Formulaire 485BOS INVESTISSEMENT COMPOSANT ☏ mutuelle entreprise

La responsabilité civile prostituée

Cette audace facultative, sauf pour plusieurs professions, se révèle à l’interieur des faits, indispensable à quasiment toutes les entreprises. Elle couvre tous dommages corporels, matériels et pourquoi pas immatériels occasionnés à des troisième (clients et fournisseurs) pendant le chef d’entreprise, ses salariés, ses locaux et pourquoi pas ses machines lors de l’exercice de l’activité ou bien après la livraison de produits se révélant défaillants. Sont exclus les dommages créés chez des produits et pourquoi pas une activité ne répondant pas aux ou bien aux impératifs de sécurité en vigueur.

Le montant de la prime dépend du chiffre d’affaires, du secteur et de la nature de l’activité de la société, selon risques encourus. En de dommage, l’entreprise transmettre à son assureur la réclamation reçue de son client ainsi qu’à fournisseur, auquel il incombe d’apporter la charge du préjudice subi. La compagnie négocie en or nom de l’entreprise avec le plaignant pour trouver un ajustement en de dommages légers. Dans le de sinistres lourds, des entreprises aguerris évalueront le montant des dommages.

A noter. Pour les TPE, assureurs proposent des montants de récompense forfaitaires.

7. La responsabilité civile obligatoire à certains secteurs d’activité

Les entreprises du BTP ont l’obligation de souscrire une fermeté responsabilité décennale qui couvre dommages constatés dans les dix ans suivant la livraison des travaux. Cette aplomb s’applique lorsque les compromettent la solidité de l’ouvrage (infiltration d’eau dans la toiture, effondrement d’un balcon…) ou entraînent de importantes nocuité (mauvaise étanchéité…).

La engagement d’une caractère responsabilité civile professionnelle est, par ailleurs, obligatoire pour certaines rôle réglementées dans le secteur de la santé (médecins, infirmiers…), du droit (avocats, notaires…) mais encore les agents immobiliers, les assemblées de voyages, les experts-comptables… Elle couvre les dommages causés à des tiers dans le cadre de l’activité (erreurs de prescription, risques opératoires), risques liés à la disparition de fonds transmis parmi des particuliers et qui transitent dans eux (agents immobiliers, notaires…) ainsi qu’à des risques rares à plusieurs emploi (détérioration de meubles pour les sociétés de déménagement ou bien catastrophe pour exploitants de remontées mécaniques).

Ces diverses réussite d’assurance sont certes super utiles. “Mais il faut remettre l’assurance à la bonne place a l’intérieur du de contrôle des risques de l’entreprise” estime Louis-Remy Pinault, commander opération d’assurances, chez Générali. Une relation que la relation entre l’assureur, l’intermédiaire et l’assuré est plus globale.


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Tel que présenté pour les titres et
Exchange Commission 2020 30 janvier

Numéro d'enregistrement de la Securities Act
333-42705

Numéro d'enregistrement de la loi sur les sociétés d'investissement
811-08565

LES ÉTATS-UNIS

COMMISSION SÉCURITÉ ET CHANGEMENT
WASHINGTON, D.C. 20549

FORMULE N-1A

CERTIFICAT D'ENREGISTREMENT SOUS
1933 LOI SUR LES VALEURS MOBILIÈRES
MODIFICATION PRÉLIMINAIRE NO.

MODIFICATION DE POSTE NO. 69 (X)

et / ou

CERTIFICAT D'ENREGISTREMENT SOUS
1940 LOI SUR LES SOCIÉTÉS D'INVESTISSEMENT
MODIFICATION NO. 70 (X)

Cochez la ou les cases appropriées

Portefeuilles d'investissement prudentiels
12e

Le nom exact du titulaire inscrit
sous-traitance

655, rue Broad, 17e étage
Newark, New Jersey 07102

Adresse des principaux services exécutifs, y compris
Code postal

1-800-225-1852

Numéro de téléphone du titulaire, y compris
Indicatif régional

Andrew R. Frenchman

655 Broad Street, 17edes milliers Élevé
Newark, New Jersey 07102

Le nom et l'adresse de l'agent de service

Il est suggéré que ce dépôt soit
prendre effet:

X dépôt immédiat en vertu de l'alinéa b)
__ d (____) sous (b)
__ 60 jours à compter du dépôt de la demande en vertu de l'alinéa a) (1)
__ d (____) conformément à l'alinéa a) (1)
__ 75 jours après le dépôt en vertu du point a) 2)
__ (date) conformément à la règle 485 a) 2)

Vérifiez si nécessaire
cette boîte:
__ Cette modification, en vigueur après la date d'entrée en vigueur, spécifie une nouvelle date d'entrée en vigueur pour les modifications antérieures entrées en vigueur.

Note explicative

Cet amendement no.
Déclaration d'enregistrement du registraire en vertu de l'article 1933. Article 69 de la Securities Act et uniquement la loi de 1940. La demande d'enregistrement de l'inscrit en vertu de l'article 1940. Modification de la loi sur les sociétés d'investissement 70 (correction).
affilié au Fonds technologique Jennison de PGIM, série Registrar.

Ce changement n'est pas destiné
de modifier les prospectus et les notes d'information supplémentaires existants pour les autres séries d'inscrits.

PGIM Jennison Technology Fund

PROSPECTUS – 30 janvier
L'année 2020

But

Pour chercher du capital à long terme
évaluation

FONDS TECHNOLOGIQUE PGIM JENNISON
A: PGKAX C: PGKCX Z: PGKZX R6: PGKRX
INFORMATIONS IMPORTANTES
À partir de 2021. 1er janvier, conformément aux règlements adoptés par la Securities and Exchange Commission, copies papier des rapports annuels et semestriels du Fonds
Les rapports des actionnaires ne seront plus envoyés par la poste, sauf si vous en demandez expressément des copies papier. Au lieu de cela, les rapports seront disponibles sur le site Web de la Fondation (www.pgiminvestments.com) et
vous serez averti par mail chaque fois qu'un rapport est publié et vous recevrez un lien web pour accéder au rapport.
Si vous avez déjà choisi de recevoir les rapports aux actionnaires par voie électronique, vous ne serez pas touché par ce changement et aucune action ne sera requise. Vous pouvez choisir
Recevez les rapports des actionnaires et autres communications du Fonds par voie électronique à tout moment en contactant votre intermédiaire financier (comme un courtier ou une banque) ou, si vous êtes un investisseur direct, par téléphone
1-800-225-1852 ou en envoyant une demande par courriel. Courriel PGIM Investments Envoyez un e-mail à shareholderreports@pgim.com.
Vous pouvez choisir de recevoir gratuitement tous les futurs rapports papier. Si vous investissez par un intermédiaire financier, vous pouvez contacter votre propre
ou suivez les instructions jointes au présent avis pour continuer à recevoir des copies papier de vos rapports aux actionnaires. Si vous investissez directement auprès du Fonds, vous pouvez appeler le 1-800-225-1852 ou
envoyer la demande par email envoyez un courriel à shareholderreports@pgim.com et dites au Fonds que vous souhaitez continuer à recevoir des copies papier de vos rapports aux actionnaires. Votre choix de recevoir des rapports sur papier s'appliquera à tous les fonds disponibles
sur votre compte si vous investissez par l'intermédiaire de votre intermédiaire financier ou de la totalité des fonds de l'ensemble de fonds si vous investissez directement avec le fonds.
Pour vous inscrire à un e-mail Pour une présentation, rendez-vous sur pgiminvestments.com/europe
Comme tous les fonds communs de placement, la Securities and Exchange Commission n'a ni approuvé ni approuvé les actions du Fonds, ni déterminé que ce prospectus est complet ou
précis. Dire le contraire est une infraction pénale.Les fonds communs de placement sont distribués par Prudential Investment Management Services LLC, membre de SIPC. Jennison Associates LLC est un conseiller en placement inscrit. Les deux sont intelligents
Sociétés de financement. © Prudential Financial, Inc. et ses sociétés affiliées. Jennison Associates LLC, le logo Jennison, Prudential et le symbole Rock sont des marques de commerce de Prudential Financial Inc. et de ses services.
entités liées enregistrées dans de nombreuses juridictions à travers le monde.





RÉSUMÉ DU FONDS

OBJECTIF D'INVESTISSEMENT

Objectif d'investissement
Vous devez chercher une fondation appréciation du capital à long terme.

FRAIS ET DÉPENSES DU FONDS

Les tableaux ci-dessous décrivent les ventes
les frais, charges et dépenses que vous pourriez payer si vous achetez et détenez des actions du Fonds. Il se peut que vous deviez payer une commission de courtage sur les transactions sur actions de catégorie Z qui ne figurent pas dans le tableau ou
ce qui suit est un exemple. Vous pourriez être admissible à des remboursements de taxe de vente si vous et le groupe approprié d'investisseurs liés achetez ou acceptez d'acheter des actions futures ou d'autres fonds de 25 000 $ ou plus dans le Fonds.
La famille du Fonds PGIM. Plus d'informations sur ces remises, ainsi que d'autres remises ou remises, peuvent être obtenues auprès de votre spécialiste financier et expliquées dans la section Réduire ou supprimer les taxes de vente de classe A et de classe C À la page 27 du Prospectus, Annexe A: Rabais et remises accordés par certains intermédiaires financiers À la page 48 du Prospectus et Droits d'accumulation Voir page 54 des informations supplémentaires du Fonds (ISC).

Frais d'actionnaires (frais payés directement à partir de votre investissement)
Classe A Classe C Classe Z Classe R6
Taxe de vente d'achat maximale (charge) (pourcentage)
prix de l'offre)
5,50% Aucun Aucun Aucun
Taxe de vente différée maximale (charge) (pourcentage inférieur)
prix d'achat initial ou valeur liquidative à l'échéance)
1,00% 1,00% Aucun Aucun
Taxe de vente maximale (charge) sur les dividendes réinvestis et
autres distributions
Aucun Aucun Aucun Aucun
Frais de rachat Aucun Aucun Aucun Aucun
Frais d'échange Aucun Aucun Aucun Aucun
Coût maximal du compte (factures jusqu'à 10 000 $) 15 $ 15 $ Aucun * Aucun

* Transfert direct
Les comptes d'agent contenant moins de 10 000 $ d'actions de catégorie Z sont soumis à des frais de 15 $.

Coûts de fonctionnement annuels du fonds (les coûts que vous payez chaque année en pourcentage de la valeur de votre investissement)
Classe A Classe C Classe Z Classe R6
Frais de gestion 0,75% 0,75% 0,75% 0,75%
Frais de distribution et de service (12b-1) 0,30% 1,00% Aucun Aucun
Autres dépenses(1) 8,14% 25,15% 1,94% 1,78%
Total des frais d'exploitation annuels du Fonds 9,19% 26,90% 2,69% 2,53%
Exonération et / ou remboursement des frais (8,09)% (25,05)% (1,84)% (1,73)%
Total des frais d'exploitation annuels du Fonds après impôts et / ou
remboursement des dépenses(2,3)
1,10% 1,85% 0,85% 0,80%

(1) Les autres dépenses ont été mises à jour pour refléter le dernier rapport annuel afin de refléter les dépenses courantes.

(2) PGIM Investments LLC («PGIM Investments») a un contrat jusqu'en 2021. 28 février Limiter toutes les dépenses d'exploitation annuelles du fonds après impôts et / ou dépenses
compense 1,10% de l'actif net moyen quotidien pour les actions de classe A, 1,85% de l'actif net moyen quotidien pour les actions de classe C, 0,85% de l'actif net moyen quotidien pour les actions de classe Z et 0,80% de l'actif net quotidien moyen
pour les actions de classe R6. Cette renonciation contractuelle ne couvre pas les intérêts, le courtage, les impôts (tels que les impôts sur le revenu et les impôts étrangers, les droits de timbre et les impôts différés), les frais et dépenses des fonds acquis,
les frais et certaines autres dépenses du Fonds tels que les dividendes et les intérêts débiteurs et les frais de courtage. Le cas échéant, PGIM Investments accepte de renoncer aux frais de gestion ou aux frais généraux de fonctionnement
la classe d'actions dans la mesure où elle renonce à ces dépenses pour toute autre classe d'actions. De plus, le total des coûts d'exploitation annuels des actions de catégorie R6 du Fonds ne dépassera pas le total des coûts d'exploitation annuels du Fonds
Actions de Classe Z. PGIM Investments peut renoncer à toute taxe et / ou dépense exonérée et / ou remboursée au cours du même exercice au cours duquel une telle renonciation et / ou remboursement est effectué, le cas échéant
la récupération peut être effectuée dans la limite des dépenses en vigueur au moment de la récupération de l'exercice concerné. Cette renonciation ne pourra être résiliée qu'en 2021. 28 février Sans préavis
conseil d’administration du fonds.

(3) Le concessionnaire a accepté le 28 février. Limiter les frais de distribution et de service (12b-1) à 0,25% de l'actif net quotidien moyen des actions de catégorie A.
2021 Cette renonciation ne pourra être résiliée qu'en 2021. 28 février Sans l'approbation préalable du conseil des fiduciaires du Fonds.

Un exemple. Cet exemple hypothétique vise à vous aider à comparer les coûts d'investissement dans un fonds avec des investissements dans d'autres fonds communs de placement. On estime que vous investissez 10 000 $ dans
Le Fonds rachètera toutes vos actions au cours des périodes spécifiées et, sauf indication contraire, à la fin de ces périodes. Cela signifie que votre retour sera de 5%

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investissements chaque année pour assurer le fonctionnement du fonds
les coûts restent les mêmes (sauf que l'exonération ou la compensation fiscale, le cas échéant, est reflétée dans les chiffres d'un an uniquement) et que les dividendes et les distributions sont réinvestis. Vos coûts réels peuvent être plus élevés ou
plus bas.

