.007 0.005 0.005 0.022 1.001 -0.001 1 PGIM Jennison Rising Dividend Fund Class A PJDAX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class A shares of PGIM Jennison Rising Dividend Fund (the “Fund”) for </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/mutual-fund-documents</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request this information by contacting us </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/mutual-fund-documents (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Jennison Rising Dividend Fund—Class A</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$136</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.24%</div></div></div></td></tr></table> 136 0.0124 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Over the past year, equities (represented by the S&amp;P 500 Index) delivered solid results. Dividend-paying stocks also produced solid gains for </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the reporting period, though they underperformed the broader U.S. equity market. In a year that had bouts of macro uncertainty and market </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">volatility, dividend strategies benefited as investors rotated into more stable, income-generating assets amid sticky inflation, changing </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expectations for U.S. Federal Reserve policy, geopolitical uncertainty tied to the Middle East, and intermittent weakness in </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">technology leadership.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Security selection within industrials (driven by building products, machinery, and electrical equipment), financials (primarily capital markets), and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consumer discretionary (mainly specialty retail) were the top contributors to performance relative to the S&amp;P 500 Index (the “Index”).</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Stock selection within energy and communication services (led by interactive media &amp; services), along with an underweight in information </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">technology and an overweight in utilities, detracted the most from performance relative to the Index.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/mutual-fund-documents</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> or call </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g5jennrisingdiv_a.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Ten Years (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class A with sales charges</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.17%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.33%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.22%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class A without sales charges</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">18.70%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.57%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.86%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.08%</span></div></div></td></tr></table> Class A with sales charges 0.1217 0.0833 0.1122 Class A without sales charges 0.187 0.0957 0.1186 S&P 500 Index 0.1956 0.1286 0.1508 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"></span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">82,710,699</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">62</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 37.99pt; letter-spacing: 0px; top: 0px;display:inline;">493,895</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">26%</span></div></div></td></tr></table></div> 82710699 62 493895 0.26 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7<span style="display:inline;">/31/2</span>02<span style="display:inline;">6?</span></span></div></div><div style="float:left;margin-left:48pt;margin-top:18pt;width:258pt;min-height:344pt"><div style="line-height: 1pt; text-align: left; font-size: 1pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:1.0pt;margin-top:-1pt;text-align:left"> </div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Industry Classification</div></div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">% of Net </div></div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Assets</div></div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Oil, Gas &amp; Consumable Fuels</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">10.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Semiconductors &amp; Semiconductor Equipment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">9.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Banks</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Electric Utilities</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">5.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Biotechnology</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Machinery</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Pharmaceuticals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Communications Equipment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Capital Markets</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Multi-Utilities</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Specialty Retail</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Electrical Equipment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Technology Hardware, Storage &amp; Peripherals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Building Products</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Consumer Staples Distribution &amp; Retail</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Diversified Telecommunication Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Aerospace &amp; Defense</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">IT Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Interactive Media &amp; Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Hotels, Restaurants &amp; Leisure</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.0%</div></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Leisure Products</div></div></div></td> <td style="padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.9%</div></div></div></td></tr></table></div></div><div style="float:left;margin-left:12pt;margin-top:18pt;width:258pt;min-height:344pt"><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Industry Classification</div></div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">% of Net </div></div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Assets</div></div></div></div></td></tr> <tr style="height:16pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Industrial Conglomerates</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Financial Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Metals &amp; Mining</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Insurance</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Ground Transportation</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Air Freight &amp; Logistics</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Food Products</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Chemicals</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Personal Care Products</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Residential REITs</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:27pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Independent Power &amp; Renewable Electricity </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Producers</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Others*</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.4%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.0)%**</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</div></div></div></div></td></tr></table></div><div style="line-height: 1pt; text-align: right; font-size: 1pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:11.05pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">*</div></div></div></td> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:246.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Consists of Industries that each make up less than 0.5% of the Fund's net assets</div></div></div></td></tr> <tr style="height:12pt"> <td style="padding-bottom:1.5pt;padding-top:3pt;vertical-align:Top;width:11.05pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">**</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:3pt;vertical-align:Top;width:246.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Less than 0.05%</div></div></div></td></tr></table></div></div><div style="clear: both; max-height: 0px;"> </div> 0.104 0.098 0.08 0.056 0.043 0.043 0.041 0.04 0.038 0.034 0.031 0.029 0.028 0.028 0.027 0.026 0.026 0.026 0.025 0.02 0.019 0.019 0.017 0.016 0.014 0.014 0.011 0.011 0.008 0.007 0.006 0.006 0.005 0.004 1 0 1 PGIM Jennison Rising Dividend Fund Class C PJDCX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class C shares of PGIM Jennison Rising Dividend Fund (the “Fund”) for </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/mutual-fund-documents</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request this information by contacting us </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/mutual-fund-documents (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Jennison Rising Dividend Fund—Class C</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$217</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.99%</div></div></div></td></tr></table> 217 0.0199 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Over the past year, equities (represented by the S&amp;P 500 Index) delivered solid results. Dividend-paying stocks also produced solid gains for </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the reporting period, though they underperformed the broader U.S. equity market. In a year that had bouts of macro uncertainty and market </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">volatility, dividend strategies benefited as investors rotated into more stable, income-generating assets amid sticky inflation, changing </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expectations for U.S. Federal Reserve policy, geopolitical uncertainty tied to the Middle East, and intermittent weakness in </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">technology leadership.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Security selection within industrials (driven by building products, machinery, and electrical equipment), financials (primarily capital markets), and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consumer discretionary (mainly specialty retail) were the top contributors to performance relative to the S&amp;P 500 Index (the “Index”).</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Stock selection within energy and communication services (led by interactive media &amp; services), along with an underweight in information </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">technology and an overweight in utilities, detracted the most from performance relative to the Index.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/mutual-fund-documents</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> or call </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <div style="margin-top: 18pt; text-align: left; background: none;"> <img alt=" " src="g174856g6jennrisingdiv_c.jpg" style="height:216pt;width:531pt"/><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.7pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Ten Years (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class C with sales charges</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">16.79%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.74%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.03%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class C without sales charges</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">17.79%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.74%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.03%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.08%</span></div></div></td></tr></table></div> Class C with sales charges 0.1679 0.0874 0.1103 Class C without sales charges 0.1779 0.0874 0.1103 S&P 500 Index 0.1956 0.1286 0.1508 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">82,710,699</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">62</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 37.99pt; letter-spacing: 0px; top: 0px;display:inline;">493,895</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">26%</span></div></div></td></tr></table></div> 82710699 62 493895 0.26 <div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span></div><div style="float:left;margin-left:48pt;margin-top:18pt;width:258pt;min-height:344pt"><div style="line-height: 1pt; text-align: left; font-size: 1pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:1.0pt;margin-top:-1pt;text-align:left"> </div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Industry Classification</div></div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">% of Net </div></div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Assets</div></div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Oil, Gas &amp; Consumable Fuels</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">10.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Semiconductors &amp; Semiconductor Equipment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">9.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Banks</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Electric Utilities</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">5.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Biotechnology</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Machinery</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Pharmaceuticals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Communications Equipment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Capital Markets</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Multi-Utilities</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Specialty Retail</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Electrical Equipment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Technology Hardware, Storage &amp; Peripherals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Building Products</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Consumer Staples Distribution &amp; Retail</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Diversified Telecommunication Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Aerospace &amp; Defense</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">IT Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Interactive Media &amp; Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Hotels, Restaurants &amp; Leisure</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.0%</div></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Leisure Products</div></div></div></td> <td style="padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.9%</div></div></div></td></tr></table></div></div><div style="float:left;margin-left:12pt;margin-top:18pt;width:258pt;min-height:344pt"><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Industry Classification</div></div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">% of Net </div></div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Assets</div></div></div></div></td></tr> <tr style="height:16pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Industrial Conglomerates</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Financial Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Metals &amp; Mining</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Insurance</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Ground Transportation</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Air Freight &amp; Logistics</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Food Products</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Chemicals</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Personal Care Products</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Residential REITs</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:27pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Independent Power &amp; Renewable Electricity </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Producers</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Others*</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.4%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.0)%**</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</div></div></div></div></td></tr></table></div><div style="line-height: 1pt; text-align: right; font-size: 1pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:11.05pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">*</div></div></div></td> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:246.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Consists of Industries <div style="display:inline;">that </div>each make up less than 0.5% of the Fund's net assets</div></div></div></td></tr> <tr style="height:12pt"> <td style="padding-bottom:1.5pt;padding-top:3pt;vertical-align:Top;width:11.05pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">**</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:3pt;vertical-align:Top;width:246.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Less than 0.05%</div></div></div></td></tr></table></div></div> 0.104 0.098 0.08 0.056 0.043 0.043 0.041 0.04 0.038 0.034 0.031 0.029 0.028 0.028 0.027 0.026 0.026 0.026 0.025 0.02 0.019 0.019 0.017 0.016 0.014 0.014 0.011 0.011 0.008 0.007 0.006 0.006 0.005 0.004 1 0 1 PGIM Jennison Rising Dividend Fund Class Z PJDZX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class Z shares of PGIM Jennison Rising Dividend Fund (the “Fund”) for </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/mutual-fund-documents</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request this information by contacting us </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/mutual-fund-documents (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Jennison Rising Dividend Fund—Class Z</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$108</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.99%</div></div></div></td></tr></table> 108 0.0099 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Over the past year, equities (represented by the S&amp;P 500 Index) delivered solid results. Dividend-paying stocks also produced solid gains for </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the reporting period, though they underperformed the broader U.S. equity market. In a year that had bouts of macro uncertainty and market </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">volatility, dividend strategies benefited as investors rotated into more stable, income-generating assets amid sticky inflation, changing </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expectations for U.S. Federal Reserve policy, geopolitical uncertainty tied to the Middle East, and intermittent weakness in </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">technology leadership.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Security selection within industrials (driven by building products, machinery, and electrical equipment), financials (primarily capital markets), and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consumer discretionary (mainly specialty retail) were the top contributors to performance relative to the S&amp;P 500 Index (the “Index”).</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Stock selection within energy and communication services (led by interactive media &amp; services), along with an underweight in information </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">technology and an overweight in utilities, detracted the most from performance relative to the Index.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/mutual-fund-documents</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> or call </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <div style="margin-top: 18pt; text-align: left; background: none;"> <img alt=" " src="g174856g7jennrisingdiv_z.jpg" style="height:216pt;width:531pt"/><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.7pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Ten Years (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class Z</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">18.98%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.83%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.13%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:282.24pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:71.9pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.08%</span></div></div></td></tr></table></div> Class Z 0.1898 0.0983 0.1213 S&P 500 Index 0.1956 0.1286 0.1508 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">82,710,699</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">62</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 37.99pt; letter-spacing: 0px; top: 0px;display:inline;">493,895</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">26%</span></div></div></td></tr></table></div> 82710699 62 493895 0.26 <div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span></div><div style="float:left;margin-left:48pt;margin-top:18pt;width:258pt;min-height:344pt"><div style="line-height: 1pt; text-align: left; font-size: 1pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:1.0pt;margin-top:-1pt;text-align:left"> </div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Industry Classification</div></div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">% of Net </div></div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Assets</div></div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Oil, Gas &amp; Consumable Fuels</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">10.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Semiconductors &amp; Semiconductor Equipment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">9.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Banks</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Electric Utilities</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">5.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Biotechnology</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Machinery</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Pharmaceuticals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Communications Equipment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Capital Markets</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Multi-Utilities</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Specialty Retail</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Electrical Equipment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Technology Hardware, Storage &amp; Peripherals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Building Products</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Consumer Staples Distribution &amp; Retail</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Diversified Telecommunication Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Aerospace &amp; Defense</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">IT Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Interactive Media &amp; Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Hotels, Restaurants &amp; Leisure</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.0%</div></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Leisure Products</div></div></div></td> <td style="padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.9%</div></div></div></td></tr></table></div></div><div style="float:left;margin-left:12pt;margin-top:18pt;width:258pt;min-height:344pt"><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Industry Classification</div></div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">% of Net </div></div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Assets</div></div></div></div></td></tr> <tr style="height:16pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Industrial Conglomerates</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Financial Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Metals &amp; Mining</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Insurance</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Ground Transportation</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Air Freight &amp; Logistics</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Food Products</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Chemicals</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Personal Care Products</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Residential REITs</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:27pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Independent Power &amp; Renewable Electricity </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Producers</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Others*</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.4%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.0)%**</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</div></div></div></div></td></tr></table></div><div style="line-height: 1pt; text-align: right; font-size: 1pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:11.05pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">*</div></div></div></td> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:246.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Consists of Industries that each make up less than 0.5% of the Fund's net assets</div></div></div></td></tr> <tr style="height:12pt"> <td style="padding-bottom:1.5pt;padding-top:3pt;vertical-align:Top;width:11.05pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">**</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:3pt;vertical-align:Top;width:246.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Less than 0.05%</div></div></div></td></tr></table></div></div> 0.104 0.098 0.08 0.056 0.043 0.043 0.041 0.04 0.038 0.034 0.031 0.029 0.028 0.028 0.027 0.026 0.026 0.026 0.025 0.02 0.019 0.019 0.017 0.016 0.014 0.014 0.011 0.011 0.008 0.007 0.006 0.006 0.005 0.004 1 0 1 PGIM Jennison Rising Dividend Fund Class R6 PJDQX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R6 shares of PGIM Jennison Rising Dividend Fund (the “Fund”) for </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/mutual-fund-documents</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request this information by contacting us </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/mutual-fund-documents (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Jennison Rising Dividend Fund—Class R6</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$108</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.99%</div></div></div></td></tr></table> 108 0.0099 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Over the past year, equities (represented by the S&amp;P 500 Index) delivered solid results. Dividend-paying stocks also produced solid gains for </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the reporting period, though they underperformed the broader U.S. equity market. In a year that had bouts of macro uncertainty and market </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">volatility, dividend strategies benefited as investors rotated into more stable, income-generating assets amid sticky inflation, changing </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">expectations for U.S. Federal Reserve policy, geopolitical uncertainty tied to the Middle East, and intermittent weakness in </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">technology leadership.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Security selection within industrials (driven by building products, machinery, and electrical equipment), financials (primarily capital markets), and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">consumer discretionary (mainly specialty retail) were the top contributors to performance relative to the S&amp;P 500 Index (the “Index”).</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Stock selection within energy and communication services (led by interactive media &amp; services), along with an underweight in information </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">technology and an overweight in utilities, detracted the most from performance relative to the Index.