# EDGAR Filing Document

**Accession Number:** 0000949512
**File Stem:** 0001193125-25-300874
**Filing Date:** 2025-11
**Character Count:** 43966
**Document Hash:** a85085fe26a7e5ef2da84529608eb22f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-300874.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0001193125-25-300874

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251126

**EFFECTIVENESS DATE**: 20251128

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRUDENTIAL INVESTMENT PORTFOLIOS, INC.
- **CENTRAL INDEX KEY:** 0000949512

**ORGANIZATION NAME:**
- **EIN:** 133851144
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-61997
- **FILM NUMBER:** 251531748

**BUSINESS ADDRESS:**
- **STREET 1:** 655 BROAD ST. 17TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102
- **BUSINESS PHONE:** (973) 367-8982

**MAIL ADDRESS:**
- **STREET 1:** 655 BROAD ST. 17TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRUDENTIAL INVESTMENT PORTFOLIOS INC
- **DATE OF NAME CHANGE:** 19980612

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRUDENTIAL JENNISON SERIES FUND INC
- **DATE OF NAME CHANGE:** 19960911

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRUDENTIAL JENNISON FUND INC
- **DATE OF NAME CHANGE:** 19950906

## Series and Classes Contracts Data

### PGIM BALANCED FUND (Series ID: S000004632)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000012613 | Class A      | PIBAX           |
| C000012615 | Class C      | PABCX           |
| C000012616 | Class Z      | PABFX           |
| C000012617 | Class R      | PALRX           |
| C000195486 | Class R6     | PIBQX           |

![](g0zwywehbk9kayzui196q.jpg)

PGIM BALANCED FUND

**A:**PIBAX **C:** PABCX **R:** PALRX **Z:** PABFX **R6:** PIBQX

SUMMARY PROSPECTUS \| NOVEMBER 28, 2025

Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. You can ﬁnd the Fund's Prospectus, Statement of Additional Information ("SAI"), Annual Report and other information about the Fund online at https://www.pgim.com/investments/mutual-funds/prospectuses-fact-sheets. You can also get this information at no cost by calling

1-800-225-1852 or by sending an e-mail to: prospectus@pgim.com. The Fund's Prospectus and SAI, both dated November 28, 2025, as supplemented and amended from time to time, and the Fund's Form N-CSR, dated September 30, 2025, are all incorporated by reference into (legally made a part of) this Summary Prospectus.

**INVESTMENT OBJECTIVE**

The investment objective of the Fund is to seek **income** and **long-term growth of capital**.

**FUND FEES AND EXPENSES**

The tables below describe the sales charges, fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may be required to pay commissions to a broker for transactions in Class Z shares, which are not reflected in the table or the example below.** You may qualify for sales charge discounts if you and an eligible group of related investors purchase, or agree to purchase in the future, $100,000 or more in shares of the Fund or other funds in the PGIM Funds family. More information about these discounts as well as other waivers or discounts is available from your financial professional and is explained in Reducing or Waiving Class A's and Class C's Sales Charges on page 35 of the Fund's Prospectus, Appendix A: Waivers and Discounts Available From Certain Financial Intermediaries on page 56 of the Fund's Prospectus and in Rights of Accumulation on page 62 of the Fund's Statement of Additional Information ("SAI").

**Shareholder Fees (fees paid directly from your investment)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class Z** | &nbsp;&nbsp;**Class R6** |
| &nbsp;&nbsp;Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 3.25% |  |  |  |  |
| &nbsp;&nbsp;Maximum deferred sales charge (load) (as a percentage of the lower of the original purchase price or the net asset value |  |  |  |  |  |
| &nbsp;&nbsp;at redemption) | 1.00%\* | 1.00%\*\* |  |  |  |
| &nbsp;&nbsp;Maximum sales charge (load) imposed on reinvested dividends and other distributions |  |  |  |  |  |
| &nbsp;&nbsp;Redemption fee |  |  |  |  |  |
| &nbsp;&nbsp;Exchange fee |  |  |  |  |  |
| &nbsp;&nbsp;Maximum account fee (accounts under $10,000) | $15 | $15 |  | None\*\*\* |  |

---

\*Investors who purchase $500,000 or more of Class A shares and sell those shares within 12 months of purchase are also subject to a contingent deferred sales charge ("CDSC") of 1.00%, although they are not subject to an initial sales charge. The CDSC is waived for certain retirement and/or benefit plans.