Si les actions sont rachetées Si les actions ne sont pas rachetées
Classe d'actions 1 an 3 ans 5 ans 10 ans 1 an 3 ans 5 ans 10 ans
Classe A 656 $ 2 386 $ 3 974 $ 7 397 $ 656 $ 2 386 $ 3 974 $ 7 397 $
Classe C 288 $ 4 589 $ 7 273 $ 10 251 $ 188 $ 4 589 $ 7 273 $ 10 251 $
Classe Z 87 $ 660 $ 1260 $ 2886 $ 87 $ 660 $ 1260 $ 2886 $
Classe R6 82 $ US 622 $ 1 189 $ 2735 $ 82 $ US 622 $ 1 189 $ 2735 $

Rotation du portefeuille. Le fonds couvre les coûts de transaction tels que les commissions lors de l'achat et de la vente de titres (ou le «retournement» de son portefeuille). Des taux de rotation de portefeuille plus élevés peuvent signifier
les coûts de transaction et peuvent entraîner des frais plus élevés lors de la détention d'actions du Fonds dans un compte imposable. Ces coûts, qui ne sont pas reflétés dans les frais d'exploitation ou l'échantillon annuels du Fonds, ont une incidence sur le rendement du Fonds.
Au cours du dernier exercice du Fonds, le taux de rotation du portefeuille du Fonds était de 47% de la valeur moyenne de son portefeuille.

INVESTISSEMENTS, RISQUES ET
PERFORMANCE

Stratégies d'investissement de base. Le fonds recherche des investissements dont les prix augmentent avec le temps. Habituellement, le Fonds investit au moins 80% de ses actifs investis. Actions et titres liés à des actions
technologie ou entreprises liées à la technologie. Le terme «actifs investis» désigne les actifs nets du Fonds et tout prêt à des fins d'investissement. Les actifs investis par le Fonds seront inférieurs à
de tous ses actifs dans la mesure où il a emprunté de l'argent à des fins autres que d'investissement, comme le rachat prévu. Le fonds n'est pas diversifié. Le Fonds concentre ses investissements sur
un large éventail d'entreprises du secteur des technologies de l'information, ainsi que des entreprises qui devraient réaliser une part importante de leurs ventes de produits ou de services utilisant la technologie ou
activités liées à la technologie.

Technologie et technologie connexe
Les entreprises comprennent des entreprises du secteur des technologies de l'information ainsi que des entreprises liées à la technologie dans d'autres secteurs, y compris des industries telles que les médias et services interactifs, Internet et
marketing direct et vente au détail, stockage matériel et périphériques, logiciels, instrumentation électronique et composants, équipements de communication, semi-conducteurs et dispositifs semi-conducteurs, supports,
produits pharmaceutiques, équipement et fournitures de soins de santé, biotechnologie, services et fournitures commerciaux, chimie, aérospatiale et défense, équipement et services énergétiques, entreprises de nanotechnologie dans diverses industries, et
autres industries liées à la technologie.

La Fondation est basée sur le Global
Norme de classification industrielle (GICS), publiée par S&P, telle qu'elle peut être modifiée de temps à autre pour déterminer les classifications d'industrie / secteur. S&P classe les entreprises quantitativement et qualitativement.
Chaque entreprise se voit attribuer une classification GICS distincte au niveau du sous-secteur en fonction de ses activités principales. S&P utilise les revenus comme un facteur clé dans la détermination de l'activité principale de l'entreprise
activités. Les revenus et le marché sont également reconnus comme des informations de classification importantes et significatives.

Le fonds investit en actions et
les titres de participation, y compris les actions ordinaires; actions privilégiées non convertibles; des titres convertibles tels que des obligations, des obligations de sociétés et des actions privilégiées qui peuvent être convertis en actions ordinaires de la société
actions, valeur monétaire des actions ordinaires ou autres actions; Certificats américains de dépôt (ADR); les options et droits disponibles pour acheter les actions; titres de participation de fonds d'investissement immobilier
(FPI); des investissements dans divers types d'entreprises, notamment des partenariats et des coentreprises; gérer une société en commandite (MLP); et titres similaires. Le Fonds est autorisé à acheter des actions et des actions connexes
titres de sociétés de toutes tailles – petite, moyenne et grande capitalisation. Le Fonds peut participer au marché du premier appel public à l'épargne (PAPE). Le Fonds peut investir dans des titres américains et étrangers, y compris
placements non libellés en dollars américains.

4 PGIM Jennison Technology Fund



Pour décider quels titres acheter,
le conseiller subalterne utilise ce qu'on appelle un style d'investissement de croissance. La division vise à investir dans des entreprises avec des produits / services innovants; l'ampleur ou la durée de la croissance sous-estimée par le marché;
des avantages compétitifs solides et justifiables; leader actuel ou potentiel du marché; pouvoir de fixation des prix; facteurs de croissance uniques ou catalyseurs reconnaissables; positionnement pour bénéficier des mutations industrielles; et accéléré
gains. Le conseiller adjoint envisage de vendre ou de réduire les expositions aux actions lorsque, de l'avis des gestionnaires de portefeuille, l'émetteur a connu une déception importante de ses résultats; elle a tendu la main
l'objectif de prix à moyen terme et ses perspectives ne semblent plus suffisamment viables; les gestionnaires de portefeuille estiment qu'il existe des possibilités d'investissement plus attrayantes; ou le stock a été affecté négativement
mouvement des prix. Une baisse du cours de l'action ne signifie pas nécessairement que le conseiller de l'époque vendra les actions.

Risques principaux.

Tous les investissements mettent certains en danger
degré. Un investissement dans un fonds n'est pas garanti pour atteindre son objectif d'investissement; n'est pas un dépôt bancaire; n'est pas assuré, certifié ou garanti par la Federal Deposit Insurance Corporation ou tout autre
agence d'État; et vous êtes exposé au risque d'investissement, y compris la perte possible de votre investissement. L'ordre des facteurs de risque ci-dessous n'indique pas l'importance d'un facteur de risque particulier.

Risque de change. La valeur liquidative du Fonds peut diminuer en raison des fluctuations des taux de change qui peuvent avoir une incidence défavorable sur les investissements du Fonds dans des devises ou des titres négociés,
et générer des revenus liés aux devises ou aux dérivés couvrant les risques de change. Certains pays étrangers peuvent imposer des restrictions sur la capacité des émetteurs étrangers à payer
principal et intérêts ou dividendes aux investisseurs à l'extérieur du pays en raison du blocage des devises ou autrement.

Risques de cybersécurité. Défaillances ou dysfonctionnements des systèmes électroniques du Fonds, du Gestionnaire du Fonds, du Conseiller, du Distributeur et de tout autre fournisseur de services ou titres dans lesquels le Fonds investit
a le potentiel de causer des perturbations et de nuire aux activités commerciales du Fonds, ce qui pourrait entraîner une perte financière pour le Fonds et ses actionnaires. Jusqu'à ce que la fondation crée l'entreprise
il existe des limites inhérentes aux plans de continuité et aux systèmes de gestion des risques pour remédier aux défaillances ou défaillances du système. De plus, la fondation ne peut pas contrôler les plans de cybersécurité et
Régimes des prestataires de services du Fonds ou des titres dans lesquels le Fonds investit.

Événements économiques et de marché
Prendre des risques. L'évolution des marchés financiers américains et mondiaux, y compris les mesures prises par la Réserve fédérale américaine ou les banques centrales étrangères pour promouvoir ou stabiliser la croissance économique, peut parfois entraîner:
volatilité anormalement élevée du marché qui peut avoir un effet défavorable sur les résultats. Une liquidité relativement réduite sur les marchés du crédit et des titres à revenu fixe pourrait avoir un effet défavorable sur les émetteurs du monde entier.

Actions et titres liés à des actions
Prendre des risques. La valeur d'un certain titre peut diminuer et vous pouvez perdre de l'argent. Outre la perte individuelle de valeur du titre, la valeur des marchés boursiers ou du secteur dans lequel le Fonds est situé
l'investissement pourrait décliner. Les actions du Fonds peuvent différer sensiblement des indices boursiers généraux et la performance du Fonds peut s'écarter des mouvements de ces indices. Différentes parties du marché peuvent réagir
contrairement aux changements négatifs dans l'émetteur, le marché, la réglementation, politique et économique.

Risque lié aux titres étrangers. Les investissements du Fonds dans des titres d'émetteurs étrangers ou d'émetteurs à haut risque sur les marchés étrangers sont soumis à un risque supplémentaire. Les titres de ces émetteurs peuvent être négociés
des marchés moins liquides, moins réglementés et instables que les marchés américains. La valeur des investissements du Fonds peut diminuer en raison de facteurs affectant l'émetteur particulier ainsi que les marchés étrangers et
émetteurs, comme les actions gouvernementales défavorables et l'instabilité politique ou financière. Le manque d'informations peut également affecter la valeur de ces titres.

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Risque lié au style de croissance. En raison d'une croissance du capital supérieure à la moyenne, le style de croissance du Fonds peut entraîner une volatilité supérieure à la moyenne. Historiquement, les actions de croissance étaient à leur meilleur niveau en 2003
les derniers stades du développement économique et des stocks de valeur étaient à leur meilleur pendant les périodes de reprise économique. Étant donné que le Fonds suit un style d'investissement de croissance, il existe un risque que le style d'investissement de croissance soit
inutile pendant un certain temps. Dans les cas où le style n'est pas favorable, le Fonds peut baisser sur le marché, son indice de référence et d'autres fonds communs de placement en général.

Augmentation du risque de dépenses. Le coût réel de votre investissement dans le Fonds peut être supérieur au coût indiqué dans le tableau des coûts pour diverses raisons. Par exemple, le ratio des dépenses peut être supérieur à celui indiqué si
l'actif net moyen baisse. L'actif net devrait diminuer et les ratios des frais du fonds augmenteront davantage lorsque les marchés sont volatils. La négociation active et fréquente des titres du Fonds pourrait augmenter
les dépenses.

Risque d'offre publique initiale. Le volume des introductions en bourse et les niveaux auxquels les actions nouvellement émises se négocient sur le marché secondaire affectent le fonctionnement global du marché boursier. Si des introductions en bourse sont déposées
l'accès au marché peut être limité et le Fonds peut ne pas être en mesure d'acheter les actions au prix d'offre s'il souhaite acquérir les actions ou, s'il est en mesure d'acheter les actions, peut ne pas être en mesure d'acheter les actions.
autant de stock qu'il le souhaiterait. Les prix des titres inclus dans une introduction en bourse connaissent souvent des variations de prix plus importantes et plus imprévisibles que les actions plus établies. Une telle imprévisibilité
peut avoir un impact dramatique sur le rendement du Fonds (supérieur ou inférieur) et toute hypothèse émise par les investisseurs sur la base du rendement affecté peut être déraisonnable. De plus, à mesure que les actifs du fonds augmentent, l’impact de l’introduction en bourse
les investissements de performance diminueront, ce qui pourrait réduire les rendements globaux.

Risque élevé pour les actionnaires. De temps à autre, certaines personnes, comptes, fonds (y compris les fonds liés au gestionnaire) ou institutions, y compris le gestionnaire et ses sociétés affiliées, peuvent détenir ou exploiter
une partie importante des actions du Fonds. Ces entités ne sont pas tenues de maintenir leurs investissements dans le Fonds. Il existe un risque que de tels actionnaires importants rachètent certains ou tous
leur investissement dans le Fonds à tout moment, ce qui peut avoir un effet défavorable significatif sur la valeur liquidative, les liquidités et les frais de courtage du Fonds. Les rachats importants peuvent également avoir des implications fiscales
et influencer la capacité du Fonds à mettre en œuvre sa stratégie d'investissement.

Risque de gestion. La valeur de votre investissement peut diminuer si le gestionnaire du sous-comité prend des décisions concernant l'attractivité, la valeur ou les tendances du marché qui affectent un titre, une industrie, un secteur ou un marché particulier.
les mouvements sont incorrects.

Risque de capitalisation boursière. Le Fonds peut investir dans des sociétés de toute capitalisation boursière. En général, les petites et moyennes capitalisations sont moins volatiles que les grandes capitalisations et peuvent
pose de plus grands risques. Pour les sociétés à grande capitalisation en tant que groupe, le marché peut ne pas être suffisant et, par conséquent, la performance du Fonds peut être inférieure à celle des investissements dans des sociétés à petite capitalisation.

Risque de marché. Les marchés boursiers peuvent être volatils et les cours boursiers du Fonds peuvent chuter. Les cours des actions fluctuent en fonction de l'évolution de la situation financière de l'émetteur
marché unique et conditions économiques. Si le prix du marché des titres du Fonds baisse, la valeur de vos placements dans le Fonds diminuera.

Nouveau risque de fonds. La Fondation a récemment commencé ses opérations. En tant que nouveau fonds relativement petit, la performance du Fonds peut ne pas refléter la performance attendue ou à long terme du Fonds si
s'agrandit et a pleinement mis en œuvre ses stratégies d'investissement. Les positions d'investissement peuvent avoir un impact disproportionné (négatif ou positif) sur la performance des fonds nouveaux et plus petits. Nouveau et plus petit
Les fonds peuvent également avoir besoin d'un certain temps pour investir dans des titres conformes à leurs objectifs et politiques d'investissement et atteindre une composition de portefeuille représentative. En conséquence, les investisseurs du Fonds
risque que le Fonds ne parvienne pas à mettre en œuvre sa stratégie d'investissement et ne puisse pas utiliser une stratégie d'investissement réussie qui pourrait entraîner la liquidation du Fonds à tout moment
sans le consentement des actionnaires et / ou à un moment qui peut être au détriment de tous les actionnaires. Cette liquidation peut entraîner des coûts de transaction et peut avoir des conséquences fiscales défavorables pour les actionnaires.