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/mutual-fund-documents</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> or call </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <div style="margin-top: 18pt; text-align: left; background: none;"> <img alt=" " src="g174856g8jennrisingdiv_r6.jpg" style="height:216pt;width:531pt"/><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.7pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R6</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">18.93%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.85%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.19% (9/27/2017)</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">14.97%</span></div></div></td></tr></table></div> Class R6 0.1893 0.0985 0.1219 2017-09-27 S&P 500 Index 0.1956 0.1286 0.1497 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">82,710,699</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">62</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 37.99pt; letter-spacing: 0px; top: 0px;display:inline;">493,895</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">26%</span></div></div></td></tr></table></div> 82710699 62 493895 0.26 <div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME <span style="display:inline;">CHARACTERISTICS </span>OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span></div><div style="float:left;margin-left:48pt;margin-top:18pt;width:258pt;min-height:344pt"><div style="line-height: 1pt; text-align: left; font-size: 1pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="line-height:1.0pt;margin-top:-1pt;text-align:left"> </div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Industry Classification</div></div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">% of Net </div></div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Assets</div></div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Oil, Gas &amp; Consumable Fuels</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">10.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Semiconductors &amp; Semiconductor Equipment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">9.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Banks</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Electric Utilities</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">5.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Biotechnology</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Machinery</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Pharmaceuticals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Communications Equipment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Capital Markets</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Multi-Utilities</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Specialty Retail</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Electrical Equipment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Technology Hardware, Storage &amp; Peripherals</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Building Products</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Consumer Staples Distribution &amp; Retail</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Diversified Telecommunication Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Aerospace &amp; Defense</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">IT Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Interactive Media &amp; Services</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Hotels, Restaurants &amp; Leisure</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.0%</div></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Leisure Products</div></div></div></td> <td style="padding-bottom:1pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.9%</div></div></div></td></tr></table></div></div><div style="float:left;margin-left:12pt;margin-top:18pt;width:258pt;min-height:344pt"><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Industry Classification</div></div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">% of Net </div></div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Assets</div></div></div></div></td></tr> <tr style="height:16pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Industrial Conglomerates</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.9%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Financial Services</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Metals &amp; Mining</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Insurance</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.4%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Ground Transportation</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Air Freight &amp; Logistics</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Food Products</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Chemicals</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.7%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Personal Care Products</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Residential REITs</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.6%</div></div></div></td></tr> <tr style="height:27pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Independent Power &amp; Renewable Electricity </div></div><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Producers</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.5%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Others*</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.4%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:195pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.0)%**</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:195pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</div></div></div></div></td></tr></table></div><div style="line-height: 1pt; text-align: right; font-size: 1pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:258pt"> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:11.05pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">*</div></div></div></td> <td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:246.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Consists of Industries that each make up less than 0.5% of the Fund's net assets</div></div></div></td></tr> <tr style="height:12pt"> <td style="padding-bottom:1.5pt;padding-top:3pt;vertical-align:Top;width:11.05pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">**</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:3pt;vertical-align:Top;width:246.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Less than 0.05%</div></div></div></td></tr></table></div></div> 0.104 0.098 0.08 0.056 0.043 0.043 0.041 0.04 0.038 0.034 0.031 0.029 0.028 0.028 0.027 0.026 0.026 0.026 0.025 0.02 0.019 0.019 0.017 0.016 0.014 0.014 0.011 0.011 0.008 0.007 0.006 0.006 0.005 0.004 1 0 1 PGIM Target Date Income Fund Class R1 PDADX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R1 shares of PGIM Target Date Income Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date Income Fund—Class R1</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$71</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.68%</div></div></div></td></tr></table> 71 0.0068 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by commodities, non-U.S. developed markets equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. mid-cap equity, with returns of 35.5%, 24.3%, and 20.9%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g9targetdateinc_r1.jpg" style="height:216pt;width:531pt"/><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.7pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span> <div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top: 6pt; font-size: 8pt; background: none;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R1</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.14%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">3.25%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">4.80% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date Income Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.48%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">3.84%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.56%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date Retirement Income Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.89%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">4.10%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.46%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R1 0.0914 0.0325 0.048 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date Income Custom Benchmark 0.0948 0.0384 0.0556 S&P Target Date Retirement Income Index 0.0889 0.041 0.0546 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">24,049,735</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">9</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">67%</span></div></div></td></tr></table></div> 24049735 9 0 0.67 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">40.5%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">23.3%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">17.6%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">12.4%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">6.3%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.1%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.1)%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.405 0.233 0.176 0.124 0.063 1.001 -0.001 1 PGIM Target Date Income Fund Class R2 PDAEX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R2 shares of PGIM Target Date Income Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date Income Fund—Class R2</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$45</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.43%</div></div></div></td></tr></table> 45 0.0043 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by commodities, non-U.S. developed markets equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. mid-cap equity, with returns of 35.5%, 24.3%, and 20.9%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g10targetdateinc_r2.jpg" style="height:216pt;width:531pt"/><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.7pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R2</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.41%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">3.51%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.06% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date Income Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.48%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">3.84%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.56%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date Retirement Income Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.89%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">4.10%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.46%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R2 0.0941 0.0351 0.0506 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date Income Custom Benchmark 0.0948 0.0384 0.0556 S&P Target Date Retirement Income Index 0.0889 0.041 0.0546 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">24,049,735</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">9</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">67%</span></div></div></td></tr></table></div> 24049735 9 0 0.67 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">40.5%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">23.3%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">17.6%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">12.4%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">6.3%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.1%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.1)%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.405 0.233 0.176 0.124 0.063 1.001 -0.001 1 PGIM Target Date Income Fund Class R3 PDAFX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R3 shares of PGIM Target Date Income Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date Income Fund—Class R3</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$29</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.28%</div></div></div></td></tr></table> 29 0.0028 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by commodities, non-U.S. developed markets equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. mid-cap equity, with returns of 35.5%, 24.3%, and 20.9%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g11targetdateinc_r3.jpg" style="height:216pt;width:531pt"/> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R3</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.57%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">3.67%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.23% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date Income Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.48%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">3.84%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.56%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date Retirement Income Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.89%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">4.10%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.46%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R3 0.0957 0.0367 0.0523 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date Income Custom Benchmark 0.0948 0.0384 0.0556 S&P Target Date Retirement Income Index 0.0889 0.041 0.0546 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">24,049,735</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">9</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">67%</span></div></div></td></tr></table></div> 24049735 9 0 0.67 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">40.5%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">23.3%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">17.6%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">12.4%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">6.3%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.1%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.1)%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.405 0.233 0.176 0.124 0.063 1.001 -0.001 1 PGIM Target Date Income Fund Class R4 PDAGX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R4 shares of PGIM Target Date Income Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date Income Fund—Class R4</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$19</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.18%</span></div></div></td></tr></table></div> 19 0.0018 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by commodities, non-U.S. developed markets equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. mid-cap equity, with returns of 35.5%, 24.3%, and 20.9%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <div style="margin-top: 18pt; text-align: left; background: none;"> <img alt=" " src="g174856g12targetdateinc_r4.jpg" style="height:216pt;width:531pt"/><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.7pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R4</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.68%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">3.76%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.33% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date Income Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.48%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">3.84%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.56%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date Retirement Income Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.89%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">4.10%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.46%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R4 0.0968 0.0376 0.0533 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date Income Custom Benchmark 0.0948 0.0384 0.0556 S&P Target Date Retirement Income Index 0.0889 0.041 0.0546 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">24,049,735</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">9</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">67%</span></div></div></td></tr></table></div> 24049735 9 0 0.67 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">40.5%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">23.3%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">17.6%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">12.4%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">6.3%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.1%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.1)%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.405 0.233 0.176 0.124 0.063 1.001 -0.001 1 PGIM Target Date Income Fund Class R5 PDAHX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R5 shares of PGIM Target Date Income Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date Income Fund—Class R5</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$9</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.09%</span></div></div></td></tr></table></div> 9 0.0009 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by commodities, non-U.S. developed markets equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. mid-cap equity, with returns of 35.5%, 24.3%, and 20.9%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <div style="margin-top: 18pt; text-align: left; background: none;"> <img alt=" " src="g174856g13targetdateinc_r5.jpg" style="height:216pt;width:531pt"/><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.7pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R5</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.78%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">3.87%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.44% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date Income Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.48%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">3.84%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.56%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date Retirement Income Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.89%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">4.10%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.46%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R5 0.0978 0.0387 0.0544 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date Income Custom Benchmark 0.0948 0.0384 0.0556 S&P Target Date Retirement Income Index 0.0889 0.041 0.0546 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">24,049,735</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">9</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">67%</span></div></div></td></tr></table></div> 24049735 9 0 0.67 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">40.5%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">23.3%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">17.6%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">12.4%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">6.3%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.1%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.1)%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.405 0.233 0.176 0.124 0.063 1.001 -0.001 1 PGIM Target Date Income Fund Class R6 PDAJX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R6 shares of PGIM Target Date Income Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date Income Fund—Class R6</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$0</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.00%</span></div></div></td></tr></table></div> 0 0 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by commodities, non-U.S. developed markets equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. mid-cap equity, with returns of 35.5%, 24.3%, and 20.9%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g14targetdateinc_r6.jpg" style="height:216pt;width:531pt"/> <div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top: 6pt; font-size: 8pt; background: none;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R6</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.04%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">4.02%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.61% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date Income Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.48%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">3.84%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.56%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date Retirement Income Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.89%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">4.10%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.46%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R6 0.1004 0.0402 0.0561 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date Income Custom Benchmark 0.0948 0.0384 0.0556 S&P Target Date Retirement Income Index 0.0889 0.041 0.0546 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">24,049,735</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">9</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">67%</span></div></div></td></tr></table></div> 24049735 9 0 0.67 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">40.5%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">23.3%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">17.6%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">12.4%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">6.3%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.1%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.1)%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.405 0.233 0.176 0.124 0.063 1.001 -0.001 1 PGIM Target Date 2020 Fund Class R1 PDDDX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual <span style="display:inline;">shareholder</span> report contains important information about the Class R1 shares of PGIM Target Date 2020 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2020 Fund—Class R1</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$71</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.68%</div></div></div></td></tr></table> 71 0.0068 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by commodities, non-U.S. developed markets equity, and </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. mid-cap equity, with returns of 35.5%, 24.3%, and 20.9%, respectively.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use <span style="display:inline;">derivatives</span>, although derivatives are used in some of the underlying funds.</span></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g15targetdate2020_r1.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R1</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.17%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">3.93%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.72% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2020 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.57%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">4.52%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">6.56%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2020 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.60%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.04%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">6.94%</span></div></div></td></tr></table><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund <div style="display:inline;">compares </div>its performance against this broad-based index in response to regulatory requirements.</div></div> Class R1 0.1017 0.0393 0.0572 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2020 Custom Benchmark 0.1057 0.0452 0.0656 S&P Target Date 2020 Index 0.106 0.0504 0.0694 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">29,126,838</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">9</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">58%</div></div></div></td></tr></table> 29126838 9 0 0.58 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">36.2%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">23.1%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic <span style="display:inline;">Equity</span></span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">21.5%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">14.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">5.2%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.0)%*</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div><div style="line-height: 1pt; text-align: right; font-size: 1pt; background: none;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:auto"> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:8.53pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">*</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:519.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Less than 0.05%</div></div></div></td></tr></table> 0.362 0.231 0.215 0.14 0.052 1 0 1 PGIM Target Date 2020 Fund Class R2 PDDEX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report <span style="display:inline;">contains</span> important information about the Class R2 shares of PGIM Target Date 2020 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2020 Fund—Class R2</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$45</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.43%</div></div></div></td></tr></table> 45 0.0043 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by commodities, non-U.S. developed markets equity, and </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. mid-cap equity, with returns of 35.5%, 24.3%, and 20.9%, respectively.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</span></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g16targetdate2020_r2.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R2</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.43%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">4.20%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.98% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2020 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.57%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">4.52%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">6.56%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2020 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.60%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.04%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">6.94%</span></div></div></td></tr></table><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund <div style="display:inline;">compares </div>its performance against this broad-based index in response to regulatory requirements.</div></div></div> Class R2 0.1043 0.042 0.0598 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2020 Custom Benchmark 0.1057 0.0452 0.0656 S&P Target Date 2020 Index 0.106 0.0504 0.0694 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">29,126,838</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">9</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">58%</div></div></div></td></tr></table> 29126838 9 0 0.58 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT <span style="display:inline;">ARE</span> SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">36.2%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">23.1%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">21.5%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">14.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">5.2%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.0)%*</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div><div style="line-height: 1pt; text-align: right; font-size: 1pt; background: none;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:auto"> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:8.53pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">*</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:519.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Less than 0.05%</div></div></div></td></tr></table> 0.362 0.231 0.215 0.14 0.052 1 0 1 PGIM Target Date 2020 Fund Class R3 PDDFX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R3 shares of PGIM Target Date 2020 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2020 Fund—Class R3</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$29</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.28%</div></div></div></td></tr></table> 29 0.0028 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by commodities, non-U.S. developed markets equity, and </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. mid-cap equity, with returns of 35.5%, 24.3%, and 20.9%, respectively.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</span></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g17targetdate2020_r3.