# EDGAR Filing Document

**Accession Number:** 0000741350
**File Stem:** 0001683863-23-000780
**Filing Date:** 2023-2
**Character Count:** 37784
**Document Hash:** 89f0b16e3979509896684f6e2f96d50e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683863-23-000780.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001683863-23-000780

**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 WORLD FUND, INC.
- **CENTRAL INDEX KEY:** 0000741350
- **IRS NUMBER:** 133204887
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-89725
- **FILM NUMBER:** 23630286

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

**MAIL ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 17TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRUDENTIAL WORLD FUND INC
- **DATE OF NAME CHANGE:** 19960807

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRUDENTIAL GLOBAL FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRUDENTIAL BACHE GLOBAL FUND INC
- **DATE OF NAME CHANGE:** 19911230

## Series and Classes Contracts Data

### PGIM Jennison Global Infrastructure Fund (Series ID: S000042106)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000130741 | Class A      | PGJAX           |
| C000130742 | Class C      | PGJCX           |
| C000130743 | Class Z      | PGJZX           |
| C000176459 | Class R6     | PGJQX           |

![](summaryprosaibanner.jpg)

**PGIM Jennison Global Infrastructure Fund** 

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| | | | |
|:---|:---|:---|:---|
| **A:** PGJAX | **C:** PGJCX | **Z:** PGJZX | **R6:** PGJQX |

---

**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](https://www.sec.gov/Archives/edgar/data/741350/000119312520326189/d25082dncsr.htm)

the [Fund's Annual Report](https://www.sec.gov/Archives/edgar/data/741350/000119312522312652/d390131dncsr.htm), dated October 31, 2022, are all incorporated by reference into (legally made a part of) this Summary Prospectus.

**INVESTMENT OBJECTIVE**

The investment objective of the Fund is to seek **total return.**

**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 33 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 64 of the Fund's Statement of Additional Information ("SAI").

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Z** | **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 price or the net asset value at <br> 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 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)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Z** | **Class R6** |
| Management fee | 1.00% | 1.00% | 1.00% | 1.00% |
| Distribution and service (12b-1) fees | 0.30% | 1.00% |  |  |
| Other expenses | 0.60% | 0.60% | 0.47% | 0.32% |
| Total annual Fund operating expenses | 1.90% | 2.60% | 1.47% | 1.32% |
| Fee waiver and/or expense reimbursement | (0.40)% | (0.35)% | (0.30)% | (0.15)% |
| **Total annual Fund operating expenses after fee waiver and/or expense reimbursement**<sup>(1,</sup><sup>2)</sup> | **1.50%** | **2.25%** | **1.17%** | **1.17%** |

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<sup>(1)</sup> PGIM Investments LLC ("PGIM Investments") has contractually agreed, through February 29, 2024, to limit Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements to 1.50% of average daily net assets for Class A shares, 2.25% of average daily net assets for Class C shares, 1.17% of average daily net assets for Class Z shares, and 1.17% of average daily net assets for Class R6 shares. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, 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

![](pgim_sumpro.jpg)

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

MF217A

------

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 waiver may not be terminated prior to February 29, 2024 without the prior approval of the Fund's Board of Directors.

<sup>(2)</sup> The distributor of the Fund has contractually agreed until February 29, 2024 to limit the Fund's Class A distribution and service (12b-1) fees to 0.25% of the Fund's Class A average daily net assets. This waiver may not be terminated prior to February 29, 2024 without the 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**  | **1 Year**  | **3 Years**  | **5 Years**  | **10 Years**  |
| Class A  | $694  | $1078  | $1485  | $2619  |
| Class C  | $328  | $775  | $1349  | $2738  |
| Class Z  | $119  | $435  | $774  | $1732  |
| Class R6 | $119  | $404  | $709  | $1577 |

---

**If Shares Are Not Redeemed**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class**  | **1 Year**  | **3 Years**  | **5 Years**  | **10 Years**  |
| Class A  | $694  | $1078  | $1485  | $2619  |
| Class C  | $228  | $775  | $1349  | $2738  |
| Class Z  | $119  | $435  | $774  | $1732  |
| Class R6 | $119  | $404  | $709  | $1577 |