\*\*Class C shares are sold with a CDSC of 1.00% on sales made within 12 months of purchase.

\*\*\*Direct Transfer Agent Accounts holding under $10,000 of Class Z shares are subject to the $15 fee.

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class Z** | &nbsp;&nbsp;**Class R6** |
| &nbsp;&nbsp;Management fee | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| &nbsp;&nbsp;Distribution and service (12b-1) fees | 0.30% | 1.00% | 0.75% |  |  |
| &nbsp;&nbsp;Other expenses | 0.17% | 0.23% | 19.06% | 0.19% | 0.08% |
| &nbsp;&nbsp;Total annual Fund operating expenses | 1.12% | 1.88% | 20.46% | 0.84% | 0.73% |
| &nbsp;&nbsp;Fee waiver and/or expense reimbursement | (0.12)% | (0.06)% | (18.99)% | (0.06)% | (0.08)% |
| &nbsp;&nbsp;**Total annual Fund operating expenses after fee waiver and/or expense reimbursement<sup>(12)</sup>** | **1.00%** | **1.82%** | **1.47%** | **0.78%** | **0.65%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)PGIM Investments LLC ("PGIM Investments") has contractually agreed, through January 31, 2027, to limit Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements to 1.00% of average daily net assets for Class A shares, 1.47% of average daily net assets for Class R shares and 0.65% of average daily net assets for Class R6 shares. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses,

**To enroll in e-delivery, go to pgim.com/investments/resource/edelivery**

MF185A

![](gqbs7co9auoqi87z4lywr.jpg)

extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. Where applicable, PGIM Investments agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. In addition, Total Annual Fund Operating Expenses for Class R6 shares will not exceed Total Annual Fund Operating Expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by PGIM Investments for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by PGIM Investments within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the waiver/reimbursement and/or recoupment for that fiscal year, as applicable. This waiver may not be terminated prior to January 31, 2027 without the prior approval of the Fund's Board of Directors.

(2)The distributor of the Fund has contractually agreed through January 31, 2027 to reduce its distribution and service (12b-1) fees applicable to the Fund's Class R shares to 0.50% of the average daily net assets of the Class R shares of the Fund. This waiver may not be terminated prior to January 31, 2027 without the prior approval of the Fund's Board of Directors.

**Example.** The following hypothetical example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year, that the Fund's operating expenses remain the same (except that fee waivers or reimbursements, if any, are only reflected in the 1-Year figures) and that all dividends and distributions are reinvested. Your actual costs may be higher

or lower.

**If Shares Are Redeemed**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**3 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| Class A | $424 | $658 | $911 | &nbsp;&nbsp;$1633 |
| Class C | $285 | $585 | $1011 | &nbsp;&nbsp;$1998 |
| Class R | $150 | $3756 | $6334 | &nbsp;&nbsp;&nbsp;$10003 |
| Class Z | $80 | $262 | $460 | &nbsp;&nbsp;$1032 |
| Class R6 | $66 | $225 | $398 | &nbsp;&nbsp;&nbsp;$899 |

---

**If Shares Are Not Redeemed**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**3 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class A | $424 | $658 | $911 | &nbsp;&nbsp;&nbsp;$1633 |
| &nbsp;&nbsp;Class C | $185 | $585 | $1011 | &nbsp;&nbsp;&nbsp;$1998 |
| &nbsp;&nbsp;Class R | $150 | $3756 | $6334 | &nbsp;&nbsp;$10003 |
| &nbsp;&nbsp;Class Z | $80 | $262 | $460 | &nbsp;&nbsp;&nbsp;$1032 |
| &nbsp;&nbsp;Class R6 | $66 | $225 | $398 | &nbsp;&nbsp;$899 |

---

**Portfolio Turnover.** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was 107% of the average value of its portfolio.