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R3</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.57%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">4.34%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">6.14% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2020 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.57%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">4.52%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">6.56%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2020 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.60%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.04%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">6.94%</span></div></div></td></tr></table><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</div></div></div> Class R3 0.1057 0.0434 0.0614 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2020 Custom Benchmark 0.1057 0.0452 0.0656 S&P Target Date 2020 Index 0.106 0.0504 0.0694 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">29,126,838</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">9</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">58%</div></div></div></td></tr></table> 29126838 9 0 0.58 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">36.2%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">23.1%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">21.5%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">14.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">5.2%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.0)%*</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div><div style="line-height: 1pt; text-align: right; font-size: 1pt; background: none;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:auto"> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:8.53pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">*</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:519.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Less than 0.05%</div></div></div></td></tr></table> 0.362 0.231 0.215 0.14 0.052 1 0 1 PGIM Target Date 2020 Fund Class R4 PDDGX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R4 shares of PGIM Target Date 2020 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2020 Fund—Class R4</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$19</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.18%</div></div></div></td></tr></table> 19 0.0018 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by commodities, non-U.S. developed markets equity, and </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. mid-cap equity, with returns of 35.5%, 24.3%, and 20.9%, respectively.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</span></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g18targetdate2020_r4.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R4</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.76%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">4.46%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">6.25% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2020 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.57%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">4.52%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">6.56%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2020 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.60%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.04%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">6.94%</span></div></div></td></tr></table><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response <div style="display:inline;">to</div> regulatory requirements.</div></div></div> Class R4 0.1076 0.0446 0.0625 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2020 Custom Benchmark 0.1057 0.0452 0.0656 S&P Target Date 2020 Index 0.106 0.0504 0.0694 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">29,126,838</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">9</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">58%</div></div></div></td></tr></table> 29126838 9 0 0.58 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated <span style="display:inline;">Mutual </span>Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">36.2%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">23.1%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">21.5%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">14.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">5.2%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.0)%*</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div><div style="line-height: 1pt; text-align: right; font-size: 1pt; background: none;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:auto"> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:8.53pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">*</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:519.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Less than 0.05%</div></div></div></td></tr></table> 0.362 0.231 0.215 0.14 0.052 1 0 1 PGIM Target Date 2020 Fund Class R5 PDDHX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R5 shares of PGIM Target Date 2020 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based <span style="display:inline;">on</span> a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2020 Fund—Class R5</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$9</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.09%</div></div></div></td></tr></table> 9 0.0009 <div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by commodities, non-U.S. developed markets equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. mid-cap equity, with returns of 35.5%, 24.3%, and 20.9%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g19targetdate2020_r5.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R5</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.77%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">4.55%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">6.36% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2020 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.57%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">4.52%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">6.56%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2020 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.60%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.04%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">6.94%</span></div></div></td></tr></table><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund <div style="display:inline;">compares </div>its performance against this broad-based index in response to regulatory requirements.</div></div></div> Class R5 0.1077 0.0455 0.0636 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2020 Custom Benchmark 0.1057 0.0452 0.0656 S&P Target Date 2020 Index 0.106 0.0504 0.0694 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">29,126,838</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">9</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">58%</div></div></div></td></tr></table> 29126838 9 0 0.58 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;"><span style="display:inline;">WHAT</span> ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">36.2%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">23.1%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">21.5%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">14.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">5.2%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.0)%*</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div><div style="line-height: 1pt; text-align: right; font-size: 1pt; background: none;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:auto"> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:8.53pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">*</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:519.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Less than 0.05%</div></div></div></td></tr></table> 0.362 0.231 0.215 0.14 0.052 1 0 1 PGIM Target Date 2020 Fund Class R6 PDDJX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R6 shares of PGIM Target Date 2020 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2020 Fund—Class R6</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$0</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.00%</div></div></div></div></div></td></tr></table> 0 0 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by commodities, non-U.S. developed markets equity, and </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. mid-cap equity, with returns of 35.5%, 24.3%, and 20.9%, respectively.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.</span></div></div><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the <div style="display:inline;">underlying</div> funds.</div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <div style="margin-top: 18pt; text-align: left; background: none;"> <img alt=" " src="g174856g20targetdate2020_r6.jpg" style="height:216pt;width:531pt"/><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.7pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R6</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.98%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">4.70%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">6.47% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2020 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.57%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">4.52%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">6.56%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2020 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.60%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.04%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">6.94%</span></div></div></td></tr></table><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in <div style="display:inline;">response</div> to regulatory requirements.</div></div> Class R6 0.1098 0.047 0.0647 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2020 Custom Benchmark 0.1057 0.0452 0.0656 S&P Target Date 2020 Index 0.106 0.0504 0.0694 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">29,126,838</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">9</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">58%</div></div></div></td></tr></table> 29126838 9 0 0.58 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">36.2%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">23.1%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">21.5%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">14.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">5.2%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.0)%*</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div><div style="line-height: 1pt; text-align: right; font-size: 1pt; background: none;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:auto"> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:8.53pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">*</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:519.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Less than 0.05%</span></div></div></td></tr></table></div> 0.362 0.231 0.215 0.14 0.052 1 0 1 PGIM Target Date 2025 Fund Class R1 PDEDX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R1 shares of PGIM Target Date 2025 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2025 Fund—Class R1</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$73</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.69%</span></div></div></td></tr></table></div> 73 0.0069 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by commodities, U.S. small-cap equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. developed markets equity, with returns of 35.5%, 34.2%, and 24.3%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g21targetdate2025_r1.jpg" style="height:216pt;width:531pt"/> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R1</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.09%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">4.49%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">6.30% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2025 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.70%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.13%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.24%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2025 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.22%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.66%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.78%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R1 0.1109 0.0449 0.063 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2025 Custom Benchmark 0.117 0.0513 0.0724 S&P Target Date 2025 Index 0.1222 0.0566 0.0778 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">41,437,625</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">10</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">56%</span></div></div></td></tr></table></div> 41437625 10 0 0.56 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">31.9%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">26.9%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">21.2%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">15.6%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.3%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">99.9%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Other assets in excess of liabilities</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.1%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.319 0.269 0.212 0.156 0.043 0.999 0.001 1 PGIM Target Date 2025 Fund Class R2 PDEEX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R2 shares of PGIM Target Date 2025 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2025 Fund—Class R2</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$47</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.44%</span></div></div></td></tr></table></div> 47 0.0044 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by commodities, U.S. small-cap equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. developed markets equity, with returns of 35.5%, 34.2%, and 24.3%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g22targetdate2025_r2.jpg" style="height:216pt;width:531pt"/> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R2</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.44%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">4.75%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">6.57% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2025 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.70%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.13%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.24%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2025 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.22%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.66%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.78%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R2 0.1144 0.0475 0.0657 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2025 Custom Benchmark 0.117 0.0513 0.0724 S&P Target Date 2025 Index 0.1222 0.0566 0.0778 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">41,437,625</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">10</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">56%</span></div></div></td></tr></table></div> 41437625 10 0 0.56 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">31.9%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">26.9%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">21.2%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">15.6%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.3%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">99.9%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Other assets in excess of liabilities</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.1%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.319 0.269 0.212 0.156 0.043 0.999 0.001 1 PGIM Target Date 2025 Fund Class R3 PDEFX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R3 shares of PGIM Target Date 2025 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2025 Fund—Class R3</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$31</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.29%</span></div></div></td></tr></table></div> 31 0.0029 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by commodities, U.S. small-cap equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. developed markets equity, with returns of 35.5%, 34.2%, and 24.3%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g23targetdate2025_r3.jpg" style="height:216pt;width:531pt"/><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.7pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R3</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.59%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">4.90%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">6.73% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2025 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.70%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.13%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.24%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2025 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.22%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.66%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.78%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R3 0.1159 0.049 0.0673 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2025 Custom Benchmark 0.117 0.0513 0.0724 S&P Target Date 2025 Index 0.1222 0.0566 0.0778 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">41,437,625</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">10</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">56%</span></div></div></td></tr></table></div> 41437625 10 0 0.56 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">31.9%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">26.9%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">21.2%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">15.6%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.3%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">99.9%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Other assets in excess of liabilities</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.1%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.319 0.269 0.212 0.156 0.043 0.999 0.001 1 PGIM Target Date 2025 Fund Class R4 PDEGX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R4 shares of PGIM Target Date 2025 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2025 Fund—Class R4</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$20</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.19%</span></div></div></td></tr></table></div> 20 0.0019 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by commodities, U.S. small-cap equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. developed markets equity, with returns of 35.5%, 34.2%, and 24.3%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g24targetdate2025_r4.jpg" style="height:216pt;width:531pt"/> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R4</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.70%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.01%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">6.83% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2025 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.70%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.13%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.24%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2025 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.22%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.66%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.78%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R4 0.117 0.0501 0.0683 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2025 Custom Benchmark 0.117 0.0513 0.0724 S&P Target Date 2025 Index 0.1222 0.0566 0.0778 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">41,437,625</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">10</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">56%</span></div></div></td></tr></table></div> 41437625 10 0 0.56 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">31.9%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">26.9%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">21.2%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">15.6%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.3%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">99.9%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Other assets in excess of liabilities</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.1%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.319 0.269 0.212 0.156 0.043 0.999 0.001 1 PGIM Target Date 2025 Fund Class R5 PDEHX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R5 shares of PGIM Target Date 2025 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2025 Fund—Class R5</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.09%</span></div></div></td></tr></table></div> 10 0.0009 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by commodities, U.S. small-cap equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. developed markets equity, with returns of 35.5%, 34.2%, and 24.3%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call <span style="display:inline;">(800) 225-1852 or (973) 367-3529</span> from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g25targetdate2025_r5.jpg" style="height:216pt;width:531pt"/><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.7pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R5</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.79%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.13%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">6.95% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2025 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.70%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.13%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.24%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2025 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.22%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.66%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.78%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R5 0.1179 0.0513 0.0695 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2025 Custom Benchmark 0.117 0.0513 0.0724 S&P Target Date 2025 Index 0.1222 0.0566 0.0778 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">41,437,625</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">10</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">56%</span></div></div></td></tr></table></div> 41437625 10 0 0.56 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">31.9%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">26.9%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">21.2%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">15.6%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.3%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">99.9%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Other assets in excess of liabilities</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.1%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.319 0.269 0.212 0.156 0.043 0.999 0.001 1 PGIM Target Date 2025 Fund Class R6 PDEJX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R6 shares of PGIM Target Date 2025 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2025 Fund—Class R6</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$0</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.00%</span></div></div></td></tr></table></div> 0 0 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by commodities, U.S. small-cap equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. developed markets equity, with returns of 35.5%, 34.2%, and 24.3%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g26targetdate2025_r6.jpg" style="height:216pt;width:531pt"/> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R6</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.02%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.27%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.11% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2025 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.70%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.13%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.24%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2025 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.22%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.66%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.78%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R6 0.1202 0.0527 0.0711 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2025 Custom Benchmark 0.117 0.0513 0.0724 S&P Target Date 2025 Index 0.1222 0.0566 0.0778 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">41,437,625</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">10</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">56%</span></div></div></td></tr></table></div> 41437625 10 0 0.56 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">31.9%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">26.9%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">21.2%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">15.6%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.3%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">99.9%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Other assets in excess of liabilities</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.1%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.319 0.269 0.212 0.156 0.043 0.999 0.001 1 PGIM Target Date 2030 Fund Class R1 PDFCX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R1 shares of PGIM Target Date 2030 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2030 Fund—Class R1</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$74</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.70%</span></div></div></td></tr></table></div> 74 0.007 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by commodities, U.S. small-cap equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. developed markets equity, with returns of 35.5%, 34.2%, and 24.3%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g27targetdate2030_r1.jpg" style="height:216pt;width:531pt"/> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R1</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.20%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.33% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2030 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">13.14%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.89%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.39%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2030 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">14.18%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">6.64%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.76%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R1 0.1256 0.052 0.0733 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2030 Custom Benchmark 0.1314 0.0589 0.0839 S&P Target Date 2030 Index 0.1418 0.0664 0.0876 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">54,867,908</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">10</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">65%</span></div></div></td></tr></table></div> 54867908 10 0 0.65 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">33.1%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">25.6%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">19.1%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">18.9%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.3%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Other assets in excess of liabilities</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.0%*</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div><div style="line-height: 1pt; text-align: right; font-size: 1pt; background: none;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:auto"> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:8.53pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">*</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:519.