# EDGAR Filing Document

**Accession Number:** 0000949512
**File Stem:** 0001193125-25-300873
**Filing Date:** 2025-11
**Character Count:** 32293
**Document Hash:** 8fd3d6c6802ac9dc2a8f173f9ce93cff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-300873.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0001193125-25-300873

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251126

**EFFECTIVENESS DATE**: 20251128

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-61997
- **FILM NUMBER:** 251531746

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

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

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

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

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

## Series and Classes Contracts Data

### PGIM JENNISON FOCUSED VALUE FUND (Series ID: S000004634)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000012623 | Class A      | PJIAX           |
| C000012625 | Class C      | PJGCX           |
| C000012626 | Class Z      | PJGZX           |
| C000012627 | Class R      | PJORX           |
| C000148916 | Class R6     | PJOQX           |

![](g8wwkqzxuyevk4aq1b4k7.jpg)

PGIM JENNISON FOCUSED VALUE FUND

**A:**PJIAX **C:** PJGCX **R:** PJORX **Z:** PJGZX **R6:** PJOQX

SUMMARY PROSPECTUS \| NOVEMBER 28, 2025

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

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

**INVESTMENT OBJECTIVE**

The investment objective of the Fund is **long-term growth of capital**.

**FUND FEES AND EXPENSES**

The tables below describe the sales charges, fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may be required to pay commissions to a broker for transactions in Class Z shares, which are not reflected in the table or the example below.** You may qualify for sales charge discounts if you and an eligible group of related investors purchase, or agree to purchase in the future, $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 24 of the Fund's Prospectus, Appendix A: Waivers and Discounts Available From Certain Financial Intermediaries on page 45 of the Fund's Prospectus and in Rights of Accumulation on page 52 of the Fund's Statement of Additional Information ("SAI").

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

---

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

---

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class Z** | &nbsp;&nbsp;**Class R6** |
| &nbsp;&nbsp;Management fee | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
| &nbsp;&nbsp;Distribution and service (12b-1) fees | 0.30% | 1.00% | 0.75% |  |  |
| &nbsp;&nbsp;Other expenses | 0.20% | 0.64% | 2.67% | 0.22% | 0.21% |
| &nbsp;&nbsp;Total annual Fund operating expenses | 1.10% | 2.24% | 4.02% | 0.82% | 0.81% |
| &nbsp;&nbsp;Fee waiver and/or expense reimbursement |  |  | (2.49)% | (0.07)% | (0.06)% |
| &nbsp;&nbsp;**Total annual Fund operating expenses after fee waiver and/or expense reimbursement<sup>(12)</sup>** | **1.10%** | **2.24%** | **1.53%** | **0.75%** | **0.75%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)PGIM Investments LLC ("PGIM Investments") has contractually agreed, through January 31, 2027, to limit Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements to 0.75% of average daily net assets for Class Z shares and 0.75% of average daily net assets for Class R6 shares. Separately, PGIM Investments has contractually agreed, through January 31, 2027, 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

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

MF172A

![](gcjds3aowea52l2ikyvyw.jpg)

Fund Operating Expenses to exceed 1.53% of average daily net assets for Class R shares. The contractual waiver and expense limitation exclude 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 waiver/reimbursement and/or recoupment for that fiscal year, as applicable. The waiver and expense limitation may not be terminated prior to January 31, 2027 without the prior approval of the Fund's Board of Directors.

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

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

or lower.

**If Shares Are Redeemed**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;**3 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| Class A | $656 | $880 | $1123 | &nbsp;&nbsp;$1816 |
| Class C | $327 | $700 | $1200 | &nbsp;&nbsp;$2287 |
| Class R | $156 | $996 | $1852 | &nbsp;&nbsp;$4068 |
| Class Z | $77 | $255 | $448 | &nbsp;&nbsp;$1007 |
| Class R6 | $77 | $253 | $444 | &nbsp;&nbsp;$996 |

---

**If Shares Are Not Redeemed**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;**3 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class A | $656 | $880 | $1123 | &nbsp;&nbsp;$1816 |
| &nbsp;&nbsp;Class C | $227 | $700 | $1200 | &nbsp;&nbsp;$2287 |
| &nbsp;&nbsp;Class R | $156 | $996 | $1852 | &nbsp;&nbsp;$4068 |
| &nbsp;&nbsp;Class Z | $77 | $255 | $448 | &nbsp;&nbsp;$1007 |
| &nbsp;&nbsp;Class R6 | $77 | $253 | $444 | &nbsp;&nbsp;$996 |