6e PGIM Jennison Technology Fund



Risque de non diversification. Le fonds n'est pas diversifié dans les années 40. Aux fins de la loi sur les sociétés d'investissement (loi de 1940). Cela signifie que le Fonds peut investir une plus grande proportion de ses actifs dans a. Valeurs mobilières
une société ou un autre émetteur qu'un fonds diversifié. Investir dans un fonds diversifié comporte un risque plus élevé que d'investir dans un fonds diversifié, car les pertes sont causées par la baisse de la valeur d'un fonds.
les titres peuvent représenter une proportion plus importante de l'actif total d'un fonds non diversifié.

Risque du secteur technologique. Les actifs du Fonds seront concentrés dans le secteur de la technologie et les sociétés liées à la technologie dans d'autres secteurs, ce qui signifie que le Fonds sera plus touché
plutôt qu’un fonds plus diversifié. Les facteurs du marché ou économiques qui influencent les entreprises technologiques et les entreprises qui dépendent fortement du progrès technologique peuvent avoir un impact significatif
impact sur la valeur des investissements du Fonds dans le secteur technologique. La valeur des actions des sociétés technologiques et des sociétés qui dépendent fortement de la technologie est particulièrement vulnérable aux changements rapides
cycles de produits technologiques, obsolescence rapide des produits, réglementation gouvernementale et concurrence aux niveaux national et international, y compris la concurrence de concurrents étrangers avec des coûts de production inférieurs. Stocks
Les entreprises technologiques et les entreprises qui dépendent fortement de la technologie, en particulier les petites entreprises moins expérimentées, ont tendance à être plus volatiles que des marchés entiers. Les entreprises technologiques sont fortement dépendantes
brevets et droits de propriété intellectuelle dont la perte ou la diminution pourrait nuire à la rentabilité. De plus, les entreprises du secteur technologique et les entreprises fortement tributaires des avancées technologiques
les taux de croissance et la concurrence pour des services de dotation qualifiés peuvent faire face à des changements dramatiques et souvent imprévisibles.

Performance. Ce graphique à barres présente la performance du Fonds sur les actions de catégorie Z pour chaque année civile complète d'activité ou pour les 10 dernières années civiles, la période la plus courte étant retenue.
Ce tableau présente le rendement annuel moyen du Fonds et compare également le rendement du Fonds au rendement annuel moyen de l'indice ou d'un autre indice de référence. Le graphique à barres et le tableau montrent le risque
investir dans un fonds montrant comment les rendements peuvent changer d'une année à l'autre.

Performances antérieures (avant et après
ne signifie pas que le Fonds obtiendra des résultats similaires à l’avenir. Des informations à jour sur la performance du Fonds sont disponibles sur www.pgiminvestments.com.



<! – Début de 40 descriptions graphiques:










Rendement total annuel Actions de classe Z
L'année 2019 33,96

41 fin de la description graphique ->

Meilleur trimestre: Pire trimestre:
17,29% T1 de 2019 -3,31% 3e trimestre 2019

1 Sans les frais de gestion et / ou le remboursement des frais, le rendement annuel total aurait été inférieur.

Rendement annuel moyen en pourcentage (y compris la taxe de vente) (19-31-31)
Retour avant impôt Un an Cinq ans Dix ans Depuis le début
Actions de catégorie A 26,28 pour cent 9,71% (19/06/2018)
Actions de classe C 31,67% 12,97% (19/06/2018)
Actions de catégorie R6 34,18% 14,21% (2018-06-19)
Actions de classe Z% (19-31-31)
Retour avant impôt 33,96% 14,15% (2018-06-19)
Remboursements post-distribution 33,95% 14,13% (2018-06-19)
Rendement après impôt sur la distribution et la vente des parts du fonds 20,11% 10,87% (19/06/2018)
Visitez notre site Web www.pgiminvestments.com 7e



° Après remboursement d'impôt
sont calculés en utilisant les taux d'imposition fédéraux individuels sur le revenu marginaux historiques les plus élevés et ne reflètent pas l'influence des impôts nationaux et locaux. La déclaration de revenus réelle dépend de la situation fiscale de l'investisseur et peut
différent de ceux illustrés. La déclaration de dépôt après impôt n'est pas pertinente pour les investisseurs qui détiennent des actions du Fonds en vertu d'accords d'impôt différé tels que des plans 401 (k) ou des comptes de retraite individuels. Après le remboursement d'impôt
n'apparaissent qu'avec les actions de classe Z. Les autres catégories de déclarations après impôt différeront en raison de taxes et de frais de vente différents.

Index% (ne représente pas la taxe de vente, les dépenses ou la déduction fiscale) (19-31 à 31)
Indice MSCI ACWI des technologies de l'information 46,89% 18,57%

GESTION DU FONDS

Gestionnaire d'investissement Conseiller adjoint Gestionnaires de portefeuille Le titre Date du service
PGIM Investments LLC Jennison Associates LLC Erika Klauer PDG et gestionnaire de portefeuille Juin 2018
Nicolas "Nick" Rubinstein PDG et gestionnaire de portefeuille Juin 2018

ACHAT ET VENTE DU FONDS
PROMOTIONS

Classe A Classe C Classe Z Classe R6
Investissement initial minimum 1 000 $ 1 000 $ Aucun Aucun
Investissement ultérieur minimum 100 $ 100 $ Aucun Aucun

Pour les actions de classe A et de classe C
l'investissement initial et subséquent minimum dans un achat de plan d'investissement automatique est de 50 $. Les actions de classe R6 ne sont généralement pas disponibles pour les particuliers. Les Actions de Classe Z sont disponibles pour certaines personnes
personnes soumises à certaines exigences. Voir aussi: «Comment acheter, vendre et échanger des actions du Fonds – Comment acheter des actions – Actions de classe Z correspondantes» et «- Qualification de classe R6»
Promotions »dans le prospectus.

Votre intermédiaire financier peut
fixer différents minima d'investissement. Les actions peuvent être achetées ou rachetées n'importe quel jour ouvrable au cours duquel le Fonds opère, par l'intermédiaire de l'agent de transfert de fonds ou par l'intermédiaire d'agents de service, y compris des courtiers, des distributeurs et autres
intermédiaires financiers distribués par le distributeur pour accepter les ordres d'achat et de rachat. Les actionnaires actuels peuvent également acheter ou racheter des actions sur le site Web du Fonds ou en composant le (800) 225-1852.

INFORMATIONS FISCALES

Dividendes, gains en capital et
Frais. Les dividendes et les distributions du Fonds sont imposables et seront imposés comme un revenu ordinaire ou des gains en capital à moins que vous n'investissiez dans le cadre d'un régime d'impôt différé, tel qu'un régime 401 (k).
ou un compte de sortie individuel. Ces impôts différés peuvent être facturés à une date ultérieure lorsque ces accords seront retirés.

PAIEMENTS FINANCIERS
INTERMÉDIAIRES

Si vous achetez des actions du Fonds via
un intermédiaire financier, tel qu'un courtier, une banque, un comptable de retraite ou une autre société de services financiers, le Fonds ou ses sociétés affiliées, peut payer un intermédiaire financier pour la vente des actions du Fonds et / ou
services aux actionnaires. Cela peut créer un conflit d'intérêts en influençant l'intermédiaire financier ou ses agents pour recommander le Fonds à un autre investissement. Contactez votre intermédiaire financier ou
ou visitez le site Web de l'intermédiaire financier pour plus d'informations.

8e PGIM Jennison Technology Fund



EN SAVOIR PLUS SUR LE BASE ET LE NON-PRINCIPE DU FONDS
STRATÉGIES D'INVESTISSEMENT, INVESTISSEMENTS ET RISQUES

INVESTISSEMENTS ET INVESTISSEMENTS
STRATÉGIES

L'objectif d'investissement du Fonds est le suivant:
Chercher appréciation du capital à long terme. Cela signifie que le Fonds recherche des investissements dont le prix augmentera avec le temps.

Le Fonds recherche des investissements qui
les prix augmenteront avec le temps. En règle générale, le Fonds investit au moins 80% de ses actifs investis dans des actions de technologie ou des sociétés liées à la technologie et des titres liés à des valeurs mobilières. Durée
«Actif d'investissement» désigne l'actif net du Fonds et tout prêt à des fins d'investissement. L'actif investi par le Fonds sera inférieur à son actif total dans la mesure où il a emprunté
de l'argent à des fins autres que d'investissement telles que le remboursement prévu. Le fonds n'est pas diversifié. Dans l'information, le Fonds concentre ses investissements dans des titres de diverses sociétés
dans le secteur de la technologie, ainsi que les entreprises qui devraient réaliser une part importante de leurs ventes de produits ou services qui utilisent la technologie ou se livrent à des activités liées à la technologie.

Technologie et technologie connexe
Les entreprises comprennent des entreprises du secteur des technologies de l'information ainsi que des entreprises liées à la technologie dans d'autres secteurs, y compris des secteurs tels que les médias et services interactifs, Internet et
marketing direct et vente au détail, stockage matériel et périphériques, logiciels, instrumentation électronique et composants, équipements de communication, semi-conducteurs et dispositifs semi-conducteurs, supports,
produits pharmaceutiques, équipement et fournitures de santé, biotechnologie, services et fournitures commerciaux, chimie, aérospatiale et défense, équipement et services énergétiques, entreprises de nanotechnologie et
autres industries liées à la technologie.

La Fondation est basée sur le Global
Norme de classification des industries (GICS) publiée par S&P, car elle peut être modifiée de temps à autre pour déterminer les classifications des industries / secteurs. S&P classe les entreprises quantitativement et qualitativement.
Chaque entreprise se voit attribuer une classification GICS distincte au niveau du sous-secteur en fonction de ses activités principales. S&P utilise les revenus comme un facteur clé dans la détermination de l'activité principale de l'entreprise
activités. Les revenus et le marché sont également reconnus comme des informations de classification importantes et significatives.

Le fonds investit en actions et
les titres de participation, y compris les actions ordinaires; actions privilégiées non convertibles; des titres convertibles tels que des obligations, des obligations de sociétés et des actions privilégiées qui peuvent être convertis en titres de sociétés ordinaires
actions, valeur monétaire des actions ordinaires ou autres actions; Certificats américains de dépôt (ADR); varantai ir teisės, kuriomis galima naudotis norint įsigyti atsargų; nekilnojamojo turto investicijų nuosavybės vertybiniai popieriai
patikos fondai (REIT); investicijos į įvairių tipų verslo įmones, įskaitant partnerystę ir bendras įmones; valdyti komanditinę bendriją (MLP); ir panašūs vertybiniai popieriai. Fondui leidžiama pirkti kapitalą ir
bet kokio dydžio – su mažos, vidutinės ir didelės kapitalizacijos – bendrovių akcijomis susiję vertybiniai popieriai. Fondas gali dalyvauti pirminio viešo platinimo (IPO) rinkoje. Fondas gali investuoti į JAV ir užsienio vertybinius popierius,
įskaitant investicijas ne JAV doleriais.

Nuspręsdami, kurias akcijas pirkti,
pavaldumo patarėjas naudojasi vadinamuoju augimo investavimo stiliumi. Padalinys siekia investuoti į įmones, turinčias novatoriškus produktus / paslaugas; augimo mastą ar trukmę, kurio nepakankamai įvertina rinka;
stiprūs, pateisinami konkurenciniai pranašumai; dabartinė ar galima rinkos lyderė; kainodaros galia; unikalūs augimo faktoriai arba atpažįstami katalizatoriai; pozicionavimas siekiant naudos iš pramonės pokyčių; ir pagreitėjo
uždarbis. Pavadinis patarėjas svarsto galimybę parduoti ar sumažinti nuosavybės poziciją, kai, portfelio valdytojų nuomone, emitentas patyrė esminį nusivylimą uždarbiu; ji pasiekė
vidutinės trukmės kainos tikslas ir jo perspektyvos nebeatrodo pakankamai perspektyvios; portfelio valdytojai mano, kad yra patrauklesnių investavimo galimybių; arba atsargos patyrė neigiamą poveikį
kainų judėjimas. Akcijų kainos kritimas nebūtinai reiškia, kad tuometinis patarėjas parduos nuosavybės vertybinius popierius.

Apsilankykite mūsų svetainėje www.pgiminvestments.com 9



Fondo investavimo procesas
pagrindinis dėmesys skiriamas akcijų parinkimui atliekant fundamentalią analizę. Pagrindinė įmonės analizė apima tokių veiksnių, kaip verslo aplinka, valdymo kokybė, balansas, pelno (nuostolių) ataskaita, vertinimą.
numatomas uždarbis, pajamos ir dividendai bei kitos susijusios priemonės ar vertės rodikliai. Fondo patarėjas „Jennison Associates LLC“ taiko šį „iš apačios į viršų“ metodą, kad nustatytų jo akcijas
mano, kad turi palankų rizikos / naudos profilį.

Laikoma, kad atsargos turi:
didelis rizikos / naudos profilis, jei jo emitentas turi vieną ar kelis iš šių požymių:

Patvari konkurencinė padėtis
Attractive growth prospects
Balance sheet and capital flexibility
Quality management team
Solid and/or improving profitability and returns
Attractive industry structure

The Fund considers selling a
security when:

New information or developments change the subadviser’s fundamental investment thesis on a stock
Un
price target is reached
Un
more attractive stock has been identified
There is a change in company fundamentals or industry trends

The Fund may participate in the
initial public offering (IPO) market.

The Fund&#39;s investment objective is
not a fundamental policy and therefore may be changed by the Board without prior shareholder approval.