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Less than 0.05%</span></div></div></td></tr></table></div> 0.331 0.256 0.191 0.189 0.033 1 0 1 PGIM Target Date 2030 Fund Class R2 PDFEX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R2 shares of PGIM Target Date 2030 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2030 Fund—Class R2</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$47</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.44%</span></div></div></td></tr></table></div> 47 0.0044 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by commodities, U.S. small-cap equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. developed markets equity, with returns of 35.5%, 34.2%, and 24.3%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g28targetdate2030_r2.jpg" style="height:216pt;width:531pt"/> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R2</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.80%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.46%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.60% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2030 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">13.14%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.89%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.39%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2030 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">14.18%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">6.64%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.76%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R2 0.128 0.0546 0.076 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2030 Custom Benchmark 0.1314 0.0589 0.0839 S&P Target Date 2030 Index 0.1418 0.0664 0.0876 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">54,867,908</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">10</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">65%</span></div></div></td></tr></table></div> 54867908 10 0 0.65 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">33.1%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">25.6%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">19.1%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">18.9%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.3%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Other assets in excess of liabilities</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.0%*</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div><div style="line-height: 1pt; text-align: right; font-size: 1pt; background: none;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:auto"> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:8.53pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">*</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:519.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Less than 0.05%</span></div></div></td></tr></table></div> 0.331 0.256 0.191 0.189 0.033 1 0 1 PGIM Target Date 2030 Fund Class R3 PDFFX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R3 shares of PGIM Target Date 2030 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2030 Fund—Class R3</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$31</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.29%</span></div></div></td></tr></table></div> 31 0.0029 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by commodities, U.S. small-cap equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. developed markets equity, with returns of 35.5%, 34.2%, and 24.3%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g29targetdate2030_r3.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R3</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.97%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.63%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.75% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2030 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">13.14%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.89%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.39%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2030 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">14.18%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">6.64%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.76%</span></div></div></td></tr></table><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</div></div></div> Class R3 0.1297 0.0563 0.0775 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2030 Custom Benchmark 0.1314 0.0589 0.0839 S&P Target Date 2030 Index 0.1418 0.0664 0.0876 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">54,867,908</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">10</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">65%</span></div></div></td></tr></table></div> 54867908 10 0 0.65 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">33.1%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">25.6%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">19.1%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">18.9%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.3%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Other assets in excess of liabilities</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.0%*</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div><div style="line-height: 1pt; text-align: right; font-size: 1pt; background: none;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:auto"> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:8.53pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">*</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:519.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Less than 0.05%</span></div></div></td></tr></table></div> 0.331 0.256 0.191 0.189 0.033 1 0 1 PGIM Target Date 2030 Fund Class R4 PDFGX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R4 shares of PGIM Target Date 2030 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2030 Fund—Class R4</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$21</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.20%</span></div></div></td></tr></table></div> 21 0.002 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by commodities, U.S. small-cap equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. developed markets equity, with returns of 35.5%, 34.2%, and 24.3%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g30targetdate2030_r4.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R4</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.99%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.72%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.85% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2030 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">13.14%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.89%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.39%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2030 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">14.18%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">6.64%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.76%</span></div></div></td></tr></table><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</div></div> Class R4 0.1299 0.0572 0.0785 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2030 Custom Benchmark 0.1314 0.0589 0.0839 S&P Target Date 2030 Index 0.1418 0.0664 0.0876 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">54,867,908</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">10</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">65%</span></div></div></td></tr></table></div> 54867908 10 0 0.65 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">33.1%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">25.6%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">19.1%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">18.9%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.3%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Other assets in excess of liabilities</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.0%*</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div><div style="line-height: 1pt; text-align: right; font-size: 1pt; background: none;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:auto"> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:8.53pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">*</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:519.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Less than 0.05%</span></div></div></td></tr></table></div> 0.331 0.256 0.191 0.189 0.033 1 0 1 PGIM Target Date 2030 Fund Class R5 PDFHX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R5 shares of PGIM Target Date 2030 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2030 Fund—Class R5</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$11</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.10%</span></div></div></td></tr></table></div> 11 0.001 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by commodities, U.S. small-cap equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. developed markets equity, with returns of 35.5%, 34.2%, and 24.3%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g31targetdate2030_r5.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R5</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">13.17%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.83%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.97% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2030 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">13.14%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.89%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.39%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2030 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">14.18%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">6.64%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.76%</span></div></div></td></tr></table><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</div></div> Class R5 0.1317 0.0583 0.0797 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2030 Custom Benchmark 0.1314 0.0589 0.0839 S&P Target Date 2030 Index 0.1418 0.0664 0.0876 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">54,867,908</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">10</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">65%</span></div></div></td></tr></table></div> 54867908 10 0 0.65 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">33.1%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">25.6%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">19.1%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">18.9%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.3%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Other assets in excess of liabilities</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.0%*</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div><div style="line-height: 1pt; text-align: right; font-size: 1pt; background: none;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:auto"> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:8.53pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">*</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:519.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Less than 0.05%</span></div></div></td></tr></table></div> 0.331 0.256 0.191 0.189 0.033 1 0 1 PGIM Target Date 2030 Fund Class R6 PDFJX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R6 shares of PGIM Target Date 2030 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2030 Fund—Class R6</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$0</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.00%</span></div></div></td></tr></table></div> 0 0 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by commodities, U.S. small-cap equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. developed markets equity, with returns of 35.5%, 34.2%, and 24.3%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g32targetdate2030_r6.jpg" style="height:216pt;width:531pt"/> <div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top: 6pt; font-size: 8pt; background: none;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R6</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">13.38%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.99%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.14% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2030 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">13.14%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5.89%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.39%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2030 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">14.18%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">6.64%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.76%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</div></div></div> Class R6 0.1338 0.0599 0.0814 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2030 Custom Benchmark 0.1314 0.0589 0.0839 S&P Target Date 2030 Index 0.1418 0.0664 0.0876 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">54,867,908</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">10</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">65%</span></div></div></td></tr></table></div> 54867908 10 0 0.65 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">33.1%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">25.6%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">19.1%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">18.9%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.3%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Other assets in excess of liabilities</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.0%*</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div><div style="line-height: 1pt; text-align: right; font-size: 1pt; background: none;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:auto"> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:8.53pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">*</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:519.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Less than 0.05%</span></div></div></td></tr></table></div> 0.331 0.256 0.191 0.189 0.033 1 0 1 PGIM Target Date 2035 Fund Class R1 PDGCX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R1 shares of PGIM Target Date 2035 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2035 Fund—Class R1</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$73</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.68%</span></div></div></td></tr></table></div> 73 0.0068 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g33targetdate2035_r1.jpg" style="height:216pt;width:531pt"/> <div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top: 6pt; font-size: 8pt; background: none;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R1</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.10%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">6.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.41% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2035 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.79%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.17%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.67%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2035 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">16.34%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.71%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.80%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</div></div></div> Class R1 0.151 0.064 0.0841 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2035 Custom Benchmark 0.1579 0.0717 0.0967 S&P Target Date 2035 Index 0.1634 0.0771 0.098 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">49,548,101</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">11</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">60%</span></div></div></td></tr></table></div> 49548101 11 0 0.60 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">40.9%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">23.2%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">18.6%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">15.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.3%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Other assets in excess of liabilities</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.0%*</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div><div style="line-height: 1pt; text-align: right; font-size: 1pt; background: none;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:auto"> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:8.53pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">*</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:519.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Less than 0.05%</span></div></div></td></tr></table></div> 0.409 0.232 0.186 0.15 0.023 1 0 1 PGIM Target Date 2035 Fund Class R2 PDGEX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R2 shares of PGIM Target Date 2035 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2035 Fund—Class R2</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$46</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.43%</span></div></div></td></tr></table></div> 46 0.0043 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g34targetdate2035_r2.jpg" style="height:216pt;width:531pt"/> <div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top: 6pt; font-size: 8pt; background: none;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R2</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.47%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">6.68%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.68% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2035 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.79%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.17%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.67%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2035 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">16.34%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.71%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.80%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R2 Class R2 0.1547 0.0668 0.0868 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2035 Custom Benchmark 0.1579 0.0717 0.0967 S&P Target Date 2035 Index 0.1634 0.0771 0.098 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">49,548,101</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">11</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">60%</span></div></div></td></tr></table></div> 49548101 11 0 0.60 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">40.9%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">23.2%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">18.6%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">15.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.3%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Other assets in excess of liabilities</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.0%*</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div><div style="line-height: 1pt; text-align: right; font-size: 1pt; background: none;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:auto"> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:8.53pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">*</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:519.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Less than 0.05%</span></div></div></td></tr></table></div> 0.409 0.232 0.186 0.15 0.023 1 0 1 PGIM Target Date 2035 Fund Class R3 PDGFX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R3 shares of PGIM Target Date 2035 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2035 Fund—Class R3</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$31</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.29%</span></div></div></td></tr></table></div> 31 0.0029 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g35targetdate2035_r3.jpg" style="height:216pt;width:531pt"/> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R3</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.59%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">6.83%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.84% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2035 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.79%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.17%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.67%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2035 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">16.34%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.71%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.80%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R3 0.1559 0.0683 0.0884 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2035 Custom Benchmark 0.1579 0.0717 0.0967 S&P Target Date 2035 Index 0.1634 0.0771 0.098 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">49,548,101</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">11</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">60%</span></div></div></td></tr></table></div> 49548101 11 0 0.60 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">40.9%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">23.2%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">18.6%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">15.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.3%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Other assets in excess of liabilities</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.0%*</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div><div style="line-height: 1pt; text-align: right; font-size: 1pt; background: none;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:auto"> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:8.53pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">*</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:519.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Less than 0.05%</span></div></div></td></tr></table></div> 0.409 0.232 0.186 0.15 0.023 1 0 1 PGIM Target Date 2035 Fund Class R4 PDGGX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R4 shares of PGIM Target Date 2035 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2035 Fund—Class R4</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$19</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.18%</span></div></div></td></tr></table></div> 19 0.0018 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g36targetdate2035_r4.jpg" style="height:216pt;width:531pt"/> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R4</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.67%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">6.93%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.96% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2035 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.79%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.17%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.67%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2035 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">16.34%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.71%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.80%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R4 0.1567 0.0693 0.0896 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2035 Custom Benchmark 0.1579 0.0717 0.0967 S&P Target Date 2035 Index 0.1634 0.0771 0.098 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">49,548,101</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">11</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">60%</span></div></div></td></tr></table></div> 49548101 11 0 0.60 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">40.9%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">23.2%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">18.6%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">15.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.3%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Other assets in excess of liabilities</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.0%*</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div><div style="line-height: 1pt; text-align: right; font-size: 1pt; background: none;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:auto"> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:8.53pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">*</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:519.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Less than 0.05%</span></div></div></td></tr></table></div> 0.409 0.232 0.186 0.15 0.023 1 0 1 PGIM Target Date 2035 Fund Class R5 PDGHX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R5 shares of PGIM Target Date 2035 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2035 Fund—Class R5</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$9</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.08%</div></div></div></td></tr></table> 9 0.0008 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g37targetdate2035_r5.jpg" style="height:216pt;width:531pt"/> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R5</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.04%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.06% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2035 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.79%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.17%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.67%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2035 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">16.34%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.71%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.80%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R5 0.1586 0.0704 0.0906 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2035 Custom Benchmark 0.1579 0.0717 0.0967 S&P Target Date 2035 Index 0.1634 0.0771 0.098 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">49,548,101</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">11</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">60%</span></div></div></td></tr></table></div> 49548101 11 0 0.60 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">40.9%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">23.2%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">18.6%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">15.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.3%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Other assets in excess of liabilities</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.0%*</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div><div style="line-height: 1pt; text-align: right; font-size: 1pt; background: none;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:auto"> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:8.53pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">*</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:519.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Less than 0.05%</span></div></div></td></tr></table></div> 0.409 0.232 0.186 0.15 0.023 1 0 1 PGIM Target Date 2035 Fund Class R6 PDGJX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R6 shares of PGIM Target Date 2035 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2035 Fund—Class R6</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$0</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.00%</span></div></div></td></tr></table></div> 0 0 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and cash, with returns of 2.6%, 2.7%, and 4.0%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g38targetdate2035_r6.jpg" style="height:216pt;width:531pt"/> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R6</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">16.01%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.21%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.22% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2035 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.79%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.17%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.67%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2035 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">16.34%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.71%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.80%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R6 0.1601 0.0721 0.0922 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2035 Custom Benchmark 0.1579 0.0717 0.0967 S&P Target Date 2035 Index 0.1634 0.0771 0.098 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">49,548,101</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">11</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">60%</span></div></div></td></tr></table></div> 49548101 11 0 0.60 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">40.9%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">23.2%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">18.6%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">15.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.3%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Other assets in excess of liabilities</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.0%*</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div><div style="line-height: 1pt; text-align: right; font-size: 1pt; background: none;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:auto"> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:8.53pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">*</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:519.