---

**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 55% of the average value of its portfolio.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** The Fund invests, under normal market conditions, at least 80% of its investable assets in equity and equity-related securities. The term "investable assets" refers to the Fund's net assets plus any borrowings for investment purposes. The Fund's investable assets will be less than its total assets to the extent that it has borrowed money for non-investment purposes, such as to meet anticipated redemptions.

The Fund follows a value investment style to select equities of approximately 25 to 40 issuers. The Fund seeks to achieve its investment objective by investing, under normal circumstances, in companies that it believes are undervalued compared to their perceived worth (value companies). The Fund may invest in companies of any market capitalization. Under normal market conditions, the Fund is expected to invest predominantly in large capitalization companies, which are companies with market capitalizations (measured at the time of purchase) of $1 billion or more.

The subadviser will actively manage the Fund and will seek to invest in companies that it believes will provide investment returns above those of the Russell 1000 Value Index. The subadviser uses a research-based, bottom-up stock selection focused primarily on large capitalization companies which, in its view, exhibit indications of underlying intrinsic value. The subadviser performs in-depth, fundamental research on prospective investments. Generally, the subadviser seeks companies that have one or more of the following characteristics – attractive valuation metrics that are unique to that business, high levels of durability and viability of the business, good business models that are being mispriced, high returns on assets and/or equity, high free cash flow yields, management teams that are willing to make changes, and/or something wrong in the fundamentals that can be fixed or is temporary.

In addition to common stocks, nonconvertible preferred stocks and convertible securities, equity-related securities in which the Fund invests include American Depositary Receipts ("ADRs"); warrants and rights that can be exercised to obtain stock or other eligible investments; investments in various types of business ventures, including partnerships and joint ventures; securities of real estate investment trusts ("REITs") and similar securities. Convertible securities are securities—like bonds, corporate notes and preferred stocks—that the subadviser can convert into the company's common stock, the cash value of common stock or some other equity security.

The Fund may invest up to 35% of its investable assets in foreign securities. At times, the Fund may have a significant portion of its assets invested in the same economic sector.

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

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

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

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

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

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

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

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

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

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

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

**Large Capitalization Company Risk.** Companies with large market capitalizations go in and out of favor based on market and economic conditions. Larger companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Fund's value may not rise or fall as much as the value of funds that emphasize companies with smaller market capitalizations.

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

**Management Risk.** Actively managed funds are subject to management risk. The 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.** The Fund may invest in companies of any market capitalization. Generally, the stock prices of small- and mid-cap companies are less stable than the prices of large-cap stocks and may present greater risks. Large capitalization companies as a group could fall out of favor with the market, causing the Fund to underperform compared to investments that focus on smaller capitalized companies.

![](g5mclhrq5dn1t2eeoj3hf.jpg)

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

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

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

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

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

**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.

The Fund's total returns prior to December 18, 2019 as reflected in the bar chart and the table are the returns of the Fund when it followed different investment strategies under the name "PGIM Jennison Equity Opportunity Fund."