**INVESTMENTS, RISKS AND PERFORMANCE**

PGIM Fixed Income, the primary fixed income asset management unit of PGIM, Inc. ("PGIM"), and PGIM Limited (the "Fixed Income Subadvisers"), manage the Fund's fixed income portfolio. Under normal circumstances, 30% to 55% of the Fund's total assets are invested in fixed income securities. Fixed income securities include, but are not limited to, debt obligations issued by the U.S. government and its agencies, corporate debt securities, mortgage-related securities, and asset-backed securities. In managing the Fund's assets, the Fixed Income Subadvisers use a combination of top-down economic analysis and bottom-up research in conjunction with proprietary quantitative models and risk management systems. In the top-down economic analysis, the Fixed Income Subadvisers develop views on economic, policy and market trends. In their bottom-up research, the Fixed Income Subadvisers develop an internal rating and outlook on issuers. The rating and outlook are determined based on a thorough review of the financial health and trends of the issuer. The Fixed Income Subadvisers may also consider investment factors such as expected total return, yield, spread and potential for price appreciation as well as credit quality, maturity and risk. The Fund may invest in a security based upon the expected total return rather than the yield of such security.

Normally, up to 35% of the Fund's total assets may be invested in money market instruments, which include the commercial paper of U.S. and non-U.S. corporations, short-term obligations of U.S. and foreign banks and short-term obligations guaranteed by the U.S. Government or its agencies.

The Fund may invest up to 15% of its total assets in foreign equity securities, and up to 20% of its total assets in foreign debt securities.

The Fund may use derivatives to manage its duration, as well as to manage its foreign currency exposure, to hedge against losses, and to try to improve returns.

At times, the Fund may have a significant portion of its assets invested in the same economic sector.

**Principal Risks.** All investments have risks to some degree. The value of your investment in the Fund, as well as the amount of return, if any, you receive on your investment, may fluctuate significantly from day-to-day and over time.

You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments.

An investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; and is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a summary description of principal risks of investing in the Fund.

The order of the below risk factors does not indicate the significance of any particular risk factor.

**Asset Allocation Risk.** PGIM Quantitative Solutions may allocate assets to an asset class that underperforms other classes. For example, the Fund may be overweight in equities when the stock market is falling and the fixed income market is rising. Likewise, the Fund may be overweight in fixed income securities when fixed income markets are falling and the equity markets are rising. Allocations to underperforming or volatile asset classes or other changes in asset allocations could lead to increased volatility in the Fund's portfolio.

**Blend Style Risk.** The Fund's blend investment style may subject the Fund to risks of both value and growth investing. The portion of the Fund's portfolio that makes investments pursuant to a growth strategy may be subject to above-average fluctuations as a result of seeking higher than average capital growth. The portion of the Fund's portfolio that makes investments pursuant to a value strategy may be subject to the risk that the market may not recognize a security's intrinsic value for long periods of time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. If the Fund's assessment of market conditions or a company's value is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Therefore, both styles may over time go in and out of favor with the markets. At times when a style is out of favor, that portion of the portfolio may lag the other portion of the portfolio, which may cause the Fund to underperform the market in general, its benchmark and other mutual funds. Growth and value stocks have historically produced similar long-term results, though each category has periods when it outperforms the other.

**Credit Risk.** This is the risk that the issuer, the guarantor, or the insurer of a fixed income security, or the counterparty to a contract may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Additionally, fixed income securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer, or counterparty to pay back debt. The lower the credit quality of a bond, the more sensitive it is to credit risk.

