# EDGAR Filing Document

**Accession Number:** 0001051562
**File Stem:** 0001683863-23-000783
**Filing Date:** 2023-2
**Character Count:** 36701
**Document Hash:** 35cdd35f4742456ee055ee944995cf13
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683863-23-000783.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001683863-23-000783

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**EFFECTIVENESS DATE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRUDENTIAL INVESTMENT PORTFOLIOS 12
- **CENTRAL INDEX KEY:** 0001051562
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-42705
- **FILM NUMBER:** 23630420

**BUSINESS ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 17TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102-4077
- **BUSINESS PHONE:** (973) 367-8982

**MAIL ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 17TH 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 GLOBAL REAL ESTATE FUND (Series ID: S000004628)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000012602 | Class C      | PURCX           |
| C000012603 | Class Z      | PURZX           |
| C000012604 | Class A      | PURAX           |
| C000064697 | Class R      | PURRX           |
| C000130267 | Class R6     | PGRQX           |
| C000196787 | Class R2     | PUREX           |
| C000196788 | Class R4     | PURGX           |

![](summaryprosaibanner.jpg)

**PGIM Global Real Estate Fund** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **A:** PURAX | **C:** PURCX | **R:** PURRX | **Z:** PURZX | **R2:** PUREX | **R4:** PURGX | **R6:** PGRQX |

---

**SUMMARY PROSPECTUS \| February 15, 2023**

Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. You can ﬁnd the Fund's Prospectus, Statement of Additional Information ("SAI"), Annual Report and other information about the Fund online at www.pgim.com/investments. You can also get this information at no cost by calling 1-800-225-1852 or by sending an e-mail to: prospectus@pgim.com. The Fund's Prospectus and SAI, both dated February 15, 2023, as supplemented and amended from time to time, and

the [Fund's Annual Report](http://www.sec.gov/Archives/edgar/data/1051562/000119312522312179/d394883dncsr.htm), dated October 31, 2022 are all incorporated by reference into (legally made a part of) this Summary Prospectus.

**INVESTMENT OBJECTIVES**

The investment objectives of the Fund are **capital appreciation and income**.

**FUND FEES AND EXPENSES**

The tables below describe the sales charges, fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may be required to pay commissions to a broker for transactions in Class Z shares, which are not reflected in the table or the example below.** You may qualify for sales charge discounts if you and an eligible group of related investors purchase, or agree to purchase in the future,$25,000 or more in shares of the Fund or other funds in the PGIM Funds family. More information about these discounts as well as other waivers or discounts is available from your financial professional and is explained in *Reducing or Waiving Class A's and Class C's Sales Charges* on page 30 of the Fund's Prospectus, *Appendix A: Waivers and Discounts Available From Certain Financial Intermediaries* on page 53 of the Fund's Prospectus and in *Rights of Accumulation* on page 55 of the Fund's Statement of Additional Information ("SAI").

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A**  | **Class C**  | **Class R** | **Class Z** | **Class R2** | **Class R4** | **Class R6** |
| Maximum sales charge (load) imposed on purchases (as a percentage of offering price)  | 5.50% |  |  |  |  |  |  |
| &nbsp;&nbsp; Maximum deferred sales charge (load) (as a percentage of the lower of the original purchase <br> price or the net asset value at redemption) <br>| 1.00%\* | 1.00%\*\* |  |  |  |  |  |
| Maximum sales charge (load) imposed on reinvested dividends and other distributions  |  |  |  |  |  |  |  |
| Redemption fee  |  |  |  |  |  |  |  |
| Exchange fee  |  |  |  |  |  |  |  |
| Maximum account fee (accounts under $10,000)  | $15 | $15 |  | None\*\*\* |  |  |  |

---

\*Investors who purchase $1 million or more of Class A shares and sell those shares within 12 months of purchase are also subject to a contingent deferred sales charge ("CDSC") of 1.00%, although they are not subject to an initial sales charge. The CDSC is waived for certain retirement and/or benefit plans.

