# EDGAR Filing Document

**Accession Number:** 0001051562
**File Stem:** 0001683863-25-004997
**Filing Date:** 2025-6
**Character Count:** 212992
**Document Hash:** 2d62b77ebe7fd96189088eb925307302
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683863-25-004997.hdr.sgml**: 20250603

**ACCESSION NUMBER**: 0001683863-25-004997

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20250603

**DATE AS OF CHANGE**: 20250603

**EFFECTIVENESS DATE**: 20250603

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRUDENTIAL INVESTMENT PORTFOLIOS 12
- **CENTRAL INDEX KEY:** 0001051562

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-42705
- **FILM NUMBER:** 251019132

**BUSINESS ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 6TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102-4077
- **BUSINESS PHONE:** (973) 802-5032

**MAIL ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 6TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102-4077

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRUDENTIAL GLOBAL REAL ESTATE FUND
- **DATE OF NAME CHANGE:** 20100219

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DRYDEN GLOBAL REAL ESTATE FUND
- **DATE OF NAME CHANGE:** 20070111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** STRATEGIC PARTNERS REAL ESTATE FUND
- **DATE OF NAME CHANGE:** 20050616

## Series and Classes Contracts Data

### PGIM Enhanced Retirement Spending Fund (Series ID: S000084504)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class R6   | PGFEX         | C000248896 |

---

### PGIM Moderate Retirement Spending Fund (Series ID: S000084505)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class R6   | PGFMX         | C000248897 |

---

### PGIM Conservative Retirement Spending Fund (Series ID: S000084506)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class R6   | PGFCX         | C000248898 |

---

## Series and Classes Contracts Data

### PGIM Enhanced Retirement Spending Fund (Series ID: S000084504)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000248896 | Class R6     | PGFEX           |

### PGIM Moderate Retirement Spending Fund (Series ID: S000084505)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000248897 | Class R6     | PGFMX           |

### PGIM Conservative Retirement Spending Fund (Series ID: S000084506)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000248898 | Class R6     | PGFCX           |

![](pgim_investments.jpg)

**PGIM Retirement Spending Funds**

![](slugrule2022.jpg)

**PROSPECTUS — May 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **PGIM CONSERVATIVE RETIREMENT SPENDING FUND** |
| R6: PGFCX |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **PGIM MODERATE RETIREMENT SPENDING FUND** |
| R6: PGFMX |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **PGIM ENHANCED RETIREMENT SPENDING FUND** |
| R6: PGFEX |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; The Securities and Exchange Commission <br> ("SEC") has not approved or disapproved the <br> Funds' shares, nor has the SEC determined <br> that this prospectus is complete or accurate. <br> It is a criminal offense to state otherwise.<br>Mutual funds are distributed by Prudential <br> Investment Management Services LLC, a <br> Prudential Financial company, member SIPC. <br> PGIM DC Solutions LLC ("PGIM DC <br> Solutions") is an indirect wholly-owned <br> subsidiary of Prudential Financial, Inc. <br> ("Prudential"), a Prudential Financial <br> company.© 2025 Prudential Financial, Inc. <br> and its related entities. The Prudential logo <br> and the Rock symbol are service marks of <br> Prudential Financial, Inc. and its related <br> entities, registered in many jurisdictions <br> worldwide.<br>| ![](prudential_lines.jpg)<br>|

---

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

------

**Table of Contents**

---

| | |
|:---|:---|
| **5** | **[SUMMARY: PGIM CONSERVATIVE RETIREMENT SPENDING](#xx_44934afd-136b-4dc8-9d77-0eb8a0fdca8e_1)[FUND](#xx_44934afd-136b-4dc8-9d77-0eb8a0fdca8e_1)**  |
| 5 | [INVESTMENT](#xx_44934afd-136b-4dc8-9d77-0eb8a0fdca8e_1)[OBJECTIVE](#xx_44934afd-136b-4dc8-9d77-0eb8a0fdca8e_1)  |
| 5 | [FUND FEES AND](#xx_44934afd-136b-4dc8-9d77-0eb8a0fdca8e_1)[EXPENSES](#xx_44934afd-136b-4dc8-9d77-0eb8a0fdca8e_1)  |
| 6 | [INVESTMENTS, RISKS AND](#xx_44934afd-136b-4dc8-9d77-0eb8a0fdca8e_2)[PERFORMANCE](#xx_44934afd-136b-4dc8-9d77-0eb8a0fdca8e_2)  |
| 10 | [MANAGEMENT OF THE](#xx_44934afd-136b-4dc8-9d77-0eb8a0fdca8e_6)[FUND](#xx_44934afd-136b-4dc8-9d77-0eb8a0fdca8e_6)  |
| 10 | [BUYING AND SELLING FUND](#xx_44934afd-136b-4dc8-9d77-0eb8a0fdca8e_6)[SHARES](#xx_44934afd-136b-4dc8-9d77-0eb8a0fdca8e_6)  |
| 10 | [TAX](#xx_44934afd-136b-4dc8-9d77-0eb8a0fdca8e_6)[INFORMATION](#xx_44934afd-136b-4dc8-9d77-0eb8a0fdca8e_6)  |
| 11 | [PAYMENTS TO FINANCIAL](#xx_44934afd-136b-4dc8-9d77-0eb8a0fdca8e_7)[INTERMEDIaries](#xx_44934afd-136b-4dc8-9d77-0eb8a0fdca8e_7)  |
| **12** | **[SUMMARY: PGIM MODERATE RETIREMENT SPENDING](#xx_9f35c06e-8e71-44f8-b4b3-28276cfbd484_1)[FUND](#xx_9f35c06e-8e71-44f8-b4b3-28276cfbd484_1)**  |
| 12 | [INVESTMENT](#xx_9f35c06e-8e71-44f8-b4b3-28276cfbd484_1)[OBJECTIVE](#xx_9f35c06e-8e71-44f8-b4b3-28276cfbd484_1)  |
| 12 | [FUND FEES AND](#xx_9f35c06e-8e71-44f8-b4b3-28276cfbd484_1)[EXPENSES](#xx_9f35c06e-8e71-44f8-b4b3-28276cfbd484_1)  |
| 13 | [INVESTMENTS, RISKS AND](#xx_9f35c06e-8e71-44f8-b4b3-28276cfbd484_2)[PERFORMANCE](#xx_9f35c06e-8e71-44f8-b4b3-28276cfbd484_2)  |
| 17 | [MANAGEMENT OF THE](#xx_9f35c06e-8e71-44f8-b4b3-28276cfbd484_6)[FUND](#xx_9f35c06e-8e71-44f8-b4b3-28276cfbd484_6)  |
| 17 | [BUYING AND SELLING FUND](#xx_9f35c06e-8e71-44f8-b4b3-28276cfbd484_6)[SHARES](#xx_9f35c06e-8e71-44f8-b4b3-28276cfbd484_6)  |
| 17 | [TAX](#xx_9f35c06e-8e71-44f8-b4b3-28276cfbd484_6)[INFORMATION](#xx_9f35c06e-8e71-44f8-b4b3-28276cfbd484_6)  |
| 18 | [PAYMENTS TO FINANCIAL](#xx_9f35c06e-8e71-44f8-b4b3-28276cfbd484_7)[INTERMEDIaries](#xx_9f35c06e-8e71-44f8-b4b3-28276cfbd484_7)  |
| **19** | **[SUMMARY: PGIM ENHANCED RETIREMENT SPENDING](#xx_8ef89c8b-4c75-4c2b-8ce9-8969e1126fae_1)[FUND](#xx_8ef89c8b-4c75-4c2b-8ce9-8969e1126fae_1)**  |
| 19 | [INVESTMENT](#xx_8ef89c8b-4c75-4c2b-8ce9-8969e1126fae_1)[OBJECTIVE](#xx_8ef89c8b-4c75-4c2b-8ce9-8969e1126fae_1)  |
| 19 | [FUND FEES AND](#xx_8ef89c8b-4c75-4c2b-8ce9-8969e1126fae_1)[EXPENSES](#xx_8ef89c8b-4c75-4c2b-8ce9-8969e1126fae_1)  |
| 20 | [INVESTMENTS, RISKS AND](#xx_8ef89c8b-4c75-4c2b-8ce9-8969e1126fae_2)[PERFORMANCE](#xx_8ef89c8b-4c75-4c2b-8ce9-8969e1126fae_2)  |
| 24 | [MANAGEMENT OF THE](#xx_8ef89c8b-4c75-4c2b-8ce9-8969e1126fae_6)[FUND](#xx_8ef89c8b-4c75-4c2b-8ce9-8969e1126fae_6)  |
| 24 | [BUYING AND SELLING FUND](#xx_8ef89c8b-4c75-4c2b-8ce9-8969e1126fae_6)[SHARES](#xx_8ef89c8b-4c75-4c2b-8ce9-8969e1126fae_6)  |
| 24 | [TAX](#xx_8ef89c8b-4c75-4c2b-8ce9-8969e1126fae_6)[INFORMATION](#xx_8ef89c8b-4c75-4c2b-8ce9-8969e1126fae_6)  |
| 25 | [PAYMENTS TO FINANCIAL](#xx_8ef89c8b-4c75-4c2b-8ce9-8969e1126fae_7)[INTERMEDIaries](#xx_8ef89c8b-4c75-4c2b-8ce9-8969e1126fae_7)  |
| **26** | **[MORE ABOUT THE FUNDS' PRINCIPAL AND NON-PRINCIPAL INVESTMENT STRATEGIES, INVESTMENTS AND](#xx_f2bef27e-479c-474d-b454-f6222916c916_1)[RISKS](#xx_f2bef27e-479c-474d-b454-f6222916c916_1)**  |
| 26 | [INVESTMENT STRATEGIES AND](#xx_f2bef27e-479c-474d-b454-f6222916c916_1)[INVESTMENTS](#xx_f2bef27e-479c-474d-b454-f6222916c916_1)  |
| 29 | [THE FUNDS OF FUNDS](#xx_f2bef27e-479c-474d-b454-f6222916c916_4)[STRUCTURE](#xx_f2bef27e-479c-474d-b454-f6222916c916_4)  |
| 30 | [RISKS OF INVESTING IN THE](#xx_f2bef27e-479c-474d-b454-f6222916c916_5)[FUNDS](#xx_f2bef27e-479c-474d-b454-f6222916c916_5)  |
| **38** | **[HOW THE FUNDS ARE](#xx_c22a6f5d-7cbb-4902-b708-e8ebeac9dab3_1)[MANAGED](#xx_c22a6f5d-7cbb-4902-b708-e8ebeac9dab3_1)**  |
| 38 | [BOARD OF](#xx_c22a6f5d-7cbb-4902-b708-e8ebeac9dab3_1)[Trustees](#xx_c22a6f5d-7cbb-4902-b708-e8ebeac9dab3_1)  |
| 38 | [MANAGER](#xx_c22a6f5d-7cbb-4902-b708-e8ebeac9dab3_1)  |
| 38 | [SUBADVISER](#xx_c22a6f5d-7cbb-4902-b708-e8ebeac9dab3_1)  |
| 39 | [PORTFOLIO](#xx_c22a6f5d-7cbb-4902-b708-e8ebeac9dab3_2)[MANAGERS](#xx_c22a6f5d-7cbb-4902-b708-e8ebeac9dab3_2)  |
| 39 | [DISTRIBUTOR](#xx_c22a6f5d-7cbb-4902-b708-e8ebeac9dab3_2)  |
| 39 | [DISCLOSURE OF PORTFOLIO](#xx_c22a6f5d-7cbb-4902-b708-e8ebeac9dab3_2)[HOLDINGS](#xx_c22a6f5d-7cbb-4902-b708-e8ebeac9dab3_2)  |
| **40** | **[FUND DISTRIBUTIONS AND TAX](#xx_153bd465-1993-4e22-966b-806dc8a3e5e5_1)[ISSUES](#xx_153bd465-1993-4e22-966b-806dc8a3e5e5_1)**  |
| 40 | [DISTRIBUTIONS](#xx_153bd465-1993-4e22-966b-806dc8a3e5e5_1)  |
| 40 | [TAX](#xx_153bd465-1993-4e22-966b-806dc8a3e5e5_1)[ISSUES](#xx_153bd465-1993-4e22-966b-806dc8a3e5e5_1)  |
| 42 | [IF YOU SELL OR EXCHANGE YOUR](#xx_153bd465-1993-4e22-966b-806dc8a3e5e5_3)[SHARES](#xx_153bd465-1993-4e22-966b-806dc8a3e5e5_3)  |
| **43** | **[HOW TO BUY, SELL AND EXCHANGE FUND](#xx_153bd465-1993-4e22-966b-806dc8a3e5e5_4)[SHARES](#xx_153bd465-1993-4e22-966b-806dc8a3e5e5_4)**  |
| 43 | [HOW TO BUY](#xx_153bd465-1993-4e22-966b-806dc8a3e5e5_4)[SHARES](#xx_153bd465-1993-4e22-966b-806dc8a3e5e5_4)  |
| 46 | [HOW TO SELL YOUR](#xx_153bd465-1993-4e22-966b-806dc8a3e5e5_7)[SHARES](#xx_153bd465-1993-4e22-966b-806dc8a3e5e5_7)  |
| 48 | [HOW TO EXCHANGE YOUR](#xx_153bd465-1993-4e22-966b-806dc8a3e5e5_9)[SHARES](#xx_153bd465-1993-4e22-966b-806dc8a3e5e5_9)  |

---

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| | |
|:---|:---|
| **51** | **[FINANCIAL](#xx_23a63111-dcd7-4d8e-b964-496b113a23c3_1)[HIGHLIGHTS](#xx_23a63111-dcd7-4d8e-b964-496b113a23c3_1)** |

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SUMMARY: PGIM CONSERVATIVE RETIREMENT SPENDING FUND

**INVESTMENT OBJECTIVE**

The investment objective of the Fund is **to seek a balance between growth and conservation 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.** 

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

---

| | |
|:---|:---|
|  | **Class R6** |
| Maximum sales charge (load) imposed on purchases (as a percentage of offering price) |  |
| Maximum deferred sales charge (load) (as a percentage of the lower of the original purchase price or the net asset value at redemption) |  |
| Maximum sales charge (load) imposed on reinvested dividends and other distributions |  |
| Redemption fee |  |
| Exchange fee |  |
| Maximum account fee (accounts under $10,000) |  |

---

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

---

| | |
|:---|:---|
|  | **Class R6** |
| Management fee |  |
| Distribution (12b-1) fees |  |
| Other expenses<sup>(1)</sup> <br>| 3.10% |
| Acquired Fund fees and expenses | 0.44% |
| Total annual Fund operating expenses | 3.54% |
| Fee waiver and/or expense reimbursement | (3.19)% |
| **Total annual Fund operating expenses after fee waiver and/or expense reimbursement**<sup>(2)</sup> | **0.35%** |

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<sup>(1)</sup> Other expenses have been updated from the most recent annual report to reflect current expenses.

<sup>(2)</sup> PGIM Investments LLC ("PGIM Investments") has contractually agreed to limit Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements to 0.35% of average daily net assets for Class R6 shares. This contractual waiver includes acquired fund fees and expenses, and excludes Fund and any acquired fund interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. 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 has no express termination date and may not be terminated by PGIM Investments without the prior approval of the Fund's Board of Trustees.

**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 and that all dividends and distributions are reinvested. Your actual costs may be higher or lower.

**If Shares Are Redeemed**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class**  | **1 Year**  | **3 Years**  | **5 Years** | **10 Years** |
| Class R6 | $36  | $113  | $197  | $443 |

---

**If Shares Are Not Redeemed**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class**  | **1 Year**  | **3 Years**  | **5 Years** | **10 Years** |
| Class R6 | $36  | $113  | $197  | $443 |

---

PGIM Retirement Spending Funds

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**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 13% of the average value of its portfolio.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** 

The Fund is structured as a "fund of funds," meaning that instead of buying individual securities directly, the Fund invests primarily in mutual funds and exchange-traded funds ("ETFs") (collectively, the "Underlying Funds"). The Underlying Funds are primarily mutual funds and ETFs within the PGIM Funds family but may also include mutual funds and ETFs that are not within the PGIM Funds family (for example, to expand the strategies covered by the Underlying Funds).

The Fund seeks to achieve its investment objective by investing primarily in Underlying Funds that invest in a portfolio of fixed income and equity securities and non-traditional asset classes. Under normal circumstances, the Fund will invest approximately 60% (which may range from 50% to 70%) of its total assets in Underlying Funds that invest primarily in fixed income securities and invest the remainder of the Fund's total assets in Underlying Funds that invest primarily in equity securities and non-traditional asset classes. The subadviser will monitor the Fund's investments in Underlying Funds on a regular basis in order to maintain the approximate allocation to each asset class and, without prior notification to shareholders, will make changes to the Fund's asset allocations as it deems appropriate in seeking to meet the Fund's investment objective in light of market and economic conditions and such other factors as it deems relevant.