**Debt Obligations Risk.** Debt obligations are fixed income investments that are subject to credit risk, market risk and interest rate risk. The Fund's holdings, share price, yield and total return may also fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer's goods and services. Certain types of fixed income obligations also may be subject to **"call and redemption risk,"** which is the risk that the issuer may call a bond held by the Fund for redemption before it matures and the Fund may not be able to reinvest at the same rate of interest and therefore would earn less income.

**Derivatives Risk.** Derivatives involve special risks and costs and may result in losses to the Fund. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Fund will depend on its subadviser's ability to analyze and manage derivatives transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are "leveraged" or may create economic leverage for the Fund and therefore may magnify or otherwise increase investment losses to the Fund. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders.

Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Fund's derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Fund. The use of derivatives also exposes the Fund to operational issues, such as documentation and settlement issues, systems failures, inadequate control and human error.

Derivatives may also involve legal risks, such as insufficient documentation, the lack of capacity or authority of a counterparty to execute or settle a transaction, and the legality and enforceability of derivatives contracts. The

U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. Regulation of derivatives may make derivatives more costly, limit their availability or utility to the Fund, or otherwise adversely affect their performance or disrupt markets.

**Economic and Market Events Risk.** Events in the U.S. and global financial markets, including actions taken by the

U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.

**Equity and Equity-Related Securities Risk.** Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. In addition to an individual security losing value, the value of the equity markets or a sector in which the Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

**Foreign Securities Risk.** Investments in securities of non-U.S. issuers (including those denominated in U.S. dollars) may involve more risk than investing in securities of U.S. issuers. Foreign political, economic and legal systems, especially those in developing and emerging market countries, may be less stable and more volatile than in the United States. Foreign legal systems generally have fewer regulatory requirements than the U.S. legal system, particularly those of emerging markets. In general, less information is publicly available with respect to non-U.S. companies than U.S. companies. Non-U.S. companies generally are not subject to the same accounting, auditing, and financial reporting standards as are

U.S. companies. Additionally, the changing value of foreign currencies and changes in exchange rates could also affect the value of the assets the Fund holds and the Fund's performance. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Investments in emerging markets are subject to greater volatility and price declines.

In addition, the Fund's investments in non-U.S. securities may be subject to the risks of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of non-U.S. currency, confiscatory taxation and adverse diplomatic developments. Special U.S. tax considerations may apply.

**Increase in Expenses Risk.** Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Fund securities can increase expenses.

**Interest Rate Risk.** The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. Similarly, a rise in interest rates may also have a greater negative impact on the value of equity securities whose issuers expect earnings further out in the future. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as "**duration risk.**" When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as "**prepayment risk.**" In addition, if the Fund purchases a fixed income security at a premium (at a price that exceeds its stated par or principal value), the Fund may lose the amount of the premium paid in the event of prepayment. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund's holdings may fall sharply. This is referred to as "**extension risk.**" The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

**Large Shareholder and Large Scale Redemption Risk.** Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund's shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund's shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund's NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund's ability to implement its investment strategy. The Fund's ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.

**Management Risk.** Actively managed funds are subject to management risk. The subadvisers will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser's judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund's benchmark and other funds with similar investment objectives.

**Market Disruption and Geopolitical Risks.** Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia's military invasion of Ukraine and the Israel-Hamas war), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as Asia, Eastern Europe and the Middle East, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).

Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests.

The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.

**Market Risk.** Securities markets may be volatile and the market prices of the Fund's securities may decline. Securities fluctuate in price based on changes in an issuer's financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

**Model Design Risk.** The subadviser uses certain quantitative models to help guide its investment decisions. The design of the underlying models may be flawed or incomplete. The investment models the subadviser uses are based on historical and theoretical underpinnings that it believes are sound. There can be no guarantee, however, that these underpinnings will correlate with security price behavior in the manner assumed by the subadviser's models. Additionally, the quantitative techniques that underlie the subadviser's portfolio construction processes may fail to fully anticipate important risks.