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Less than 0.05%</span></div></div></td></tr></table></div> 0.409 0.232 0.186 0.15 0.023 1 0 1 PGIM Target Date 2040 Fund Class R1 PDHDX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R1 shares of PGIM Target Date 2040 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2040 Fund—Class R1</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$73</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.67%</span></div></div></td></tr></table></div> 73 0.0067 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and global REITs, with returns of 2.6%, 2.7%, and 17.7%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <div style="margin-top: 18pt; text-align: left; background: none;"> <img alt=" " src="g174856g39targetdate2040_r1.jpg" style="height:216pt;width:531pt"/><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.7pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R1</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">17.72%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.47%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.24% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2040 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">18.43%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.23%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.58%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2040 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">18.45%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.73%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.67%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R1 0.1772 0.0747 0.0924 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2040 Custom Benchmark 0.1843 0.0823 0.1058 S&P Target Date 2040 Index 0.1845 0.0873 0.1067 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">39,166,280</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">11</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">55%</span></div></div></td></tr></table></div> 39166280 11 0 0.55 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">48.4%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">27.3%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">12.2%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">12.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.2%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.1%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.1)%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.484 0.273 0.122 0.12 0.002 1.001 -0.001 1 PGIM Target Date 2040 Fund Class R2 PDHEX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R2 shares of PGIM Target Date 2040 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2040 Fund—Class R2</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$46</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.42%</span></div></div></td></tr></table></div> 46 0.0042 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and global REITs, with returns of 2.6%, 2.7%, and 17.7%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <div style="margin-top: 18pt; text-align: left; background: none;"> <img alt=" " src="g174856g40targetdate2040_r2.jpg" style="height:216pt;width:531pt"/><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.7pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R2</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">17.97%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.73%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.51% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2040 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">18.43%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.23%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.58%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2040 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">18.45%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.73%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.67%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R2 0.1797 0.0773 0.0951 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2040 Custom Benchmark 0.1843 0.0823 0.1058 S&P Target Date 2040 Index 0.1845 0.0873 0.1067 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">39,166,280</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">11</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">55%</span></div></div></td></tr></table></div> 39166280 11 0 0.55 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">48.4%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">27.3%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">12.2%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">12.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.2%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.1%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.1)%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.484 0.273 0.122 0.12 0.002 1.001 -0.001 1 PGIM Target Date 2040 Fund Class R3 PDHFX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R3 shares of PGIM Target Date 2040 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2040 Fund—Class R3</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$29</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.27%</span></div></div></td></tr></table></div> 29 0.0027 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and global REITs, with returns of 2.6%, 2.7%, and 17.7%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g41targetdate2040_r3.jpg" style="height:216pt;width:531pt"/> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R3</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">18.11%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.90%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.68% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2040 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">18.43%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.23%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.58%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2040 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">18.45%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.73%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.67%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</div></div></div> Class R3 0.1811 0.079 0.0968 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2040 Custom Benchmark 0.1843 0.0823 0.1058 S&P Target Date 2040 Index 0.1845 0.0873 0.1067 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">39,166,280</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">11</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">55%</span></div></div></td></tr></table></div> 39166280 11 0 0.55 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S <span style="display:inline;">HOLDINGS </span>AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">48.4%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">27.3%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">12.2%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">12.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.2%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.1%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.1)%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.484 0.273 0.122 0.12 0.002 1.001 -0.001 1 PGIM Target Date 2040 Fund Class R4 PDHGX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R4 shares of PGIM Target Date 2040 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2040 Fund—Class R4</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$19</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.17%</span></div></div></td></tr></table></div> 19 0.0017 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and global REITs, with returns of 2.6%, 2.7%, and 17.7%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <div style="margin-top: 18pt; text-align: left; background: none;"> <img alt=" " src="g174856g42targetdate2040_r4.jpg" style="height:216pt;width:531pt"/><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.7pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R4</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">18.37%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.02%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.80% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2040 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">18.43%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.23%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.58%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2040 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">18.45%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.73%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.67%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R4 0.1837 0.0802 0.098 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2040 Custom Benchmark 0.1843 0.0823 0.1058 S&P Target Date 2040 Index 0.1845 0.0873 0.1067 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">39,166,280</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">11</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">55%</span></div></div></td></tr></table></div> 39166280 11 0 0.55 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">48.4%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">27.3%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">12.2%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">12.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.2%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.1%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.1)%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.484 0.273 0.122 0.12 0.002 1.001 -0.001 1 PGIM Target Date 2040 Fund Class R5 PDHHX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R5 shares of PGIM Target Date 2040 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2040 Fund—Class R5</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$8</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.07%</span></div></div></td></tr></table></div> 8 0.0007 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and global REITs, with returns of 2.6%, 2.7%, and 17.7%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <div style="margin-top: 18pt; text-align: left; background: none;"> <img alt=" " src="g174856g43targetdate2040_r5.jpg" style="height:216pt;width:531pt"/><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.7pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R5</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">18.37%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.12%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.90% (<span style="display:inline;">12/13/2016)</span></span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2040 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">18.43%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.23%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.58%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2040 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">18.45%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.73%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.67%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R5 0.1837 0.0812 0.099 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2040 Custom Benchmark 0.1843 0.0823 0.1058 S&P Target Date 2040 Index 0.1845 0.0873 0.1067 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">39,166,280</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">11</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">55%</span></div></div></td></tr></table></div> 39166280 11 0 0.55 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">48.4%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">27.3%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">12.2%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">12.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.2%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.1%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.1)%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.484 0.273 0.122 0.12 0.002 1.001 -0.001 1 PGIM Target Date 2040 Fund Class R6 PDHJX <div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This <span style="display:inline;">annual shareholder report</span> contains important information about the Class R6 shares of PGIM Target Date 2040 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></span></div></div> annual shareholder report <div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"><span style="display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at <span style="display:inline;">(800) 225-1852 or (973) 367-3529</span> from outside the U.S.</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></span></div></div> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2040 Fund—Class R6</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$0</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.00%</span></div></div></td></tr></table></div> 0 0 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and global REITs, with returns of 2.6%, 2.7%, and 17.7%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g44targetdate2040_r6.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total <span style="display:inline;">Returns </span>as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R6</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">18.59%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.29%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.07% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2040 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">18.43%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.23%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.58%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2040 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">18.45%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.73%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.67%</span></div></div></td></tr></table><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</div></div> Class R6 0.1859 0.0829 0.1007 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2040 Custom Benchmark 0.1843 0.0823 0.1058 S&P Target Date 2040 Index 0.1845 0.0873 0.1067 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">39,166,280</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">11</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">55%</span></div></div></td></tr></table></div> 39166280 11 0 0.55 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">48.4%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">27.3%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">12.2%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">12.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.2%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.1%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.1)%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.484 0.273 0.122 0.12 0.002 1.001 -0.001 1 PGIM Target Date 2045 Fund Class R1 PDIDX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R1 shares of PGIM Target Date 2045 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2045 Fund—Class R1</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$72</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.66%</span></div></div></td></tr></table></div> 72 0.0066 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and global REITs, with returns of 2.6%, 2.7%, and 17.7%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g45targetdate2045_r1.jpg" style="height:216pt;width:531pt"/> <div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top: 6pt; font-size: 8pt; background: none;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R1</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.57%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.13%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.79% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2045 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">20.29%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.92%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.17%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:261.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2045 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.99%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.45%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:92.66pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.24%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R1 0.1957 0.0813 0.0979 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2045 Custom Benchmark 0.2029 0.0892 0.1117 S&P Target Date 2045 Index 0.1999 0.0945 0.1124 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">35,391,193</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">11</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">50%</span></div></div></td></tr></table></div> 35391193 11 0 0.50 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">53.4%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">31.3%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8.7%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">6.5%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.2%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.1%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.1)%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.534 0.313 0.087 0.065 0.002 1.001 -0.001 1 PGIM Target Date 2045 Fund Class R2 PDIEX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R2 shares of PGIM Target Date 2045 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2045 Fund—Class R2</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$45</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.41%</span></div></div></td></tr></table></div> 45 0.0041 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and global REITs, with returns of 2.6%, 2.7%, and 17.7%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g46targetdate2045_r2.jpg" style="height:216pt;width:531pt"/> <div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top: 6pt; font-size: 8pt; background: none;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R2</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.87%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.39%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.07% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2045 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">20.29%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.92%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.17%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2045 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.99%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.45%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.24%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R2 0.1987 0.0839 0.1007 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2045 Custom Benchmark 0.2029 0.0892 0.1117 S&P Target Date 2045 Index 0.1999 0.0945 0.1124 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">35,391,193</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">11</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">50%</span></div></div></td></tr></table></div> 35391193 11 0 0.50 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">53.4%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">31.3%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8.7%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">6.5%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.2%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.1%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.1)%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.534 0.313 0.087 0.065 0.002 1.001 -0.001 1 PGIM Target Date 2045 Fund Class R3 PDIKX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R3 shares of PGIM Target Date 2045 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2045 Fund—Class R3</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$30</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.27%</span></div></div></td></tr></table></div> 30 0.0027 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and global REITs, with returns of 2.6%, 2.7%, and 17.7%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g47targetdate2045_r3.jpg" style="height:216pt;width:531pt"/> <div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top: 6pt; font-size: 8pt; background: none;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R3</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.98%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.55%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.23% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2045 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">20.29%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.92%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.17%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2045 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.99%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.45%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.24%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R3 0.1998 0.0855 0.1023 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2045 Custom Benchmark 0.2029 0.0892 0.1117 S&P Target Date 2045 Index 0.1999 0.0945 0.1124 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">35,391,193</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">11</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">50%</span></div></div></td></tr></table></div> 35391193 11 0 0.50 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">53.4%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">31.3%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8.7%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">6.5%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.2%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.1%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.1)%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.534 0.313 0.087 0.065 0.002 1.001 -0.001 1 PGIM Target Date 2045 Fund Class R4 PDIGX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R4 shares of PGIM Target Date 2045 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2045 Fund—Class R4</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$18</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.16%</span></div></div></td></tr></table></div> 18 0.0016 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and global REITs, with returns of 2.6%, 2.7%, and 17.7%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g48targetdate2045_r4.jpg" style="height:216pt;width:531pt"/> <div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top: 6pt; font-size: 8pt; background: none;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R4</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">20.12%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.66%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.34% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2045 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">20.29%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.92%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.17%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2045 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.99%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.45%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.24%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R4 0.2012 0.0866 0.1034 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2045 Custom Benchmark 0.2029 0.0892 0.1117 S&P Target Date 2045 Index 0.1999 0.0945 0.1124 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">35,391,193</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">11</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">50%</span></div></div></td></tr></table></div> 35391193 11 0 0.50 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">53.4%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">31.3%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8.7%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">6.5%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.2%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.1%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.1)%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.534 0.313 0.087 0.065 0.002 1.001 -0.001 1 PGIM Target Date 2045 Fund Class R5 PDIHX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R5 shares of PGIM Target Date 2045 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2045 Fund—Class R5</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$7</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.06%</span></div></div></td></tr></table></div> 7 0.0006 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and global REITs, with returns of 2.6%, 2.7%, and 17.7%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g49targetdate2045_r5.jpg" style="height:216pt;width:531pt"/> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R5</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">20.18%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.76%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.45% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2045 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">20.29%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.92%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.17%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2045 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.99%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.45%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.24%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R5 0.2018 0.0876 0.1045 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2045 Custom Benchmark 0.2029 0.0892 0.1117 S&P Target Date 2045 Index 0.1999 0.0945 0.1124 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">35,391,193</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">11</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">50%</span></div></div></td></tr></table></div> 35391193 11 0 0.50 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">53.4%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">31.3%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8.7%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">6.5%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.2%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.1%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.1)%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.534 0.313 0.087 0.065 0.002 1.001 -0.001 1 PGIM Target Date 2045 Fund Class R6 PDIJX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R6 shares of PGIM Target Date 2045 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2045 Fund—Class R6</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$0</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.00%</span></div></div></td></tr></table></div> 0 0 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. Treasury Inflation-Protected Securities, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. aggregate bonds, and global REITs, with returns of 2.6%, 2.7%, and 17.7%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g50targetdate2045_r6.