Underlying Funds that provide exposure to fixed income may invest primarily in bonds, including below investment grade bonds, commonly known as "junk bonds."

The investments held by Underlying Funds that provide exposure to equities may include U.S. large-cap equity, mid-cap equity and small-cap equity, as well as international and emerging markets equity.

Underlying Funds may gain exposure to non-traditional asset classes through investments in securities and related derivatives of issuers that are primarily engaged in or related to the real estate industry, real estate investment trusts ("REITs"), infrastructure and commodity-related instruments as well as derivative securities or instruments, such as options and futures, the value of which is derived from another security, a commodity, a currency or an index.

**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.

**Affiliated Funds Risk.** The Fund's Manager serves as manager of certain of the Underlying Funds. In addition, the Fund may invest in certain Underlying Funds for which the subadviser serves as subadviser. It is possible that a conflict of interest among the Fund and the Underlying Funds could affect how the Manager and subadviser fulfill their fiduciary duties to the Fund and the Underlying Funds. For example, the subadviser may have an incentive to allocate the

Visit our website at www.pgim.com/investments

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Fund's assets to those Underlying Funds for which the fees paid to the Manager or the subadviser are higher than the fees paid by other Underlying Funds for which the subadviser also serves as a subadviser. However, the Fund has adopted procedures to mitigate these concerns. The fees charged by Underlying Funds may not necessarily be the least expensive.

**Asset Allocation Risk.** The Fund's risks will directly correspond to the risks of the Underlying Funds in which it invests. By investing in many Underlying Funds, the Fund has partial exposure to the risks of many different areas in the market, and the Fund's overall level of risk should decline over time. However, the selection of the Underlying Funds and the allocation of the Fund's assets among the various asset classes and market sectors could cause the Fund to underperform other funds with a similar investment objective.

**Asset Class Variation Risk.** The Underlying Funds invest principally in the securities constituting their asset class (i.e., fixed income, equity and non-traditional). However, an Underlying Fund may vary the percentage of assets in these securities (subject to any applicable regulatory requirements). Depending on the percentage of securities in a particular asset class held by the Underlying Funds at any given time and the percentage of the Fund's assets invested in various Underlying Funds, the Fund's actual exposure to the securities in a particular asset class may vary substantially from the allocation to that asset class. There is a risk that the Manager's and/or the subadviser's evaluations and assumptions regarding asset classes or Underlying Funds may be incorrect in view of actual market conditions.

In addition, there is no guarantee that the Underlying Funds will achieve their investment objectives, and the Underlying Funds' performance may be lower than the performance of the asset class which they were selected to represent. The Underlying Funds may change their investment objectives or policies without the approval of the Fund. If an Underlying Fund were to change its investment objective or policies, the Fund might be forced to withdraw its investment from the Underlying Fund at a disadvantageous time and price.

**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 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.

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

**Fund of Funds Risk.** The value of an investment in the Fund will be related, to a substantial degree, to the investment performance of the Underlying Funds in which it invests. Therefore, the principal risks of investing in the Fund are closely related to the principal risks associated with these Underlying Funds and their investments. Because the Fund's

PGIM Retirement Spending Funds

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allocation among different Underlying Funds and direct investments in securities and derivatives will vary, an investment in the Fund may be subject to any and all of these risks at different times and to different degrees. Investing in an Underlying Fund will also expose the Fund to a pro rata portion of the Underlying Fund's fees and expenses. In addition, one Underlying Fund may buy the same securities that another Underlying Fund sells. Therefore, the Fund would indirectly bear the costs of these trades without accomplishing the investment purpose.

**Fund Rebalancing Risk.** Underlying Funds may experience relatively large redemptions or investments due to a rebalancing of a Fund's allocations. In such event, an Underlying Fund may be required to sell securities or to invest cash at a time when it is not advantageous to do so. Rebalancing may increase brokerage and/or other transaction costs of an Underlying Fund, increase the Underlying Fund's expenses or result in the Underlying Fund's becoming too small to be economically viable. Rebalancing may also adversely affect an Underlying Fund's performance and thus the Fund's performance. The impact of rebalancing is likely to be greater when a Fund purchases, redeems or invests in a substantial portion of an Underlying Fund.

The subadviser will seek to cooperate with the subadvisers of the Underlying Funds to minimize any adverse impact on the Underlying Funds. The subadvisers of the Underlying Funds may take such actions as they deem appropriate to minimize such adverse impact, considering the potential benefits of such investments to the Underlying Funds and consistent with their obligations to the Underlying Funds. Such actions may delay the rebalancing of the Fund's investments in the event of significant market or other events that may require more rapid action.

**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 Underlying 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. 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 an Underlying Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." In addition, if an Underlying Fund purchases a fixed income security at a premium (at a price that exceeds its stated par or principal value), the Underlying Fund may lose the amount of the premium paid in the event of prepayment. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of an Underlying Fund's holdings may fall sharply. This is referred to as "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.

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

**Market Capitalization Risk.** Certain Underlying Funds may invest in stocks of small- and medium-size companies which may present above-average risks. These companies usually offer a smaller range of products and services than larger companies. They may also have limited financial resources and may lack management depth. As a result, the prices of stocks issued by small- and medium-size companies tend to fluctuate more than the stocks of larger, more established companies. In exchange for potentially lower risks of investing in large capitalization companies, such investments may not rise as much in value as the value of investments in smaller-capitalized companies.

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

**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.

**New Fund Risk.** The Fund recently commenced operations. As a new and relatively small fund, the Fund's performance may not represent how the Fund is expected to or may perform in the long term if it becomes larger and after it has fully implemented its investment strategies. Investment positions may have a disproportionate impact (negative or positive) on performance in new and smaller funds. New and smaller funds may also require a period of time before they are invested in securities that meet their investment objectives and policies and achieve a representative portfolio composition. Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, and may not employ a successful investment strategy, either of which could result in the Fund being liquidated at any time without shareholder approval and/or at a time that may not be favorable for all shareholders. Such a liquidation could result in transaction costs and have negative tax consequences for shareholders.

**Real Estate Related Securities Risk.** The Fund's investment in certain Underlying Funds will expose the Fund to the performance of the real estate markets. The value of real estate securities in general, and real estate investment trusts (REITs) in particular, is subject to the same risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying properties or the underlying loans or interests. The underlying loans may be subject to the risks of default or of prepayments that occur earlier or later than expected, and such loans may also include so-called "subprime" mortgages. The value of these securities will rise and fall in response to many factors, including economic conditions, the demand for rental property, interest rates and, with respect to REITs, the management skill and creditworthiness of the issuer. In particular, the value of these securities may decline when

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interest rates rise and will also be affected by the real estate market and by the management of the underlying properties. REITs may be more volatile and/or more illiquid than other types of equity securities. The Fund will indirectly bear a portion of the expenses, including management fees, paid by each REIT in which it invests, in addition to the expenses of the Fund.

**U.S. Government and Agency Securities Risk.** U.S. Government and agency securities are subject to market risk, interest rate risk and credit risk. Not all U.S. Government securities are insured or guaranteed by the full faith and credit of the U.S. Government; some are only insured or guaranteed by the issuing agency, which must rely on its own resources to repay the debt. Some agency securities carry no guarantee whatsoever and the risk of default associated with these securities would be borne by the Fund. The maximum potential liability of the issuers of some U.S. Government securities held by the Fund may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. No assurance can be given that the U.S. Government would provide financial support to any such issuers if it is not obligated to do so by law. It is possible that these issuers will not have the funds to meet their payment obligations in the future. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.

**Performance.** The Fund has not been in operation for a full calendar year, and hence has no past performance data to present. Once the Fund has a performance record of at least one calendar year, the Fund's performance will be included in its Prospectus. Updated Fund performance information, including current net asset value, is available online at www.pgim.com/investments.

**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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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Manager**  | **Subadviser**  | **Portfolio Managers**  | **Title**  | **Service Date**  |
| PGIM Investments LLC  | PGIM DC Solutions LLC | Jeremy Stempien | &nbsp;&nbsp; Managing Director, <br> Portfolio Manager and <br> Strategist<br>| April 2024 |
|  |  | Joel M. Kallman, CFA | &nbsp;&nbsp; Principal and Portfolio <br> Manager<br>| April 2024 |
|  |  | &nbsp;&nbsp; David Blanchett, PhD, <br> CFA, CFP®<br>| &nbsp;&nbsp; Managing Director, <br> Portfolio Manager and <br> Head of Retirement <br> Research<br>| April 2024 |

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**BUYING AND SELLING FUND SHARES** 

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| | |
|:---|:---|
|  | **Class R6** |
| Minimum initial investment | None |
| Minimum subsequent investment | None |

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Class R6 shares are available for purchase by certain group retirement plans, institutional investors, and certain other eligible investors but are generally not available for purchase by individuals. Please see "How to Buy, Sell and Exchange Fund Shares —How to Buy Fund Shares —Qualifying for Class R6 Shares" in the Prospectus for purchase eligibility requirements.

**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 401(k) plan or an individual retirement account. Such tax-deferred arrangements may be taxed later upon withdrawal of monies from those arrangements.

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**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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SUMMARY: PGIM MODERATE RETIREMENT SPENDING FUND

**INVESTMENT OBJECTIVE**

The investment objective of the Fund is **to seek a balance between growth and conservation 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.** 

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

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| | |
|:---|:---|
|  | **Class R6** |
| Maximum sales charge (load) imposed on purchases (as a percentage of offering price) |  |
| Maximum deferred sales charge (load) (as a percentage of the lower of the original purchase price or the net asset value at redemption) |  |
| Maximum sales charge (load) imposed on reinvested dividends and other distributions |  |
| Redemption fee |  |
| Exchange fee |  |
| Maximum account fee (accounts under $10,000) |  |

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

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| | |
|:---|:---|
|  | **Class R6** |
| Management fee |  |
| Distribution (12b-1) fees |  |
| Other expenses<sup>(1)</sup> <br>| 3.01% |
| Acquired Fund fees and expenses | 0.48% |
| Total annual Fund operating expenses | 3.49% |
| Fee waiver and/or expense reimbursement | (3.14)% |
| **Total annual Fund operating expenses after fee waiver and/or expense reimbursement**<sup>(2)</sup> | **0.35%** |

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<sup>(1)</sup> Other expenses have been updated from the most recent annual report to reflect current expenses.

<sup>(2)</sup> PGIM Investments LLC ("PGIM Investments") has contractually agreed to limit Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements to 0.35% of average daily net assets for Class R6 shares. This contractual waiver includes acquired fund fees and expenses, and excludes Fund and any acquired fund interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. 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 has no express termination date and may not be terminated by PGIM Investments without the prior approval of the Fund's Board of Trustees.

**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 and that all dividends and distributions are reinvested. Your actual costs may be higher or lower.

**If Shares Are Redeemed**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class**  | **1 Year**  | **3 Years**  | **5 Years** | **10 Years** |
| Class R6 | $36 | $113 | $197 | $443 |

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**If Shares Are Not Redeemed**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class**  | **1 Year**  | **3 Years**  | **5 Years** | **10 Years** |
| Class R6 | $36 | $113 | $197 | $443 |

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**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 14% of the average value of its portfolio.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** 

The Fund is structured as a "fund of funds," meaning that instead of buying individual securities directly, the Fund invests primarily in mutual funds and exchange-traded funds ("ETFs") (collectively, the "Underlying Funds"). The Underlying Funds are primarily mutual funds and ETFs within the PGIM Funds family but may also include mutual funds and ETFs that are not within the PGIM Funds family (for example, to expand the strategies covered by the Underlying Funds).

The Fund seeks to achieve its investment objective by investing primarily in Underlying Funds that invest in a portfolio of equity and fixed income securities and non-traditional asset classes. Under normal circumstances, the Fund will invest approximately 60% (which may range from 50% to 70%) of its total assets in Underlying Funds that invest primarily in equity securities and non-traditional asset classes and invest the remainder of the Fund's total assets in Underlying Funds that invest primarily in fixed income securities. The subadviser will monitor the Fund's investments in Underlying Funds on a regular basis in order to maintain the approximate allocation to each asset class and, without prior notification to shareholders, will make changes to the Fund's asset allocations as it deems appropriate in seeking to meet the Fund's investment objective in light of market and economic conditions and such other factors as it deems relevant.

The investments held by Underlying Funds that provide exposure to equities may include U.S. large-cap equity, mid-cap equity and small-cap equity, as well as international and emerging markets equity.

Underlying Funds may gain exposure to non-traditional asset classes through investments in securities and related derivatives of issuers that are primarily engaged in or related to the real estate industry, real estate investment trusts ("REITs"), infrastructure and commodity-related instruments as well as derivative securities or instruments, such as options and futures, the value of which is derived from another security, a commodity, a currency or an index.

Underlying Funds that provide exposure to fixed income may invest primarily in bonds, including below investment grade bonds, commonly known as "junk bonds."

**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.

**Affiliated Funds Risk.** The Fund's Manager serves as manager of certain of the Underlying Funds. In addition, the Fund may invest in certain Underlying Funds for which the subadviser serves as subadviser. It is possible that a conflict of interest among the Fund and the Underlying Funds could affect how the Manager and subadviser fulfill their fiduciary duties to the Fund and the Underlying Funds. For example, the subadviser may have an incentive to allocate the

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Fund's assets to those Underlying Funds for which the fees paid to the Manager or the subadviser are higher than the fees paid by other Underlying Funds for which the subadviser also serves as a subadviser. However, the Fund has adopted procedures to mitigate these concerns. The fees charged by Underlying Funds may not necessarily be the least expensive.

**Asset Allocation Risk.** The Fund's risks will directly correspond to the risks of the Underlying Funds in which it invests. By investing in many Underlying Funds, the Fund has partial exposure to the risks of many different areas in the market, and the Fund's overall level of risk should decline over time. However, the selection of the Underlying Funds and the allocation of the Fund's assets among the various asset classes and market sectors could cause the Fund to underperform other funds with a similar investment objective.

**Asset Class Variation Risk.** The Underlying Funds invest principally in the securities constituting their asset class (i.e., fixed income, equity and non-traditional). However, an Underlying Fund may vary the percentage of assets in these securities (subject to any applicable regulatory requirements). Depending on the percentage of securities in a particular asset class held by the Underlying Funds at any given time and the percentage of the Fund's assets invested in various Underlying Funds, the Fund's actual exposure to the securities in a particular asset class may vary substantially from the allocation to that asset class. There is a risk that the Manager's and/or the subadviser's evaluations and assumptions regarding asset classes or Underlying Funds may be incorrect in view of actual market conditions.

In addition, there is no guarantee that the Underlying Funds will achieve their investment objectives, and the Underlying Funds' performance may be lower than the performance of the asset class which they were selected to represent. The Underlying Funds may change their investment objectives or policies without the approval of the Fund. If an Underlying Fund were to change its investment objective or policies, the Fund might be forced to withdraw its investment from the Underlying Fund at a disadvantageous time and price.

**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 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.

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

**Fund of Funds Risk.** The value of an investment in the Fund will be related, to a substantial degree, to the investment performance of the Underlying Funds in which it invests. Therefore, the principal risks of investing in the Fund are closely related to the principal risks associated with these Underlying Funds and their investments. Because the Fund's

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allocation among different Underlying Funds and direct investments in securities and derivatives will vary, an investment in the Fund may be subject to any and all of these risks at different times and to different degrees. Investing in an Underlying Fund will also expose the Fund to a pro rata portion of the Underlying Fund's fees and expenses. In addition, one Underlying Fund may buy the same securities that another Underlying Fund sells. Therefore, the Fund would indirectly bear the costs of these trades without accomplishing the investment purpose.

**Fund Rebalancing Risk.** Underlying Funds may experience relatively large redemptions or investments due to a rebalancing of a Fund's allocations. In such event, an Underlying Fund may be required to sell securities or to invest cash at a time when it is not advantageous to do so. Rebalancing may increase brokerage and/or other transaction costs of an Underlying Fund, increase the Underlying Fund's expenses or result in the Underlying Fund's becoming too small to be economically viable. Rebalancing may also adversely affect an Underlying Fund's performance and thus the Fund's performance. The impact of rebalancing is likely to be greater when a Fund purchases, redeems or invests in a substantial portion of an Underlying Fund.

The subadviser will seek to cooperate with the subadvisers of the Underlying Funds to minimize any adverse impact on the Underlying Funds. The subadvisers of the Underlying Funds may take such actions as they deem appropriate to minimize such adverse impact, considering the potential benefits of such investments to the Underlying Funds and consistent with their obligations to the Underlying Funds. Such actions may delay the rebalancing of the Fund's investments in the event of significant market or other events that may require more rapid action.

**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 Underlying 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. 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 an Underlying Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." In addition, if an Underlying Fund purchases a fixed income security at a premium (at a price that exceeds its stated par or principal value), the Underlying Fund may lose the amount of the premium paid in the event of prepayment. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of an Underlying Fund's holdings may fall sharply. This is referred to as "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.