**Model Implementation Risk.** While the subadviser strives to mitigate the likelihood of material implementation errors, it is impossible to completely eliminate the risk of error in the implementation of the computer models that guide the subadviser's quantitative investment processes. Additionally, it may be difficult to implement model recommendations in volatile and rapidly changing market conditions.

**Money Market Instruments Risk.** The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of those instruments. If a significant amount of the Fund's assets are invested in money market instruments, it will be more difficult for the Fund to achieve its investment objective.

**Mortgage-Backed and Asset-Backed Securities Risk.** Mortgage-backed and asset-backed securities tend to increase in value less than other debt securities when interest rates decline, but are subject to similar risk of decline in market value during periods of rising interest rates. The values of mortgage-backed and asset-backed securities become more volatile as interest rates rise. In a period of declining interest rates, the Fund may be required to reinvest more frequent prepayments on mortgage-backed and asset-backed securities in lower-yielding investments.

**Portfolio Turnover Risk.** The Fund may engage in active and frequent trading leading to an increased portfolio turnover rate. Under certain market conditions, the Fund's turnover rate may be higher than that of other funds. Portfolio turnover generally involves some expense to the Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities. These transactions may result in realization of taxable capital gains. The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund's investment performance.

**Sector Exposure Risk.** At times, the Fund may have a significant portion of its assets invested in the same economic sector, including the information technology and financial sectors. Issuers in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

**Small Company Risk.** Small company stocks present above-average risks in comparison to larger companies. Small companies usually offer a smaller range of products and services than larger companies. Smaller companies may also have limited financial resources and may lack management expertise. As a result, stocks issued by smaller companies may be comparatively less liquid and fluctuate in value more than the stocks of larger, more established companies. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts.

![](gqc68531mv1gw8jho7ol7.jpg)

**U.S. Government and Agency Securities Risk.** U.S. Treasury obligations are backed by the "full faith and credit" of the U.S. Government. Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. For example, securities issued by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks are neither insured nor guaranteed by the U.S. Government. These securities may be supported by the ability to borrow from the U.S. Treasury or only by the credit of the issuing agency, authority, instrumentality or enterprise and, as a result, are subject to greater credit risk than securities issued or guaranteed by the U.S. Treasury. Further, the U.S. Government and its agencies, authorities, instrumentalities and enterprises do not guarantee the market value of their securities; consequently, the value of such securities will fluctuate. This may be the case especially when there is any controversy or ongoing uncertainty regarding the status of negotiations in the U.S. Congress to increase the statutory debt ceiling. Such controversy or uncertainty could, among other things, result in the credit quality rating of the

U.S. Government being downgraded and reduced prices of U.S. Treasury securities. If the U.S. Congress is unable to negotiate an adjustment to the statutory debt ceiling, there is also the risk that the U.S. Government may default on payments on certain U.S. Government securities, including those held by the Fund, which could have a negative impact on the Fund. An increase in demand for U.S. Government securities resulting from an increase in demand for government money market funds may lead to lower yields on such securities.

**Performance.** The following bar chart shows the Fund's performance for Class Z shares for each full calendar year of operations or for the last 10 calendar years, whichever is shorter. The following table shows the Fund's average annual returns and also compares the Fund's performance with the average annual total returns of an index or other benchmark. The bar chart and table demonstrate the risk of investing in the Fund by showing how returns can change from year to year.

Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future. Without the management fee waiver and/or expense reimbursement, if any, the annual total returns would have been lower. Updated Fund performance information, including current net asset value, is available online at www.pgim.com/investments.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Annual Total Returns (Class Z Shares)<sup>1</sup>** | **Annual Total Returns (Class Z Shares)<sup>1</sup>** | **Annual Total Returns (Class Z Shares)<sup>1</sup>** | **Annual Total Returns (Class Z Shares)<sup>1</sup>** |  |  |  |  |  |  |  |  |  |
| 30% |  |  |  |  |  |  |  |  |  |  |  |  |
| 20% |  |  |  | 19.62 |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Best Quarter:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Best Quarter:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Worst Quarter:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Worst Quarter:** |
| 20% |  |  |  | 19.62 |  |  |  | 17.07 |  |  |  |  |
| 20% |  | 14.35 |  |  |  | 14.71 |  | 17.07 | 13.35 |  |  |  |
|  |  | 14.35 |  |  |  | 14.71 |  |  | 13.35 | &nbsp;&nbsp;&nbsp;2nd | -16.49% | &nbsp;&nbsp;&nbsp;&nbsp;1st |
| 10% | 8.12 |  |  |  | 9.11 |  |  |  | 15.22% | &nbsp;&nbsp;&nbsp;2nd | -16.49% | &nbsp;&nbsp;&nbsp;&nbsp;1st |
| 10% | 8.12 |  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Quarter |  | &nbsp;&nbsp;&nbsp;&nbsp;Quarter |
| 1.06 |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Quarter |  | &nbsp;&nbsp;&nbsp;&nbsp;Quarter |
| 1.06 |  |  |  |  |  |  |  |  |  | 2020 |  | 2020 |
| 0% |  |  |  |  |  |  |  |  |  | 2020 |  | 2020 |
| -10% |  |  | **-5.19** |  |  |  |  |  |  |  |  |  |
| -10% |  |  |  |  |  |  |  |  |  |  |  |  |
| -20% |  |  |  |  |  |  | **-16.06** |  |  |  |  |  |
| -20% | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |  |  |  |
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |  |  |  |

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<sup>1</sup> The total return of the Fund's Class Z shares from January 1, 2025 through September 30, 2025 was 12.53%

![](g57gwi11qzqx2de0d5j29.jpg)

**Average Annual Total Returns % (including sales charges) (as of 12-31-24)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Since** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Inception** |
| &nbsp;&nbsp;**Return Before Taxes** | **One Year** | **Five Years** | **Ten Years** | **Inception** | **Date** |
| &nbsp;&nbsp;Class A Shares | 9.43% | 5.94% | 6.42% | - |  |
| &nbsp;&nbsp;Class C Shares | 11.16% | 5.79% | 5.97% | - |  |
| &nbsp;&nbsp;Class R Shares | 12.56% | 6.14% | 6.35% | - |  |
| &nbsp;&nbsp;Class R6 Shares | 13.55% | 7.02% | N/A | 7.01% | 11-28-2017 |
| &nbsp;&nbsp;**Class Z Shares % (as of 12-31-24)** |  |  |  |  |  |
| &nbsp;&nbsp;Return Before Taxes | 13.35% | 6.87% | 7.05% | - |  |
| &nbsp;&nbsp;Return After Taxes on Distributions | 10.69% | 5.21% | 5.39% | - |  |
| &nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 8.67% | 4.89% | 5.10% | - |  |
| &nbsp;&nbsp;**Index % (reflects no deduction for fees, expenses or taxes) (as of 12-31-24)** |  |  |  |  |  |
| &nbsp;&nbsp;Bloomberg US Aggregate Bond Index | 1.25% | -0.33% | 1.35% | 1.02%\* |  |
| &nbsp;&nbsp;S&P 500 Index | 25.02% | 14.53% | 13.10% | 13.84%\* |  |
| &nbsp;&nbsp;Custom Blended Index<sup>1</sup> | 12.28% | 7.21% | 7.37% | 7.42%\* |  |

---

°After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as traditional 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class Z shares. After-tax returns for other classes will vary due to differing sales charges and expenses.

<sup>\*</sup> Since Inception returns for the Indexes are measured from the month-end closest to the inception date for Class R6 shares.

