1.

In the section entitled Fund Summary—Fund Fees and Expenses, the Annual Fund Operating Expenses table is deleted and replaced with the following new table: 

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

Class A  

Class B 

Class C  

Class R 

Class Z  

Class R6 

Management fees  

0.50% 

0.50% 

0.50% 

0.50% 

0.50% 

0.50% 

Distribution and service (12b-1) fees  

0.25% 

1.00% 

1.00% 

0.75% 

None 

None 

Other expenses 

0.33% 

4.24% 

0.44% 

0.39% 

0.21% 

0.11% 

Total annual Fund operating expenses  

1.08% 

5.74% 

1.94% 

1.64% 

0.71% 

0.61% 

Fee waiver and/or expense reimbursement ⁽¹⁾ 

(0.11)% 

(3.71)% 

(0.11)% 

(0.36)% 

(0.23)% 

(0.14)% 

Total annual Fund operating expenses after fee waiver and/or expense reimbursement ⁽²⁾⁽³⁾ 

0.97% 

2.03% 

1.83% 

1.28% 

0.48% 

0.47% 

⁽¹⁾

Expense information in the table has been restated to reflect current fees.  

⁽²⁾

PGIM Investments LLC (PGIM Investments) has contractually agreed, through June 30, 2021 to limit Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements to 2.03% of average daily net assets for Class B shares, 0.48% of average daily net assets for Class Z shares, and 0.47% 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 reimbursed by PGIM Investments 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 June 30, 2021 without the prior approval of the Fund's Board of Directors. 

⁽³⁾

The distributor of the Fund has contractually agreed until June 30, 2021 to reduce its distribution and service (12b-1) fees for Class R shares to 0.50% of the average daily net assets of the Class R shares. This waiver may not be terminated prior to June 30, 2021 without the prior approval of the Fund’s Board of Directors. 

4.

In the section entitled Fund Summary—Fund Fees and Expenses, the Example table is deleted and replaced with the following new table:  

If Shares Are Redeemed 

If Shares Are Not Redeemed 

Share Class  

1 Year  

3 Years  

5 Years  

10 Years  

1 Year  

3 Years  

5 Years  

10 Years  

Class A  

$421  

$647  

$891  

$1,590  

$421  

$647  

$891  

$1,590  

Class B 

$706  

$1,324  

$2,324  

$3,756  

$206  

$1,024  

$2,224  

$3,756  

Class C  

$286  

$599  

$1,037  

$2,255  

$186  

$599  

$1,037  

$2,255  

Class R 

$130  

$482  

$858  

$1,913  

$130  

$482  

$858  

$1,913  

Class Z 

$49  

$204  

$372  

$861  

$49  

$204  

$372  

$861  

Class R6 

$48  

$181  

$326  

$749  

$48  

$181  

$326  

$749