The Fund&#39;s policy of investing,
under normal circumstances, at least 80% of the Fund&#39;s investable assets in equity and equity-related securities of companies within a specific group of industries is not fundamental. The Fund will provide 60 days&#39;
prior written notice to shareholders of a change in this non-fundamental policy. The Board of Trustees of the Fund can change investment policies that are not fundamental without shareholder approval.

Non-Technology Related Companies

The Fund may invest in securities
of issuers not in technology or technology-related companies. These include equity and equity-related securities, fixed-income instruments and money market instruments.  Fixed-income instruments include bonds and
other debt securities issued by corporate and governmental issuers.

Convertible Securities

The Fund may invest in convertible
securities, which include convertible preferred stocks and debt securities of a corporation that may be converted into underlying shares of common stock either because they have warrants attached or otherwise permit
the holder to buy common stock of the corporation at a set price. Convertible securities provide an income stream (usually lower than non-convertible bonds) and give investors opportunities to participate in the
capital appreciation of the underlying common stock. Convertible securities typically offer greater potential for appreciation than nonconvertible debt securities.

Preferred Securities

Preferred securities, like common
stock or other equity securities, represent an equity ownership in an issuer. Generally, preferred securities have a priority of claim over common stock or other equity securities in dividend payments and upon
liquidation of the issuer. Unlike common stock or other equity securities, preferred securities do not usually have voting rights. Although they are equity securities, preferred securities have characteristics of both
debt and common stock or other equity securities. Like debt, their promised income is contractually fixed. Like common stock or other equity securities, they do not have rights to participate in bankruptcy proceedings
or collection activities in the event of missed payments.

10 PGIM Jennison Technology Fund



Warrants and Rights

Warrants and rights are securities
permitting, but not obligating, the warrant holder to subscribe for other securities. Buying a warrant does not make the Fund a shareholder of the underlying stock. The warrant holder has no right to dividends or
votes on the underlying stock.

Money Market Instruments

The Fund may hold cash and/or
invest in money market instruments, including commercial paper of a US or non-US company, non-US government securities, certificates of deposit, bankers&#39; acceptances, time deposits of domestic and non-US banks, and
obligations issued or guaranteed by the US Government or its agencies or instrumentalities. These obligations may be US dollar-denominated or denominated in a non-US currency. Money market instruments typically have a
maturity of one year or less as measured from the date of purchase.

Debt Obligations Issued or
Guaranteed by the US Government

The Fund may invest in securities
issued or guaranteed by the US Government or by an agency or instrumentality of the US Government. Some US Government securities are backed by the full faith and credit of the United States, which means that payment
of principal and interest is guaranteed but market value is not.

Real Estate Investment Trusts

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

Exchange-Traded Funds

The Fund may invest in securities
of exchange-traded funds (ETFs), subject to certain limits on investment in securities of non-affiliated and affiliated investment companies. Securities of ETFs represent shares of ownership in either management
investment companies or unit investment trusts (UITs) that generally hold a portfolio of common stocks or bonds designed to generally correspond to the price and yield performance of a specific securities index. Such
holdings are subject to any management fees of the management investment company or UIT. The underlying portfolio may have a broad market, sector or international orientation. ETFs give investors the opportunity to
buy or sell an entire portfolio of stocks in a single security transaction in a manner similar to buying or selling a share of stock.

The Fund may purchase and sell
shares of ETFs on a national securities exchange through a broker-dealer. Purchases and sales of shares of ETFs are transacted at current market prices, irrespective of the net asset value of ETF shares. ETFs only
directly issue or redeem shares that have been aggregated into large blocks (“Creation Units”) to authorized participants that have entered into agreements with the ETF’s distributor. ETFs generally
issue or redeem Creation Units in return for a designated portfolio of securities (and an amount of cash) that the ETF specifies each day.

Derivative Strategies

Derivatives are financial
instruments whose value depends upon, or is derived from, the value of something else, such as one or more underlying investments, indexes or currencies. The Fund may use various derivative strategies to try to
improve the Fund&#39;s returns. The subadviser may also use hedging techniques to try to protect the Fund&#39;s assets. A derivative contract will obligate or entitle the Fund to deliver or receive an asset or cash payment
based on the change in value of one or more investments, indexes or currencies. Derivatives may be traded on organized exchanges, or in individually negotiated transactions with other parties (these are known as
“over-the-counter” derivatives). When the Fund uses derivative strategies, the Fund designates certain assets as segregated or otherwise covers its exposure, as required by the rules of the SEC. Although
the Fund has the flexibility to make use of derivatives, it may choose not to for a variety of reasons, even under very volatile market conditions.

Futures Contracts and Related
Options. The Fund may purchase and sell financial futures contracts and related options on financial futures. A futures contract is an agreement to buy or sell a set quantity of an underlying asset
at a future date, or to make or receive a cash payment based on the value of a securities index, or some other asset, at a

Visit our website at www.pgiminvestments.com 11e



stipulated future date. The terms of futures
contracts are standardized. In the case of a financial futures contract based upon a broad index, there is no delivery of the securities comprising the underlying index, margin is uniform, a clearing corporation or an
exchange is the counterparty and the Fund makes daily margin payments based on price movements in the index. An option gives the purchaser the right to buy or sell securities or currencies, or in the case of an option
on a futures contract, the right to buy or sell a futures contract in exchange for a premium.

Foreign Currency Forward
Contracts. The Fund may enter into foreign currency forward contracts to protect the value of its assets against future changes in the level of foreign exchange rates or to enhance returns. A foreign
currency forward contract is an obligation to buy or sell a given currency on a future date and at a set price or to make or receive a cash payment based on the value of a given currency at a future date. Delivery of
the underlying currency is expected, the terms are individually negotiated, the counterparty is not a clearing corporation or an exchange, and payment on the contract is made upon delivery, rather than
daily.

Swap Transactions. The Fund may enter into swap transactions. Swap agreements are two-party contracts entered into primarily by institutional investors for periods typically ranging from a few weeks to more
than one year. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments,
which may be adjusted for an interest factor. There are various types of swaps, including but not limited to credit default swaps, interest rate swaps, total return swaps and index swaps.

Swap Options. The Fund may enter into swap options. A swap option is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend,
cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms.

Options on Securities and
Financial Indexes. The Fund may purchase and sell put and call options on securities and financial indexes traded on US or non-US securities exchanges, on NASDAQ or in the over-the-counter market. An option
gives the purchaser the right to buy or sell securities in exchange for a premium. The Fund will sell only options that are secured either by the Fund&#39;s ownership of the underlying security or by cash or other liquid
assets segregated or earmarked within the Fund’s account at the custodian or in a separate account at the custodian.

Short Sales

The Fund may make short sales of a
la sécurité. This means that the Fund may sell a security that it does not own, which it may do, for example, when the subadviser thinks the value of the security will decline. The Fund generally borrows the security to
deliver to the buyers in a short sale. The Fund must then replace the borrowed security by purchasing it at the market price at the time of replacement. The Fund may make short sales “against the box.” In
a short sale against the box, at the time of sale, the Fund owns or has the right to acquire the identical security at no additional cost through conversion or exchange of other securities it owns.

Fixed Income Obligations

Fixed income obligations include
bonds and notes. Notes are typically issued with two-, three-, five- or ten-year terms to maturity, whereas bonds may be longer-term investments issued with terms to maturity of 10 years or more. The Fund may invest
in investment-grade corporate or government obligations. Investment-grade obligations are rated in one of the top four long-term quality ratings by a major rating service (such as Baa or BBB or better by Moody&#39;s
Investors Service, Inc. or S&P Global Ratings, respectively). The Fund also may invest in high yield debt obligations that at the time of investment are rated below investment grade by a nationally recognized
statistical rating organization (“junk bonds”) or that are unrated but judged to be of comparable quality by the subadviser. Junk bonds tend to offer higher yields, but also offer greater credit risks than
higher-rated securities.

Repurchase Agreements

The Fund may enter into repurchase
agreements, where a party agrees to sell a security to the Fund and then repurchases it at an agreed-upon price at a stated time. This creates a fixed return for the Fund, and is, in effect, a loan by the Fund.
Repurchase agreements are used for cash management purposes only.

12 PGIM Jennison Technology Fund



Securities Lending

Consistent with applicable
regulatory requirements, the Fund may lend portfolio securities with a value up to 33 13% of its total assets to brokers, dealers and other financial organizations to earn additional income. Loans of portfolio securities will be collateralized by cash. Grynaisiais
collateral will be invested in an affiliated prime money market fund.

Investments in Affiliated Funds

The Fund may invest its assets in
affiliated short-term bond funds and/or money market funds. The affiliated funds are registered investment companies under the Investment Company Act of 1940 (the 1940 Act). The Fund can invest its free cash balances
in the affiliated funds to obtain income on short-term cash balances while awaiting attractive investment opportunities, to provide liquidity in preparation for anticipated redemptions or for defensive purposes. Such
an investment could also allow the Fund to obtain the benefits of a more diversified portfolio available in the affiliated funds than might otherwise be available through direct investments in those asset classes, and
will subject the Fund to the risks associated with the particular asset class. As a shareholder in the affiliated funds, the Fund will pay its proportional share of the expenses of the affiliated funds, but the
affiliated funds do not pay a management fee to the investment manager, since the investment manager only receives reimbursement for its expenses. Thus, shareholders of the Fund are not paying management fees for both
the Fund and the affiliated funds. The investment results of the portions of the Fund’s assets invested in the affiliated funds will be based on the investment results of the affiliated funds.

Temporary Defensive Investments

In response to adverse market,
economic or political conditions, the Fund may take a temporary defensive position and invest up to 100% of its investable assets in money market instruments, including short-term obligations of, or securities
guaranteed by, the US Government, its agencies or instrumentalities, or in high-quality obligations of domestic or foreign banks and corporations, and may hold up to 100% of its investable assets in cash or cash
equivalents. Investing heavily in these securities is inconsistent with and limits the Fund&#39;s ability to achieve its investment objective, but may help to preserve the Fund&#39;s assets.

Other Investments

In addition to the strategies and
securities discussed above, the Fund may use other strategies or invest in other types of securities as described in the Statement of Additional Information (SAI). The Fund might not use all of the strategies or
invest in all of the types of securities as described in the Prospectus or in the SAI.

The table below summarizes the
investment limits applicable to the Fund’s principal investment strategies and certain non-principal investment strategies.

Principal Strategies: Investment Limits
Equity and Equity-Related Securities in Technology and Technology-Related Companies: At least 80% of investable assets Foreign Securities: Up to 30% of total assets
Certain Non-Principal Strategies: Investment Limits
Derivatives: Up to 25% of net assets Short Sales: up to 25% of net assets (not including short sales against the box) Illiquid Securities: Up to 15% of net assets Money Market Instruments: Up to 100% of investable assets on a temporary basis Borrowing: Up to 33 13% of total assets

RISKS OF INVESTING IN THE
FUND

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

Convertible Securities Risk. Investments in convertible securities subject the Fund to the risks associated with both fixed income securities, including credit risk and interest rate risk, and equity
securities.

Visit our website at www.pgiminvestments.com 13



Credit Risk. This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract, may be unable or unwilling to make timely principal and
interest payments, or to otherwise honor its obligations. Additionally, fixed income securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back
debt. The longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk.

Currency Risk. The Fund&#39;s net asset value could decline as a result of changes in exchange rates, which could adversely affect the Fund’s investments in currencies, or in securities that trade in,
and receive revenues related to, currencies, or in derivatives that provide exposure to currencies. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of
principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.

Cyber Security Risk. Failures or breaches of the electronic systems of the Fund, the Fund&#39;s manager, subadviser, distributor, and other service providers, or the issuers of securities in which the Fund invests
have the ability to cause disruptions and negatively impact the Fund&#39;s business operations, potentially resulting in financial losses to the Fund and its shareholders. While the Fund has established business
continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cyber security plans and
systems of the Fund&#39;s service providers or issuers of securities in which the Fund invests.

Debt Obligations Risk. Debt obligations are subject to credit risk, market risk and interest rate risk. The Fund&#39;s holdings, share price, yield and total return may also fluctuate in response to bond market
movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer’s goods and services. Certain types of fixed income
obligations also may be subject to
“call and redemption risk,” which is the risk that the issuer may call a bond held by the Fund for redemption before it matures and the Fund may lose income.

Derivatives Risk. Derivatives involve special risks and costs and may result in losses to the Fund. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives
are used, the Fund will depend on the subadviser’s ability to analyze and manage derivatives transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Kai kurie
derivatives are “leveraged” and therefore may magnify or otherwise increase investment losses to the Fund. The Fund&#39;s use of derivatives may also increase the amount of taxes payable by shareholders. Autres
risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Fund&#39;s derivatives positions. In fact, many over-the-counter derivative
instruments lack liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Fund.

The US Government and foreign
governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of the
regulations remains unclear. Additional regulation of derivatives may make derivatives more costly, limit their availability or utility, or otherwise adversely affect their performance or disrupt markets.

Economic and Market Events
Prendre des risques. Events in the US and global financial markets, including actions taken by the US Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in
unusually high market volatility, which could negatively impact performance. 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

14 PGIM Jennison Technology Fund



and price volatility. Emerging market countries
may have policies that restrict investment by non-US investors, or that prevent non-US investors from withdrawing their money at will. Countries with emerging markets can be found in regions such as Asia, Latin
America, Eastern Europe and Africa.

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. The value of a particular security could go down and you could lose money. 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. The Fund&#39;s holdings can vary significantly from broad market indexes and the performance of the Fund can deviate from the performance of these indexes. Different parts of a market can react
differently to adverse issuer, market, regulatory, political and economic developments.