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

**Market Capitalization Risk.** Certain Underlying Funds may invest in stocks of small- and medium-size companies which may present above-average risks. These companies usually offer a smaller range of products and services than larger companies. They may also have limited financial resources and may lack management depth. As a result, the prices of stocks issued by small- and medium-size companies tend to fluctuate more than the stocks of larger, more established companies. In exchange for potentially lower risks of investing in large capitalization companies, such investments may not rise as much in value as the value of investments in smaller-capitalized companies.

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

**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.

**New Fund Risk.** The Fund recently commenced operations. As a new and relatively small fund, the Fund's performance may not represent how the Fund is expected to or may perform in the long term if it becomes larger and after it has fully implemented its investment strategies. Investment positions may have a disproportionate impact (negative or positive) on performance in new and smaller funds. New and smaller funds may also require a period of time before they are invested in securities that meet their investment objectives and policies and achieve a representative portfolio composition. Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, and may not employ a successful investment strategy, either of which could result in the Fund being liquidated at any time without shareholder approval and/or at a time that may not be favorable for all shareholders. Such a liquidation could result in transaction costs and have negative tax consequences for shareholders.

**Real Estate Related Securities Risk.** The Fund's investment in certain Underlying Funds will expose the Fund to the performance of the real estate markets. The value of real estate securities in general, and real estate investment trusts (REITs) in particular, is subject to the same risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying properties or the underlying loans or interests. The underlying loans may be subject to the risks of default or of prepayments that occur earlier or later than expected, and such loans may also include so-called "subprime" mortgages. The value of these securities will rise and fall in response to many factors, including economic conditions, the demand for rental property, interest rates and, with respect to REITs, the management skill and creditworthiness of the issuer. In particular, the value of these securities may decline when

Visit our website at www.pgim.com/investments

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interest rates rise and will also be affected by the real estate market and by the management of the underlying properties. REITs may be more volatile and/or more illiquid than other types of equity securities. The Fund will indirectly bear a portion of the expenses, including management fees, paid by each REIT in which it invests, in addition to the expenses of the Fund.

**U.S. Government and Agency Securities Risk.** U.S. Government and agency securities are subject to market risk, interest rate risk and credit risk. Not all U.S. Government securities are insured or guaranteed by the full faith and credit of the U.S. Government; some are only insured or guaranteed by the issuing agency, which must rely on its own resources to repay the debt. Some agency securities carry no guarantee whatsoever and the risk of default associated with these securities would be borne by the Fund. The maximum potential liability of the issuers of some U.S. Government securities held by the Fund may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. No assurance can be given that the U.S. Government would provide financial support to any such issuers if it is not obligated to do so by law. It is possible that these issuers will not have the funds to meet their payment obligations in the future. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.

**Performance.** The Fund has not been in operation for a full calendar year, and hence has no past performance data to present. Once the Fund has a performance record of at least one calendar year, the Fund's performance will be included in its Prospectus. Updated Fund performance information, including current net asset value, is available online at www.pgim.com/investments.

**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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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Manager**  | **Subadviser**  | **Portfolio Managers**  | **Title**  | **Service Date**  |
| PGIM Investments LLC  | PGIM DC Solutions LLC | Jeremy Stempien | &nbsp;&nbsp; Managing Director, <br> Portfolio Manager and <br> Strategist<br>| April 2024 |
|  |  | Joel M. Kallman, CFA | &nbsp;&nbsp; Principal and Portfolio <br> Manager<br>| April 2024 |
|  |  | &nbsp;&nbsp; David Blanchett, PhD, <br> CFA, CFP®<br>| &nbsp;&nbsp; Managing Director, <br> Portfolio Manager and <br> Head of Retirement <br> Research<br>| April 2024 |

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**BUYING AND SELLING FUND SHARES** 

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| | |
|:---|:---|
|  | **Class R6** |
| Minimum initial investment | None |
| Minimum subsequent investment | None |

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Class R6 shares are available for purchase by certain group retirement plans, institutional investors, and certain other eligible investors but are generally not available for purchase by individuals. Please see "How to Buy, Sell and Exchange Fund Shares —How to Buy Fund Shares —Qualifying for Class R6 Shares" in the Prospectus for purchase eligibility requirements.

**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 401(k) plan or an individual retirement account. Such tax-deferred arrangements may be taxed later upon withdrawal of monies from those arrangements.

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**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.

Visit our website at www.pgim.com/investments

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SUMMARY: PGIM ENHANCED RETIREMENT SPENDING FUND

**INVESTMENT OBJECTIVE**

The investment objective of the Fund is **to seek a balance between growth and conservation 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.** 

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

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| | |
|:---|:---|
|  | **Class R6** |
| Maximum sales charge (load) imposed on purchases (as a percentage of offering price) |  |
| Maximum deferred sales charge (load) (as a percentage of the lower of the original purchase price or the net asset value at redemption) |  |
| Maximum sales charge (load) imposed on reinvested dividends and other distributions |  |
| Redemption fee |  |
| Exchange fee |  |
| Maximum account fee (accounts under $10,000) |  |

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

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| | |
|:---|:---|
|  | **Class R6** |
| Management fee |  |
| Distribution (12b-1) fees |  |
| Other expenses<sup>(1)</sup> <br>| 2.95% |
| Acquired Fund fees and expenses | 0.52% |
| Total annual Fund operating expenses | 3.47% |
| Fee waiver and/or expense reimbursement | (3.12)% |
| **Total annual Fund operating expenses after fee waiver and/or expense reimbursement**<sup>(2)</sup> | **0.35%** |

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<sup>(1)</sup> Other expenses have been updated from the most recent annual report to reflect current expenses.

<sup>(2)</sup> PGIM Investments LLC ("PGIM Investments") has contractually agreed to limit Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements to 0.35% of average daily net assets for Class R6 shares. This contractual waiver includes acquired fund fees and expenses, and excludes Fund and any acquired fund interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. 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 has no express termination date and may not be terminated by PGIM Investments without the prior approval of the Fund's Board of Trustees.

**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 and that all dividends and distributions are reinvested. Your actual costs may be higher or lower.

**If Shares Are Redeemed**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class**  | **1 Year**  | **3 Years**  | **5 Years** | **10 Years** |
| Class R6 | $36 | $113 | $197 | $443 |

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**If Shares Are Not Redeemed**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class**  | **1 Year**  | **3 Years**  | **5 Years** | **10 Years** |
| Class R6 | $36 | $113 | $197 | $443 |

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**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 15% of the average value of its portfolio.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** 

The Fund is structured as a "fund of funds," meaning that instead of buying individual securities directly, the Fund invests primarily in mutual funds and exchange-traded funds ("ETFs") (collectively, the "Underlying Funds"). The Underlying Funds are primarily mutual funds and ETFs within the PGIM Funds family but may also include mutual funds and ETFs that are not within the PGIM Funds family (for example, to expand the strategies covered by the Underlying Funds).

The Fund seeks to achieve its investment objective by investing primarily in Underlying Funds that invest in a portfolio of equity securities and non-traditional asset classes. Under normal circumstances, the Fund will invest approximately 80% (which may range from 70% to 90%) of its total assets in Underlying Funds that invest primarily in equity securities and non-traditional asset classes and invest the remainder of the Fund's total assets in Underlying Funds that invest primarily in fixed income securities. The subadviser will monitor the Fund's investments in Underlying Funds on a regular basis in order to maintain the approximate allocation to each asset class and, without prior notification to shareholders, will make changes to the Fund's asset allocations as it deems appropriate in seeking to meet the Fund's investment objective in light of market and economic conditions and such other factors as it deems relevant.

The investments held by Underlying Funds that provide exposure to equities may include U.S. large-cap equity, mid-cap equity and small-cap equity, as well as international and emerging markets equity.

Underlying Funds may gain exposure to non-traditional asset classes through investments in securities and related derivatives of issuers that are primarily engaged in or related to the real estate industry, real estate investment trusts ("REITs"), infrastructure and commodity-related instruments as well as derivative securities or instruments, such as options and futures, the value of which is derived from another security, a commodity, a currency or an index.

Underlying Funds that provide exposure to fixed income may invest primarily in bonds, including below investment grade bonds, commonly known as "junk bonds."

**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.

**Affiliated Funds Risk.** The Fund's Manager serves as manager of certain of the Underlying Funds. In addition, the Fund may invest in certain Underlying Funds for which the subadviser serves as subadviser. It is possible that a conflict of interest among the Fund and the Underlying Funds could affect how the Manager and subadviser fulfill their fiduciary duties to the Fund and the Underlying Funds. For example, the subadviser may have an incentive to allocate the

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Fund's assets to those Underlying Funds for which the fees paid to the Manager or the subadviser are higher than the fees paid by other Underlying Funds for which the subadviser also serves as a subadviser. However, the Fund has adopted procedures to mitigate these concerns. The fees charged by Underlying Funds may not necessarily be the least expensive.

**Asset Allocation Risk.** The Fund's risks will directly correspond to the risks of the Underlying Funds in which it invests. By investing in many Underlying Funds, the Fund has partial exposure to the risks of many different areas in the market, and the Fund's overall level of risk should decline over time. However, the selection of the Underlying Funds and the allocation of the Fund's assets among the various asset classes and market sectors could cause the Fund to underperform other funds with a similar investment objective.

**Asset Class Variation Risk.** The Underlying Funds invest principally in the securities constituting their asset class (i.e., fixed income, equity and non-traditional). However, an Underlying Fund may vary the percentage of assets in these securities (subject to any applicable regulatory requirements). Depending on the percentage of securities in a particular asset class held by the Underlying Funds at any given time and the percentage of the Fund's assets invested in various Underlying Funds, the Fund's actual exposure to the securities in a particular asset class may vary substantially from the allocation to that asset class. There is a risk that the Manager's and/or the subadviser's evaluations and assumptions regarding asset classes or Underlying Funds may be incorrect in view of actual market conditions.

In addition, there is no guarantee that the Underlying Funds will achieve their investment objectives, and the Underlying Funds' performance may be lower than the performance of the asset class which they were selected to represent. The Underlying Funds may change their investment objectives or policies without the approval of the Fund. If an Underlying Fund were to change its investment objective or policies, the Fund might be forced to withdraw its investment from the Underlying Fund at a disadvantageous time and price.

**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 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.

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

**Fund of Funds Risk.** The value of an investment in the Fund will be related, to a substantial degree, to the investment performance of the Underlying Funds in which it invests. Therefore, the principal risks of investing in the Fund are closely related to the principal risks associated with these Underlying Funds and their investments. Because the Fund's

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allocation among different Underlying Funds and direct investments in securities and derivatives will vary, an investment in the Fund may be subject to any and all of these risks at different times and to different degrees. Investing in an Underlying Fund will also expose the Fund to a pro rata portion of the Underlying Fund's fees and expenses. In addition, one Underlying Fund may buy the same securities that another Underlying Fund sells. Therefore, the Fund would indirectly bear the costs of these trades without accomplishing the investment purpose.

**Fund Rebalancing Risk.** Underlying Funds may experience relatively large redemptions or investments due to a rebalancing of a Fund's allocations. In such event, an Underlying Fund may be required to sell securities or to invest cash at a time when it is not advantageous to do so. Rebalancing may increase brokerage and/or other transaction costs of an Underlying Fund, increase the Underlying Fund's expenses or result in the Underlying Fund's becoming too small to be economically viable. Rebalancing may also adversely affect an Underlying Fund's performance and thus the Fund's performance. The impact of rebalancing is likely to be greater when a Fund purchases, redeems or invests in a substantial portion of an Underlying Fund.

The subadviser will seek to cooperate with the subadvisers of the Underlying Funds to minimize any adverse impact on the Underlying Funds. The subadvisers of the Underlying Funds may take such actions as they deem appropriate to minimize such adverse impact, considering the potential benefits of such investments to the Underlying Funds and consistent with their obligations to the Underlying Funds. Such actions may delay the rebalancing of the Fund's investments in the event of significant market or other events that may require more rapid action.

**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 Underlying 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. 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 an Underlying Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." In addition, if an Underlying Fund purchases a fixed income security at a premium (at a price that exceeds its stated par or principal value), the Underlying Fund may lose the amount of the premium paid in the event of prepayment. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of an Underlying Fund's holdings may fall sharply. This is referred to as "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.

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

**Market Capitalization Risk.** Certain Underlying Funds may invest in stocks of small- and medium-size companies which may present above-average risks. These companies usually offer a smaller range of products and services than larger companies. They may also have limited financial resources and may lack management depth. As a result, the prices of stocks issued by small- and medium-size companies tend to fluctuate more than the stocks of larger, more established companies. In exchange for potentially lower risks of investing in large capitalization companies, such investments may not rise as much in value as the value of investments in smaller-capitalized companies.

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

**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.

**New Fund Risk.** The Fund recently commenced operations. As a new and relatively small fund, the Fund's performance may not represent how the Fund is expected to or may perform in the long term if it becomes larger and after it has fully implemented its investment strategies. Investment positions may have a disproportionate impact (negative or positive) on performance in new and smaller funds. New and smaller funds may also require a period of time before they are invested in securities that meet their investment objectives and policies and achieve a representative portfolio composition. Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, and may not employ a successful investment strategy, either of which could result in the Fund being liquidated at any time without shareholder approval and/or at a time that may not be favorable for all shareholders. Such a liquidation could result in transaction costs and have negative tax consequences for shareholders.

**Real Estate Related Securities Risk.** The Fund's investment in certain Underlying Funds will expose the Fund to the performance of the real estate markets. The value of real estate securities in general, and real estate investment trusts (REITs) in particular, is subject to the same risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying properties or the underlying loans or interests. The underlying loans may be subject to the risks of default or of prepayments that occur earlier or later than expected, and such loans may also include so-called "subprime" mortgages. The value of these securities will rise and fall in response to many factors, including economic conditions, the demand for rental property, interest rates and, with respect to REITs, the management skill and creditworthiness of the issuer. In particular, the value of these securities may decline when

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interest rates rise and will also be affected by the real estate market and by the management of the underlying properties. REITs may be more volatile and/or more illiquid than other types of equity securities. The Fund will indirectly bear a portion of the expenses, including management fees, paid by each REIT in which it invests, in addition to the expenses of the Fund.

**U.S. Government and Agency Securities Risk.** U.S. Government and agency securities are subject to market risk, interest rate risk and credit risk. Not all U.S. Government securities are insured or guaranteed by the full faith and credit of the U.S. Government; some are only insured or guaranteed by the issuing agency, which must rely on its own resources to repay the debt. Some agency securities carry no guarantee whatsoever and the risk of default associated with these securities would be borne by the Fund. The maximum potential liability of the issuers of some U.S. Government securities held by the Fund may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. No assurance can be given that the U.S. Government would provide financial support to any such issuers if it is not obligated to do so by law. It is possible that these issuers will not have the funds to meet their payment obligations in the future. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.

**Performance.** The Fund has not been in operation for a full calendar year, and hence has no past performance data to present. Once the Fund has a performance record of at least one calendar year, the Fund's performance will be included in its Prospectus. Updated Fund performance information, including current net asset value, is available online at www.pgim.com/investments.

**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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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Manager**  | **Subadviser**  | **Portfolio Managers**  | **Title**  | **Service Date**  |
| PGIM Investments LLC  | PGIM DC Solutions LLC | Jeremy Stempien | &nbsp;&nbsp; Managing Director, <br> Portfolio Manager and <br> Strategist<br>| April 2024 |
|  |  | Joel M. Kallman, CFA | &nbsp;&nbsp; Principal and Portfolio <br> Manager<br>| April 2024 |
|  |  | &nbsp;&nbsp; David Blanchett, PhD, <br> CFA, CFP®<br>| &nbsp;&nbsp; Managing Director, <br> Portfolio Manager and <br> Head of Retirement <br> Research<br>| April 2024 |

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**BUYING AND SELLING FUND SHARES** 

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| | |
|:---|:---|
|  | **Class R6** |
| Minimum initial investment | None |
| Minimum subsequent investment | None |

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Class R6 shares are available for purchase by certain group retirement plans, institutional investors, and certain other eligible investors but are generally not available for purchase by individuals. Please see "How to Buy, Sell and Exchange Fund Shares —How to Buy Fund Shares —Qualifying for Class R6 Shares" in the Prospectus for purchase eligibility requirements.

**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 401(k) plan or an individual retirement account. Such tax-deferred arrangements may be taxed later upon withdrawal of monies from those arrangements.

Visit our website at www.pgim.com/investments

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**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.

PGIM Retirement Spending Funds

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MORE ABOUT THE FUNDS' PRINCIPAL AND NON-PRINCIPAL INVESTMENT STRATEGIES, INVESTMENTS AND RISKS

**INVESTMENT STRATEGIES AND INVESTMENTS**

Each Fund is one of three funds which comprise the PGIM Retirement Spending Funds (the "PGIM Retirement Spending Funds"). Each Fund is structured as a "fund of funds," meaning that instead of buying individual securities directly, the Fund invests primarily in mutual funds and exchange-traded funds ("ETFs") (collectively, the "Underlying Funds"). The Underlying Funds are primarily mutual funds and ETFs within the PGIM Funds family but may also include mutual funds and ETFs that are not within the PGIM Funds family (for example, to expand the strategies covered by the Underlying Funds).