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Annual Total Returns (Class Z Shares)<sup>1</sup>** | **Annual Total Returns (Class Z Shares)<sup>1</sup>** | **Annual Total Returns (Class Z Shares)<sup>1</sup>** | **Annual Total Returns (Class Z Shares)<sup>1</sup>** |  |  |  |  |  |  |  |  |  |
| 40% |  |  |  |  |  |  |  |  |  |  |  |  |
| 30% |  |  |  |  |  | 27.66 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Best Quarter:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Best Quarter:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Worst Quarter:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Worst Quarter:** |
| 30% |  |  |  |  |  | 27.66 |  |  | 25.33 |  |  |  |
|  |  |  |  | 20.97 |  |  |  |  | 25.33 |  |  |  |
| 20% |  | 16.25 |  | 20.97 |  |  |  | 16.82 | 14.37% | &nbsp;&nbsp;&nbsp;2nd | -25.56% | &nbsp;&nbsp;&nbsp;&nbsp;1st |
| 20% | 15.52 | 16.25 |  |  |  |  |  | 16.82 | 14.37% | &nbsp;&nbsp;&nbsp;2nd | -25.56% | &nbsp;&nbsp;&nbsp;&nbsp;1st |
| 10% |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Quarter |  | &nbsp;&nbsp;&nbsp;&nbsp;Quarter |
| 0% |  |  |  |  | 1.21 |  |  |  |  | 2020 |  | 2020 |
| 0% |  |  |  |  |  |  |  |  |  |  |  |  |
| **-2.08** |  |  |  |  |  |  |  |  |  |  |  |  |
| -10% |  |  |  |  |  |  | **-10.77** |  |  |  |  |  |
|  |  |  | **-13.49** |  |  |  | **-10.77** |  |  |  |  |  |
| -20% |  |  | **-13.49** |  |  |  |  |  |  |  |  |  |
| -20% | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |  |  |  |
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |  |  |  |

---

<sup>1</sup> The total return of the Fund's Class Z shares from January 1, 2025 through September 30, 2025 was 12.07%

![](gb0gn9sz1s52f5n2p7rbb.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Return Before Taxes** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**One Year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Five Years** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ten Years** |
| &nbsp;&nbsp;Class A Shares | 18.02% | 9.41% | 7.84% |
| &nbsp;&nbsp;Class C Shares | 22.29% | 9.50% | 7.50% |
| &nbsp;&nbsp;Class R Shares | 24.28% | 10.22% | 8.06% |
| &nbsp;&nbsp;Class R6 Shares | 25.30% | 11.03% | 8.81% |
| &nbsp;&nbsp;**Class Z Shares % (as of 12-31-24)** |  |  |  |
| &nbsp;&nbsp;Return Before Taxes | 25.33% | 11.04% | 8.79% |
| &nbsp;&nbsp;Return After Taxes on Distributions | 22.90% | 9.68% | 6.74% |
| &nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 16.72% | 8.60% | 6.51% |
| &nbsp;&nbsp;**Index % (reflects no deduction for fees, expenses or taxes) (as of 12-31-24)** |  |  |  |
| &nbsp;&nbsp;S&P 500 Index\* | 25.02% | 14.53% | 13.10% |
| &nbsp;&nbsp;Russell 1000 Value Index | 14.37% | 8.68% | 8.49% |

---

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

<sup>\*</sup> The Fund compares its performance against this broad-based index in response to regulatory requirements.

**MANAGEMENT OF THE FUND**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Investment Manager** | &nbsp;&nbsp;**Subadviser** | &nbsp;&nbsp;**Portfolio Managers** | &nbsp;&nbsp;**Title** | &nbsp;&nbsp;**Service Date** |
| &nbsp;&nbsp;PGIM Investments LLC | &nbsp;&nbsp;Jennison Associates LLC | &nbsp;&nbsp;Warren N. Koontz, Jr., | &nbsp;&nbsp;Managing Director | &nbsp;&nbsp;December 2019 |
|  |  | &nbsp;&nbsp;CFA |  |  |
|  |  | &nbsp;&nbsp;Joseph C. Esposito, CFA | &nbsp;&nbsp;Managing Director | &nbsp;&nbsp;December 2019 |

---

**BUYING AND SELLING FUND SHARES**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A\*** | &nbsp;&nbsp;&nbsp;**Class C\*** | &nbsp;&nbsp;&nbsp;**Class Z\*** | &nbsp;&nbsp;&nbsp;**Class R\*** | &nbsp;&nbsp;**Class R6** |
| &nbsp;&nbsp;Minimum initial investment | $1000 | $1000 |  |  |  |
| &nbsp;&nbsp;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 and Class R6 shares are generally not available for purchase by individuals. Class Z shares may be purchased by certain individuals, subject to certain requirements. Please see "How to Buy, Sell and Exchange Fund Shares—How to Buy Shares—Qualifying for Class R Shares," "—Qualifying for Class Z Shares," and "—Qualifying for Class R6 Shares" in the Prospectus for purchase eligibility requirements.

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

**TAX INFORMATION**

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

**PAYMENTS TO FINANCIAL INTERMEDIARIES**

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

Notes

Notes

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

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