Exchange-Traded Funds (ETFs)
Risk. Investing in securities issued by ETFs involves risks similar to those of investing directly in the securities and other assets held by the investment company. Unlike shares of typical
mutual funds, shares of ETFs are generally traded on an exchange throughout a trading day and bought and sold based on market values and not at net asset value. For this reason, shares could trade at either a premium
or discount to net asset value. The trading price of an index-based ETF is expected to (but may not) closely track the net asset value of the ETF, and the Fund will generally gain or lose value consistent with the
performance of the ETF’s portfolio securities. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. In addition, the Fund will indirectly bear its pro rata share of
the fees and expenses incurred by an ETF in which it invests, including advisory fees. These expenses are in addition to the advisory and other expenses that the Fund bears directly in connection with its own
operations. An index-based ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability
of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held. Investments in ETFs are subject to the
risk that the listing exchange may halt trading of an ETF’s shares, in which case the Fund would be unable to sell its ETF shares unless and until trading is resumed.

Foreign Securities Risk. The Fund’s investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. The securities of such issuers may trade in
markets that are less liquid, less regulated and more volatile than US markets. The value of the Fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and
issuers generally, such as unfavorable government actions, and political or financial instability. Lack of information may also affect the value of these securities.

Growth Style Risk. The Fund&#39;s growth style may subject the Fund to above-average fluctuations as a result of seeking higher than average capital growth. Historically, growth stocks have performed best during
later stages of economic expansion and value stocks have performed best during periods of economic recovery. Since the Fund follows a growth investment style, there is the risk that the growth investment style may be
out of favor for a period of time. At times when the style is out of favor, the Fund may underperform the market in general, its benchmark and other mutual funds.

Illiquid Securities Risk. The Fund may invest in instruments that trade in lower volumes and may make investments that may be less liquid than other investments. Liquidity risk exists when particular investments
made by the Fund are difficult to purchase or sell. The Fund may make investments that may become less liquid in response to market developments or adverse investor perceptions. 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.

Visit our website at www.pgiminvestments.com 15e



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.

Initial Public Offerings Risk. The volume of IPOs and the levels at which the newly issued stocks trade in the secondary market are affected by the performance of the stock market overall. If IPOs are brought to the
market, availability may be limited and if the Fund desires to acquire shares in such an offering, it may not be able to buy any shares at the offering price, or if it is able to buy shares, it may not be able to buy
as many shares at the offering price as it would like. The prices of securities involved in IPOs are often subject to greater and more unpredictable price changes than more established stocks. Such unpredictability
can have a dramatic impact on the Fund&#39;s performance (higher or lower) and any assumptions by investors based on the affected performance may be unwarranted. In addition, as Fund assets grow, the impact of IPO
investments on performance will decline, which could reduce total returns.

Interest Rate Risk. The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. When interest
rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as
"
prepayment risk.” When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund&#39;s holdings may fall sharply. This is referred to as
"
extension risk.” The Fund may face a heightened level of interest rate risk as a result of the US Federal Reserve Board’s rate-setting policies. The Fund may lose money if short-term or
long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

Large Shareholder Risk. Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a
substantial amount of the Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. These shareholders may also pledge or loan Fund shares (to secure financing or
otherwise), which may result in the shares becoming concentrated in another party. There is a risk that such large shareholders may redeem all or a substantial portion of their investments in the Fund at any time,
which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large shareholder redemptions may cause the Fund to have to sell securities at inopportune times or prices. These
transactions may adversely affect the Fund’s performance and increase transaction costs. In addition, large redemption requests may exceed the cash balance of the Fund and result in credit line borrowing fees
and/or overdraft charges to the Fund until the sales of portfolio securities necessary to cover the redemption request settle. To the extent a large shareholder in the Fund is an entity subject to domestic and/or
international regulations governing banking or other financial institutions, changes in those regulations (e.g., capital requirements) or in the shareholder’s financial status may cause or require the
shareholder to redeem its investment in the Fund when it otherwise would not choose to redeem that investment. It is also possible that a significant redemption could result in an increase in Fund expenses on account
of being spread over a smaller asset base, and therefore make it more difficult for the Fund to implement its investment strategy. Large redemptions could also result in tax consequences to shareholders.

Management Risk. The value of your investment may decrease if judgments by the subadviser about the attractiveness, value or market trends affecting a particular security, industry or sector or about market
movements are incorrect.

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 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.

16 PGIM Jennison Technology Fund



Money Market Instruments Risk.
Although money market instruments are generally viewed as low risk investments, money market instruments are nevertheless subject to credit risk, market risk, prepayment risk and interest
rate risk.

New Fund Risk. The Fund recently commenced operations. As a new and relatively small fund, the Fund&#39;s performance may not represent how the Fund is expected to or may perform in the long term if it
becomes larger and after it has fully implemented its investment strategies. Investment positions may have a disproportionate impact (negative or positive) on performance in new and smaller funds. New and smaller
funds may also require a period of time before they are invested in securities that meet their investment objectives and policies and achieve a representative portfolio composition. Accordingly, investors in the Fund
bear the risk that the Fund may not be successful in implementing its investment strategy, and may not employ a successful investment strategy, either of which could result in the Fund being liquidated at any time
without shareholder approval and/or at a time that may not be favorable for all shareholders. Such a liquidation could result in transaction costs and have negative tax consequences for shareholders. In addition, seed
investors, such as the Manager, an affiliate of the Manager, or other entity, may contribute all or a majority of the assets to the Fund in order to facilitate commencement of the Fund’s operations or to
facilitate the Fund’s achieving a certain size or scale. Seed investors may represent a controlling interest in the Fund. To the extent a seed investor in the Fund is an entity subject to domestic and/or
international regulations governing banking or other financial institutions, changes in those regulations (e.g., capital requirements) or in the seed investor’s financial status may cause or require the seed
investor to redeem its investment in the Fund when it otherwise would not choose to redeem that investment.

Non-Diversification Risk. The Fund is non-diversified for purposes of the Investment Company Act of 1940 (1940 Act). This means that the Fund may invest a greater percentage of its assets in the securities of a
single company or other issuer than a diversified fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one
security may represent a greater portion of the total assets of a non-diversified fund.

Preferred Securities Risk. Preferred stock can experience sharp declines in value over short or extended periods of time, regardless of the success or failure of a company’s operations. A redemption by the
issuer may negatively impact the return of the security held by the Fund. Preferred stockholders’ liquidation rights are subordinate to the company’s debt holders and creditors. If interest rates rise, the
fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline. Preferred stock usually does not require the issuer to pay dividends and may permit the issuer to defer dividend
payments. Deferred dividend payments could have adverse tax consequences for the Fund and may cause the preferred security to lose substantial value. Preferred securities also may have substantially lower trading
volumes and less market depth than many other securities, such as common stock or US Government securities.

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. Equity 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.

Visit our website at www.pgiminvestments.com 17



Repurchase Agreements Risk. Repurchase agreements could involve certain risks in the event of default or insolvency of the seller, including losses and possible delays or restrictions upon the Fund’s ability to
dispose of the underlying securities. To the extent that, in the meantime, the value of the securities that the Fund has purchased has decreased, the Fund could experience a loss.

Securities Lending Risk. Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, the Fund may lose money and there may be a delay in
recovering the loaned securities. Additionally, losses could result from the reinvestment of collateral received on loaned securities in investments that decline in value, default, or do not perform as well as
expected. The affiliated prime money market fund in which cash collateral generally is invested may impose liquidity fees or temporary gates on redemptions if its weekly liquid assets fall below a designated
threshold. If this were to occur, the Fund may lose money on its investment of cash collateral in the affiliated prime money market fund, or the Fund may not be able to redeem its investment of cash collateral in the
affiliated prime money market fund, which might cause the Fund to liquidate other holdings in order to return the cash collateral to the borrower upon termination of a securities loan. These events could trigger
adverse tax consequences for the Fund.

Short Sales Risk. Short sales involve costs and risks. The Fund must pay the lender interest on the security it borrows, and the Fund will lose money to the extent that the price of the security increases
between the time of the short sale and the date when the Fund replaces the borrowed security. Although the Fund’s gain is limited to the price at which it sold the securities short, its potential loss is limited
only by the maximum attainable price of the securities, less the price at which the security was sold and may, theoretically, be unlimited. When selling short against the box, the Fund gives up the opportunity for
capital appreciation in the security.

Technology Sector Risk. The Fund’s assets will be concentrated in the technology sector and in the securities of technology-related companies in other sectors, which means the Fund will be more affected by
the performance of the technology sector than a fund that is more diversified. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major
effect on the value of the Fund’s investments in the technology sector. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in
technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks
of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent
on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector and companies that rely heavily on technology advances
may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.

Warrants and Rights Risk. If the underlying stock price does not rise above the exercise price before the warrant expires, a warrant generally expires without value and the Fund loses any amount paid for the
warrant. Warrants may trade in the same markets as their underlying stock; however, the price of a warrant may not move with the price of the underlying stock. Failing to exercise subscription rights to purchase
common stock would dilute the Fund’s interest in the issuing company. The market for such rights is not well developed, and the Fund may not always realize full value on the sale of rights.

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

More information about the
Fund’s investment strategies and risks appears in the SAI.

18 PGIM Jennison Technology Fund



HOW THE FUND IS MANAGED

BOARD OF TRUSTEES

The Fund is overseen by a Board of
Trustees (hereafter referred to as Trustees, or the Board). The Board oversees the actions of the Manager, subadviser and distributor and decides on general policies. The Board also oversees the Fund&#39;s officers, who
conduct and supervise the daily business operations of the Fund.

MANAGER

PGIM Investments LLC (PGIM
Investments)
655 Broad Street
Newark, NJ 07102-4410

Under a management agreement with
the Fund, PGIM Investments manages the Fund&#39;s investment operations and administers its business affairs and is responsible for supervising the Fund&#39;s subadviser. For the fiscal year ended October 31, 2019, the Fund
paid PGIM Investments management fees (net of waivers, as applicable) at the effective rate of 0.75% of the Fund&#39;s average daily net assets for all share classes.

PGIM Investments and its
predecessors have served as a manager or administrator to investment companies since 1987. As of December 31, 2019, PGIM Investments, a wholly-owned subsidiary of Prudential, served as the investment manager to all of
the Prudential US and offshore open-end investment companies, and as the manager or administrator to closed-end investment companies, with aggregate assets of approximately $311.6 billion.

Subject to the supervision of the
Board, PGIM Investments is responsible for conducting the initial review of prospective subadvisers for the Fund. In evaluating a prospective subadviser, PGIM Investments considers many factors, including the firm&#39;s
experience, investment philosophy and historical performance. Subject to the Board’s oversight, PGIM Investments is also responsible for monitoring the performance of the Fund&#39;s subadviser and recommending its
termination and replacement when deemed appropriate. PGIM Investments may provide a subadviser with additional investment guidelines consistent with the Fund&#39;s investment objective and restrictions.

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

A discussion of the basis for the
Board&#39;s approvals of the management and subadvisory agreements is available in the Fund&#39;s Annual Report to shareholders dated October 31.

On September 16, 2019, PGIM
Investments, the investment manager for the Fund, and an affiliate, AST Investment Services, Inc. (ASTIS), reached a settlement with the SEC relating to certain former securities lending and foreign tax reclaim
practices in connection with other funds that they manage. The practices do not relate to the Fund covered in this Prospectus. PGIM Investments and ASTIS self-reported the practices to the SEC, revised its procedures,
and made restitution payments to the affected funds. Under the settlement, PGIM Investments and ASTIS agreed to pay to the SEC disgorgement of fees and a civil penalty. The settlement does not relate to the Fund or
affect PGIM Investments’ ability to manage the Fund.

Visit our website at www.pgiminvestments.com 19



SUBADVISER

Jennison Associates LLC
(Jennison) is a wholly-owned subsidiary of PGIM, Inc., which is an indirect wholly-owned subsidiary of Prudential Financial, Inc. Its address is 466 Lexington Avenue, New York, New York 10017. PGIM
Investments has responsibility for all investment advisory services, supervises Jennison and pays Jennison for its services. As of December 31, 2019, Jennison managed in excess of $173.2 billion in assets. Jennison
(including its predecessor, Jennison Associates Capital Corp.) is a registered investment adviser founded in 1969.

PORTFOLIO MANAGERS

Erika Klauer and Nicolas
“Nick” Rubinstein are the portfolio managers for the Fund.

Erika Klauer is a Managing Director and a technology equity portfolio manager and research analyst. She joined Jennison in July 2001. Ms. Klauer was previously director of global semiconductor research
at Deutsche Bank, beginning in 1997. Prior to that, she was vice president and senior semiconductor analyst at Salomon Brothers, beginning in 1994. She began her career at PaineWebber & Company. Ms. Klauer earned
a BA in English and philosophy from Georgetown University.

Nicolas “Nick”
Rubinstein is a Managing Director and a technology equity portfolio manager and research analyst. He joined Jennison in September 1997. Mr. Rubinstein was previously an analyst for the technology
corporate finance group at Morgan Stanley, where he focused on the financing needs and strategic positioning of companies in high-technology industries. Prior to that, Mr. Rubinstein was an analyst for the technology
corporate finance group at PaineWebber & Company. He earned a BA with honors in international relations from Brown University.

The portfolio managers for the
Fund are supported by other Jennison portfolio managers, research analysts and investment professionals. Team members conduct research, make securities recommendations and support the portfolio managers in all
veikla. Members of the team may change from time to time.

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

DISTRIBUTOR

Prudential Investment Management
Services LLC (“PIMS” or the “Distributor”) distributes each class of the Fund&#39;s shares under a Distribution Agreement with the Fund. The Fund has Distribution and Service Plans (the
“Plans”) pursuant to Rule 12b-1 under the 1940 Act, applicable to certain of the Fund&#39;s shares. Under the Plans and the Distribution Agreement, the Distributor pays the expenses of distributing the shares
of all share classes of the Fund. The Distributor also provides certain shareholder support services. Under the Plans, certain classes of the Fund pay distribution and other fees to the Distributor as compensation for
its services. These fees—known as 12b-1 fees—are set forth in the “Fund Fees and Expenses” tables.