<sup>1</sup> Custom Blended Index currently consists of the S&P 500 Index (44%), Bloomberg US Aggregate Bond Index (40%), Russell 2000 Index (4%), and MSCI ACWI ex USA Index (12%).

**MANAGEMENT OF THE FUND**

The following individuals are jointly and primarily responsible for the day-to-day management of the Fund.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Investment Manager** | **Subadvisers** | &nbsp;&nbsp;**Portfolio Managers** | &nbsp;&nbsp;**Title** |  | &nbsp;&nbsp;**Service Date** |  |
| &nbsp;&nbsp;PGIM Investments LLC | PGIM Quantitative Solutions LLC | &nbsp;&nbsp;Stacie L. Mintz, CFA | &nbsp;&nbsp;Managing Director and | &nbsp;&nbsp;Managing Director and | &nbsp;&nbsp;August 2005 |  |
|  | (Asset Allocation and Equity Subadviser) |  | &nbsp;&nbsp;Head of Quantitative | &nbsp;&nbsp;Head of Quantitative |  |  |
|  |  |  | &nbsp;&nbsp;Equity Team |  |  |  |
|  |  | &nbsp;&nbsp;Joel M. Kallman, CFA | &nbsp;&nbsp;Principal and Portfolio | &nbsp;&nbsp;Principal and Portfolio | &nbsp;&nbsp;September 2009 | &nbsp;&nbsp;September 2009 |
|  |  |  | &nbsp;&nbsp;Manager |  |  |  |
|  |  | &nbsp;&nbsp;Edward J. Lithgow, CFA | &nbsp;&nbsp;Principal and Portfolio | &nbsp;&nbsp;Principal and Portfolio | &nbsp;&nbsp;November 2014 | &nbsp;&nbsp;November 2014 |
|  |  |  | &nbsp;&nbsp;Manager |  |  |  |
|  |  | &nbsp;&nbsp;Marco Aiolfi, PhD | &nbsp;&nbsp;Managing Director, | &nbsp;&nbsp;Managing Director, | &nbsp;&nbsp;September 2022 | &nbsp;&nbsp;September 2022 |
|  |  |  | &nbsp;&nbsp;Head of Multi-Asset | &nbsp;&nbsp;Head of Multi-Asset |  |  |
|  |  |  | &nbsp;&nbsp;Team and Portfolio | &nbsp;&nbsp;Team and Portfolio |  |  |
|  |  |  | &nbsp;&nbsp;Manager |  |  |  |
|  | PGIM Fixed Income\* | &nbsp;&nbsp;Richard Piccirillo | &nbsp;&nbsp;Managing Director and | &nbsp;&nbsp;Managing Director and | &nbsp;&nbsp;November 2013 | &nbsp;&nbsp;November 2013 |
|  | PGIM Limited |  | &nbsp;&nbsp;Co-Head of PGIM Fixed | &nbsp;&nbsp;Co-Head of PGIM Fixed |  |  |
|  | (Fixed Income Subadvisers) |  | &nbsp;&nbsp;Income's Multi-Sector | &nbsp;&nbsp;Income's Multi-Sector |  |  |
|  |  |  | &nbsp;&nbsp;Team |  |  |  |
|  |  | &nbsp;&nbsp;Gregory Peters | &nbsp;&nbsp;Co-Chief Investment | &nbsp;&nbsp;Co-Chief Investment | &nbsp;&nbsp;March 2014 |  |
|  |  |  | &nbsp;&nbsp;Officer |  |  |  |
|  |  | &nbsp;&nbsp;Robert Tipp, CFA | &nbsp;&nbsp;Chief Investment | &nbsp;&nbsp;Chief Investment | &nbsp;&nbsp;January 2020 |  |
|  |  |  | &nbsp;&nbsp;Strategist and Head of | &nbsp;&nbsp;Strategist and Head of |  |  |
|  |  |  | &nbsp;&nbsp;Global Bonds | &nbsp;&nbsp;Global Bonds |  |  |
|  |  | &nbsp;&nbsp;Matthew Angelucci, CFA | &nbsp;&nbsp;Managing Director and | &nbsp;&nbsp;Managing Director and | &nbsp;&nbsp;September 2023 | &nbsp;&nbsp;September 2023 |
|  |  |  | &nbsp;&nbsp;Senior Portfolio | &nbsp;&nbsp;Senior Portfolio |  |  |
|  |  |  | &nbsp;&nbsp;Manager |  |  |  |
|  |  | &nbsp;&nbsp;Tyler Thorn | &nbsp;&nbsp;Principal and Portfolio | &nbsp;&nbsp;Principal and Portfolio | &nbsp;&nbsp;September 2023 | &nbsp;&nbsp;September 2023 |
|  |  |  | &nbsp;&nbsp;Manager |  |  |  |
| \* PGIM Fixed Income is a business unit of PGIM, Inc. |  |  |  |  |  |  |
| **BUYING AND SELLING FUND SHARES** |  |  |  |  |  |  |
|  |  | &nbsp;&nbsp;&nbsp;**Class A\*** | **Class C\*** | **Class Z\*** | **Class R\*** | **Class R6** |
| &nbsp;&nbsp;Minimum initial investment |  | $1000 | $1000 |  |  |  |
| &nbsp;&nbsp;Minimum subsequent investment |  | $100 | $100 |  |  |  |