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R6</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">20.46%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.93%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.63% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2045 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">20.29%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.92%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.17%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2045 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.99%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.45%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.24%</span></div></div></td></tr></table><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</div></div> Class R6 0.2046 0.0893 0.1063 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2045 Custom Benchmark 0.2029 0.0892 0.1117 S&P Target Date 2045 Index 0.1999 0.0945 0.1124 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">35,391,193</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">11</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">50%</span></div></div></td></tr></table></div> 35391193 11 0 0.50 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">53.4%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">31.3%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8.7%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">6.5%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.2%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.1%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.1)%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.534 0.313 0.087 0.065 0.002 1.001 -0.001 1 PGIM Target Date 2050 Fund Class R1 PDJDX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R1 shares of PGIM Target Date 2050 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2050 Fund—Class R1</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$74</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.67%</span></div></div></td></tr></table></div> 74 0.0067 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g51targetdate2050_r1.jpg" style="height:216pt;width:531pt"/> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R1</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">21.00%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.72%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.15% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2050 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">21.77%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.65%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2050 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">20.61%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.76%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.52%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R1 0.21 0.0872 0.1015 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2050 Custom Benchmark 0.2177 0.0956 0.1165 S&P Target Date 2050 Index 0.2061 0.0976 0.1152 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">21,239,323</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">9</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">59%</span></div></div></td></tr></table></div> 21239323 9 0 0.59 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">55.7%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">34.8%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">7.4%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.3%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.2%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.2)%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.557 0.348 0.074 0.02 0.003 1.002 -0.002 1 PGIM Target Date 2050 Fund Class R2 PDJEX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R2 shares of PGIM Target Date 2050 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 This report describes changes to the Fund that occurred during the reporting period. <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2050 Fund—Class R2</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$46</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.42%</span></div></div></td></tr></table></div> 46 0.0042 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g52targetdate2050_r2.jpg" style="height:216pt;width:531pt"/><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.7pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R2</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">21.29%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.00%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.42% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2050 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">21.77%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.65%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2050 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">20.61%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.76%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.52%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R2 0.2129 0.09 0.1042 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2050 Custom Benchmark 0.2177 0.0956 0.1165 S&P Target Date 2050 Index 0.2061 0.0976 0.1152 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">21,239,323</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">9</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">59%</span></div></div></td></tr></table></div> 21239323 9 0 0.59 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">55.7%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">34.8%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">7.4%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.3%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.2%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.2)%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.557 0.348 0.074 0.02 0.003 1.002 -0.002 1 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WERE THERE ANY SIGNIFICANT CHANGES TO THE FUND THIS YEAR?</span></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following is a summary of certain changes to the Fund since August 1, 2025:</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For the year ended July 31, 2026, total annual Fund operating expenses for Class R2 shares, after waivers and/or expense reimbursement, </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increased from 0.37% in the year ended July 31, 2025 to 0.42% primarily due to a decrease in the acquired fund fee and expense waiver.</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></span></div></div><div style="line-height:12.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For more complete information, you should review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pgim.com/mutual-fund-documents or by request at (800) 225-1852.</span></div></div> The following is a summary of certain changes to the Fund since August 1, 2025: 2025-08-01 <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For the year ended July 31, 2026, total annual Fund operating expenses for Class R2 shares, after waivers and/or expense reimbursement, </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increased from 0.37% in the year ended July 31, 2025 to 0.42% primarily due to a decrease in the acquired fund fee and expense waiver.</span> pgim.com/mutual-fund-documents (800) 225-1852 PGIM Target Date 2050 Fund Class R3 PDJFX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R3 shares of PGIM Target Date 2050 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2050 Fund—Class R3</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$30</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.27%</span></div></div></td></tr></table></div> 30 0.0027 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g53targetdate2050_r3.jpg" style="height:216pt;width:531pt"/><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.7pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R3</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">21.52%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.16%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.59% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2050 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">21.77%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.65%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2050 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">20.61%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.76%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.52%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R3 0.2152 0.0916 0.1059 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2050 Custom Benchmark 0.2177 0.0956 0.1165 S&P Target Date 2050 Index 0.2061 0.0976 0.1152 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">21,239,323</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">9</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">59%</span></div></div></td></tr></table></div> 21239323 9 0 0.59 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">55.7%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">34.8%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">7.4%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.3%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.2%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.2)%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.557 0.348 0.074 0.02 0.003 1.002 -0.002 1 PGIM Target Date 2050 Fund Class R4 PDJGX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R4 shares of PGIM Target Date 2050 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 This report describes changes to the Fund that occurred during the reporting period. <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2050 Fund—Class R4</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$19</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.17%</span></div></div></td></tr></table></div> 19 0.0017 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g54targetdate2050_r4.jpg" style="height:216pt;width:531pt"/><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.7pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R4</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">21.61%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.27%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.69% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2050 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">21.77%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.65%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2050 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">20.61%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.76%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.52%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R4 0.2161 0.0927 0.1069 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2050 Custom Benchmark 0.2177 0.0956 0.1165 S&P Target Date 2050 Index 0.2061 0.0976 0.1152 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">21,239,323</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">9</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">59%</span></div></div></td></tr></table></div> 21239323 9 0 0.59 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">55.7%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">34.8%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">7.4%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.3%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.2%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.2)%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.557 0.348 0.074 0.02 0.003 1.002 -0.002 1 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WERE THERE ANY SIGNIFICANT CHANGES TO THE FUND THIS YEAR?</span></div><div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following is a summary of certain changes to the Fund since August 1, 2025:</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For the year ended July 31, 2026, total annual Fund operating expenses for Class R4 shares, after waivers and/or expense reimbursement, </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increased from 0.12% in the year ended July 31, 2025 to 0.17% primarily due to a decrease in the acquired fund fee and expense waiver.</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></span></div></div><div style="line-height:12.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For more complete information, you should review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">pgim.com/mutual-fund-documents or by request at (800) 225-1852.</span></div></div> The following is a summary of certain changes to the Fund since August 1, 2025: 2025-08-01 <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For the year ended July 31, 2026, total annual Fund operating expenses for Class R4 shares, after waivers and/or expense reimbursement, </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">increased from 0.12% in the year ended July 31, 2025 to 0.17% primarily due to a decrease in the acquired fund fee and expense waiver.</span> pgim.com/mutual-fund-documents (800) 225-1852 PGIM Target Date 2050 Fund Class R5 PDJHX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R5 shares of PGIM Target Date 2050 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2050 Fund—Class R5</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$7</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.06%</span></div></div></td></tr></table></div> 7 0.0006 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g55targetdate2050_r5.jpg" style="height:216pt;width:531pt"/><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.7pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R5</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">21.81%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.39%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.82% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2050 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">21.77%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.65%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2050 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">20.61%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.76%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.52%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R5 0.2181 0.0939 0.1082 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2050 Custom Benchmark 0.2177 0.0956 0.1165 S&P Target Date 2050 Index 0.2061 0.0976 0.1152 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">21,239,323</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">9</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">59%</span></div></div></td></tr></table></div> 21239323 9 0 0.59 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">55.7%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">34.8%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">7.4%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.3%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.2%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.2)%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.557 0.348 0.074 0.02 0.003 1.002 -0.002 1 PGIM Target Date 2050 Fund Class R6 PDJJX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R6 shares of PGIM Target Date 2050 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2050 Fund—Class R6</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$0</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.00%</span></div></div></td></tr></table></div> 0 0 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, commodities, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. small-cap equity, with returns of 36.4%, 35.5%, and 34.2%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g56targetdate2050_r6.jpg" style="height:216pt;width:531pt"/><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.7pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R6</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">21.97%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.55%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.00% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2050 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">21.77%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.65%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2050 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">20.61%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.76%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.52%</span></div></div></td></tr></table><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</div></div> Class R6 0.2197 0.0955 0.11 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2050 Custom Benchmark 0.2177 0.0956 0.1165 S&P Target Date 2050 Index 0.2061 0.0976 0.1152 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">21,239,323</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">9</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">59%</span></div></div></td></tr></table></div> 21239323 9 0 0.59 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">55.7%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">34.8%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">7.4%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.3%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.2%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.2)%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.557 0.348 0.074 0.02 0.003 1.002 -0.002 1 PGIM Target Date 2055 Fund Class R1 PDKDX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R1 shares of PGIM Target Date 2055 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2055 Fund—Class R1</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$72</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.65%</span></div></div></td></tr></table></div> 72 0.0065 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g57targetdate2055_r1.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R1</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">21.87%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.01%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.46% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2055 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">22.64%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.89%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.91%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2055 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">21.10%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.92%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.67%</span></div></div></td></tr></table><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</div></div></div> Class R1 0.2187 0.0901 0.1046 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2055 Custom Benchmark 0.2264 0.0989 0.1191 S&P Target Date 2055 Index 0.211 0.0992 0.1167 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">11,799,827</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">63%</span></div></div></td></tr></table></div> 11799827 8 0 0.63 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">57.0%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">38.6%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.3%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.4%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.3%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.3)%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.57 0.386 0.043 0.004 1.003 -0.003 1 PGIM Target Date 2055 Fund Class R2 PDKEX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R2 shares of PGIM Target Date 2055 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2055 Fund—Class R2</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$44</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.40%</span></div></div></td></tr></table></div> 44 0.004 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g58targetdate2055_r2.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R2</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">22.17%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.29%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.74% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2055 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">22.64%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.89%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.91%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2055 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">21.10%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.92%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.67%</span></div></div></td></tr></table><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</div></div></div> Class R2 0.2217 0.0929 0.1074 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2055 Custom Benchmark 0.2264 0.0989 0.1191 S&P Target Date 2055 Index 0.211 0.0992 0.1167 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">11,799,827</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">63%</span></div></div></td></tr></table></div> 11799827 8 0 0.63 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">57.0%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">38.6%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.3%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.4%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.3%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.3)%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.57 0.386 0.043 0.004 1.003 -0.003 1 PGIM Target Date 2055 Fund Class R3 PDKFX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R3 shares of PGIM Target Date 2055 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2055 Fund—Class R3</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$28</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.25%</span></div></div></td></tr></table></div> 28 0.0025 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g59targetdate2055_r3.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R3</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">22.36%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.45%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="display:inline;">10.90</span>% (<span style="display:inline;">12/13/2016</span>)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="display:inline;">S&amp;P 500 Index*</span></span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2055 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">22.64%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.89%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.91%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2055 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">21.10%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.92%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.67%</span></div></div></td></tr></table><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</div></div></div> Class R3 0.2236 0.0945 0.109 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2055 Custom Benchmark 0.2264 0.0989 0.1191 S&P Target Date 2055 Index 0.211 0.0992 0.1167 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">11,799,827</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">63%</span></div></div></td></tr></table></div> 11799827 8 0 0.63 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">57.0%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">38.6%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.3%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.4%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.3%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.3)%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.57 0.386 0.043 0.004 1.003 -0.003 1 PGIM Target Date 2055 Fund Class R4 PDKGX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R4 shares of PGIM Target Date 2055 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2055 Fund—Class R4</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$17</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.15%</span></div></div></td></tr></table></div> 17 0.0015 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g60targetdate2055_r4.jpg" style="height:216pt;width:531pt"/> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R4</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">22.43%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.55%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.01% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2055 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">22.64%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.89%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.91%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2055 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">21.10%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.92%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.67%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R4 0.2243 0.0955 0.1101 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2055 Custom Benchmark 0.2264 0.0989 0.1191 S&P Target Date 2055 Index 0.211 0.0992 0.1167 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">11,799,827</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">63%</span></div></div></td></tr></table></div> 11799827 8 0 0.63 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">57.0%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">38.6%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.3%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.4%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.3%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.3)%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.57 0.386 0.043 0.004 1.003 -0.003 1 PGIM Target Date 2055 Fund Class R5 PDKHX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R5 shares of PGIM Target Date 2055 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2055 Fund—Class R5</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$6</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.05%</div></div></div></td></tr></table> 6 0.0005 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underl<div style="display:inline;">yi</div>ng funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g61targetdate2055_r5.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R5</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">22.55%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.67%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.13% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2055 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">22.64%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.89%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.91%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2055 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">21.10%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.92%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.67%</span></div></div></td></tr></table><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</div></div></div> Class R5 0.2255 0.0967 0.1113 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2055 Custom Benchmark 0.2264 0.0989 0.1191 S&P Target Date 2055 Index 0.211 0.0992 0.1167 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">11,799,827</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">63%</div></div></div></td></tr></table> 11799827 8 0 0.63 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investment Allocation</div></div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">% of Net </div></div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Assets</div></div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">57.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">38.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.3%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.4%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.3%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.3)%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</div></div></div></div></td></tr></table> 0.57 0.386 0.043 0.004 1.003 -0.003 1 PGIM Target Date 2055 Fund Class R6 PDKJX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R6 shares of PGIM Target Date 2055 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2055 Fund—Class R6</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$0</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.00%</div></div></div></td></tr></table> 0 0 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the und<div style="display:inline;">er</div>lying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g62targetdate2055_r6.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R6</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">22.77%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.83%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.29% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2055 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">22.64%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.89%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.91%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2055 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">21.10%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.92%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.67%</span></div></div></td></tr></table><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</div></div></div> Class R6 0.2277 0.0983 0.1129 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2055 Custom Benchmark 0.2264 0.0989 0.1191 S&P Target Date 2055 Index 0.211 0.0992 0.1167 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">11,799,827</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">63%</div></div></div></td></tr></table> 11799827 8 0 0.63 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investment Allocation</div></div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">% of Net </div></div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Assets</div></div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">57.0%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">38.6%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.3%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.4%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.3%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.3)%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</div></div></div></div></td></tr></table> 0.57 0.386 0.043 0.004 1.003 -0.003 1 PGIM Target Date 2060 Fund Class R1 PDLDX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R1 shares of PGIM Target Date 2060 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2060 Fund—Class R1</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$71</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.64%</div></div></div></td></tr></table> 71 0.0064 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the unde<div style="display:inline;">rlyin</div>g funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g63targetdate2060_r1.jpg" style="height:216pt;width:531pt"/><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.7pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R1</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">22.22%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.11%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.49% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2060 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">23.03%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.01%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.03%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2060 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">21.04%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.92%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.72%</span></div></div></td></tr></table><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</div></div></div> Class R1 0.2222 0.0911 0.1049 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2060 Custom Benchmark 0.2303 0.1001 0.1203 S&P Target Date 2060 Index 0.2104 0.0992 0.1172 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">11,418,315</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">55%</div></div></div></td></tr></table> 11418315 8 0 0.55 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investment Allocation</div></div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">% of Net </div></div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Assets</div></div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">56.