Because these fees are paid from
the Fund&#39;s assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

DISCLOSURE OF PORTFOLIO
HOLDINGS

The Fund&#39;s policies and procedures
with respect to the disclosure of the Fund&#39;s portfolio securities are described in the Fund&#39;s SAI and on the Fund&#39;s website at www.pgiminvestments.com.

20 PGIM Jennison Technology Fund



FUND DISTRIBUTIONS AND TAX ISSUES

DISTRIBUTIONS

The Fund distributes dividends to shareholders out of any net investment income. For example, if the Fund owns ACME Corp. stock and the stock pays a dividend, the Fund will pay out a portion of this
dividend to its shareholders, assuming the Fund&#39;s income is more than its costs and expenses. The dividends you receive from the Fund will be subject to taxation whether or not they are reinvested in the Fund, unless
your shares are held in a qualified or tax-deferred plan or account.

The Fund also distributes any net
realized capital gains to shareholders. Capital gains are generated when the Fund sells its assets for a profit. For example, if the Fund bought 100 shares of ACME Corp. stock for a total of
$1,000 and more than one year later sold the shares for a total of $1,500, the Fund has net long-term capital gains of $500, which it will pass on to shareholders (assuming the Fund&#39;s remaining total gains are greater
than any losses it may have).

For your convenience, the Fund&#39;s
distributions of dividends and net capital gains are automatically reinvested in the Fund without any sales charge. If you ask us to pay the distributions in cash, we will send you a check if your account is with Prudential Mutual Fund
Services LLC (PMFS or the Transfer Agent). Otherwise, if your account is with a broker, you will receive a credit to your account. Either way, the distributions may be subject to income taxes unless your shares are
held in a qualified or tax-deferred plan or account. If your distribution check(s) remains uncashed for more than six months, your check(s) may be invested in additional shares of the Fund at the next net asset value
(“NAV”) calculated on the day of the investment. For more information about automatic reinvestment and other shareholder services, see “Additional Shareholder Services” in the next section.

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

Expected Distribution Schedule*
Dividends Annually
Long-term Capital Gains Annually
Short-term Capital Gains Annually

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

TAX ISSUES

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

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

Fund Distributions

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

Visit our website at www.pgiminvestments.com 21



Dividends from net investment
income paid to a non-corporate US shareholder that are reported as qualified dividend income will generally be taxable to such shareholder at the long-term capital gain tax rate. Dividends of net investment income
that are not reported as qualified dividend income will be taxable to shareholders at ordinary income rates. Also, a portion of the dividends paid to corporate shareholders of the Fund will be eligible for the
dividends received deduction to the extent the Fund’s income is derived from certain dividends received from US corporations. Between 2018 and 2025, the Fund may report dividends eligible for a 20%
“qualified business income” deduction for non-corporate US shareholders to the extent the Fund’s income is derived from ordinary REIT dividends, reduced by allocable Fund expenses.

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

Form 1099

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

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

Cost Basis Reporting

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

Withholding Taxes

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

Taxation of Non-US Shareholders

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

If You Purchase on or Before a
Record Date

If you buy shares of the Fund on or
before the record date for a distribution (the date that determines who receives the distribution), we will pay that distribution to you. As explained above, the distribution may be subject to taxes. You may think
you&#39;ve done well since you bought shares one day and soon thereafter received a distribution. That is not so, because when dividends are paid out, the value of each share of the Fund decreases by the amount of the
dividend to reflect the payout, although this may not be apparent because the value of each share of the Fund also will be affected by market changes, if any. However, the timing of your purchase does mean that part
of your investment may have come back to you as taxable income.

22 PGIM Jennison Technology Fund



Qualified and Tax-Deferred
Retirement Plans

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

Visit our website at www.pgiminvestments.com 23



IF YOU SELL OR EXCHANGE YOUR
SHARES

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

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

If you exchange your Fund shares
for shares of another class of the Fund, this is generally not a taxable event and should not result in realization of a capital gain or loss by you. If you exchange your shares of the Fund for shares of another PGIM
Fund, this is considered a sale for tax purposes. In other words, it&#39;s a taxable event. Therefore, if the shares you exchanged have increased in value since you purchased them, you have capital gains, which are
subject to the taxes described above. Unless you hold your shares in a qualified or tax-deferred plan or account, you or your financial adviser should keep track of the dates on which you buy and sell—or
exchange—Fund shares, as well as the amount of any gain or loss on each transaction. For tax advice, please see your tax adviser.

Automatic Conversion of Class C
Shares

The conversion of Class C shares
into Class A shares—which happens automatically approximately 10 years after purchase—is not a taxable event for federal income tax purposes. For more information about the automatic conversion of Class C
shares, see Class C Shares Automatically Convert to Class A Shares à How to Buy, Sell and Exchange Fund Shares.

24 PGIM Jennison Technology Fund



HOW TO BUY, SELL AND EXCHANGE FUND SHARES

HOW TO BUY SHARES

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

Opening an Account

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

Prudential Mutual Fund Services
LLC
P.O. Box 9658
Providence, RI 02940

PMFS will accept purchases of
shares by check or wire. We do not accept cash, money orders, non-US checks, credit card checks, payable through checks or travelers checks. To purchase by wire, call the number above to obtain an application. After
PMFS receives your completed application, you will receive an account number. For additional information, see the back cover page of this Prospectus. Your purchase order must be in good order to be accepted and
processed, which means that all necessary processing requirements have been satisfied. We have the right to reject any purchase order (including an exchange into the Fund) or suspend or modify the Fund&#39;s sales of its
shares under certain circumstances. These circumstances include, but are not limited to, failure by you to provide additional information requested, such as information required to verify the source of funds used to
purchase shares, your identity or the identity of any underlying beneficial owners of your shares. Furthermore, we are required by law to close your account if you do not provide the required identifying information.
This would result in the redemption of shares at the then-current NAV and the proceeds would be remitted to you via check. We will attempt to verify your identity within a reasonable time frame (e.g., 60 days), which
may change from time to time. For further information, please contact PMFS (for shares purchased through the Transfer Agent) or your financial professional (for shares purchased through a financial intermediary).

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

Choosing a Share Class

The Fund offers the following share
classes. Certain classes of shares may have additional specific eligibility or qualification requirements, which are explained below.

Classe d'actions Eligibility
Class A* Retail investors
Class C* Retail investors
Class Z* Institutional investors and certain other investors
Classe R6 Certain group retirement plans, institutional investors and certain other investors

* Group retirement plans
generally are not eligible for such share classes.

Multiple share classes let you
choose a cost structure that meets your needs:

Class A shares purchased in amounts of less than $1 million require you to pay a sales charge at the time of purchase, but the operating expenses of Class A shares are lower than the operating expenses of Class C
shares. 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%. The CDSC is waived for
certain retirement and/or benefit plans.
Class C shares do not require you to pay a sales charge at the time of purchase, but do require you to pay a CDSC if you sell your shares within 12 months of purchase. The operating
expenses of Class C shares are higher than the operating expenses of Class A shares.
Visit our website at www.pgiminvestments.com 25



When choosing a share class, you
should consider the following factors:

The amount of your investment and any previous or planned future investments, which may qualify you for reduced sales charges for Class A shares under Rights of Accumulation or a Letter of Intent.
The length of time you expect to hold the shares and the impact of varying distribution fees. Over time, these fees will increase the cost of your investment and may cost you more than paying other types of sales
charges. For this reason, Class C shares are generally appropriate only for investors who plan to hold their shares for no more than 3 years.
The different sales charges that apply to each share class—Class A&#39;s front-end sales charge (and, in certain instances, CDSC) vs. Class C&#39;s CDSC.
Class C shares purchased in single amounts greater than $1 million are generally less advantageous than purchasing Class A shares. Purchase orders for Class C shares above this amount generally will not be accepted.
If you purchase Class Z shares through a broker acting solely as an agent on behalf of its customers pursuant to an agreement with PIMS, the broker may charge you a commission in an amount determined and separately
disclosed to you by the broker.
Because Class Z and Class R6 shares have lower operating expenses than Class A or Class C shares, as applicable, you should consider whether you are eligible to purchase such
share classes.

See “How to Sell Your
Shares” for a description of the impact of CDSCs.

If your shares are held through a
financial intermediary, you should discuss with your intermediary which share classes of the Fund are available to you and which share class may best meet your needs. Certain financial intermediaries through which you
may purchase shares of the Fund may impose their own investment minimums, fees, policies and procedures for purchasing, exchanging and selling Fund shares, which are not described in this Prospectus or the SAI, and
which will depend on the policies, procedures and trading platforms of the financial intermediary. Consult your financial intermediary about share class availability and the intermediary’s policies, procedures
and other information. The availability of certain sales charge waivers and discounts will depend on whether you purchase your shares directly from the Fund or through a financial intermediary. See “Appendix
A: Waivers and Discounts Available From Certain Financial Intermediaries” for additional information.
The Fund has advised financial intermediaries of the share class features and guidelines, per the
Prospectus, and it is their responsibility to monitor and enforce these guidelines with respect to shareholders purchasing shares through financial intermediaries.

Share Class Comparison. Use the following chart to help you compare the different share classes. The discussion following this chart will tell you whether you are entitled to a reduction or waiver of any sales
charges.

Classe A Classe C Classe Z Classe R6
Minimum purchase amount $1,000 $1,000 None None
Minimum amount for
subsequent purchases
$100 $100 None None
Maximum initial sales charge 5.50% of the
public
offering price
None None None
Contingent Deferred
Sales Charge (CDSC)
(as a percentage of the lower
of the original purchase price or
the net asset value at redemption)
1.00% on sales of $1 million or more made within 12 months of purchase 1.00% on sales
made within
12 months
of purchase
None None
Annual distribution and
service (12b-1) fees (shown as
a percentage of average daily
net assets)
0.30% (0.25% currently) 1,00% None None

Notes to Share Class
Comparison Table:

° The minimum initial and subsequent
investment requirements do not apply to employee savings plan accounts, payroll deduction plan accounts, or when exchanging all shares of an account to an existing account with the same registration. The minimum
initial and subsequent investment for AIP accounts is $50 (if your shares are held through a broker or other financial intermediary, the broker or intermediary is responsible for determining the minimum initial and
subsequent investment for AIP accounts). In addition, the minimum initial and subsequent investment requirements do not apply with respect to Class A and C shares when offered at NAV on fee-based programs, mutual fund
“wrap” or asset allocation programs, mutual fund “supermarket” programs, and group retirement plans.

26 PGIM Jennison Technology Fund



° If the value of your Class A,
Class C or Class Z account with PMFS is less than $10,000, the Fund will deduct a $15 annual account maintenance fee from your account. The $15 annual account maintenance fee will be assessed during the 4th calendar
quarter of each year. Any applicable CDSC on the shares redeemed to pay the $15 account maintenance fee will be waived. The $15 account maintenance fee will not be charged on: (i) accounts during the first six months
from inception of the account, (ii) accounts which are authorized for electronic delivery of account statements, transaction confirmations, prospectuses and fund shareholder reports, (iii) omnibus accounts or accounts
for which a broker or other financial intermediary is responsible for recordkeeping, (iv) institutional accounts, (v) group retirement plans, (vi) AIP accounts or employee savings plan accounts, (vii) accounts with
the same registration associated with multiple share classes within the Fund, provided that the aggregate value of share classes with the same registration within the Fund is $10,000 or more, or (viii) clients with
assets of $50,000 or more across the PGIM family of funds. For more information, see “Purchase, Redemption and Pricing of Fund Shares—Account Maintenance Fee” in the SAI.

° For more information about the CDSC
and how it is calculated, see “How to Sell Your Shares—Contingent Deferred Sales Charge (CDSC).”

° Investors who purchase $1 million or
more of Class A shares and sell those shares within 12 months of purchase are subject to a CDSC of 1.00%, although they are not subject to an initial sales charge. The CDSC is waived for purchases by certain
retirement and/or benefit plans.

° These distribution and service
(12b-1) fees are paid from the Fund&#39;s assets on a continuous basis. The service fee for Class A and Class C shares is 0.25%. The distribution fee for Class A shares is limited to 0.30% (including up to 0.25% as a
service fee). Class C shares pay a distribution fee (in addition to the service fee) of 0.75%.

° The distributor has contractually
agreed to limit its distribution and service (12b-1) fees to 0.25% of the average daily net assets of the Class A shares through February 28, 2021. This waiver may not be terminated prior to February 28, 2021 without
the prior approval of the Fund&#39;s Board of Trustees.

Closure of Certain Share Classes to
Group Retirement Plans

The Fund’s Class A, Class C
and Class Z shares, as applicable, are closed to investments by group retirement plans, except as discussed below. All group retirement plans wishing to add the Fund as a new addition to the plan generally will be
into one of the available Class R6 shares of the Fund, as applicable. A short-term investment in a PGIM affiliated money market fund shall not be deemed a new group retirement plan investment for purposes of this
policy.

The following new investors may
continue to purchase Class A, Class C and Class Z shares of the Fund, as applicable:

Eligible group retirement plans that are exercising their one-time 90-day repurchase privilege in the Fund will be permitted to purchase such share classes.
Plan participants in a group retirement plan that offers Class A, Class C or Class Z shares of the Fund, as applicable, will be permitted to purchase such share classes of the Fund.
Certain group retirement plans will be permitted to offer such share classes of the Fund, provided that the plan or other agent had or was actively negotiating a contractual agreement with the Fund’s
distributor or service provider to offer such share classes of the Fund.
New group retirement plans that combine with, replace or are otherwise affiliated with a current plan that invests in such share classes will be permitted to purchase such share classes.
The Fund also reserves the right to refuse any purchase order that might disrupt management of the Fund or to otherwise modify the closure policy at any time on a case-by-case basis.
Shareholders owning Class C shares may continue to hold their Class C shares until the shares automatically convert to Class A shares under the conversion schedule, or until the
shareholder redeems their Class C shares.