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R** | **Class Z** | **Class R2** | **Class R4** | **Class R6** |
| Management fee | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| Distribution or distribution and service (12b-1) fees | 0.30% | 1.00% | 0.75% |  | 0.25% |  |  |
| Other expenses: | 0.26% | 0.28% | 0.28% | 0.18% | 0.57% | 1.12% | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fee |  |  |  |  | 0.10%<sup>(1)</sup> <br>| 0.10%<sup>(1)</sup> <br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remainder of other expenses | 0.26% | 0.28% | 0.28% | 0.18% | 0.47% | 1.02% | 0.04% |
| Total annual Fund operating expenses | 1.31% | 2.03% | 1.78% | 0.93% | 1.57% | 1.87% | 0.79% |
| Fee waiver and/or expense reimbursement |  |  | (0.25)% |  | (0.27)% | (0.82)% |  |
| **Total annual Fund operating expenses after fee waiver and/or expense reimbursement**<sup>(2,</sup><sup>3)</sup> | **1.31%** | **2.03%** | **1.53%** | **0.93%** | **1.30%** | **1.05%** | **0.79%** |

---

<sup>(1)</sup> "Shareholder service fee" reflects maximum allowable fees under a shareholder services plan.

![](pgim_sumpro.jpg)

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

MF182A

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

<sup>(2)</sup> PGIM Investments LLC ("PGIM Investments") has contractually agreed, through February 29, 2024, to limit transfer agency, shareholder servicing, sub-transfer agency, and blue sky fees, as applicable, to the extent that such fees cause the Total Annual Fund Operating Expenses to exceed 1.30% of average daily net assets for Class R2 shares or 1.05% of average daily net assets for Class R4 shares. This contractual expense limitation excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. Where applicable, PGIM Investments agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. In addition, Total Annual Fund Operating Expenses for Class R6 shares will not exceed Total Annual Fund Operating Expenses for Class Z shares. 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 recoupment for that fiscal year. This expense limitation may not be terminated prior to February 29, 2024 without the prior approval of the Fund's Board of Trustees.

<sup>(3)</sup> The distributor of the Fund has contractually agreed through February 29, 2024 to reduce its distribution and service (12b-1) fees for Class R shares to 0.50% of the average daily net assets of Class R shares. This waiver may not be terminated prior to February 29, 2024 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 (except that fee waivers or reimbursements, if any, are only reflected in the 1-Year figures) and that all dividends and distributions are reinvested. Your actual costs may be higher or lower.

**If Shares Are Redeemed**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class**  | **1 Year**  | **3 Years**  | **5 Years** | **10 Years** |
| Class A  | $676  | $942  | $1229  | $2042  |
| Class C  | $306  | $637  | $1093  | $2173  |
| Class R  | $156  | $536  | $941  | $2074  |
| Class Z  | $95  | $296  | $515  | $1143  |
| Class R2 | $132  | $469  | $830  | $1845  |
| Class R4 | $107  | $508  | $935  | $2123  |
| Class R6 | $81  | $252  | $439  | $978 |

---

**If Shares Are Not Redeemed**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class**  | **1 Year**  | **3 Years**  | **5 Years**  | **10 Years** |
| Class A  | $676  | $942  | $1229  | $2042  |
| Class C  | $206  | $637  | $1093  | $2173  |
| Class R  | $156  | $536  | $941  | $2074  |
| Class Z  | $95  | $296  | $515  | $1143  |
| Class R2 | $132  | $469  | $830  | $1845  |
| Class R4 | $107  | $508  | $935  | $2123  |
| Class R6 | $81  | $252  | $439  | $978 |

---

**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 108% of the average value of its portfolio.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** The Fund seeks investments whose price will increase over time and which will pay the Fund dividends and other income. The Fund normally invests at least 80% of its investable assets (net assets plus any borrowings made for investment purposes) in equity-related securities of real estate companies, principally real estate investment trusts ("REITs"), and other real estate securities. Equity-related securities may also include common stock, convertible securities, nonconvertible preferred stock, American Depositary Receipts ("ADRs"), warrants and other rights that can be exercised to obtain stock, investments in various types of business ventures and similar securities.