---

\*Certain share classes are generally closed to investments by new group retirement plans. Please see "How to Buy, Sell and Exchange Fund Shares—Closure of Certain Share Classes to

New Group Retirement Plans" in the Prospectus for more information.

![](gnnft7uappbwwcpmivaq3.jpg)

For Class A and Class C shares, the minimum initial and subsequent investment for Automatic Investment Plan purchases is $50. Class R and Class R6 shares are generally not available for purchase by individuals. Class Z shares may be purchased by certain individuals, subject to certain requirements. Please see "How to Buy, Sell and Exchange Fund Shares—How to Buy Shares—Qualifying for Class R Shares," "—Qualifying for Class Z Shares," and "—Qualifying for Class R6 Shares" in the Prospectus for purchase eligibility requirements.

Your financial intermediary may impose different investment minimums. You can purchase or redeem shares on any business day that the Fund is open through the Fund's transfer agent or through servicing agents, including brokers, dealers and other financial intermediaries appointed by the distributor to receive purchase and redemption orders. Current shareholders may also purchase or redeem shares through the Fund's website or by calling (800) 225-1852.

**TAX INFORMATION**

**Dividends, Capital Gains and Taxes.** The Fund's dividends and distributions are taxable and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a traditional 401(k) plan or a traditional individual retirement account. Such tax-deferred arrangements may be taxed later upon withdrawal of monies from those arrangements.

**PAYMENTS TO FINANCIAL INTERMEDIARIES**

If you purchase Fund shares through a financial intermediary such as a broker-dealer, bank, retirement recordkeeper or other financial services firm, the Fund or its affiliates may pay the financial intermediary for the sale of Fund shares and/or for services to shareholders. This may create a conflict of interest by influencing the financial intermediary or its representatives to recommend the Fund over another investment. Ask your financial intermediary or representative or visit your financial intermediary's website for more information.

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| | |
|:---|:---|
| &nbsp;&nbsp;**By Mail:** | Prudential Mutual Fund Services LLC, PO Box 534432, Pittsburgh, PA 15253-4432 |
| &nbsp;&nbsp;**By Telephone:** |  |
| &nbsp;&nbsp;**By Telephone:** | 800-225-1852 or 973-367-3529 (outside the US) |
| &nbsp;&nbsp;**On the Internet:** |  |
| &nbsp;&nbsp;**On the Internet:** | www.pgim.com/investments |

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MF185A