Reducing or Waiving Class A&#39;s and
Class C’s Sales Charges

The following describes the
different ways investors can reduce or avoid paying Class A&#39;s sales charge.

Increase the Amount of Your
Investment. You can reduce Class A&#39;s sales charge by increasing the amount of your investment. This table shows how the sales charge decreases as the amount of your investment increases:

Amount of Purchase Sales Charge as a % of
Offering Price*
Sales Charge as a % of
Amount Invested*
Dealer Reallowance***
Less than $25,000 5.50% 5.82% 5.00%
$25,000 to $49,999 5.00% 5.26% 4.50%
$50,000 to $99,999 4.50% 4.71% 4.00%
$100,000 to $249,999 3.75% 3.90% 3.25%
$250,000 to $499,999 2.75% 2.83% 2,50%
$500,000 to $999,999 2,00% 2.04% 1,75%
$1 million to $4,999,999** None None 1,00%
$5 million to $9,999,999** None None 0,50%
$10 million and over** None None 0,25%

* Due to rounding in the
calculation of the offering price and the number of shares purchased, the actual sales charge you pay may be more or less than the percentage shown above.

Visit our website at www.pgiminvestments.com 27



** If you invest $1 million or more, you
can buy only Class A shares, unless you qualify to buy other share classes. If you purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase, you will be subject to a 1.00% CDSC,
although you will not be subject to an initial sales charge. The CDSC is waived for purchases by certain retirement and/or benefit plans.

*** The Dealer Reallowance is the amount
that is paid by the Fund’s distributor to the financial intermediary responsible for the sale of the Fund’s shares. For more information, please see “How Financial Intermediaries are Compensated for
Selling Fund Shares” in this section of the Prospectus.

To satisfy the purchase amounts
above, you can:

Use your Rights of Accumulation, which allow you or an eligible group of related investors to combine (1) the current value of Class A and Class C PGIM Fund shares you or the group already own,
(2) the value of money market shares (other than Direct Purchase money market shares) you or an eligible group of related investors have received for shares of other PGIM Funds in an exchange transaction, and (3) the
value of the shares you or an eligible group of related investors are purchasing; arba
Sign a Letter of Intent, stating in writing that you or an eligible group of related investors will purchase a certain amount of shares in the Fund and other PGIM Funds within 13 months.
Purchases made prior to the effective date of the Letter of Intent will be applied toward the satisfaction of the Letter of Intent to determine the level of sales charge that will be paid pursuant to the Letter of
Intent, but will not result in any reduction in the amount of any previously paid sales charge.

An “eligible group of
related investors” includes any combination of the following:

All accounts held in your name (alone or with other account holders) and taxpayer identification number (TIN);
Accounts held in your spouse&#39;s name (alone or with other account holders) and TIN (see definition of spouse below);
Accounts for your children or your spouse&#39;s children, including children for whom you and/or your spouse are legal guardian(s) (e.g., UGMAs and UTMAs);
Accounts in the name and TINs of your parents;
Trusts with you, your spouse, your children, your spouse&#39;s children and/or your parents as the beneficiaries;
With limited exclusions, accounts with the same address (exclusions include, but are not limited to, addresses for brokerage firms and other intermediaries and Post Office boxes); et
Accounts held in the name of a company controlled by you (a person, entity or group that holds 25% or more of the outstanding voting securities of a company will be deemed to control
the company, and a partnership will be deemed to be controlled by each of its general partners), including employee benefit plans of the company where the accounts are held in the plan&#39;s TIN.

A “spouse” is defined
in this Prospectus as follows:

The person to whom you are legally married. We also consider your spouse to include the following:
An individual of the same gender with whom you have been joined in a civil union, or legal contract similar to marriage;
Un
domestic partner, who is an individual (including one of the same gender) with whom you have shared a primary residence for at least six months, in a relationship as a couple where you, your domestic partner or both
provide for the personal or financial welfare of the other without a fee, to whom you are not related by blood; arba
An individual with whom you have a common law marriage, which is a marriage in a state where such marriages are recognized between a man and a woman arising from the fact that the two
live together and hold themselves out as being married.

The value of shares held by you or
an eligible group of related investors will be determined by the value of your existing Class A shares calculated at current NAV plus maximum sales charge with Class B and Class C shares calculated at current NAV.

Pastaba: Class Z shares and Class R6 shares cannot be aggregated with any other share class for purposes of reducing or waiving Class A&#39;s initial sales charge.

If your shares are held directly
by the Transfer Agent, and you believe you qualify for a reduction or waiver of Class A&#39;s or Class C&#39;s sales charges, you must notify the Transfer Agent at the time of the qualifying share purchase in order to receive
the applicable reduction or waiver. If your shares are held through a broker or other financial intermediary, and you believe you qualify for a reduction or waiver of Class A&#39;s or Class C&#39;s sales charges, you must
notify your broker or

28 PGIM Jennison Technology Fund



intermediary at the time of the qualifying
purchase in order to receive the applicable reduction or waiver. Shares held through a broker or other financial intermediary will not be systematically aggregated with shares held directly by the Transfer Agent for
purposes of receiving a reduction or waiver of Class A&#39;s or Class C&#39;s sales charges. The reduced or waived sales charge will be granted subject to confirmation of account holdings.

If your shares are held directly
by the Transfer Agent, you must identify the eligible group of related investors. Although the Transfer Agent does not require any specific form of documentation in order to establish your eligibility to receive a
waiver or reduction of Class A&#39;s or Class C&#39;s sales charges, you may be required to provide appropriate documentation if the Transfer Agent is unable to establish your eligibility.

If your shares are held through a
financial intermediary, the financial intermediary is responsible for determining the specific documentation, if any, that you may need in order to establish your eligibility to receive a waiver or reduction of Class
A&#39;s or Class C&#39;s sales charges. Your financial intermediary is also responsible for notifying the Transfer Agent if your share purchase qualifies for a reduction or waiver of Class A&#39;s or Class C&#39;s sales charges.

Purchases of $1 Million or
More. If you purchase $1 Million or more of Class A shares, you will not be subject to an initial sales charge, although a CDSC may apply, as previously noted.

Mutual Fund Programs. The initial sales charge on Class A shares will be waived for participants in any fee-based program or trust program sponsored by Prudential or an affiliate that includes the Fund as an
available option. The initial sales charge will also be waived for clients of financial intermediaries in programs that are sponsored by or available through financial intermediaries that offer Class A shares without
an initial sales charge, relating to:

Mutual fund “wrap” or asset allocation programs, where the sponsor places fund trades, links its clients&#39; accounts to a master account in the sponsor&#39;s name and charges its clients a management,
consulting or other fee for its services; arba
Mutual fund “supermarket” programs, where the sponsor links its clients&#39; accounts to a master account in the sponsor&#39;s name and the sponsor charges a fee for its services.

Financial intermediaries
sponsoring these mutual fund programs may offer their clients more than one class of shares in the Fund in connection with different pricing options for their programs. Investors should consider carefully any separate
transaction and other fees charged by these programs in connection with investing in each available share class before selecting a share class.

Group Retirement Plans. Class A’s and Class C’s sales charges will be waived for group retirement plans (including defined contribution plans, defined benefit plans and deferred compensation plans)
available through a retirement plan recordkeeper or third party administrator. If Prudential Retirement Services is the recordkeeper for your group retirement plan, you may call Prudential at (800) 353-2847 with any
questions. Otherwise, investors in group retirement plans should contact their financial intermediary with any questions regarding availability of Class A and Class C shares at net asset value.

Other Types of Investors. Certain other types of investors may purchase Class A shares without paying the initial sales charge, including:

certain directors, officers, current employees (including their spouses, children and parents) and former employees (including their spouses, children and parents) of Prudential and its affiliates, the PGIM Funds,
and the investment subadvisers of the PGIM Funds; former employees must have an existing investment in the Fund;
persons who have retired directly from active service with Prudential or one of its subsidiaries;
registered representatives and employees of broker-dealers (including their spouses, children and parents) that offer Class A shares;
investors in IRAs, provided that: (a) the purchase is made either from a directed rollover to such IRA or with the proceeds of a tax-free rollover of assets from a Benefit Plan for
which Prudential Retirement (the institutional Benefit Plan recordkeeping entity of Prudential) provides administrative or recordkeeping services, in each case
Visit our website at www.pgiminvestments.com 29



provided that such purchase is made within 60 days of receipt of the Benefit Plan distribution, et (b) the IRA is established through Prudential Retirement as part of its “Rollover IRA” program (regardless of whether or not the purchase consists of proceeds of a
tax-free rollover of assets from a Benefit Plan described above);
certain group retirement plans and their participants that (i) invest in the share class in a PGIM Fund, or (ii) are permitted, or will be permitted, to offer such share class in another PGIM Fund; et
clients of financial intermediaries, who (i) offer Class A shares through a no-load network or platform, (ii) charge clients an ongoing fee for advisory, investment, consulting or
similar services, or (iii) offer self-directed brokerage accounts or other similar types of accounts that may or may not charge transaction fees to customers.

To qualify for a waiver of the
Class A or Class C sales charges at the time of purchase (including exchange of share classes within the Fund), you must notify the Transfer Agent, or the Distributor must be notified by the financial intermediary
facilitating the purchase, that the transaction qualifies for a waiver of the Class A or Class C sales charges. The waiver will be granted subject to confirmation of your account holdings.

Additional Information About
Reducing or Waiving Class A&#39;s and Class C&#39;s Sales Charges. The Fund also makes available free of charge, on the Fund&#39;s website, in a clear and prominent format, information relating to the Fund&#39;s Class A and Class C sales charges, and the different
ways that investors can reduce or avoid paying the initial sales charge. The Fund&#39;s website includes hyperlinks that facilitate access to this information.

You may need to provide your
financial intermediary through which you hold Fund shares with the information necessary to take full advantage of reduced or waived Class A or Class C sales charges.

The Distributor may reallow the
Class A sales charge to dealers.

Class C Shares Automatically Convert
to Class A Shares

Effective on or about April 1,
2019, Class C shares became eligible for automatic conversion into Class A shares on a monthly basis if held for ten years from the original date of purchase (the “Conversion Date”). Conversion will take
place based on the relative NAV of the two classes, without the imposition of any sales load, fee or other charge. All such automatic conversions of Class C shares will constitute tax-free exchanges for federal income
tax purposes. See page 3 of the Prospectus for the annual fund operating expenses for Class A shares and Class C shares.

For shareholders investing in
Class C shares through retirement plans or omnibus accounts, and in certain other instances, the Fund and its agents may not have transparency into how long a shareholder has held Class C shares for purposes of
determining whether such Class C shares are eligible for automatic conversion into Class A shares, and the relevant financial intermediary may not have the ability to track purchases in order to credit individual
shareholders’ holding periods. In these circumstances, the Fund will not be able to automatically convert Class C shares into Class A shares as described above. In order to determine eligibility for conversion
in these circumstances, it is the responsibility of the financial intermediary to notify the Fund that the shareholder is eligible for the conversion of Class C shares to Class A shares, and the financial intermediary
may be required to maintain and provide the Fund with records that substantiate the holding period of Class C shares. It is the financial intermediary’s (and not the Fund’s) responsibility to keep records
of transactions made in accounts it holds and to ensure that the shareholder is credited with the proper holding period based on such records or those provided to the financial intermediary by the shareholder. Prašau
consult with your financial intermediary for the applicability of this conversion feature to your shares.

A financial intermediary may
sponsor and/or control accounts, programs or platforms that impose a different conversion schedule or different eligibility requirements for the exchange of Class C shares for Class A shares (see Appendix A: Waivers and Discounts Available From Certain Financial Intermediaries of the Prospectus). Please consult with your financial intermediary if you have any questions
regarding your shares’ conversion from Class C shares to Class A shares.

30 PGIM Jennison Technology Fund



Qualifying for Class R6 Shares

Group Retirement Plans. Group retirement plans (including defined contribution plans, defined benefit plans and deferred compensation plans) available through a retirement plan recordkeeper or third party
administrator may purchase Class R6 shares. If Prudential Retirement Services is the recordkeeper for your group retirement plan, you may call Prudential at (800) 353-2847 with any questions. Otherwise, investors in
group retirement plans should contact their financial intermediary with any questions regarding availability of Class R6 shares.

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

Other Types of Investors. Class R6 shares may also be purchased by Prudential, certain programs or accounts sponsored by Prudential (the SmartSolution IRA offered by Prudential Retirement), and PGIM Funds, including
PGIM funds-of-funds. Investors in SmartSolution IRA accounts through Prudential’s Personal Retirement Services unit can call (888) 244-6237 with any questions regarding how to purchase shares.

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

Class R6 shares are offered to
eligible investors provided that the Fund or its affiliates are not required to make or pay any type of administrative, sub-accounting, networking or revenue sharing payments or similar fees paid to intermediaries.

Qualifying for Class Z Shares

Institutional Investors. Various institutional investors may purchase Class Z shares, including corporations, banks, governmental entities, municipalities, hospitals, insurance companies and IRS Section 501
entities, such as foundations and endowments. Institutional investors are responsible for indicating their eligibility to purchase Class Z shares at the time of purchase. Certain financial intermediaries may require
that investments by their institutional investor clients in Class Z shares be placed directly with the Fund&#39;s Transfer Agent. Please contact the Transfer Agent at (800) 225-1852 for further details.