The PGIM Retirement Spending Funds are intended to provide an investment solution for investors seeking to fund various types of individual retirement spending. Each Fund offers investors a means to manage their long-term investments in light of personal investment goals.

The investments held by Underlying Funds that provide exposure to equities may include U.S. large-cap equity, mid-cap equity and small-cap equity, as well as international and emerging markets equity. Underlying Funds that provide exposure to fixed income may invest primarily in debt obligations of varying credit quality, including securities issued or guaranteed by the U.S. Government and its agencies, and debt obligations issued by U.S. companies, foreign companies and foreign governments and their agencies, including below investment grade bonds, commonly known as "junk bonds." Underlying Funds may gain exposure to non-traditional asset classes through investments in securities and related derivatives of issuers that are primarily engaged in or related to the real estate industry, real estate investment trusts ("REITs"), infrastructure and commodity-related instruments and derivative securities or instruments, such as options and futures, the value of which is derived from another security, a commodity, a currency or an index.

**PGIM Conservative Retirement Spending Fund**

PGIM Conservative Retirement Spending Fund is intended for retirees and near retirees who are looking to fund essential and flexible spending in retirement with an emphasis on essential spending. The Fund's investment objective is to seek a balance between growth and conservation of capital. The Fund seeks to achieve its investment objective by investing primarily in Underlying Funds that invest in a portfolio of fixed income and equity securities and non-traditional asset classes. Under normal circumstances, the Fund will invest approximately 60% (which may range from 50% to 70%) of its total assets in Underlying Funds that invest primarily in fixed income securities and invest the remainder of the Fund's total assets in Underlying Funds that invest primarily in equity securities and non-traditional asset classes. The subadviser will monitor the Fund's investments in Underlying Funds on a regular basis in order to maintain the approximate allocation to each asset class and, without prior notification to shareholders, will make changes to the Fund's asset allocations as it deems appropriate in seeking to meet the Fund's investment objective in light of market and economic conditions and such other factors as it deems relevant.

**PGIM Moderate Retirement Spending Fund**

PGIM Moderate Retirement Spending Fund is intended for retirees and near retirees who are looking to fund a balance between essential and flexible spending in retirement. The Fund's investment objective is to seek a balance between growth and conservation of capital. The Fund seeks to achieve its investment objective by investing primarily in Underlying Funds that invest in equity and fixed income securities and non-traditional asset classes. Under normal circumstances, the Fund will invest approximately 60% (which may range from 50% to 70%) of its total assets in Underlying Funds that invest primarily in a portfolio of equity securities and non-traditional asset classes and invest the remainder of the Fund's total assets in Underlying Funds that invest primarily in fixed income securities. The subadviser will monitor the Fund's investments in Underlying Funds on a regular basis in order to maintain the approximate allocation to each asset class and, without prior notification to shareholders, will make changes to the Fund's asset allocations as it deems appropriate in seeking to meet the Fund's investment objective in light of market and economic conditions and such other factors as it deems relevant.

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**PGIM Enhanced Retirement Spending Fund**

PGIM Enhanced Retirement Spending Fund is intended for retirees and near retirees who are looking to fund essential and flexible spending in retirement with an emphasis on flexible spending. The Fund's investment objective is to seek a balance between growth and conservation of capital. The Fund seeks to achieve its investment objective by investing primarily in Underlying Funds that invest in equity securities and non-traditional asset classes. Under normal circumstances, the Fund will invest approximately 80% (which may range from 70% to 90%) of its total assets in Underlying Funds that invest primarily in a portfolio of equity securities and non-traditional asset classes and invest the remainder of the Fund's total assets in Underlying Funds that invest primarily in fixed income securities. The subadviser will monitor the Fund's investments in Underlying Funds on a regular basis in order to maintain the approximate allocation to each asset class and, without prior notification to shareholders, will make changes to the Fund's asset allocations as it deems appropriate in seeking to meet the Fund's investment objective in light of market and economic conditions and such other factors as it deems relevant.

*The Funds' investment policies that are not fundamental may be changed from time to time without shareholder approval. Each Fund's investment objective is a non-fundamental policy and therefore may be changed by the Board without prior shareholder approval.*

**Underlying Funds**

Each Fund invests in securities and other instruments principally by purchasing shares of the Underlying Funds. Each Underlying Fund has its own investment objectives and principal strategies. Except for each Underlying Fund's fundamental policies, each Underlying Fund may change its principal strategies without shareholder approval to the extent consistent with the Underlying Fund's objectives. The Underlying Funds' fundamental policies may be changed only with approval of their respective shareholders. Consistent with each Fund's investment objective and policies, from time to time the Manager and the subadviser may add other Underlying Funds to, or remove current Underlying Funds from, the universe of Underlying Funds in which a Fund may invest.

**Equity and Equity-Related Securities**

Certain Underlying Funds invest in equity and equity-related securities. In addition to common stocks, nonconvertible preferred stocks and convertible securities, equity-related securities include American Depositary Receipts ("ADRs"); warrants and rights that can be exercised to obtain stock; investments in various types of business ventures, including partnerships and joint ventures. The Underlying Funds may buy equity and equity-related securities of companies of every size—small, medium and large capitalization.

**Fixed Income Securities**

Certain Underlying Funds invest in debt obligations, including corporate and non-corporate obligations, such as U.S. Government securities. The debt obligations held by an Underlying Fund will have varying average maturities and average durations. Lower-rated debt obligations—also known as "junk bonds"—have a higher risk of default and tend to be less liquid and more volatile than higher-rated obligations. An Underlying Fund also may invest in obligations that are not rated, but that the subadviser to the Underlying Fund believes are of comparable quality to these lower-rated obligations.

**Money Market Instruments**

Certain Underlying Funds invest in money market instruments, which include the commercial paper of corporations, certificates of deposit, bankers' acceptances and other obligations of domestic and non-U.S. banks, nonconvertible debt securities (corporate and government), short-term obligations issued or guaranteed by the U.S. Government or its agencies or instrumentalities, repurchase agreements and cash (non-U.S. currencies or U.S. dollars). Generally, money market instruments provide a fixed rate of return, but provide less opportunity for capital appreciation than stocks.

**U.S. Government Securities**

The Underlying Funds invest in securities issued or guaranteed by the U.S. Government or by an agency or instrumentality of the U.S. Government. Not all U.S. Government securities are backed by the full faith and credit of the

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United States, which means that payment of principal and interest are guaranteed, but market value is not. Some are supported only by the credit of the issuing agency, depend entirely on their own resources to repay their debt and are subject to the risk of default like private issuers.

**Emerging Market Investments**

Certain Underlying Funds invest in the securities of issuers domiciled in various countries with emerging capital markets. Countries with emerging markets can be found in regions such as Asia, Latin America, Eastern Europe and Africa. Such capital markets are emerging in a dynamic political and economic environment brought about by events over recent years that have reshaped political boundaries and traditional ideologies. Investments in such capital markets offer a way to gain exposure to smaller, developing markets and economies.

**Non-U.S. Securities**

Certain Underlying Funds invest in non-U.S. equity securities or in fixed income securities of non-U.S. issuers. The Underlying Funds' investments in securities of non-U.S. issuers or issuers with significant exposure to non-U.S. markets involve additional risk. Non-U.S. countries in which the Underlying Funds may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets.

**Mortgage-Related Securities**

Certain Underlying Funds invest in mortgage-related securities issued or guaranteed by U.S. governmental entities or private entities and in collateralized mortgage obligations ("CMOs") issued by private issuers. These securities are usually pass-through instruments that pay investors a share of all interest and principal payments from an underlying pool of fixed or adjustable rate mortgages. Mortgage-related securities include CMOs, multi-class pass-through securities and stripped mortgage-backed securities. A CMO is a security backed by an underlying portfolio of mortgages or mortgage-backed securities that may be issued or guaranteed by a bank or by U.S. governmental entities. A multi-class pass-through security is an equity interest in a trust composed of underlying mortgage assets. Payments of principal and interest on the mortgage assets and any reinvestment income thereon provide the funds to pay debt service on the CMO or to make scheduled distributions on the multi-class pass-through security. A stripped mortgage-backed security ("MBS") may be issued by U.S. governmental entities or by private institutions. Stripped MBS take the pieces of a debt security (principal and interest) and break them apart. The resulting securities may be sold separately and may perform differently.

**Asset-Backed Securities**

Certain Underlying Funds invest in asset-backed securities. An asset-backed security is another type of pass-through instrument that pays interest based upon the cash flow of an underlying pool of assets, such as automobile loans or credit card receivables. Unlike most corporate bonds, which are usually unsecured, most asset-backed securities are secured by collateral, or collateralized, which provides for more predictable cash flows and more protection against event-risk downgrades. However, to the extent a borrower fails to make timely repayments on the underlying loans when due or prepayments on underlying assets accelerate due to declines in interest rates, the Underlying Fund, and, therefore, a Fund, could suffer a loss on its investment. Some asset-backed securities, however, may be collateralized by a portfolio of corporate bonds or other securities, including, in some cases, junk bonds or non-U.S. dollar denominated securities.

**Derivative Strategies**

Certain Underlying Funds use various derivative strategies to try to improve their returns. An Underlying Fund may use hedging techniques to try to protect its assets. It cannot be guaranteed that these strategies will work, that the instruments necessary to implement these strategies will be available or that an Underlying Fund and, therefore, a Fund, will not lose money. Derivatives involve costs and can be volatile. With derivatives, the subadviser tries to predict whether the underlying investment—a security, market index, currency, interest rate or some other benchmark—will go up or down at some future date. An Underlying Fund may use derivatives to try to reduce risk or to increase returns consistent with each Underlying Fund's overall investment objective. The subadviser of an Underlying Fund will consider other factors (such as cost) in deciding whether to employ any particular strategy or use any particular instrument. Any derivatives that are used may not match or offset the Underlying Fund's underlying positions and this could result in losses to the Underlying Fund and, therefore, to the Fund that would not otherwise have occurred.

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Derivatives that involve leverage could magnify losses. The Underlying Fund may be limited in its use of derivatives by rules adopted by the SEC governing derivatives transactions. Although an Underlying Fund has the flexibility to make use of derivatives, it may choose not to for a variety of reasons, even under very volatile market conditions.

**Commodities**

Certain Underlying Funds invest in commodities and/or commodity-linked investments through a wholly-owned subsidiary organized in the Cayman Islands (a Cayman Subsidiary). Commodities are assets that have tangible properties, such as oil and other energy products, metals, and agricultural products. A commodity-linked derivative instrument is a financial instrument the value of which is determined by the value of one or more commodities, such as precious metals and agricultural products, or an index of various commodities. Commodity-linked derivative instruments include, but are not limited to, commodity-linked notes, swap agreements, commodity options, futures and options on futures, which provide exposure to the investment returns of the commodities markets without investing directly in physical commodities.

**Real Estate Investment Trusts**

Certain Underlying Funds invest in the equity securities of real estate investment trusts known as REITs. REITs are like corporations, except that they do not pay income taxes if they meet certain Internal Revenue Code of 1986, as amended (the "Code") requirements. However, while REITs themselves do not pay income taxes, the distributions they make to investors are taxable. REITs invest primarily in real estate and distribute almost all of their income—most of which comes from rents, mortgages and gains on sales of property—to shareholders.

**Cash Management**

To the extent that any Fund has uninvested assets, such assets will be invested primarily in short-term money market instruments. The Funds may buy these instruments directly, rather than through investing in an Underlying Fund. These investments may be inconsistent with that Fund's principal strategies and could prevent the Fund from achieving its investment objective.

**THE FUNDS OF FUNDS STRUCTURE**

The Funds generally invest in Class R6 shares of the Underlying Funds that are mutual funds within the PGIM fund family, as well as ETFs within the PGIM fund family, but may also invest in mutual funds and ETFs that are not within the PGIM Funds family. If an Underlying Fund does not offer Class R6 shares or is not part of the PGIM fund family, then the Funds will seek to invest in an equivalent share class or in the least expensive share class available by the Underlying Fund.

Because the assets of each Fund are invested in Underlying Funds, each Fund's investment performance is directly related to the investment performance of the Underlying Funds in which it invests. A Fund's ability to meet its investment objective will depend, in significant part, on the extent to which the Underlying Funds realize their investment objectives. The degree to which a Fund can achieve its objective will also depend on whether the subadviser's allocations to the various asset classes through allocation among the Underlying Funds prove successful. Also, through their investments in Underlying Funds, the Funds will bear the same types of investment risks that apply to the Underlying Funds. The degree to which a Fund is subject to investment risks will depend on the amount of the Fund's assets invested in particular Underlying Funds. The subadviser may invest in Underlying Funds that have a limited performance history.

In addition, it is possible that one Underlying Fund may be selling a security at approximately the same time another Underlying Fund is purchasing that security, resulting in the Funds indirectly incurring transaction costs with no change in investment exposure.

An Underlying Fund may invest in the same security or investment as another Underlying Fund. Therefore, as a Fund shareholder you may end up indirectly exposed to the same security or investment held by different Underlying Funds.

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**Fund Fees and Expenses**. As a Fund shareholder, you do not have to pay any additional sales charges or ongoing distribution fees as part of the fund of funds structure when investments are made in Underlying Funds that are within the PGIM fund family. This is because the Funds primarily invest in Class R6 shares of the Underlying Funds that are mutual funds within the PGIM fund family (or least expensive share class equivalent, for Underlying Funds which do not offer Class R6) or Underlying Funds that are ETFs, each of which do not bear those charges and fees. While there are no duplicative sales charges or distribution fees, you will bear a proportionate share of certain expenses of the Underlying Funds, in addition to the expenses of the Fund you own, such as advisory fees, fees for custodian services, Trustees' fees, legal and accounting services and transfer agency services (as applicable).

We will make every effort to avoid duplicative expenses where possible. You should consider whether a Fund's expenses are offset by its asset allocation structure, which allows you to hold a broad array of investments while owning shares of a single mutual fund. The indirect expenses of the Funds may fluctuate over time due to fluctuations in expenses incurred by the Underlying Funds, and fluctuations in the asset allocation of the assets of the Funds among the Underlying Funds.

**RISKS OF INVESTING IN THE FUNDS**

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

All investments involve risk, and investing in the Funds is no exception. The risks of investing in the Funds are further discussed below.

***The following are risks associated with each Fund's investment strategies:***

**Affiliated Funds Risk.** The Fund's Manager serves as manager of certain of the Underlying Funds. In addition, the Fund may invest in certain Underlying Funds for which the subadviser serves as subadviser. It is possible that a conflict of interest among the Fund and the Underlying Funds could affect how the Manager and subadviser fulfill their fiduciary duties to the Fund and the Underlying Funds. For example, the subadviser may have an incentive to allocate the Fund's assets to those Underlying Funds for which the fees paid to the Manager or the subadviser are higher than the fees paid by other Underlying Funds for which the subadviser also serves as a subadviser. However, the Fund has adopted procedures to mitigate these concerns. In addition, it is expected that the subadviser will generally seek to allocate the Fund's assets to Underlying Funds affiliated with the Manager and the subadviser. The fees charged by Underlying Funds may not necessarily be the least expensive.

**Asset Allocation Risk.** The Fund's risks will directly correspond to the risks of the Underlying Funds in which it invests. By investing in many Underlying Funds, the Fund has partial exposure to the risks of many different areas in the market, and the Fund's overall level of risk should decline over time. However, the selection of the Underlying Funds and the allocation of the Fund's assets among the various asset classes and market sectors could cause the Fund to underperform other funds with a similar investment objective.

**Asset Class Variation Risk.** The Underlying Funds invest principally in the securities constituting their asset class (i.e., equity, non-traditional and fixed income). However, an Underlying Fund may vary the percentage of assets in these securities (subject to any applicable regulatory requirements). Depending on the percentage of securities in a particular asset class held by the Underlying Funds at any given time and the percentage of the Fund's assets invested in various Underlying Funds, the Fund's actual exposure to the securities in a particular asset class may vary substantially from the allocation to that asset class. There is a risk that the Manager's evaluations and assumptions regarding asset classes or Underlying Funds may be incorrect in view of actual market conditions.

In addition, there is no guarantee that the Underlying Funds will achieve their investment objectives, and the Underlying Funds' performance may be lower than the performance of the asset class which they were selected to represent. The Underlying Funds may change their investment objectives or policies without the approval of the Fund. If an Underlying Fund were to change its investment objective or policies, the Fund might be forced to withdraw its investment from the Underlying Fund at a disadvantageous time and price.