---

**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 89% of the average value of its portfolio.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** The Fund normally invests at least 80% of its investable assets in securities of U.S. and foreign ("non-U.S. based") infrastructure companies. The Fund will consider a company an infrastructure company if the company is categorized, based on the Global Industry Classification Standard ("GICS") industry classifications, as they may be amended from time to time, within the following industries: Aerospace and Defense, Air Freight and Logistics, Airlines, Building Products, Commercial Services and Supplies, Communications Equipment, Construction and Engineering, Construction Materials, Diversified Telecommunication Services, Electrical Equipment, Electric Utilities, Energy Equipment and Services, Gas Utilities, Health Care Providers and Services, Independent Power and Renewable Electricity Producers, Industrial Conglomerates, Machinery, Marine, Metals and Mining, Multi-Utilities, Oil, Gas and Consumable Fuels, Rail and Road, Transportation Infrastructure, Water Utilities and Wireless Telecommunication Services, and the following infrastructure related real estate investment trusts ("REITs") identified under GICS Sub-Industry classifications: Industrial REITs, Health Care REITs, and Specialized REITs. As a result of changes to the GICS industry classifications, effective March 2023, the classifications for these industries will become: Aerospace & Defense, Air Freight & Logistics, Passenger Airlines, Building Products, Commercial Services & Supplies, Communications Equipment, Construction & Engineering, Construction Materials, Diversified Telecommunication Services, Electric Utilities, Electrical Equipment, Energy Equipment & Services, Gas Utilities, Health Care Providers & Services, Independent Power Producers & Energy Traders, Industrial Conglomerates, Machinery, Marine Transportation, Metals & Mining, Multi-Utilities, Oil, Gas, & Consumable Fuels, Ground Transportation, Transportation Infrastructure, Water Utilities, Wireless Telecommunication Services, Health Care REITs, Industrial REITs and Specialized REITs. Examples of assets held by infrastructure companies include toll roads, airports, rail track, shipping ports, telecom infrastructure, hospitals, schools, utilities such as electricity, gas distribution networks and water, and oil and gas pipelines. The Fund may amend from time to time the GICS industries that are included in the Fund's definition of an infrastructure company.

The Fund's investments in securities include, but are not limited to, common stocks, listed and unlisted American Depositary Receipts ("ADRs") and similar receipts, securities of REITs and master limited partnerships ("MLPs"). REITs are like corporations, except that they do not pay income taxes if they meet certain tax requirements. REITs invest primarily in real estate or real estate mortgages and distribute almost all of their income to shareholders. MLPs are generally treated as partnerships for U.S. federal income tax purposes and generally do not pay income taxes. Currently, most MLPs operate in the energy, natural resources or real estate sectors.

The Fund may invest in companies of any size. The Fund expects to invest in at least three different countries and approximately 40% of its investable assets in instruments of foreign issuers, dependent upon current investment opportunities. The Fund's investments in foreign issuers may be lower if conditions are not favorable, but such investments may not be lower than 30% of the Fund's investable assets. The Fund may invest in U.S. companies and foreign companies, including companies domiciled, doing business in or trading in emerging markets.

**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.

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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.

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

**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.

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.

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**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:

◾

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

◾

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

◾

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

◾

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

**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.

**Liquidity Risk.** Liquidity risk is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund. The Fund may invest in instruments that trade in lower volumes and are more illiquid than other investments. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may have to accept a lower price or may not be able to sell the instrument at all. An inability to sell a portfolio position can adversely affect the Fund's value or prevent the Fund from being able to take advantage of other investment opportunities.

**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.

**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.

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**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.

**Master Limited Partnerships Risk.** The risks of investing in an MLP are generally those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded investors in an MLP than investors in a corporation. Investments held by MLPs may be relatively illiquid, limiting the MLPs' ability to vary their portfolios promptly in response to changes in economic or other conditions. MLPs may have limited financial resources, their securities may trade infrequently and in limited volume, and they may be subject to more abrupt or erratic price movements than securities of larger or more broadly-based companies. The Fund's investment in MLPs also subjects the Fund to the risks associated with the specific industry or industries in which the MLPs invest, risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP's general partner, cash flow risks, dilution risks and risks related to the general partner's right to require unit-holders to sell their common units at an undesirable time or price. MLPs are generally considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns. Since MLPs generally conduct business in multiple states, the Fund may be subject to income or franchise tax in each of the states in which the partnership does business. The additional cost of preparing and filing the tax returns and paying the related taxes may adversely impact the Fund's return on its investment in MLPs.

**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.

**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;

![](mf217.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 14.25% | &nbsp;&nbsp; 1st <br> Quarter <br> 2019<br>| -19.59% | &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 | -13.18% | 3.47% | N/A | 5.70% | *9-25-13* |
| Class C shares | -9.73% | 3.86% | N/A | 5.55% | *9-25-13* |
| Class R6 shares | -7.77% | 4.98% | N/A | 7.22% | *12-28-16* |
| **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 | -7.82% | 4.98% | N/A | 6.64% | *9-25-13* |
| Return After Taxes on Distributions | -8.53% | 4.21% | N/A | 6.10% | *9-25-13* |
| Return After Taxes on Distributions and Sale of Fund Shares | -4.13% | 3.86% | N/A | 5.30% | *9-25-13* |
| **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)** |
| S&P 500 Index | -18.10% | 9.42% | N/A | 11.44%\* |  |
| S&P Global Infrastructure Index | -0.99% | 2.99% | N/A | 5.06%\* |  |

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\*Since Inception return for each Index is measured from the closest month-end to the inception date for Class A shares, Class C shares and Class Z shares.

° 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**  | **Subadviser**  | **Portfolio Managers**  | **Title**  | **Service Date**  |
| PGIM Investments LLC  | Jennison Associates LLC  | Shaun Hong, CFA | Managing Director | September 2013 |
|  |  | Ubong Edemeka | Managing Director | September 2013  |
|  |  | Brannon P. Cook | Managing Director | July 2014 |

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**BUYING AND SELLING FUND SHARES** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A\*** | **Class C\*** | **Class Z\*** | **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 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 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 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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Notes

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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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MF217A

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