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">40.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.1%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.4%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.3%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.3)%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</div></div></div></div></td></tr></table> 0.563 0.405 0.031 0.004 1.003 -0.003 1 PGIM Target Date 2060 Fund Class R2 PDLEX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R2 shares of PGIM Target Date 2060 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2060 Fund—Class R2</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$43</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.39%</div></div></div></td></tr></table> 43 0.0039 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the und<div style="display:inline;">er</div>lying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g64targetdate2060_r2.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R2</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">22.54%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.77% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2060 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">23.03%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.01%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.03%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2060 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">21.04%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.92%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.72%</span></div></div></td></tr></table><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</div></div></div> Class R2 0.2254 0.094 0.1077 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2060 Custom Benchmark 0.2303 0.1001 0.1203 S&P Target Date 2060 Index 0.2104 0.0992 0.1172 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">11,418,315</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">55%</div></div></div></td></tr></table> 11418315 8 0 0.55 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investment Allocation</div></div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">% of Net </div></div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Assets</div></div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">56.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">40.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.1%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.4%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.3%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.3)%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</div></div></div></div></td></tr></table> 0.563 0.405 0.031 0.004 1.003 -0.003 1 PGIM Target Date 2060 Fund Class R3 PDLFX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R3 shares of PGIM Target Date 2060 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2060 Fund—Class R3</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$27</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.24%</div></div></div></td></tr></table> 27 0.0024 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the u<div style="display:inline;">nde</div>rlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g65targetdate2060_r3.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R3</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">22.72%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.57%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.94% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2060 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">23.03%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.01%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.03%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2060 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">21.04%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.92%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.72%</span></div></div></td></tr></table><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</div></div></div> Class R3 0.2272 0.0957 0.1094 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2060 Custom Benchmark 0.2303 0.1001 0.1203 S&P Target Date 2060 Index 0.2104 0.0992 0.1172 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">11,418,315</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">55%</div></div></div></td></tr></table> 11418315 8 0 0.55 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investment Allocation</div></div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">% of Net </div></div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Assets</div></div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">56.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">40.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.1%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.4%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.3%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.3)%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</div></div></div></div></td></tr></table> 0.563 0.405 0.031 0.004 1.003 -0.003 1 PGIM Target Date 2060 Fund Class R4 PDLGX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R4 shares of PGIM Target Date 2060 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2060 Fund—Class R4</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$16</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.14%</div></div></div></td></tr></table> 16 0.0014 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the unde<div style="display:inline;">rlyi</div>ng funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g66targetdate2060_r4.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R4</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">22.85%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.67%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.05% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2060 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">23.03%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.01%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.03%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2060 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">21.04%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.92%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.72%</span></div></div></td></tr></table><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</div></div></div> Class R4 0.2285 0.0967 0.1105 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2060 Custom Benchmark 0.2303 0.1001 0.1203 S&P Target Date 2060 Index 0.2104 0.0992 0.1172 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">11,418,315</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">55%</div></div></div></td></tr></table> 11418315 8 0 0.55 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investment Allocation</div></div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">% of Net </div></div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Assets</div></div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">56.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">40.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.1%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.4%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.3%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.3)%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</div></div></div></div></td></tr></table> 0.563 0.405 0.031 0.004 1.003 -0.003 1 PGIM Target Date 2060 Fund Class R5 PDLHX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R5 shares of PGIM Target Date 2060 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2060 Fund—Class R5</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$4</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.04%</div></div></div></td></tr></table> 4 0.0004 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the unde<div style="display:inline;">rlyi</div>ng funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g67targetdate2060_r5.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R5</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">22.99%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.78%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.16% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2060 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">23.03%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.01%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.03%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2060 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">21.04%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.92%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.72%</span></div></div></td></tr></table><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</div></div></div> Class R5 0.2299 0.0978 0.1116 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2060 Custom Benchmark 0.2303 0.1001 0.1203 S&P Target Date 2060 Index 0.2104 0.0992 0.1172 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">11,418,315</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">55%</div></div></div></td></tr></table> 11418315 8 0 0.55 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investment Allocation</div></div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">% of Net </div></div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Assets</div></div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">56.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">40.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.1%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.4%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.3%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.3)%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</div></div></div></div></td></tr></table> 0.563 0.405 0.031 0.004 1.003 -0.003 1 PGIM Target Date 2060 Fund Class R6 PDLJX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R6 shares of PGIM Target Date 2060 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2060 Fund—Class R6</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$0</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.00%</div></div></div></td></tr></table> 0 0 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underly<div style="display:inline;">i</div>ng funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g68targetdate2060_r6.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R6</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">23.17%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.95%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.33% (12/13/2016)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.41%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.74%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2060 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">23.03%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.01%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.03%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2060 Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">21.04%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.92%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.72%</span></div></div></td></tr></table><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</div></div></div> Class R6 0.2317 0.0995 0.1133 2016-12-13 S&P 500 Index 0.1956 0.1286 0.1541 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0174 PGIM Target Date 2060 Custom Benchmark 0.2303 0.1001 0.1203 S&P Target Date 2060 Index 0.2104 0.0992 0.1172 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 26.63pt; letter-spacing: 0px; top: 0px;display:inline;">11,418,315</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">55%</div></div></div></td></tr></table> 11418315 8 0 0.55 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investment Allocation</div></div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">% of Net </div></div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Assets</div></div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">56.3%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">40.5%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.1%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.4%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.3%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.3)%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</div></div></div></div></td></tr></table> 0.563 0.405 0.031 0.004 1.003 -0.003 1 PGIM Target Date 2065 Fund Class R1 PDOAX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R1 shares of PGIM Target Date 2065 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2065 Fund—Class R1</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$71</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.64%</div></div></div></td></tr></table> 71 0.0064 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, an<div style="display:inline;">d </div>U.S. large-cap </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g69targetdate2065_r1.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R1</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">22.46%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.23%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.03% (12/16/2019)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.33%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.72%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2065 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">23.16%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.11%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.93%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2065+ Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">21.12%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.09%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.76%</span></div></div></td></tr></table><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</div></div></div> Class R1 0.2246 0.0923 0.1103 2019-12-16 S&P 500 Index 0.1956 0.1286 0.1533 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0072 PGIM Target Date 2065 Custom Benchmark 0.2316 0.1011 0.1193 S&P Target Date 2065+ Index 0.2112 0.1009 0.1176 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 31.16pt; letter-spacing: 0px; top: 0px;display:inline;">2,569,754</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">72%</div></div></div></td></tr></table> 2569754 8 0 0.72 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investment Allocation</div></div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">% of Net </div></div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Assets</div></div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">56.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">40.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.0%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.2%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.1%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.1)%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</div></div></div></div></td></tr></table> 0.561 0.408 0.03 0.002 1.001 -0.001 1 PGIM Target Date 2065 Fund Class R2 PDODX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R2 shares of PGIM Target Date 2065 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2065 Fund—Class R2</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$43</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.39%</div></div></div></td></tr></table> 43 0.0039 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the und<div style="display:inline;">erlyin</div>g funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g70targetdate2065_r2.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R2</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">22.65%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.43%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.26% (12/16/2019)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.33%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.72%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2065 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">23.16%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.11%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.93%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2065+ Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">21.12%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.09%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.76%</span></div></div></td></tr></table><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</div></div></div> Class R2 0.2265 0.0943 0.1126 2019-12-16 S&P 500 Index 0.1956 0.1286 0.1533 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0072 PGIM Target Date 2065 Custom Benchmark 0.2316 0.1011 0.1193 S&P Target Date 2065+ Index 0.2112 0.1009 0.1176 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 31.16pt; letter-spacing: 0px; top: 0px;display:inline;">2,569,754</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">72%</div></div></div></td></tr></table> 2569754 8 0 0.72 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investment Allocation</div></div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">% of Net </div></div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Assets</div></div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">56.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">40.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.0%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.2%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.1%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.1)%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</div></div></div></div></td></tr></table> 0.561 0.408 0.03 0.002 1.001 -0.001 1 PGIM Target Date 2065 Fund Class R3 PDOEX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R3 shares of PGIM Target Date 2065 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2065 Fund—Class R3</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$27</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.24%</div></div></div></td></tr></table> 27 0.0024 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use deri<div style="display:inline;">vat</div>ives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g71targetdate2065_r3.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R3</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">22.89%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.63%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.45% (12/16/2019)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.33%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.72%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2065 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">23.16%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.11%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.93%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2065+ Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">21.12%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.09%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.76%</span></div></div></td></tr></table><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</div></div></div> Class R3 0.2289 0.0963 0.1145 2019-12-16 S&P 500 Index 0.1956 0.1286 0.1533 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0072 PGIM Target Date 2065 Custom Benchmark 0.2316 0.1011 0.1193 S&P Target Date 2065+ Index 0.2112 0.1009 0.1176 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 31.16pt; letter-spacing: 0px; top: 0px;display:inline;">2,569,754</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">72%</div></div></div></td></tr></table> 2569754 8 0 0.72 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investment Allocation</div></div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">% of Net </div></div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Assets</div></div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">56.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">40.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.0%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.2%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.1%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.1)%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</div></div></div></div></td></tr></table> 0.561 0.408 0.03 0.002 1.001 -0.001 1 PGIM Target Date 2065 Fund Class R4 PDOFX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R4 shares of PGIM Target Date 2065 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2065 Fund—Class R4</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$16</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.14%</div></div></div></td></tr></table> 16 0.0014 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underl<div style="display:inline;">ying</div> funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g72targetdate2065_r4.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R4</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">23.01%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.77%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.59% (12/16/2019)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.33%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.72%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2065 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">23.16%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.11%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.93%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2065+ Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">21.12%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.09%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.76%</span></div></div></td></tr></table><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</div></div></div> Class R4 0.2301 0.0977 0.1159 2019-12-16 S&P 500 Index 0.1956 0.1286 0.1533 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0072 PGIM Target Date 2065 Custom Benchmark 0.2316 0.1011 0.1193 S&P Target Date 2065+ Index 0.2112 0.1009 0.1176 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 31.16pt; letter-spacing: 0px; top: 0px;display:inline;">2,569,754</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">72%</div></div></div></td></tr></table> 2569754 8 0 0.72 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investment Allocation</div></div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">% of Net </div></div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Assets</div></div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">56.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">40.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.0%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.2%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.1%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.1)%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</div></div></div></div></td></tr></table> 0.561 0.408 0.03 0.002 1.001 -0.001 1 PGIM Target Date 2065 Fund Class R5 PDOGX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R5 shares of PGIM Target Date 2065 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2065 Fund—Class R5</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$4</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.04%</span></div></div></td></tr></table></div> 4 0.0004 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <div style="margin-top: 18pt; text-align: left; background: none;"> <img alt=" " src="g174856g73targetdate2065_r5.jpg" style="height:216pt;width:531pt"/><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.7pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R5</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">23.09%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.88%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.70% (12/16/2019)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.33%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.72%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2065 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">23.16%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.11%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.93%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2065+ Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">21.12%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.09%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.76%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R5 0.2309 0.0988 0.117 2019-12-16 S&P 500 Index 0.1956 0.1286 0.1533 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0072 PGIM Target Date 2065 Custom Benchmark 0.2316 0.1011 0.1193 S&P Target Date 2065+ Index 0.2112 0.1009 0.1176 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 31.16pt; letter-spacing: 0px; top: 0px;display:inline;">2,569,754</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">72%</span></div></div></td></tr></table></div> 2569754 8 0 0.72 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">56.1%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">40.8%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.2%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.1%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.1)%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.561 0.408 0.03 0.002 1.001 -0.001 1 PGIM Target Date 2065 Fund Class R6 PDOHX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R6 shares of PGIM Target Date 2065 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2065 Fund—Class R6</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$0</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.00%</span></div></div></td></tr></table></div> 0 0 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g74targetdate2065_r6.jpg" style="height:216pt;width:531pt"/> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R6</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">23.32%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.10%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.90% (12/16/2019)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.33%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.72%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2065 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">23.16%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.11%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.93%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:256.95pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2065+ Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">21.12%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10.09%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11.76%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R6 0.2332 0.101 0.119 2019-12-16 S&P 500 Index 0.1956 0.1286 0.1533 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0072 PGIM Target Date 2065 Custom Benchmark 0.2316 0.1011 0.1193 S&P Target Date 2065+ Index 0.2112 0.1009 0.1176 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 31.16pt; letter-spacing: 0px; top: 0px;display:inline;">2,569,754</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">72%</span></div></div></td></tr></table></div> 2569754 8 0 0.72 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">56.1%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">40.8%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.2%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.1%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.1)%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.561 0.408 0.03 0.002 1.001 -0.001 1 PGIM Target Date 2070 Fund Class R1 PDALX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R1 shares of PGIM Target Date 2070 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2070 Fund—Class R1</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$72</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.65%</div></div></div></td></tr></table> 72 0.0065 