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**Cash Management Risk**. The value of the investments held by the Fund for cash management purposes can fluctuate. Like other fixed income securities, they are subject to risk, including market, interest rate and credit risk. If the Fund holds cash uninvested it will be subject to the credit risk of the depository institution holding the cash. If the Fund holds cash uninvested, the Fund will not earn income on the cash. If a significant amount of the Fund's assets are used for cash management purposes, it may not achieve its investment objective.

**Cyber Security Risk.** Failures or breaches of the electronic systems of the Fund, the Fund's manager, subadviser, distributor, and other service providers, or the issuers of securities in which the Fund invests have the ability to cause disruptions and negatively impact the Fund's business operations, potentially resulting in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cyber security plans and systems of the Fund's service providers or issuers of securities in which the Fund invests.

**Fund of Funds Risk.** The value of an investment in the Fund will be related, to a substantial degree, to the investment performance of the Underlying Funds in which it invests. Therefore, the principal risks of investing in the Fund are closely related to the principal risks associated with these Underlying Funds and their investments. Because the Fund's allocation among different Underlying Funds and direct investments in securities and derivatives will vary, an investment in the Fund may be subject to any and all of these risks at different times and to different degrees. Investing in an Underlying Fund will also expose the Fund to a pro rata portion of the Underlying Fund's fees and expenses. In addition, one Underlying Fund may buy the same securities that another Underlying Fund sells. Therefore, the Fund would indirectly bear the costs of these trades without accomplishing the investment purpose.

**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 Underlying Fund securities can increase expenses.

**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. These shareholders may also pledge or loan Fund shares (to secure financing or otherwise), which may result in the shares becoming concentrated in another party. 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. Such redemptions may cause the Fund to have to sell securities at inopportune times or prices. These transactions may adversely affect the Fund's performance and increase transaction costs. In addition, large redemption requests may exceed the cash balance of the Fund and result in credit line borrowing fees and/or overdraft charges to the Fund until the sales of portfolio securities necessary to cover the redemption request settle. To the extent a large shareholder in the Fund is an entity subject to domestic and/or international regulations governing banking or other financial institutions, changes in those regulations (e.g., capital requirements) or in the shareholder's financial status may cause or require the shareholder to redeem its investment in the Fund when it otherwise would not choose to redeem that investment. It is also possible that a significant redemption could result in an increase in Fund expenses on account of being spread over a smaller asset base, and therefore make it more difficult for the Fund to implement its investment strategy. Large redemptions could also result in tax consequences to shareholders. 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.

**New Fund Risk.** The Fund recently commenced operations. As a new and relatively small fund, the Fund's performance may not represent how the Fund is expected to or may perform in the long term if it becomes larger and after it has fully implemented its investment strategies. Investment positions may have a disproportionate impact (negative or positive) on performance in new and smaller funds. New and smaller funds may also require a period of time before they are invested in securities that meet their investment objectives and policies and achieve a representative portfolio

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composition. Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, and may not employ a successful investment strategy, either of which could result in the Fund being liquidated at any time without shareholder approval and/or at a time that may not be favorable for all shareholders. Such a liquidation could result in transaction costs and have negative tax consequences for shareholders. In addition, seed investors, such as the Manager, an affiliate of the Manager, or other entity, may contribute all or a majority of the assets to the Fund in order to facilitate commencement of the Fund's operations or to facilitate the Fund's achieving a certain size or scale. Seed investors may represent a controlling interest in the Fund. To the extent a seed investor in the Fund is an entity subject to domestic and/or international regulations governing banking or other financial institutions, changes in those regulations (e.g., capital requirements) or in the seed investor's financial status may cause or require the seed investor to redeem its investment in the Fund when it otherwise would not choose to redeem that investment.

***The following are risks associated with the Underlying Funds' investment strategies:***

**Commodity Risk.** The values of commodities and commodity-linked investments are affected by events that might have less impact on the value of stocks and bonds. Such investments may be speculative. Prices of commodities and related contracts may fluctuate significantly over short periods for a variety of reasons, including weather, crop or livestock disease, investment speculation, resource availability, fluctuations in industrial and commercial supply and demand, U.S. agricultural, fiscal, monetary and exchange control programs, embargoes, tariffs, and international political, economic, military and regulatory developments. These risks may subject an Underlying Fund to greater volatility than investments in traditional instruments or securities. In addition, the commodities markets are subject to temporary distortions or other disruptions due to a variety of factors, including participation of speculators, government intervention and regulation, and certain lack of liquidity in the markets.

**Commodity-Linked Notes Risk.** Certain Underlying Funds may invest in leveraged or unleveraged commodity-linked notes ("CLNs") to gain exposure to the commodities markets. CLNs are subject to counterparty risk. The value of the CLNs may fluctuate significantly because the values of the investments to which they are linked are volatile. In addition, the terms of a CLN may create economic leverage by requiring payment by the issuer of an amount that is a multiple of the price increase or decrease of the underlying commodity, commodity index or other economic variable. Economic leverage increases the volatility of CLNs and their value may increase or decrease more quickly than the value of the underlying commodity, commodity index or other economic variable. The Underlying Funds would be exposed to the risk that an CLN's issuer will not have sufficient assets to make interest or principal payments. An Underlying Fund could lose some or the entire amount invested in a CLN.

**Concentration Risk.** To the extent that an Underlying Fund is concentrated in the securities of companies, a particular market, industry, group of industries, sector or asset class, country, region or group of countries, the Underlying Fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class, country, region or group of countries.

**Currency Risk.** The Fund's net asset value could decline as a result of changes in exchange rates, which could adversely affect the Fund's investments in currencies, or in securities that trade in, and receive revenues related to, currencies, or in derivatives that provide exposure to currencies. 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.

**Derivatives Risk.** Derivatives involve special risks and costs and may result in losses to the Underlying Funds. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Underlying Funds will depend on the 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 Underlying Funds and therefore may magnify or otherwise increase investment losses to the Underlying Funds. The Underlying Funds' use of derivatives may also increase the amount of taxes payable by shareholders.

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

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

**Emerging Markets Risk.** The risks of foreign investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic and political systems that are less fully developed, and can be expected to be less stable, than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Low trading volumes may result in a lack of liquidity and price volatility. Emerging market countries may have policies that restrict investment by non-U.S. investors, or that prevent non-U.S. investors from withdrawing their money at will.

The Fund may invest in some emerging markets that subject it to risks such as those associated with illiquidity, custody of assets, different settlement and clearance procedures and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets.

**Fixed Income Securities Risk.** Investment in fixed income securities involves a variety of risks, including credit risk, interest rate risk, and junk bonds risk.

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*Credit Risk.* Credit risk 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 pay principal and interest when due or to otherwise honor its obligations. Additionally, the securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. Credit ratings are intended to provide a measure of credit risk. However, credit ratings are only the opinions of the credit rating agency issuing the ratings and are not guarantees as to quality. The lower the rating of a debt security held by an Underlying Fund, the greater the degree of credit risk that is perceived to exist by the credit rating agency with respect to that security. Increasing the amount of Underlying Fund assets allocated to lower-rated securities generally will increase the credit risk to which the Underlying Fund is subject. Not all securities in which the Underlying Funds invest are rated. Credit risk related to counterparties is especially important in the context of privately negotiated instruments.

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*Interest Rate Risk.* Interest rate risk is the risk that the rates of interest income generated by the fixed income investments of an Underlying Fund may decline due to a decrease in market interest rates and that the market prices of the fixed income investments of the Underlying Fund may decline due to an increase in market interest rates. Generally, the longer the maturity of a fixed income security, the greater is the decline in its value when rates increase. As a result, portfolios with longer durations and longer weighted average maturities generally have more

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volatile share prices than portfolios with shorter durations and shorter weighted average maturities. The prices of fixed income securities generally move in the opposite direction to that of market interest rates. Certain securities acquired by an Underlying Fund may pay interest at a variable rate or the principal amount of the security periodically adjusts according to the rate of inflation or other measure. In either case, the interest rate at issuance is generally lower than the fixed interest rate of bonds of similar seniority from the same issuer; however, variable interest rate securities generally are subject to a lower risk that their value will decrease during periods of increasing interest rates and increasing inflation. The Underlying Funds may face a heightened level of interest rate risk as a result of the US Federal Reserve Board's rate-setting policies. The Underlying Funds may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

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*Junk Bonds Risk.* Certain Underlying Funds may invest in high-yield bonds, commonly known as "junk bonds." High-yield, high-risk bonds have predominantly speculative characteristics, including particularly high credit risk. Junk bonds tend to be less liquid than higher-rated securities. The liquidity of particular issuers or industries within a particular investment category may shrink or disappear suddenly and without warning. The non-investment grade bond market can experience sudden and sharp price swings and become illiquid due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by major investors, a high profile default or a change in the market's psychology.

**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.

**Fund Rebalancing Risk.** Underlying Funds may experience relatively large redemptions or investments due to a rebalancing of a Fund's allocations. In such event, an Underlying Fund may be required to sell securities or to invest cash at a time when it is not advantageous to do so. Rebalancing may increase brokerage and/or other transaction costs of an Underlying Fund, increase the Underlying Fund's expenses or result in the Underlying Fund's becoming too small to be economically viable. Rebalancing may also adversely affect an Underlying Fund's performance and thus the Fund's performance. The impact of rebalancing is likely to be greater when a Fund purchases, redeems or invests in a substantial portion of an Underlying Fund.

The subadviser will seek to cooperate with the subadvisers of the Underlying Funds to minimize any adverse impact on the Underlying Funds. The subadvisers of the Underlying Funds may take such actions as they deem appropriate to minimize such adverse impact, considering the potential benefits of such investments to the Underlying Funds and consistent with their obligations to the Underlying Funds. Such actions may delay the rebalancing of the Fund's investments in the event of significant market or other events that may require more rapid action.

**Investment Style Risk.** Under certain market conditions, growth investments have performed better during the later stages of economic expansion and value investments have performed better during periods of economic recovery. Therefore, these investment styles may over time go in and out of favor. At times when an investment style used by an Underlying Fund is out of favor, the Underlying Fund may underperform other funds that use different investment styles.

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**Index Tracking Risk.** While certain Underlying Funds generally seek to track the performance of an index as closely as possible (i.e., achieve a high degree of correlation with an index), the return may not match or achieve a high degree of correlation with the return of the index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. If an index fund is properly correlated to its stated index, the fund will perform poorly when the index performs poorly.

**Infrastructure Companies Risk.** Securities of infrastructure companies are more susceptible to adverse economic, social, political and regulatory occurrences than securities of companies in other industries. Infrastructure companies may be subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, high leverage, costs associated with environmental and other regulations, the level of government spending on infrastructure projects, the effects of economic slowdown, surplus capacity, technological changes, casualty losses, insufficient supply of necessary resources, increased competition from other providers of similar services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Certain infrastructure companies may operate in limited areas or have few sources of revenue.

Infrastructure companies may also be affected by or subject to:

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regulation by various government authorities, including regulation of rates charged to customers;

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service interruption due to environmental, operational or other mishaps as well as political and social unrest;

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the imposition of special tariffs and changes in tax laws and accounting standards; and

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general changes in market sentiment towards the assets of infrastructure companies.

**Liquidity Risk.** An Underlying Fund may not be able to sell a holding in a timely manner at a desired price. This risk could affect both stock and bond funds in which the fund invests, but typically represents a greater risk for bond funds. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit an Underlying Fund's ability to sell a holding at a suitable price.

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

**Market Capitalization Risk**. Certain Underlying Funds may invest in stocks of small- and medium-size companies which may present above-average risks. These companies usually offer a smaller range of products and services than larger companies. They may also have limited financial resources and may lack management depth. As a result, the prices of stocks issued by small- and medium-size companies tend to fluctuate more than the stocks of larger, more established companies. In exchange for potentially lower risks of investing in large capitalization companies, such investments may not rise as much in value as the value of investments in smaller-capitalized companies.

**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.

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

**Mortgage-Backed and Asset-Backed Securities Risk.** Mortgage-backed securities are particularly susceptible to prepayment and extension risks, because prepayments on the underlying mortgages tend to increase when interest rates fall and decrease when interest rates rise. Prepayments may also occur on a scheduled basis or due to foreclosure. When market interest rates increase, mortgage refinancings and prepayments slow, which lengthens the effective duration of these securities. As a result, the negative effect of the interest rate increase on the market value of mortgage-backed securities is usually more pronounced than it is for other types of fixed income securities, potentially increasing the volatility of the Fund.

Conversely, when market interest rates decline, while the value of mortgage-backed securities may increase, the rates of prepayment of the underlying mortgages tend to increase, which shortens the effective duration of these securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.

At times, some of the mortgage-backed securities in which the Fund may invest will have higher than market interest rates and therefore will be purchased at a premium above their par value. Prepayments may cause losses on securities purchased at a premium.

The value of mortgage-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. In addition, for mortgage-backed securities, when market conditions result in an increase in the default rates on the underlying mortgages and the foreclosure values of the underlying real estate are below the outstanding amount of the underlying mortgages, collection of the full amount of accrued interest and principal on these investments may be doubtful. For mortgage derivatives and structured securities that have embedded leverage features, small changes in interest or prepayment rates may cause large and sudden price movements. Mortgage derivatives can also become illiquid and hard to value in declining markets.

Asset-backed securities are structured like mortgage-backed securities and are subject to many of the same risks, including prepayment risk, extension risk, credit risk and interest rate risk. The ability of an issuer of asset-backed securities to enforce its security interest in the underlying assets or to otherwise recover from the underlying obligor may be limited. Certain asset-backed securities present a heightened level of risk because, in the event of default, the liquidation value of the underlying assets may be inadequate to pay any unpaid principal or interest.

**Real Estate Related Securities Risk.** The Fund's investment in certain Underlying Funds will expose the Fund to the performance of the real estate markets. The value of real estate securities in general, and real estate investment trusts (REITs) in particular, is subject to the same risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying properties or the underlying loans or interests. The underlying loans may be subject to the risks of default or of prepayments that occur earlier or later than expected, and such loans may also include so-called "subprime" mortgages. The value of these securities will rise and fall in response to many factors, including economic conditions, the demand for rental property, interest rates and, with respect to REITs, the

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management skill and creditworthiness of the issuer. In particular, the value of these securities may decline when interest rates rise and will also be affected by the real estate market and by the management of the underlying properties. REITs may be more volatile and/or more illiquid than other types of equity securities. The Fund will indirectly bear a portion of the expenses, including management fees, paid by each REIT in which it invests, in addition to the expenses of the Fund.

**Treasury Inflation Protected Securities (TIPS) Risk.** The value of TIPS generally fluctuates in response to inflationary concerns. As inflationary expectations increase, TIPS will become more attractive, because they protect future interest payments against inflation. Conversely, as inflationary concerns decrease, TIPS will become less attractive and less valuable. Although the principal value of TIPS declines in periods of deflation, holders at maturity receive no less than the par value of the bond. However, if an Underlying Fund purchases TIPS in the secondary market, where principal values have been adjusted upward due to inflation since issuance, it may experience a loss if there is a subsequent period of deflation. If inflation is lower than expected during the period an Underlying Fund holds TIPS, the Underlying Fund may earn less on the security than on a conventional bond.

**U.S. Government and Agency Securities Risk.** U.S. Government and agency securities are subject to market risk, interest rate risk and credit risk. Not all U.S. Government securities are insured or guaranteed by the full faith and credit of the U.S. Government; some are only insured or guaranteed by the issuing agency, which must rely on its own resources to repay the debt. Some agency securities carry no guarantee whatsoever and the risk of default associated with these securities would be borne by the Fund. The maximum potential liability of the issuers of some U.S. Government securities held by the Fund may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. No assurance can be given that the U.S. Government would provide financial support to any such issuers if it is not obligated to do so by law. It is possible that these issuers will not have the funds to meet their payment obligations in the future. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.

Please note that, in addition to the risks discussed above, there are many other factors that may impact a Fund's ability to achieve its investment objective and which could result in a loss of all or a part of your investment.

More information about the Funds' investment strategies and risks appears in the SAI.

PGIM Retirement Spending Funds

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HOW THE FUNDS ARE MANAGED

**BOARD OF Trustees**

The Funds are overseen by a Board of Trustees (hereafter referred to as "Trustees", or the "Board"). The Board oversees the actions of the manager, subadviser and distributor and decides on general policies. The Board also oversees the Funds' officers, who conduct and supervise the daily business operations of the Funds.

**MANAGER** 

**PGIM Investments LLC ("PGIM Investments")**

**655 Broad Street**

**Newark, NJ 07102-4410** 

Under a management agreement with Prudential Investment Portfolios 12 (the "Trust") on behalf of each Fund, PGIM Investments manages each Fund's investment operations and administers its business affairs and is responsible for supervising each Fund's subadviser. Each Fund does not pay PGIM Investments a management fee.

PGIM Investments and its predecessors have served as a manager or administrator to investment companies since 1987. As of March 31, 2025, PGIM Investments, a wholly-owned subsidiary of Prudential, served as the investment manager to all of the Prudential US and offshore open-end investment companies, and as the manager or administrator to closed-end investment companies, with aggregate assets of approximately $311.1 billion.