The Fund invests globally in real estate investments. There is no limit on the amount of Fund assets that may be invested in the securities of foreign real estate companies. Under normal circumstances, the Fund invests in at least three different countries and at least 40% of its investable assets in foreign securities, including emerging markets. The Fund's investments in foreign securities may be lower if market conditions are not favorable, but such investments will not be lower than 30% of the Fund's investable assets. In determining whether market conditions are not favorable, the Fund may take into account various factors, including among other things, the foreign securities exposure in the Fund's primary or secondary benchmark index. It is possible that market conditions that are not favorable (and foreign securities exposure as low as 30%) may occur periodically and continue for extended periods of time. The Fund utilizes the domicile of listing to determine whether a security is foreign. Emerging markets are considered to be those countries that the World Bank, the International Finance Corporation, or the United Nations or its authorities has determined to have a low or middle income economy.

The Fund concentrates its investments in real estate securities, including REITs, which means that the Fund invests at least 25% of its total assets in real estate securities.

The subadviser's approach to real estate investing is value-oriented based upon real estate fundamentals and assessments of management teams. The subadviser emphasizes both quantitative and qualitative investment analysis, and focuses on valuation relative to a company's underlying real estate assets as well as a company's on-going concern valuation. Through detailed company research that includes regular management visits, property tours and financial analysis, the subadviser

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analyzes the quality of real estate asset cash flows and sustainability and growth of company dividends. The subadviser also evaluates the company's strategy, management's track record, incentives and ability to create long term shareholder value. Only about 10% of institutional quality commercial real estate is publicly traded, and the subadviser believes that public real estate securities managers need a firm understanding of the other 90%—the private real estate markets—to successfully add value.

Decisions to sell portfolio securities are based on relative analysis which entails examination of a variety of factors, including the subadviser's assessment of relative risk adjusted return for the securities.

**Principal Risks.** All investments have risks to some degree. The value of your investment in the Fund, as well as the amount of return 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.

**Active Trading Risk.** The Fund actively and frequently trades its portfolio securities. High portfolio turnover results in higher transaction costs, which can affect the Fund's performance and have adverse tax consequences. In addition, high portfolio turnover may also mean that a proportionately greater amount of distributions to shareholders will be taxed as ordinary income rather than long-term capital gains compared to investment companies with lower portfolio turnover.

**Country Risk.** Changes in the business environment may adversely affect operating profits or the value of assets in a specific country. For example, financial factors such as currency controls, devaluation or regulatory changes or stability factors such as mass riots, civil war and other potential events may contribute to companies' operational risks.

**Distribution Risk.** The Fund's distributions may consist of net investment income, if any, and net realized gains, if any, from the sale of investments and/or return of capital. The Fund will provide to shareholders early in each calendar year the final tax character of the Fund's distributions for the previous year. Also, at such time that the Fund distribution is expected to be from sources other than current or accumulated net income, a notice to shareholders may be required.

**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.

**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.

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

**Foreign Securities Risk.** Investments in securities of non-U.S. issuers (including those denominated in U.S. dollars) may involve more risk than investing in securities of U.S. issuers. Foreign political, economic and legal systems, especially those in developing and emerging market countries, may be less stable and more volatile than in the United States. Foreign legal systems generally have fewer regulatory requirements than the U.S. legal system, particularly those of emerging markets. In general, less information is publicly available with respect to non-U.S. companies than U.S. companies. Non-U.S. companies generally are not subject to the same accounting, auditing, and financial reporting standards as are U.S. companies. Additionally, the changing value of foreign currencies and changes in exchange rates could also affect the value of the assets the Fund holds and the Fund's performance. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Investments in emerging markets are subject to greater volatility and price declines.