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g75targetdate2070_r1.jpg" style="height:216pt;width:531pt"/> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="3" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:345.75pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:345.75pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R1</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">22.41%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">16.93% (12/10/2024)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:345.75pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.28%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:345.75pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.86%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:345.75pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2070 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">23.16%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">17.85%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:345.75pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2065+ Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">21.12%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">16.98%</span></div></div></td></tr></table><div style="margin-top:6pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</div></div> Class R1 0.2241 0.1693 2024-12-10 S&P 500 Index 0.1956 0.1528 Bloomberg US Aggregate Bond Index 0.0271 0.0286 PGIM Target Date 2070 Custom Benchmark 0.2316 0.1785 S&P Target Date 2065+ Index 0.2112 0.1698 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 37.99pt; letter-spacing: 0px; top: 0px;display:inline;">100,726</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</div></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</div></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">21%</div></div></div></td></tr></table> 100726 8 0 0.21 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investment Allocation</div></div></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">% of Net </div></div></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Assets</div></div></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</div></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">56.1%</div></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">40.8%</div></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</div></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.0%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.3%</div></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.2%</div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</div></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.2)%</div></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</div></div></div></div></td></tr></table> 0.561 0.408 0.03 0.003 1.002 -0.002 1 PGIM Target Date 2070 Fund Class R2 PDAMX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R2 shares of PGIM Target Date 2070 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2070 Fund—Class R2</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$45</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.40%</div></div></div></td></tr></table> 45 0.004 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g76targetdate2070_r2.jpg" style="height:216pt;width:531pt"/><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.7pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="3" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:345.75pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:345.75pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R2</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">22.77%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">17.20% (12/10/2024)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:345.75pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.28%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:345.75pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.86%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:345.75pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2070 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">23.16%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">17.85%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:345.75pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2065+ Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">21.12%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">16.98%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R2 0.2277 0.172 2024-12-10 S&P 500 Index 0.1956 0.1528 Bloomberg US Aggregate Bond Index 0.0271 0.0286 PGIM Target Date 2070 Custom Benchmark 0.2316 0.1785 S&P Target Date 2065+ Index 0.2112 0.1698 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 37.99pt; letter-spacing: 0px; top: 0px;display:inline;">100,726</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">21%</span></div></div></td></tr></table></div> 100726 8 0 0.21 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">56.1%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">40.8%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.3%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.2%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.2)%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.561 0.408 0.03 0.003 1.002 -0.002 1 PGIM Target Date 2070 Fund Class R3 PDANX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R3 shares of PGIM Target Date 2070 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2070 Fund—Class R3</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$28</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.25%</div></div></div></td></tr></table> 28 0.0025 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g77targetdate2070_r3.jpg" style="height:216pt;width:531pt"/><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.7pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="3" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:345.75pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:345.75pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R3</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">23.01%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">17.42% (12/10/2024)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:345.75pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.28%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:345.75pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.86%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:345.75pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2070 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">23.16%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">17.85%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:345.75pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2065+ Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">21.12%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">16.98%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R3 0.2301 0.1742 2024-12-10 S&P 500 Index 0.1956 0.1528 Bloomberg US Aggregate Bond Index 0.0271 0.0286 PGIM Target Date 2070 Custom Benchmark 0.2316 0.1785 S&P Target Date 2065+ Index 0.2112 0.1698 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 37.99pt; letter-spacing: 0px; top: 0px;display:inline;">100,726</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">21%</span></div></div></td></tr></table></div> 100726 8 0 0.21 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">56.1%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">40.8%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.3%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.2%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.2)%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.561 0.408 0.03 0.003 1.002 -0.002 1 PGIM Target Date 2070 Fund Class R4 PDAOX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R4 shares of PGIM Target Date 2070 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2070 Fund—Class R4</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$17</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.15%</div></div></div></td></tr></table> 17 0.0015 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g78targetdate2070_r4.jpg" style="height:216pt;width:531pt"/><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.7pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="3" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:345.75pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:345.75pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R4</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">23.10%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">17.54% (12/10/2024)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:345.75pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.28%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:345.75pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.86%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:345.75pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2070 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">23.16%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">17.85%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:345.75pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2065+ Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">21.12%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">16.98%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R4 0.231 0.1754 2024-12-10 S&P 500 Index 0.1956 0.1528 Bloomberg US Aggregate Bond Index 0.0271 0.0286 PGIM Target Date 2070 Custom Benchmark 0.2316 0.1785 S&P Target Date 2065+ Index 0.2112 0.1698 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 37.99pt; letter-spacing: 0px; top: 0px;display:inline;">100,726</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">21%</span></div></div></td></tr></table></div> 100726 8 0 0.21 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">56.1%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">40.8%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.3%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.2%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.2)%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.561 0.408 0.03 0.003 1.002 -0.002 1 PGIM Target Date 2070 Fund Class R5 PDAQX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R5 shares of PGIM Target Date 2070 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</div></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</div></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2070 Fund—Class R5</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$6</div></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.05%</div></div></div></td></tr></table> 6 0.0005 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g79targetdate2070_r5.jpg" style="height:216pt;width:531pt"/><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 9.7pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span> <div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="3" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:345.75pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:345.75pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R5</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">23.10%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">17.61% (12/10/2024)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:345.75pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.28%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:345.75pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.86%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:345.75pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2070 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">23.16%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">17.85%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:345.75pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2065+ Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">21.12%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">16.98%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R5 0.231 0.1761 2024-12-10 S&P 500 Index 0.1956 0.1528 Bloomberg US Aggregate Bond Index 0.0271 0.0286 PGIM Target Date 2070 Custom Benchmark 0.2316 0.1785 S&P Target Date 2065+ Index 0.2112 0.1698 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 37.99pt; letter-spacing: 0px; top: 0px;display:inline;">100,726</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">21%</span></div></div></td></tr></table></div> 100726 8 0 0.21 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">56.1%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">40.8%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.3%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.2%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.2)%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.561 0.408 0.03 0.003 1.002 -0.002 1 PGIM Target Date 2070 Fund Class R6 PDAUX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R6 shares of PGIM Target Date 2070 Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/investments/target-date-prospectuses-and-fact-sheets (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2070 Fund—Class R6</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$0</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.00%</span></div></div></td></tr></table></div> 0 0 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months were influenced by evolving monetary policy expectations, persistent </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">inflation concerns, and heightened geopolitical uncertainty. U.S. equities generally benefited from resilient corporate earnings and economic </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">growth, while fixed income markets experienced periodic volatility as the interest rate outlook continued to be reassessed.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of contributors to performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the greatest level of performance was provided by emerging markets equity, U.S. small-cap equity, and </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. developed markets equity, with returns of 36.4%, 34.2%, and 24.3%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Given the Fund is comprised of equities, fixed income, and non-traditional assets, performance saw a number of detractors from performance. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Across the asset classes included, the lowest level of performance was provided by U.S. aggregate bonds, global REITs, and U.S. large-cap </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equity, with returns of 2.7%, 17.7%, and 19.6%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM Target Date Funds do not use derivatives, although derivatives are used in some of the underlying funds.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/investments/target-date-prospectuses-and-fact-sheets</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g80targetdate2070_r6.jpg" style="height:216pt;width:531pt"/> <div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top: 6pt; font-size: 8pt; background: none;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="3" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:528.00pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:345.75pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:345.75pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R6</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">23.46%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">17.83% (12/10/2024)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:345.75pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.28%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:345.75pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.86%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:345.75pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Target Date 2070 Custom Benchmark</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">23.16%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">17.85%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:345.75pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P Target Date 2065+ Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">21.12%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:97.19pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">16.98%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R6 0.2346 0.1783 2024-12-10 S&P 500 Index 0.1956 0.1528 Bloomberg US Aggregate Bond Index 0.0271 0.0286 PGIM Target Date 2070 Custom Benchmark 0.2316 0.1785 S&P Target Date 2065+ Index 0.2112 0.1698 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 37.99pt; letter-spacing: 0px; top: 0px;display:inline;">100,726</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">21%</span></div></div></td></tr></table></div> 100726 8 0 0.21 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">56.1%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - International Equity</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">40.8%</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.0%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.3%</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.2%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Liabilities in excess of other assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.2)%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div> 0.561 0.408 0.03 0.003 1.002 -0.002 1 PGIM 60/40 Allocation Fund Class R6 PALDX <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">This annual shareholder report contains important information about the Class R6 shares of PGIM 60/40 Allocation Fund (the “Fund”) for the </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">period of August 1, 2025 to July 31, 2026.</span> annual shareholder report <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">You can find additional information about the Fund at </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/mutual-fund-documents</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">. You can also request this information by contacting us </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">at (800) 225-1852 or (973) 367-3529 from outside the U.S.</span> pgim.com/mutual-fund-documents (800) 225-1852 or (973) 367-3529 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT WERE THE FUND COSTS FOR THE LAST YEAR?</span></div></div><div style="line-height:12.0pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(Based on a hypothetical $10,000 investment)</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:27.5pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: center; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs of a</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$10,000 investment</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Costs paid as a percentage</span></div><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of a $10,000 investment</span></div></div></td></tr> <tr style="height:14.5pt"> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:333.85pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM 60/40 Allocation Fund—Class R6</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$1</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.5pt;vertical-align:Top;width:111.35pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">0.01%</span></div></div></td></tr></table></div> 1 0.0001 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</span> <div> </div><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Despite some volatility across global markets in 2026, the past 12 months provided strong returns across U.S. equities, with the S&amp;P 500 Index </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">returning 19.6%, significantly outpacing the returns of bonds, with the Bloomberg US Aggregate Bond Index returning 2.7%.</span></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As the Fund invests solely in U.S. large-cap equities and U.S. bonds, the largest contributor to performance was exposure to U.S. large-cap </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">equities, which provided a return of 19.6% during the reporting period.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">During the period, the underlying funds—the PGIM Quant Solutions Large-Cap Core Fund and the PGIM Total Return Bond Fund—</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">outperformed their respective indexes by 3.2% and 0.5%, respectively.</div></div></div><div style="line-height:12.0pt;margin-left:10pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; margin-left: -10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div> <div> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The PGIM 60/40 Allocation Fund does not use derivatives. Derivatives are used in the Total Return Bond Fund, which is an underlying fund.</div></div></div> The Fund’s past performance is not a good predictor of the Fund’s future performance. <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">The returns do not reflect the deduction of </span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</span></span> <span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Visit </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">pgim.com/mutual-fund-documents</span></span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> or call </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.</span> <img alt=" " src="g174856g81allocation6040_r6.jpg" style="height:216pt;width:531pt"/> <div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top: 6pt; font-size: 8pt; background: none;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:18pt"> <td colspan="4" style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:527.99pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 7/31/2026</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:262.33pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 18pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">One Year (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Five Years (%)</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.625pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since Inception (%)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:262.33pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class R6</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">14.74%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8.10%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.64% (9/13/2017)</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:262.33pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">S&amp;P 500 Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">19.56%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.86%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">15.09%</span></div></div></td></tr> <tr style="height:15pt"> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:262.33pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Bloomberg US Aggregate Bond Index*</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2.71%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">-0.40%</span></div></div></td> <td style="border-bottom:0.5pt solid #000000;padding-bottom:2.125pt;padding-top:2.125pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:13.0pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1.47%</span></div></div></td></tr> <tr style="height:13pt"> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:262.33pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:18pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Custom Blended Index</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:85.06pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12.72%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:88.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:18pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7.58%</span></div></div></td> <td style="padding-bottom:3pt;padding-top:2.125pt;vertical-align:Bottom;width:91.8pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:18pt;margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9.73%</span></div></div></td></tr></table></div><div style="line-height:10.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">*The Fund compares its performance against this broad-based index in response to regulatory requirements.</span></div></div> Class R6 0.1474 0.081 0.0964 2017-09-13 S&P 500 Index 0.1956 0.1286 0.1509 Bloomberg US Aggregate Bond Index 0.0271 -0.004 0.0147 Custom Blended Index 0.1272 0.0758 0.0973 <div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:14pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net assets</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 22.1pt; letter-spacing: 0px; top: 0px;display:inline;">157,287,891</span></div></div></td></tr> <tr style="height:15pt"> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Number of fund holdings</span></div></div></td> <td style="padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total advisory fees paid for the year</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</span><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 62.94pt; letter-spacing: 0px; top: 0px;display:inline;">0</span></div></div></td></tr> <tr style="height:14pt"> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:449pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover rate for the year</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:4pt;vertical-align:Bottom;width:79pt"><div style="line-height:13pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">58%</span></div></div></td></tr></table></div> 157287891 3 0 0.58 <div style="line-height:14.0pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 12pt; text-transform: uppercase; letter-spacing: 0px; top: 0px;display:inline;">WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?</span><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:30pt"> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Allocation</span></span></div></div></td> <td style="background-color:#545454;padding-bottom:5pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">% of Net </span></span></div><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(255, 255, 255); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Assets</span></span></div></div></td></tr> <tr style="height:16pt"> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Funds - Domestic Equity</span></div></div></td> <td style="padding-bottom:4pt;padding-top:5pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">60.2%</span></div></div></td></tr> <tr style="height:15pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Exchange-Traded Funds - Fixed Income</span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">39.6%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Affiliated Mutual Fund - Short-Term Investment</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.0%*</span></div></div></div></td></tr> <tr style="height:16.75pt"> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:4pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:12pt;text-align:left"><div style="margin-right:3pt;text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">99.8%</span></div></div></td></tr> <tr style="height:16.75pt"> <td style="padding-bottom:5.75pt;padding-top:4pt;vertical-align:Bottom;width:465pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Other assets in excess of liabilities</span></div></div></td> <td style="padding-bottom:1.75pt;padding-top:4pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:0.5pt solid #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.2%</span></div></div></div></td></tr> <tr style="height:19.75pt"> <td style="background-color:#EFEFEF;padding-bottom:1pt;padding-top:5.75pt;vertical-align:Bottom;width:465pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; text-align: left; white-space: nowrap; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div></td> <td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:5.75pt;vertical-align:Bottom;width:63pt"><div style="line-height:13.0pt;text-align:left"><div style="border-bottom:3pt double #000000;margin-left:0%;margin-right:2.38%;padding-bottom:1pt"><div style="text-align:Right;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100.0%</span></div></div></div></td></tr></table></div><div style="line-height: 1pt; text-align: right; font-size: 1pt; background: none;"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; line-height: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="margin-top:0.0pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells:show;width:528pt"> <tr style="height:auto"> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:8.53pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">*</span></div></div></td> <td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:519.47pt"><div style="line-height:12pt;text-align:left"><div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Less than 0.05%</span></div></div></td></tr></table></div> 0.602 0.396 0 0.998 0.002 1 The Fund compares its performance against this broad-based index in response to regulatory requirements. Consists of Industries that each make up less than 0.5% of the Fund's net assets Less than 0.05%