Subject to the supervision of the Board, PGIM Investments is responsible for conducting the initial review of prospective subadvisers for the Funds. In evaluating a prospective subadviser, PGIM Investments considers many factors, including the firm's experience, investment philosophy and historical performance. Subject to the Board's oversight, PGIM Investments is also responsible for monitoring the performance of each Fund's subadviser and recommending its termination and replacement when deemed appropriate. PGIM Investments may provide a subadviser with additional investment guidelines consistent with each Fund's investment objective and restrictions.

PGIM Investments and each Fund operate under an exemptive order (the "Order") from the SEC that generally permits PGIM Investments to enter into or amend agreements with unaffiliated subadvisers and certain subadvisers that are affiliates of PGIM Investments without obtaining shareholder approval. This authority is subject to certain conditions, including the requirement that the Board must approve any new or amended agreements with a subadviser. Shareholders of each Fund still have the right to terminate these agreements at any time by a vote of the majority of outstanding shares of each Fund. Each Fund will notify shareholders of any new subadvisers engaged or material amendments to subadvisory agreements made pursuant to the Order. Any new subadvisory agreement or amendment to each Fund's management agreement or current subadvisory agreement that directly or indirectly results in an increase in the aggregate management fee rate payable by each Fund will be submitted to each Fund's shareholders for their approval. PGIM Investments does not currently intend to retain unaffiliated subadvisers.

A discussion of the basis for the Board's approvals of the management and subadvisory agreements is available in the Funds' Form N-CSRS filed with the SEC for the period ending September 30, and made available on the Fund's website at https://www.pgim.com/investments/mutual-funds/prospectuses-fact-sheets.

On each Fund's launch date, a Prudential affiliate made a seed money investment in each Fund that the affiliate may decide to redeem once third-party assets invested in each Fund reach a level whereby in the judgment of the manager, portfolio management of each Fund would not be negatively impacted by the redemption.

**SUBADVISER** 

**PGIM DC Solutions LLC ("PGIM DC Solutions")**, is an SEC-registered investment adviser, a Delaware limited liability company, and an indirect wholly-owned subsidiary of Prudential Financial, Inc. PGIM DC Solutions is the retirement solutions provider of PGIM Inc. and aims to provide innovative defined contribution solutions founded on market leading research and investment capabilities. As of March 31, 2025, PGIM DC Solutions managed approximately $1.2 billion in assets. The firm's primary address is 655 Broad Street, Newark, New Jersey 07102.

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**PORTFOLIO MANAGERS**

PGIM DC Solutions typically follows a team approach in the management of its portfolios. The members of the PGIM DC Solutions team that are jointly and primarily responsible for the day-to-day management of the Funds are listed below.

**David Blanchett, PhD, CFA, CFP**<sup>®</sup> is a Managing Director, Portfolio Manager and Head of Retirement Research for PGIM DC Solutions. In this role, he develops solutions to help improve retirement outcomes for investors, with a specific focus on defined contribution plans. He is also responsible for portfolio management of the PGIM Target Date Funds and the PGIM Retirement Spending Funds. Prior to joining PGIM DC Solutions, David was the Head of Retirement Research for Morningstar Investment Management LLC. He is currently an adjunct professor of wealth management at The American College of Financial Services and a Research Fellow for the Alliance for Lifetime Income. He was formerly a member of the executive committee for the Defined Contribution Institutional Investment Association (DCIIA) and the ERISA Advisory Council (2018-2020). David earned a BS in finance and economics from the University of Kentucky, an MS in financial services from The American College of Financial Services, an MBA from The University of Chicago Booth School of Business, and a PhD in personal financial planning from Texas Tech University.

**Jeremy Stempien** is a Managing Director, Portfolio Manager and Strategist for PGIM DC Solutions. In this capacity, he is responsible for portfolio management, analysis and research for the PGIM Target Date Funds and the PGIM Retirement Spending Funds. Prior to joining PGIM, Jeremy was a Director of Investments at Morningstar Investment Management. There, he developed asset allocation programs for plan providers, plan sponsors and money management companies, working with clients to create and manage custom target date glidepaths, select appropriate asset classes and construct model portfolios. Previously, he worked as a Defined Contribution Manager at Hewitt Associates. Jeremy earned a BA in finance from Saint Louis University and an MBA in investments from the University of Notre Dame.

**Joel M. Kallman, CFA** is a Principal and Portfolio Manager for PGIM DC Solutions and PGIM Quantitative Solutions. In this capacity, he is responsible for portfolio management and investment strategy. Previously, Joel held various positions for PGIM Fixed Income that involved high-yield credit analysis and performance reporting. He earned a BS and MBA in finance from Rutgers University. Joel is a member of the CFA Society New York.

Additional information about portfolio manager compensation, other accounts managed, and portfolio manager ownership of Fund securities may be found in the SAI.

**DISTRIBUTOR**

Prudential Investment Management Services LLC ("PIMS" or the "Distributor") distributes each Fund's shares under a Distribution Agreement with the Funds. Under the Distribution Agreement, the Distributor pays the expenses of distributing the shares of the Funds.

**DISCLOSURE OF PORTFOLIO HOLDINGS**

Each Fund's policies and procedures with respect to the disclosure of the Fund's portfolio securities are described in the Funds' SAI and on the Funds' website at <u>www.pgim.com/investments</u>.

PGIM Retirement Spending Funds

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FUND DISTRIBUTIONS AND TAX ISSUES

**DISTRIBUTIONS** 

The Funds distribute **dividends** to shareholders out of any net investment income. For example, if the Funds own ACME Corp. stock and the stock pays a dividend, the Funds will pay out a portion of this dividend to its shareholders, assuming the Funds' income is more than its costs and expenses. The dividends you receive from the Funds will be subject to taxation whether or not they are reinvested in the Funds.

The Funds also distribute any net realized **capital gains** to shareholders. Capital gains are generated when the Funds sell its assets for a profit. For example, if the Funds bought 100 shares of ACME Corp. stock for a total of $1,000 and more than one year later sold the shares for a total of $1,500, the Funds have net long-term capital gains of $500, which it will pass on to shareholders (assuming the Funds' remaining total gains are greater than any losses it may have).

For your convenience, the Funds' distributions of dividends and net capital gains are **automatically reinvested** in the Funds without any sales charge. If you ask us to pay the distributions in cash, we will send you a check if your account is with Prudential Mutual Fund Services LLC ("PMFS" or the "Transfer Agent"). Otherwise, if your account is with a broker, you will receive a credit to your account. Either way, the distributions may be subject to income taxes unless your shares are held in a qualified or tax-deferred plan or account. If your Fund distribution check(s) remains uncashed for more than six months, your check(s) may be invested in additional shares of the Fund at the next net asset value ("NAV") calculated on the day of the investment. For more information about automatic reinvestment and other shareholder services, see "Additional Shareholder Services" in the next section.

The chart below sets forth the expected frequency of dividend and capital gains distributions to shareholders. Various factors may impact the frequency of dividend distributions to shareholders, including but not limited to adverse market conditions or portfolio holding-specific events.

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| | |
|:---|:---|
| **Expected Distribution Schedule\***  |  |
| Net Investment Income  | Monthly |
| Short-Term Capital Gains  | Annually  |
| Long-Term Capital Gains  | Annually |

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\*Under certain circumstances, the Funds may make more than one distribution of short-term and/or long-term capital gains during a fiscal year.

**TAX ISSUES**

Investors who buy Fund shares should be aware of some important tax issues. For example, the Fund distributes dividends of net investment income and realized net capital gains, if any, to shareholders. Fund distributions and gain from the sale of Fund shares are subject to federal income taxes, unless you hold your shares in a 401(k) plan, an Individual Retirement Account ("IRA") or some other qualified or tax-deferred plan or account. Dividends and distributions from the Fund also may be subject to state and local income tax in the state where you live.

The following briefly discusses some of the important income tax issues you should be aware of, but is not meant to be tax advice. For tax advice, please speak with your tax adviser.

**Fund Distributions**

Fund distributions of net capital gains are taxed differently depending on how long the Fund holds the security. If the Fund holds a security for more than one year before selling it, any gain is treated as long-term capital gain which is generally taxed at rates of up to 15% or 20% for non-corporate U.S. shareholders, depending on whether their incomes exceed certain threshold amounts, which are adjusted annually for inflation. If the Fund holds the security for one year or less, any gain is treated as short-term capital gain, which is taxed at rates applicable to ordinary income, subject to a maximum tax rate of 37%. Different rates apply to corporate shareholders.

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Dividends from net investment income paid to a non-corporate U.S. shareholder that are reported as qualified dividend income will generally be taxable to such shareholder at the long-term capital gain tax rate. Dividends of net investment income that are not reported as qualified dividend income will be taxable to shareholders at ordinary income rates. Also, a portion of the dividends paid to corporate shareholders of the Fund will be eligible for the dividends received deduction to the extent the Fund's income is derived from certain dividends received from U.S. corporations. For tax years beginning after December 31, 2017 and before January 1, 2026, the Fund may report dividends eligible for a 20% "qualified business income" deduction for non-corporate U.S. shareholders to the extent the Fund's income is derived from ordinary REIT dividends, reduced by allocable Fund expenses.

A U.S. shareholder that is an individual, estate or certain type of trust is subject to a 3.8% Medicare contribution tax on the lesser of (1) the U.S. shareholder's "net investment income," including Fund distributions and net gains from the disposition of Fund shares, and (2) the excess of the U.S. shareholder's modified adjusted gross income for the taxable year over $200,000 (or $250,000 for married couples filing jointly). For this purpose, net investment income includes interest, dividends, annuities, royalties, capital gain and income from a passive activity business or a business of trading in financial instruments or commodities.

**Form 1099**

For every year a Fund declares a dividend, you will receive a Form 1099, which reports the amount of ordinary income distributions and long-term capital gains we distributed to you during the prior year unless you own shares of the Fund as part of a qualified or tax-deferred plan or account. If you do own shares of the Fund as part of a qualified or tax-deferred plan or account, your taxes are deferred, so you will not receive a Form 1099 annually, but instead you will receive a Form 1099 when you take any distribution from your qualified or tax-deferred plan or account.

Fund distributions are generally taxable to you in the calendar year in which they are received, except when we declare certain dividends and distributions in the fourth quarter, with a record date in such quarter, and actually pay them in January of the following year. In such cases, the dividends and distributions are treated as if they were paid on December 31st of the prior year.

**Cost Basis Reporting**

Mutual funds must report cost basis information to you and the IRS when you sell or exchange shares acquired on or after January 1, 2012 in your non-retirement accounts. The cost basis regulations do not affect retirement accounts, money market funds, and shares acquired before January 1, 2012. The cost basis regulations also require mutual funds to report whether a gain or loss is short-term (shares held one year or less) or long-term (shares held more than one year) for all shares acquired on or after January 1, 2012 that are subsequently sold or exchanged. The Transfer Agent is not required to report cost basis information on shares acquired before January 1, 2012. However, in most cases the Transfer Agent will provide this information to you as a service.

**Withholding Taxes**

If federal tax law requires you to provide the Fund with your taxpayer identification number and certifications as to your tax status and you fail to do this, or if you are otherwise subject to backup withholding, we will withhold and pay to the US Treasury a portion of your distributions and sale proceeds, based on the backup withholding rate.

**Taxation of Non-US Shareholders**

For a discussion regarding the taxation of non-US shareholders, please see the SAI and contact your tax adviser.

**If You Purchase on or Before a Record Date**

If you buy shares of a Fund on or before the record date for a distribution (the date that determines who receives the distribution), we will pay that distribution to you. As explained above, the distribution may be subject to taxes. You may think you've done well since you bought shares one day and soon thereafter received a distribution. That is not so, because when dividends are paid out, the value of each share of the Fund decreases by the amount of the dividend to reflect the payout, although this may not be apparent because the value of each share of the Fund also will be affected by market changes, if any. However, the timing of your purchase does mean that part of your investment may have come back to you as taxable income.

PGIM Retirement Spending Funds

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**Qualified and Tax-Deferred Retirement Plans**

Retirement plans and accounts allow you to defer paying taxes on investment income and capital gains. Contributions to these plans may also be tax-deductible, although distributions from these plans generally are taxable. In the case of Roth IRA accounts, contributions are not tax-deductible, but distributions from the plan may be tax-free. Please contact your financial adviser for information on a variety of PGIM Funds that are suitable for retirement plans offered by Prudential.

**IF YOU SELL OR EXCHANGE YOUR SHARES**

If you sell any shares of a Fund for a profit, you have realized a capital gain, which is subject to tax unless the shares are held in a qualified or tax-deferred plan or account. As mentioned above, the maximum capital gains tax rate is up to 15% or 20% for individuals, depending on whether their incomes exceed certain threshold amounts, which are adjusted annually for inflation.

If you sell shares of a Fund at a loss, you may have a capital loss, which you may use to offset capital gains you have, plus, in the case of non-corporate taxpayers, ordinary income of up to $3,000. If you sell shares and realize a loss, you will not be permitted to use the loss to the extent you replace the shares (including pursuant to the reinvestment of a dividend) within a 61-day period (beginning 30 days before and ending 30 days after the sale of the shares). Under certain circumstances, if you acquire shares of the Fund and sell or exchange your shares within 90 days, you may not be allowed to include certain charges incurred in acquiring the shares for purposes of calculating gain or loss realized upon the sale or exchange of the shares.

![](receiptsfromsale.jpg)

If you exchange your Fund shares for shares of another class of the Fund, this is generally not a taxable event and should not result in realization of a capital gain or loss by you. If you exchange your shares of the Fund for shares of another PGIM Fund, this is considered a sale for tax purposes. In other words, it's a taxable event. Therefore, if the shares you exchanged have increased in value since you purchased them, you have capital gains, which are subject to the taxes described above. Unless you hold your shares in a qualified or tax-deferred plan or account, you or your financial adviser should keep track of the dates on which you buy and sell—or exchange—Fund shares, as well as the amount of any gain or loss on each transaction. For tax advice, please see your tax adviser.

Visit our website at www.pgim.com/investments

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HOW TO BUY, SELL AND EXCHANGE FUND SHARES

**HOW TO BUY SHARES**

In order to buy Fund shares, simply follow the steps described below.

**Opening an Account**

Shares may be purchased through an account with the Transfer Agent, or through an account with a financial intermediary that has an agreement with the Distributor to sell Fund shares. In order to open an account with the Transfer Agent contact PMFS at **(800) 225-1852** or write to:

**Prudential Mutual Fund Services LLC ("PMFS")**

**P.O. Box 534432**

**Pittsburgh, PA 15253-4432**

PMFS will accept purchases of shares by check or wire. We do not accept cash, money orders, non-U.S. checks, credit card checks, payable through checks or travelers checks. To purchase by wire, call the number above to obtain an application. After PMFS receives your completed application, you will receive an account number. For additional information, see the back cover page of this Prospectus. Your purchase order must be in good order to be accepted and processed, which means that all necessary processing requirements have been satisfied. We have the right to reject any purchase order (including an exchange into a Fund) or suspend or modify a Fund's sales of its shares under certain circumstances. These circumstances include, but are not limited to, failure by you to provide additional information requested, such as information required to verify the source of funds used to purchase shares, your identity or the identity of any underlying beneficial owners of your shares. Furthermore, we are required by law to close your account if you do not provide the required identifying information. This would result in the redemption of shares at the then-current NAV and the proceeds would be remitted to you via check. We will attempt to verify your identity within a reasonable time frame (e.g., 60 days), which may change from time to time. For further information, please contact PMFS (for shares purchased through the Transfer Agent) or your financial professional (for shares purchased through a financial intermediary).

With certain limited exceptions, Fund shares are only available to be sold in the United States, U.S. Virgin Islands, Puerto Rico and Guam.

Each Fund has authorized certain intermediaries to accept orders to sell and redeem shares on its behalf. When authorized intermediaries receive an order in proper form, the order is considered as being placed with the Fund, and shares will be sold or redeemed at the NAV next calculated after the order is received by the authorized intermediary. Orders by funds of funds for which PGIM Investments serves as investment manager and which have adopted policies for allocation of orders in advance of receipt will be treated as received by the Fund at the same time that the corresponding orders are received in proper form by the funds of funds.

**Choosing a Share Class**

Each Fund offers Class R6 shares.

Class R6 shares are available for purchase by certain group retirement plans, institutional investors, and certain other eligible investors but are generally not available for purchase by individuals.

*Features of Class R6 Shares.* The following chart outlines the features and qualification requirements of Class R6 shares.