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

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

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

**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), 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).

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.

COVID-19 and the related governmental and public responses have had and may continue to have an impact on the Fund's investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. They have also had and may continue to result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. The occurrence, reoccurrence and pendency of public health epidemics could adversely affect the economies and financial markets either in specific countries or worldwide.

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

**Real Estate Investment Trust ("REIT") Risk.** Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of any credit extended. REITs are dependent upon management skills, may not be diversified geographically or by property/mortgage asset type, and are subject to heavy cash flow dependency, default by borrowers and self-liquidation. REITs may be more volatile and/or more illiquid than other types of equity securities. REITs (especially mortgage REITs) are subject to interest rate risks. REITs may incur significant amounts of leverage. 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.

REITs must also meet certain requirements under the Internal Revenue Code of 1986, as amended (the "Code") to avoid entity level tax and be eligible to pass-through certain tax attributes of their income to shareholders. REITs are consequently subject to the risk of failing to meet these requirements for favorable tax treatment and of failing to maintain their exemptions from registration under the Investment Company Act of 1940. REITs are subject to the risks of changes in the Code affecting their tax status.

**Real Estate Related Securities Risk.** Because the Fund invests in real estate securities, including REITs, the Fund is subject to the risks of investing in the real estate industry, such as changes in general and local economic conditions, the supply and demand for real estate and changes in zoning and tax laws. Since the Fund concentrates in the real estate industry, its holdings can vary significantly from broad market indices. As a result, the Fund's performance can deviate from the performance of such indices. Because the Fund invests in stocks, there is the risk that the price of a particular stock owned

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by the Fund could go down or pay lower-than-expected or no dividends. In addition to an individual stock losing value, the value of the equity markets or of companies comprising the real estate industry could go down.

An investment in the Fund will be closely linked to the performance of the real estate markets. Real estate securities are 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 and interest rates. 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.

**Selection Risk.** Selection risk is the risk that the securities selected by the subadviser will underperform the market, the relevant indices, or other funds with similar investment objectives and investment strategies. Individual REIT prices may drop because of the failure of borrowers to pay their loans, a dividend reduction, a disruption to the real estate investment sales market, changes in federal or state taxation policies affecting REITs, or poor management of a REIT.

**Value Style Risk.** Since the Fund follows a value investment style, there is the risk that the value style may be out of favor for long periods of time, that the market will not recognize a security's intrinsic value for a long time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. In addition, the Fund's value investment style may go out of favor with investors, negatively affecting the Fund's performance. If the Fund's assessment of market conditions or a company's value is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds.

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

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

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

![](mf182a.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 16.15% | &nbsp;&nbsp; 1st <br> Quarter <br> 2019<br>| &nbsp;&nbsp; -23.69% <br>| &nbsp;&nbsp; 1st <br> Quarter <br> 2020<br>|