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| | |
|:---|:---|
|  | **Class R6** |
| Minimum purchase amount  | None |
| &nbsp;&nbsp; Minimum amount for<br> subsequent purchases<br>| None |

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PGIM Retirement Spending Funds

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| | |
|:---|:---|
|  | **Class R6** |
| Maximum initial sales charge  |  |
| &nbsp;&nbsp; Contingent Deferred Sales Charge (CDSC) (as a percentage of the lower of the original purchase price or the net <br> asset value at redemption)<br>|  |
| Annual distribution (12b-1) fees (shown as a percentage of average daily net assets) |  |
| Shareholder service fees |  |

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**Qualifying for Class R6 Shares**

*Group Retirement Plans*. Group retirement plans (including defined contribution plans, defined benefit plans and deferred compensation plans) available through a retirement plan recordkeeper or third party administrator may purchase Class R6 shares. Investors in group retirement plans should contact their financial intermediary with any questions regarding availability of Class R6 shares.

*Institutional Investors.* Various institutional investors may purchase Class R6 shares, including, but not limited to, corporations, governmental entities, municipalities, hospitals, insurance companies and IRS Section 501 entities, such as foundations and endowments and other institutional investors. Institutional investors are responsible for indicating their eligibility to purchase Class R6 shares at the time of purchase.

*Other Types of Investors.* Class R6 shares may also be purchased by Prudential, certain programs or accounts sponsored by Prudential, and PGIM Funds, including PGIM funds-of-funds.

Class R6 shares may only be purchased from financial intermediaries who offer such shares.

Class R6 shares are offered to eligible investors as described in this Prospectus. Neither the Fund nor its affiliates shall make or pay fees associated with or similar to sub-accounting, networking, revenue sharing, or certain administrative fees with respect to Class R6 shares.

**How Financial Intermediaries are Compensated for Selling Fund Shares** 

The PGIM Funds are distributed by Prudential Investment Management Services LLC (the "Distributor"), a broker-dealer that is licensed to sell securities. The Distributor generally does not sell shares of the PGIM Funds directly to the public, but instead markets and sells the PGIM Funds through other broker-dealers, 401(k) providers, retirement plan administrators, and other financial intermediaries. Each PGIM Fund is managed by the Manager.

Only persons licensed with the Financial Industry Regulatory Authority, Inc. ("FINRA"), as a registered representative (often referred to as a broker or financial adviser) and associated with a specific financial services firm may sell shares of a mutual fund to you, or to a retirement plan in which you participate.

*Rule 12b-1 Fees.* Class R6 shares of the Fund do not pay Rule 12b-1 fees.

**Other Payments Received by Financial Intermediaries**

*Administrative, Sub-Accounting and Networking Fees.* Neither the Funds nor their affiliates shall make or pay fees associated with or similar to sub-accounting, networking, revenue sharing, or certain administrative fees with respect to Class R6 shares.

**Anti-Money Laundering**

In accordance with federal law, each Fund has adopted policies designed to deter money laundering. Under the policies, the Funds will not knowingly engage in financial transactions that involve proceeds from unlawful activity or support terrorist activities, and shall file government reports, including those concerning suspicious activities, as required by applicable law. The Funds will seek to confirm the identity of potential shareholders to include both

Visit our website at www.pgim.com/investments

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individuals and entities through documentary and non-documentary methods. Non-documentary methods may include verification of name, address, date of birth and tax identification number with selected credit bureaus. The Funds' Anti-Money Laundering Compliance Officer oversees the Funds' anti-money laundering policies.

**Understanding the Price You'll Pay** 

The price you pay for each share of a Fund is based on the share value. The share value of a mutual fund—known as the net asset value or NAV—is determined by a simple calculation: it's the total value of the Fund (assets minus liabilities) divided by the total number of shares outstanding. For example, if the value of the investments held by Fund XYZ (minus its liabilities) is $1,000 and there are 100 shares of Fund XYZ owned by shareholders, the value of one share of the Fund—or the NAV—is $10 ($1,000 divided by 100).

Mutual Fund Shares

The NAV of mutual fund shares changes every day because the value of a fund's portfolio changes constantly. For example, if Fund XYZ holds ACME Corp. bonds in its portfolio and the price of ACME bonds goes up, while the value of the Fund's other holdings remains the same and expenses don't change, the NAV of Fund XYZ will increase.

Each Fund's NAV will be determined every day on which the Fund is open as of the close of regular trading on the New York Stock Exchange ("NYSE") (generally, 4:00 p.m. Eastern Time). Each Fund's portfolio securities are valued based upon market quotations or, if market quotations are not readily available, at fair value as determined in good faith by the Manager, as the Board's valuation designee. In this capacity, the Manager has adopted pricing methodologies for determining the fair value of certain types of securities and other assets held by the Funds that do not have quoted market prices, including the use of other pricing sources, such as bid prices supplied by a principal market maker and evaluated prices supplied by pricing vendors that employ analytic methodologies that take into account the prices of similar securities and other market factors.

If a Fund determines that a market quotation for a security is not reliable based on, among other things, events or market conditions that occur with respect to one or more securities held by the Fund or the market as a whole, after the quotation is derived or after the closing of the primary market on which the security is traded, but before the time that the Fund's NAV is determined, the Fund may use "fair value pricing," which is implemented by a valuation committee ("Valuation Committee") consisting of representatives of the Manager. The subadviser often provides relevant information for the Valuation Committee meeting. Non-U.S. securities markets are open for trading on weekends and other days when a Fund does not price shares. Therefore, the value of a Fund's shares may change on days when you will not be able to purchase or redeem the Fund's shares.

With respect to a Fund's assets in Underlying Funds, the Fund's NAV will be calculated based upon the NAV of the Underlying Funds in which the Fund invests, which will reflect the Underlying Funds' fair valuation procedures.

Different valuation methods may result in differing values for the same security. The fair value of a portfolio security that a Fund uses to determine its NAV may differ from the security's quoted or published price. If a Fund needs to implement fair value pricing after the NAV publishing deadline but before shares of the Fund are processed, the NAV you receive or pay may differ from the published NAV price. The prospectuses of the Underlying Funds will explain each fund's procedures and policies with respect to the use of fair value pricing.

PGIM Retirement Spending Funds

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Fair value pricing procedures are designed to result in prices for each Fund's securities and its NAV that are reasonable in light of the circumstances which make or have made market quotations unavailable or unreliable, and may have the effect of reducing arbitrage opportunities available to short-term traders. There is no assurance, however, that fair value pricing will accurately reflect the market value of a security or that it will prevent dilution of a Fund's NAV by short-term traders.

*What Price Will You Pay for Shares of a Fund?* You will pay the NAV next determined after we receive your order to purchase. Your broker may charge you a separate or additional fee for purchases of shares. Unless regular trading on the NYSE closes before 4:00 p.m. Eastern Time, or later than 4:00 p.m. Eastern Time, your order to purchase must be received by 4:00 p.m. Eastern Time in order to receive that day's NAV. In the event that regular trading on the NYSE closes before 4:00 p.m. Eastern Time, you will receive the following day's NAV if your order to purchase is received after the close of regular trading on the NYSE. Each Fund will not treat an intraday unscheduled disruption in NYSE trading as a closure of the NYSE and will price its shares as of 4:00 p.m. Eastern Time, if the particular disruption directly affects only the NYSE. We deem an order received when it is received by the Transfer Agent at its processing center. If you submit your order through a broker or other financial intermediary, it may be deemed received when received by the broker or financial intermediary.

Each business day, each Fund's current NAV per share is made available at www.pgim.com/investments (from the drop down menu click on Products, Mutual Funds, Performance and then click on Prices).

**Additional Shareholder Services**

As a Fund shareholder, you can take advantage of the following services and privileges:

*Reports to Shareholders*. Every year we will send you an updated summary prospectus. We will also send or make available to you pursuant to Rule 30e-3 under the 1940 Act, an annual report and a semi-annual report, which contain important financial information about each Fund. To reduce Fund expenses, we may send or make available one annual shareholder report, one semi-annual shareholder report and one summary prospectus per household, unless you instruct us or your financial intermediary otherwise. If each Fund shareholder in your household would like to receive a copy of the Fund's summary prospectus and shareholder reports, please call us toll free at (800) 225-1852. We will begin sending additional copies of these documents within 30 days of receipt of your request.

**HOW TO SELL YOUR SHARES**

You can sell each Fund's shares for cash at any time, subject to certain restrictions. For more information about these restrictions, see "Restrictions on Sales" below.

When you sell shares of a Fund—also known as redeeming your shares—the price you will receive will be the NAV next determined after the Transfer Agent or your financial intermediary receives your order to sell.

***Shares Held by Financial Intermediaries.*** If your financial intermediary holds your shares, your financial intermediary must receive your order to sell no later than the time regular trading on the NYSE closes—which is usually 4:00 p.m. Eastern Time—to process the sale on that day. In the event that regular trading on the NYSE closes before 4:00 p.m. Eastern Time, you will receive the following day's NAV if your order to sell is received after the close of regular trading on the NYSE.

***Shares Held by the Transfer Agent.*** If the Transfer Agent holds your shares, PMFS must receive your order to sell no later than the time regular trading on the NYSE closes—which is usually 4:00 p.m. Eastern Time—to process the sale on that day. In the event that regular trading on the NYSE closes before 4:00 p.m. Eastern Time, you will receive the following day's NAV if your order to sell is received after the close of regular trading on the NYSE. You may contact the Transfer Agent at:

**Prudential Mutual Fund Services LLC**

**P.O. Box 534432**

**Pittsburgh, PA 15253-4432**

Visit our website at www.pgim.com/investments

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**Payment for Shares You Have Sold**

***Shares Held by Financial Intermediaries.*** Typically, if your order to sell shares is received in good order, payment will be credited to your account within 1 to 3 business days after the order is received, but in any event within seven days. Your broker may charge you a separate or additional fee for sales of shares.

***Shares Held by the Transfer Agent.*** Typically, if your order to sell shares is received in good order, we will send payment on the next business day, but in any event within seven days, regardless of the method of payment (e.g., payment by check, wire or electronic transfer ("ACH")).

**Restrictions on Sales**

If you are selling shares you recently purchased with a check, we may delay sending you the proceeds until your check clears, which can take up to seven days from the purchase date.

As a result of restrictions on withdrawals and transfers imposed by Section 403(b) of the Internal Revenue Code of 1986, as amended, we may consider a redemption request to not be in good order until we obtain information from your employer that is reasonably necessary to ensure that the payment is in compliance with such restrictions, if applicable. In such an event, the redemption request will not be in good order and we will not process it until we obtain information from your employer.

In addition, there are certain times when you may not be able to sell shares of each Fund or when we may delay paying you the proceeds from a sale. As permitted by the SEC, the former may happen only during unusual market conditions or emergencies when the respective Fund is unable to determine the value of its assets or sell its holdings. For more information, see the SAI.

If you hold your shares directly with the Transfer Agent, you will need to have the signature on your sell order Medallion signature guaranteed if:

■ You are selling more than $100,000 of shares;

■ You want the redemption proceeds made payable to someone that is not in the Transfer Agent's records;

■ You want the redemption proceeds sent to an address that is not in the Transfer Agent's records;

■ You are a business or a trust; or

■ You are redeeming due to the death of the shareholder or on behalf of the shareholder.

The Medallion signature guarantee may be obtained from an authorized officer from a bank, broker, dealer, securities exchange or association, clearing agency, savings association, or credit union that is participating in one of the recognized Medallion guarantee programs (STAMP, SEMP, or NYSE MSP), but not from a notary public. The Medallion signature guarantee must be appropriate for the dollar amount of the transaction. The Transfer Agent reserves the right to reject sale transactions where the value of the transaction exceeds the value of the surety coverage indicated on the Medallion imprint. Each Fund may change the signature guarantee requirements from time to time without prior notice to shareholders. For more information, see the SAI.

**How the Funds Pay for Shares You Have Sold**

Under normal market conditions, each Fund expects to pay for shares that you have sold primarily by using cash or cash equivalents in its portfolio or selling portfolio assets to generate cash. Supplementally, a Fund may also raise cash to pay for sold shares by short-term borrowing in the form of overdrafts permitted by the Funds' custodian bank and/or by short-term borrowing from a group of banks through an unsecured credit facility, which is intended to provide the Funds with a temporary additional source of liquidity. In certain circumstances each Fund reserves the right to pay for sold shares by giving you securities from the respective Fund's portfolio. If you receive securities, you would incur transaction costs in converting the securities to cash, and you may receive less for the securities than the price at which they were valued for redemption purposes.

PGIM Retirement Spending Funds

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During stressed market conditions, it may be impractical or impossible to raise sufficient cash to pay for sold shares through the primary methods described above. In these circumstances, a Fund would be more likely to rely more heavily on the credit facility as a source of liquidity, as described above.

**Involuntary Redemption of Small Accounts Held by the Transfer Agent**

If the value of your account with PMFS is less than $500 for any reason, we may sell your shares and close your account. We would do this to minimize a Fund's expenses paid by other shareholders. The involuntary sale provisions do not apply to Automatic Investment Plan (AIP) accounts, employee savings plan accounts, payroll deduction plan accounts, retirement accounts (such as a 401(k) plan, an IRA or other qualified or tax-deferred plan or account), omnibus accounts, and accounts for which a broker or other financial intermediary is responsible for recordkeeping. Prior thereto, if you make a sale that reduces your account value to less than the threshold, we may sell the rest of your shares and close your account; this involuntary sale does not apply to shareholders who own their shares as part of a retirement account. For more information, see "Purchase, Redemption and Pricing of Fund Shares—Involuntary Redemption" in the SAI.

**Retirement Plans**

To sell shares and receive a distribution from your retirement account, call your broker or the Transfer Agent for a distribution request form. There are special distribution and income tax withholding requirements for distributions from retirement plans and you must submit a withholding form with your request to avoid delay. If your retirement plan account is held for you by your employer or plan trustee, you must arrange for the distribution request to be signed and sent by the plan administrator or trustee. For additional information, see the SAI.

**HOW TO EXCHANGE YOUR SHARES**

You can generally exchange your shares of each Fund for shares of the same class in certain other PGIM Funds if you satisfy the minimum investment requirements. For example, you can exchange Class R6 shares of each Fund for Class R6 shares of other funds in the PGIM Funds mutual fund family, but you can't exchange Class R6 shares for a different share class of another PGIM Fund. We may change the terms of any exchange privilege after giving you 60 days' notice.

***Exchanging Shares Held by a Financial Intermediary***. If you hold shares through a financial intermediary, you must exchange shares through your financial intermediary.

***Exchanging Shares Held by the Transfer Agent***. If you hold shares through the Transfer Agent, contact your financial advisor or PMFS at (800) 225-1852 or write to PMFS at:

**Prudential Mutual Fund Services LLC**

**P.O. Box 534432**

**Pittsburgh, PA 15253-4432**

Remember, as we explained in the section entitled "Fund Distributions and Tax Issues—If You Sell or Exchange Your Shares," exchanging shares is considered a sale for tax purposes. Therefore, if the shares you exchange are worth more than the amount that you paid for them, you may have to pay capital gains tax. For additional information about exchanging shares, see the SAI.

**Frequent Purchases and Redemptions of Fund Shares**

Each Fund seeks to prevent patterns of frequent purchases and redemptions of its shares by its shareholders. Frequent purchases and sales of shares of a Fund may adversely affect Fund performance and the interests of long-term investors. When a shareholder engages in frequent or short-term trading, a Fund may have to sell portfolio securities to have the cash necessary to redeem the shareholder's shares. This can happen when it is not advantageous to sell any securities, so such Fund's performance may be hurt. When large dollar amounts are involved,

Visit our website at www.pgim.com/investments

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frequent trading can also make it difficult to use long-term investment strategies because the Fund cannot predict how much cash it will have to invest. In addition, if a Fund is forced to liquidate investments due to short-term trading activity, it may incur increased brokerage and tax costs. Similarly, a Fund may bear increased administrative costs as a result of the asset level and investment volatility that accompanies patterns of short-term trading. Moreover, frequent or short-term trading by certain shareholders may cause dilution in the value of a Fund's shares held by other shareholders of such Fund. Funds that invest in non-U.S. securities may be particularly susceptible to frequent trading because time zone differences among international stock markets can allow a shareholder engaging in frequent trading to exploit fund share prices that may be based on closing prices of non-U.S. securities established some time before the Fund calculates its own share price. Funds that invest in certain fixed income securities, such as high-yield bonds or certain asset-backed securities, may also constitute an effective vehicle for a shareholder's frequent trading strategy.

Each Fund does not knowingly accommodate or permit frequent trading, and the Board has adopted policies and procedures designed to discourage or prevent frequent trading activities by each Fund's shareholders. In an effort to prevent such practices, the Funds' Transfer Agent monitors trading activity on a daily basis. Each Fund has implemented a trading policy that limits the number of times a shareholder may purchase Fund shares or exchange into such Fund and then sell those shares within a specified period of time (a "round-trip transaction") as established by the Funds' Chief Compliance Officer ("CCO"). The CCO is authorized to set and modify the parameters of the trading policy at any time as required to prevent the adverse impact of frequent trading on Fund shareholders.

The CCO has defined frequent trading as one or more round-trip transactions in shares of a Fund within a 30-day period. If this occurs, the shareholder's account will be subject to a 60-day warning period. If a second round-trip occurs before the conclusion of the 60-day warning period, a trading suspension will be placed on the account by the Funds' Transfer Agent that will remain in effect for 90 days. The trading suspension will relate to purchases and exchange purchases (but not redemptions) in a Fund in which the frequent trading occurred. Exceptions to the trading policy will not normally be granted.

Transactions in the PGIM money market funds, exchange-traded funds and PGIM Short-Term Corporate Bond Fund are excluded from this trading policy. In addition, transactions by affiliated PGIM Funds or certain unaffiliated funds, which are structured as "funds-of-funds," and invest primarily in other mutual funds within the PGIM Fund family, are not subject to the limitations of the trading policy and are not considered frequent or short-term trading.

This trading policy does not apply to systematic purchases and redemptions (e.g., payroll purchases, systematic withdrawals and rebalancing transactions or other similar transactions not initiated by a shareholder or financial professional on the transaction date). Generally, purchases and redemptions will not be considered "systematic" unless the transaction is pre-established or scheduled for a specific date.

Each Fund reserves the right to reject or cancel, without prior notice, all additional purchases or exchanges into such Fund by a shareholder. Moreover, a Fund may direct a broker-dealer or other intermediary to block a shareholder account from future trading in such Fund. The Transfer Agent will monitor daily trading activity above a certain threshold, which may be changed from time to time, over a rolling 90-day period. If a purchase into a Fund is rejected or canceled, the shareholder will receive a return of the purchase amount.

If a Fund is offered to qualified plans on an omnibus basis or if Fund shares may be purchased through other omnibus arrangements, such as through a financial intermediary such as a broker-dealer, a bank, an insurance company separate account, an investment adviser, or an administrator or trustee of a retirement plan ("Intermediaries") that holds your shares in an account under its name, Intermediaries maintain the individual beneficial owner records and submit to such Fund only aggregate orders combining the transactions of many beneficial owners. Such a Fund itself generally cannot monitor trading by particular beneficial owners. Each Fund has notified Intermediaries in writing that it expects the Intermediaries to impose restrictions on transfers by beneficial owners. Intermediaries may impose different or stricter restrictions on transfers by beneficial owners.

PGIM Retirement Spending Funds

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The Transfer Agent also reviews aggregate omnibus net flows above a certain threshold. In cases where the activity is considered unusual, the Intermediary may be contacted by the Transfer Agent to obtain additional information. The Transfer Agent has the authority to cancel all or a portion of the trade if the information reveals that the activity relates to potential offenders. Where appropriate, the Transfer Agent may request that the Intermediary block a financial adviser or client from accessing a Fund. If necessary, a Fund may be removed from a particular Intermediary's platform.

Shareholders seeking to engage in frequent trading activities may use a variety of strategies to avoid detection and, despite the efforts of each Fund to prevent such trading, there is no guarantee that the Funds, the Transfer Agent or Intermediaries will be able to identify these shareholders or curtail their trading practices. The Funds do not have any arrangements intended to permit trading of its shares in contravention of the policies described above.

**Telephone Redemptions or Exchanges**

You may redeem your shares of each Fund if the proceeds of the redemption do not exceed $250,000 or exchange your shares in any amount by calling the respective Fund at (800) 225-1852 and communicating your instructions in good order to a customer service representative before 4:00 p.m. Eastern Time. You will receive a redemption or exchange amount based on that day's NAV. Certain restrictions apply; please see the section entitled "How to Sell Your Shares—Restrictions on Sales" above for additional information. In the event that regular trading on the NYSE closes before 4:00 p.m. Eastern Time, you will receive the following day's NAV if your order to sell or exchange is received after the close of regular trading on the NYSE.

The Transfer Agent will record your telephone instructions and request specific account information before redeeming or exchanging shares. The Funds will not be liable for losses due to unauthorized or fraudulent telephone instructions if it follows instructions that it reasonably believes are made by the shareholder. If a Fund does not follow reasonable procedures, it may be liable.

In the event of drastic economic or market changes, you may have difficulty in redeeming or exchanging your shares by telephone. If this occurs, you should consider redeeming or exchanging your shares by mail or through your broker.

The telephone redemption and exchange procedures may be modified or terminated at any time. If this occurs, you will receive a written notice from your Fund.

**Expedited Redemption Privilege**

If you have selected the Expedited Redemption Privilege, you may have your redemption proceeds sent directly to your bank account. Expedited redemption requests may be made by telephone or letter, must be received by the Transfer Agent prior to 4:00 p.m. Eastern Time to receive a redemption amount based on that day's NAV and are subject to the terms and conditions regarding the redemption of shares. In the event that regular trading on the NYSE closes before 4:00 p.m. Eastern Time, you will receive the following day's NAV if your order to sell is received after the close of regular trading on the NYSE. For more information, see the SAI. The Expedited Redemption Privilege may be modified or terminated at any time without notice.

Visit our website at www.pgim.com/investments

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FINANCIAL HIGHLIGHTS

**Introduction** 

The financial highlights will help you evaluate each Fund's financial performance for the past five fiscal years or periods (as applicable). Certain information reflects financial results for a single fund class share. The total return in each chart represents the rate that a shareholder would have earned (or lost) on an investment in a Fund, assuming investment at the start of the period and reinvestment of all dividends and other distributions. The information is for the periods indicated.

These financial highlights were derived from the financial statements audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, whose report on those financial statements was unqualified.

Copies of each Fund's annual report and each Fund's audited financial statements, including report of independent registered public accounting firm, are available upon request, at no charge, as described on the back cover of this Prospectus.

PGIM Retirement Spending Funds

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**PGIM Conservative Retirement Spending Fund** 

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| | |
|:---|:---|
| **Class R6 Shares**  | **Class R6 Shares**  |
|  | **April 03, 2024**<sup>(a)</sup> <br>**through March 31,** <br>**2025**  |
|  | **April 03, 2024**<sup>(a)</sup> <br>**through March 31,** <br>**2025**  |
| **Per Share Operating Performance**<sup>(b)</sup>**:**  | **Per Share Operating Performance**<sup>(b)</sup>**:**  |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp;&nbsp;&nbsp; $10.00  |
| **Income (loss) from investment operations:**  | **Income (loss) from investment operations:**  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.37  |
| Net realized and unrealized gain (loss) on investment transactions  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.43  |
| Total from investment operations  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80  |
| **Less Dividends and Distributions:**  | **Less Dividends and Distributions:**  |
| Dividends from net investment income  | &nbsp;&nbsp;&nbsp;&nbsp; (0.37)  |
| Distributions from net realized gains  | &nbsp;&nbsp;&nbsp;&nbsp; (0.03)  |
| Total dividends and distributions  | &nbsp;&nbsp;&nbsp;&nbsp; (0.40)  |
| Net asset value, end of period  | &nbsp;&nbsp;&nbsp;&nbsp; $10.40  |
| **Total Return**<sup>(c)</sup>**:**  | &nbsp;&nbsp;&nbsp;&nbsp; 8.09%  |
| **Ratios/Supplemental Data:**  | **Ratios/Supplemental Data:**  |
| Net assets, end of period (000)  | &nbsp;&nbsp;&nbsp;&nbsp; $5209  |
| Average net assets (000)  | &nbsp;&nbsp;&nbsp;&nbsp; $5176  |
| **Ratios to average net assets**<sup>(d)</sup>**:**  | **Ratios to average net assets**<sup>(d)</sup>**:**  |
| Expenses after waivers and/or expense reimbursement  | 0.00%<sup>(e)(f)</sup>  |
| Expenses before waivers and/or expense reimbursement  | &nbsp;&nbsp; 3.44%<sup>(e)</sup>  |
| Net investment income (loss)  | &nbsp;&nbsp; 3.56%<sup>(e)</sup>  |
| Portfolio turnover rate<sup>(g)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale
 on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total
 returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Fund invests.

(e) Annualized.

(f) The Fund presents a portion of the acquired fund fees and expenses waived by the Manager
 as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements,
 without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's
 portfolio turnover rate may be higher.

Visit our website at www.pgim.com/investments

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**PGIM Moderate Retirement Spending Fund** 

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| | |
|:---|:---|
| **Class R6 Shares**  | **Class R6 Shares**  |
|  | **April 03, 2024**<sup>(a)</sup> <br>**through March 31,** <br>**2025**  |
|  | **April 03, 2024**<sup>(a)</sup> <br>**through March 31,** <br>**2025**  |
| **Per Share Operating Performance**<sup>(b)</sup>**:**  | **Per Share Operating Performance**<sup>(b)</sup>**:**  |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp;&nbsp;&nbsp; $10.00  |
| **Income (loss) from investment operations:**  | **Income (loss) from investment operations:**  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.34  |
| Net realized and unrealized gain (loss) on investment transactions  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50  |
| Total from investment operations  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84  |
| **Less Dividends and Distributions:**  | **Less Dividends and Distributions:**  |
| Dividends from net investment income  | &nbsp;&nbsp;&nbsp;&nbsp; (0.37)  |
| Distributions from net realized gains  | &nbsp;&nbsp;&nbsp;&nbsp; (0.03)  |
| Total dividends and distributions  | &nbsp;&nbsp;&nbsp;&nbsp; (0.40)  |
| Net asset value, end of period  | &nbsp;&nbsp;&nbsp;&nbsp; $10.44  |
| **Total Return**<sup>(c)</sup>**:**  | &nbsp;&nbsp;&nbsp;&nbsp; 8.54%  |
| **Ratios/Supplemental Data:**  | **Ratios/Supplemental Data:**  |
| Net assets, end of period (000)  | &nbsp;&nbsp;&nbsp;&nbsp; $5233  |
| Average net assets (000)  | &nbsp;&nbsp;&nbsp;&nbsp; $5220  |
| **Ratios to average net assets**<sup>(d)</sup>**:**  | **Ratios to average net assets**<sup>(d)</sup>**:**  |
| Expenses after waivers and/or expense reimbursement  | 0.00%<sup>(e)(f)</sup>  |
| Expenses before waivers and/or expense reimbursement  | &nbsp;&nbsp; 3.57%<sup>(e)</sup>  |
| Net investment income (loss)  | &nbsp;&nbsp; 3.24%<sup>(e)</sup>  |
| Portfolio turnover rate<sup>(g)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale
 on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total
 returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Fund invests.

(e) Annualized.

(f) The Fund presents a portion of the acquired fund fees and expenses waived by the Manager
 as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements,
 without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's
 portfolio turnover rate may be higher.

PGIM Retirement Spending Funds

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**PGIM Enhanced Retirement Spending Fund** 

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| | |
|:---|:---|
| **Class R6 Shares**  | **Class R6 Shares**  |
|  | **April 03, 2024**<sup>(a)</sup> <br>**through March 31,** <br>**2025**  |
|  | **April 03, 2024**<sup>(a)</sup> <br>**through March 31,** <br>**2025**  |
| **Per Share Operating Performance**<sup>(b)</sup>**:**  | **Per Share Operating Performance**<sup>(b)</sup>**:**  |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp;&nbsp;&nbsp; $10.00  |
| **Income (loss) from investment operations:**  | **Income (loss) from investment operations:**  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.31  |
| Net realized and unrealized gain (loss) on investment transactions  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.53  |
| Total from investment operations  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84  |
| **Less Dividends and Distributions:**  | **Less Dividends and Distributions:**  |
| Dividends from net investment income  | &nbsp;&nbsp;&nbsp;&nbsp; (0.37)  |
| Distributions from net realized gains  | &nbsp;&nbsp;&nbsp;&nbsp; (0.03)  |
| Total dividends and distributions  | &nbsp;&nbsp;&nbsp;&nbsp; (0.40)  |
| Net asset value, end of period  | &nbsp;&nbsp;&nbsp;&nbsp; $10.44  |
| **Total Return**<sup>(c)</sup>**:**  | &nbsp;&nbsp;&nbsp;&nbsp; 8.45%  |
| **Ratios/Supplemental Data:**  | **Ratios/Supplemental Data:**  |
| Net assets, end of period (000)  | &nbsp;&nbsp;&nbsp;&nbsp; $5356  |
| Average net assets (000)  | &nbsp;&nbsp;&nbsp;&nbsp; $5354  |
| **Ratios to average net assets**<sup>(d)</sup>**:**  | **Ratios to average net assets**<sup>(d)</sup>**:**  |
| Expenses after waivers and/or expense reimbursement  | 0.00%<sup>(e)(f)</sup>  |
| Expenses before waivers and/or expense reimbursement  | &nbsp;&nbsp; 3.50%<sup>(e)</sup>  |
| Net investment income (loss)  | &nbsp;&nbsp; 2.94%<sup>(e)</sup>  |
| Portfolio turnover rate<sup>(g)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale
 on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total
 returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Fund invests.

(e) Annualized.

(f) The Fund presents a portion of the acquired fund fees and expenses waived by the Manager
 as Payment from Manager within Realized and Unrealized Gain (Loss) on Affiliated Investments on the Statement of Operations.

(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements,
 without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's
 portfolio turnover rate may be higher.

Visit our website at www.pgim.com/investments

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| | |
|:---|:---|
| &nbsp;&nbsp; **FOR MORE INFORMATION**<br> Please read this Prospectus before you invest in a Fund and keep it for future reference.<br> For information or shareholder questions contact: | &nbsp;&nbsp; **FOR MORE INFORMATION**<br> Please read this Prospectus before you invest in a Fund and keep it for future reference.<br> For information or shareholder questions contact: |
| &nbsp;&nbsp;&nbsp;&nbsp; ■**MAIL**<br> Prudential Mutual Fund Services LLC<br> P.O. Box 534432 <br> Pittsburgh, PA 15253-4432<br>■**WEBSITE**<br> www.pgim.com/investments <br>| &nbsp;&nbsp;&nbsp;&nbsp; ■**TELEPHONE**<br> &nbsp;&nbsp;&nbsp;&nbsp;(800) 225-1852<br> &nbsp;&nbsp;&nbsp;&nbsp;(973) 367-3529<br> (from outside the U.S.)<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; ■**E-DELIVERY**<br> To receive your mutual fund documents on-line, go to pgim.com/investments/resource/edelivery and enroll. <br> Instead of receiving printed documents by mail, you will receive notification via email when new materials are <br> available. You can cancel your enrollment or change your email address at any time by visiting the website address <br> above.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| &nbsp;&nbsp; The Annual and Semi-Annual Reports, Form N-CSR, and the SAI contain additional information about the Funds. In <br> Form N-CSR, you will find the Funds' annual and semi-annual financial statements. Shareholders may obtain free <br> copies of the SAI, Annual Report and Semi-Annual Report as well as other information about the Funds such as <br> Fund financial statements and may make other shareholder inquiries through the telephone number, address and <br> website listed above. | &nbsp;&nbsp; The Annual and Semi-Annual Reports, Form N-CSR, and the SAI contain additional information about the Funds. In <br> Form N-CSR, you will find the Funds' annual and semi-annual financial statements. Shareholders may obtain free <br> copies of the SAI, Annual Report and Semi-Annual Report as well as other information about the Funds such as <br> Fund financial statements and may make other shareholder inquiries through the telephone number, address and <br> website listed above. |
| &nbsp;&nbsp;&nbsp;&nbsp; ■**STATEMENT OF ADDITIONAL INFORMATION** <br> (incorporated by reference into this Prospectus) <br>■**SEMI-ANNUAL REPORT**  | &nbsp;&nbsp;&nbsp;&nbsp; ■**ANNUAL REPORT**<br> (contains a discussion of the market conditions and <br> investment strategies that significantly affected the <br> Fund's performance during the last fiscal year)<br>|

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| | |
|:---|:---|
| &nbsp;&nbsp; You can also obtain copies of Fund documents, including the SAI, from the SEC as follows (the SEC charges a fee to <br> copy documents): | &nbsp;&nbsp; You can also obtain copies of Fund documents, including the SAI, from the SEC as follows (the SEC charges a fee to <br> copy documents): |
| &nbsp;&nbsp;&nbsp;&nbsp; ■**ELECTRONIC REQUEST**<br> publicinfo@sec.gov<br>| &nbsp;&nbsp;&nbsp;&nbsp; ■**VIA THE INTERNET**<br> on the EDGAR Database at www.sec.gov<br>|

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| | |
|:---|:---|
| **PGIM Conservative Retirement Spending Fund** | **PGIM Conservative Retirement Spending Fund** |
| **Share Class** | R6 |
| **NASDAQ** | PGFCX |
| **CUSIP** | 744336520 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **PGIM Moderate Retirement Spending Fund** | **PGIM Moderate Retirement Spending Fund** |
| **Share Class** | R6 |
| **NASDAQ** | PGFMX |
| **CUSIP** | 744336512 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **PGIM Enhanced Retirement Spending Fund** | **PGIM Enhanced Retirement Spending Fund** |
| **Share Class** | R6 |
| **NASDAQ** | PGFEX |
| **CUSIP** | 744336496 |

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MF254STAT The Funds' Investment Company Act File No. 811-08565

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