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**Average Annual Total Returns % (including sales charges) (as of 12-31-22)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Return Before Taxes** | **One Year** | **Five Years** | **Ten Years**  | &nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp; **Inception**<br> **Date**<br>|
| Class A shares | -30.99% | -0.32% | 2.62% | - |  |
| Class C shares | -28.22% | 0.26% | 2.57% | - |  |
| Class R shares | -27.17% | 0.65% | 3.01% | - |  |
| Class R2 shares | -26.96% | 0.91% | N/A | 1.02% | *12-27-17* |
| Class R4 shares | -26.78% | 1.17% | N/A | 1.28% | *12-27-17* |
| Class R6 shares | -26.61% | 1.42% | N/A | 3.95% | *8-23-13* |
| **Class Z Shares % (as of 12-31-22)** | **Class Z Shares % (as of 12-31-22)** | **Class Z Shares % (as of 12-31-22)** | **Class Z Shares % (as of 12-31-22)** | **Class Z Shares % (as of 12-31-22)** | **Class Z Shares % (as of 12-31-22)** |
| Return Before Taxes | -26.71% | 1.29% | 3.61% | - |  |
| Return After Taxes on Distributions | -27.02% | -1.00% | 1.79% | - |  |
| Return After Taxes on Distributions and Sale of Fund Shares | -15.78% | 0.52% | 2.34% | - |  |
| **Index % (reflects no deduction for fees, expenses or taxes) (as of 12-31-22)** | **Index % (reflects no deduction for fees, expenses or taxes) (as of 12-31-22)** | **Index % (reflects no deduction for fees, expenses or taxes) (as of 12-31-22)** | **Index % (reflects no deduction for fees, expenses or taxes) (as of 12-31-22)** | **Index % (reflects no deduction for fees, expenses or taxes) (as of 12-31-22)** | **Index % (reflects no deduction for fees, expenses or taxes) (as of 12-31-22)** |
| FTSE EPRA/NAREIT Developed Index | -25.09% | -0.23% | 2.99% | - |  |
| S&P 500 Index | -18.10% | 9.42% | 12.55% | - |  |

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

**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**  | **Subadvisers**  | **Portfolio Managers**  | **Title**  | **Service Date**  |
| PGIM Investments LLC  | PGIM Real Estate  | Rick J. Romano, CFA | &nbsp;&nbsp;&nbsp; Managing Director & <br> Head of Global Real <br> Estate Securities<br>| January 2007  |
|  |  | Daniel Cooney, CFA | &nbsp;&nbsp;&nbsp; Managing Director & <br> Portfolio Manager: <br> North American Real <br> Estate Securities <br>| June 2018 |
|  |  | Alvin Chan, CFA | &nbsp;&nbsp;&nbsp; Executive Director & <br> Portfolio Manager: <br> Asian Real Estate <br> Securities<br>| May 2020 |
|  |  | Samit Parikh | &nbsp;&nbsp;&nbsp; Managing Director: U.S. <br> Real Estate Securities<br>| December 2020 |
|  | PGIM Real Estate (UK) Limited  | Michael Gallagher | &nbsp;&nbsp;&nbsp; Executive Director & <br> Portfolio Manager: <br> European Real Estate <br> Securities<br>| June 2013 |

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**BUYING AND SELLING FUND SHARES** 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A\*** | **Class C\*** | **Class R\*** | **Class Z\***  | **Class R2** | **Class R4** | **Class R6** |
| Minimum initial investment | $1000  | $1000  |  |  |  |  |  |
| Minimum subsequent investment | $100 | $100 |  |  |  |  |  |

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*\* Certain share classes are generally closed to investments by new group retirement plans. Please see "How to Buy, Sell and Exchange Fund Shares—Closure of Certain Share Classes to New Group Retirement Plans" in the Prospectus for more information.*

For Class A and Class C shares, the minimum initial and subsequent investment for Automatic Investment Plan purchases is $50. Class R, Class R2, Class R4 and Class R6 shares are generally not available for purchase by individuals. Class Z shares may be purchased by certain individuals, subject to certain requirements. Please see "How to Buy, Sell and Exchange Fund Shares—How to Buy Shares—Qualifying for Class R Shares," "—Qualifying for Class Z Shares," "—Qualifying for Class R2 and Class R4 Shares," and "—Qualifying for Class R6 Shares" in the Prospectus for purchase eligibility requirements.

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

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**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.

**PAYMENTS TO FINANCIAL INTERMEDIaries**

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

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| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](sumprorocksolid2022.jpg) |
| **By Mail:** | Prudential Mutual Fund Services LLC, PO Box 9658, Providence, RI 02940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](sumprorocksolid2022.jpg) |
| **By Telephone:** | 800-225-1852 or 973-367-3529 (outside the US) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](sumprorocksolid2022.jpg) |
| **On the Internet:** | www.pgim.com/investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](sumprorocksolid2022.jpg) |

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MF182A

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