Mutual Fund Programs. Class Z shares can be purchased by participants in any fee-based program or trust program sponsored by Prudential or an affiliate that includes the Fund as an available option. Classe Z
shares also can be purchased by investors in certain programs sponsored by financial intermediaries who offer Class Z shares of the Fund, or whose programs are available through financial intermediaries that offer
Class Z shares of the Fund, for:

Mutual fund “wrap” or asset allocation programs where the sponsor places fund trades, links its clients&#39; accounts to a master account in the sponsor&#39;s name and charges its clients a management,
consulting or other fee for its services;
Mutual fund “supermarket” programs where the sponsor links its clients&#39; accounts to a master account in the sponsor&#39;s name and the sponsor charges a fee for its services; arba
Fee- or commission-based retail brokerage programs of certain financial intermediaries that offer Class Z shares through such programs and that have agreements with PIMS to offer such
shares when acting solely on an agency basis for their customers for the purchase or sale of such shares. If you transact in Class Z shares of the Fund through one of these programs, you may be required to pay a
commission and/or other forms of compensation to the broker or financial intermediary for effecting such transaction. Because the Fund is not a party to any commission arrangement between you and your broker, any
transactions in Class Z shares will be made by the Fund at net asset value (before imposition of the commission). Any such fee is paid by you, not by the Fund, and the imposition of any such fee or commission by your
broker or financial intermediary does not impact the net asset value for such Fund shares. Shares of the Fund are available in other share classes that have different fees and expenses.
Visit our website at www.pgiminvestments.com 31



Financial intermediaries
sponsoring these mutual fund programs may offer their clients more than one class of shares in the Fund in connection with different pricing options for their programs. Investors should consider carefully any separate
transaction and other fees charged by these programs in connection with investing in a share class offered by the program before selecting a share class.

Group Retirement Plans. Group retirement plans (including defined contribution plans, defined benefit plans and deferred compensation plans) available through a retirement plan recordkeeper or third party
administrator may purchase Class Z shares. If Prudential Retirement Services is the recordkeeper for your group retirement plan, you may call Prudential at (800) 353-2847 with any questions. Otherwise, investors in
group retirement plans should contact their financial intermediary with any questions regarding availability of Class Z shares.

Other Types of Investors. Class Z shares also can be purchased by any of the following:

Certain participants in the MEDLEY Program (group variable annuity contracts) sponsored by Prudential for whom Class Z shares of the PGIM Funds are an available option;
Current and former Directors/Trustees of mutual funds managed by PGIM Investments or any other affiliate of Prudential;
Current and former employees (including their spouses, children and parents) of Prudential and its affiliates; former employees must have an existing investment in the Fund;
Prudential (including any program or account sponsored by Prudential or an affiliate that includes the Fund as an available option);
PGIM Funds, including PGIM funds-of-funds;
Qualified state tuition programs (529 plans); et
Investors working with fee-based consultants for investment selection and allocations.

How Financial Intermediaries are
Compensated for Selling Fund Shares

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

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

Rule 12b-1 Fees & Sales
Charges. The Distributor has agreements in place with financial intermediaries defining how much each firm will be paid for the sale of a particular mutual fund from front-end sales charges, if any,
paid by Fund shareholders and from fees paid to the Distributor by the Fund pursuant to Rule 12b-1 under the 1940 Act (Rule 12b-1). These financial intermediaries then pay their registered representatives who sold you
the Fund some or all of what they received from the Distributor. The registered representatives may receive a payment when the sale is made and can, in some cases, continue to receive ongoing payments while you are
invested in the Fund. The Distributor may change at any time, without prior notice, the amount of Rule 12b-1 fees that it pays (when the sale is made and/or any ongoing payments) to financial intermediaries and
registered representatives so that the Distributor may retain all or a portion of such fees.

“Revenue Sharing”
Payments. In addition to the compensation received by financial intermediaries as described above, the Manager or certain of its affiliates (but not the Distributor) may make additional payments
(which are often referred to as “revenue sharing” payments) to the financial intermediaries from the Manager&#39;s or certain affiliates&#39; own resources, including from the profits derived from management or
other fees received from the Fund, without additional direct or indirect cost to the Fund or its shareholders, provided that no such additional payments to financial intermediaries are made with respect to the
Fund’s Class R6 shares. Revenue sharing payments are in addition to the front-end sales charges paid by Fund shareholders or fees paid pursuant to plans adopted in accordance with Rule 12b-1. The Manager or
certain of its affiliates may revise the terms of any existing revenue sharing arrangement, and may enter into additional revenue sharing arrangements with other financial intermediaries in the future.

32 PGIM Jennison Technology Fund



Revenue sharing arrangements are
intended to foster the sale of Fund shares and/or to compensate financial intermediaries for assisting in marketing or promotional activities in connection with the sale of Fund shares. In exchange for revenue sharing
payments, the Fund generally expects to receive the opportunity for the Fund to be sold through the financial intermediaries&#39; sales force or access to third-party platforms or other marketing programs, including but
not limited to mutual fund “supermarket” platforms or other sales programs. To the extent that financial intermediaries receiving revenue sharing payments sell more shares of the Fund, the Manager and
Distributor benefit from the increase in Fund assets as a result of the management and distribution fees they receive from the Fund, respectively. Increased sales of Fund shares also may benefit shareholders, since an
increase in Fund assets may allow the Fund to expand its investment opportunities, and increased Fund assets may result in reduced Fund operating expenses.

Revenue sharing payments, as well
as the other types of payments described above, may provide an incentive for financial intermediaries and their registered representatives to recommend or sell shares of the Fund to you and in doing so may create
conflicts of interest between the firms&#39; financial interests and their duties to customers.

If your Fund shares are purchased
through a retirement plan, the Manager or certain of its affiliates (but not the Distributor) may also make revenue sharing payments to the plan&#39;s recordkeeper or an affiliate, which generally is not a registered
broker-dealer.

It is likely that financial
intermediaries that execute portfolio transactions for the Fund will include those firms with which the Manager and/or certain of its affiliates have entered into revenue sharing arrangements. Neither the Manager nor
any subadviser may consider sales of Fund shares as a factor in the selection of broker-dealers to execute portfolio transactions for the Fund. The Manager and certain of its affiliates will not use Fund brokerage as
any part of revenue sharing payments to financial intermediaries.

Revenue sharing payments are
usually calculated based on a percentage of Fund sales and/or Fund assets attributable to a particular financial services firm. Payments may also be based on other criteria or factors, for example, a fee per each
transaction. Specific payment formulas are negotiated based on a number of factors, including, but not limited to, reputation in the industry, ability to attract and retain assets, target markets, customer
relationships and scope and quality of services provided. The Manager and/or certain of its affiliates make such payments to financial intermediaries in amounts that generally range from 0.02% up to 0.20% of Fund
assets serviced and maintained by the financial intermediaries or from 0.10% to 0.25% of sales of Fund shares attributable to the firm. In addition, the Manager and/or certain of its affiliates may pay flat fees on a
one-time or irregular basis for the initial set-up of the Fund on a financial services intermediary’s systems, participation or attendance at a financial services firm&#39;s meeting, or for other reasons. These
amounts are subject to change. In addition, the costs associated with visiting the financial intermediaries to make presentations, and/or train and educate the personnel of the financial intermediaries, may be paid by
the Manager and/or certain of its affiliates, subject to applicable FINRA regulations.

Please contact the registered
representative (or his or her firm) who sold shares of the Fund to you for details about any payments the financial intermediary may receive from the Manager and/or certain of its affiliates. You should review your
financial intermediary’s disclosure and/or talk to your financial intermediary to obtain more information on how this compensation may have influenced your financial intermediary’s recommendation of the
Fund. Additional information regarding these revenue sharing payments is included in the SAI which is available to you at no additional charge.

Other Payments Received by Financial
Intermediaries

Administrative, Sub-Accounting and
Networking Fees. In addition to, rather than in lieu of, the fees that the Fund may pay to financial intermediaries as described above, and the fees the Fund pays to the Transfer Agent, the Transfer Agent
or its affiliates may enter into additional agreements on behalf of the Fund with financial intermediaries pursuant to which the Fund will pay financial intermediaries for certain administrative, sub-accounting and
networking services, provided that no such additional payments to financial intermediaries are made with respect to the Fund’s Class R6 shares. These services include maintenance of shareholder
accounts by the firms, such as recordkeeping and other activities that otherwise would be performed by the Transfer Agent. Sub-accounting services encompass activities that reduce the burden of recordkeeping to the
Fund. Administrative fees are paid to a firm that undertakes,

Visit our website at www.pgiminvestments.com 33



for example, shareholder communications on behalf
of the Fund. Networking services are services undertaken to support the electronic transmission of shareholder purchase and redemption orders through the National Securities Clearing Corporation
(“NSCC”).

These payments, as discussed
above, are paid out of Fund assets and generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a financial intermediary or (2) a fixed dollar amount for each account
serviced by a financial services firm. From time to time, the Manager or certain of its affiliates (but not the Distributor) also may pay a portion of the fees for the services to the financial intermediaries at their
own expense and out of their own resources.

In addition, the Fund reimburses
the Distributor for NSCC fees that are invoiced to the Distributor as the party to the Agreement with NSCC for the administrative services provided by NSCC to the Fund and its shareholders. These administrative
services provided by NSCC to the Fund and its shareholders include transaction processing and settlement through Fund/SERV, electronic networking services to support the transmission of shareholder purchase and
redemption orders to and from financial intermediaries, and related recordkeeping provided by NSCC to the Fund and its shareholders. These payments are generally based on a transaction fee rate for certain
administrative services plus a fee for other administrative services.

Anti-Money Laundering

In accordance with federal law, the
Fund has adopted policies designed to deter money laundering. Under the policies, the Fund will not knowingly engage in financial transactions that involve proceeds from unlawful activity or support terrorist
activities, and shall file government reports, including those concerning suspicious activities, as required by applicable law. The Fund will seek to confirm the identity of potential shareholders to include both
individuals and entities through documentary and non-documentary methods. Non-documentary methods may include verification of name, address, date of birth and tax identification number with selected credit bureaus.
The Fund has also appointed an Anti-Money Laundering Compliance Officer to oversee the Fund&#39;s anti-money laundering policies.

Understanding the Price You&#39;ll
Mokėk

The price you pay for each share of
the Fund is based on the share value. The share value of a mutual fund—known as the net asset value arba NAV—is determined by a simple calculation: it&#39;s the total value of the Fund (assets minus liabilities) divided by the total number of shares outstanding. For example, if the
value of the investments held by Fund XYZ (minus its liabilities) is $1,000 and there are 100 shares of Fund XYZ owned by shareholders, the value of one share of the Fund—or the NAV—is $10 ($1,000 divided
by 100).

Mutual Fund
Shares

The NAV of
mutual fund shares changes every day because the value of a fund&#39;s portfolio changes constantly. For example, if Fund XYZ holds ACME Corp. bonds in its portfolio and the price of ACME bonds goes up, while the value of
the Fund&#39;s other holdings remains the same and expenses don&#39;t change, the NAV of Fund XYZ will increase.

The Fund&#39;s NAV will be determined
every day on which the Fund is open as of the close of regular trading on the New York Stock Exchange (“NYSE”) (generally, 4:00 p.m. Eastern Time). The Fund&#39;s portfolio securities are valued based upon
market quotations or, if market quotations are not readily available, at fair value as determined in good faith under procedures established by the Board. These procedures include pricing methodologies for determining
the fair value of certain types of securities and other assets held by the Fund that do not have quoted market prices, and authorize the use of other pricing sources, such as bid prices supplied by a principal market
maker and evaluated prices supplied by pricing vendors that employ analytic methodologies that take into account the prices of similar securities and other market factors.

34 PGIM Jennison Technology Fund



If the Fund determines that a
market quotation for a security is not reliable based on, among other things, events or market conditions that occur with respect to one or more securities held by the Fund or the market as a whole, after the
quotation is derived or after the closing of the primary market on which the security is traded, but before the time that the Fund&#39;s NAV is determined, the Fund may use “fair value pricing,” which is
implemented by a valuation committee (“Valuation Committee”) consisting of representatives of the Manager or by the Board. The subadviser often provides relevant information for the Valuation Committee
meeting. In addition, the Fund may use fair value pricing determined by the Valuation Committee or Board if the pricing source does not provide an evaluated price for a security or provides an evaluated price that, in
the judgment of the Manager (which may be based upon a recommendation from the subadviser), does not represent fair value. Equity securities that are traded on foreign exchanges are valued using pricing vendor
services that provide fair value model prices. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements.
Utilizing that evaluated adjustment factor, the vendor provides an evaluated price for each security. Non-US securities markets are open for trading on weekends and other days when the Fund does not price shares.
Therefore, the value of the Fund’s shares may change on days when you will not be able to purchase or redeem the Fund’s shares.

Investments in open-end
non-exchange-traded mutual funds will be valued at their NAV as determined as of the close of the NYSE on the date of valuation, which will reflect the mutual fund’s fair valuation procedures.

Different valuation methods may
result in differing values for the same security. The fair value of a portfolio security that the Fund uses to determine its NAV may differ from the security&#39;s quoted or published price. If the Fund needs to implement
fair value pricing after the NAV publishing deadline but before shares of the Fund are processed, the NAV you receive or pay may differ from the published NAV price. The prospectuses of any other mutual funds in which
the Fund invests will explain each fund’s procedures and policies with respect to the use of fair value pricing.

Fair value pricing procedures are
designed to result in prices for the Fund&#39;s securities and its NAV that are reasonable in light of the circumstances which make or have made market quotations unavailable or unreliable, and may have the effect of
reducing arbitrage opportunities available to short-term traders. There is no assurance, however, that fair value pricing will more accurately reflect the market value of a security than the market price of such
security on that day or that it will prevent dilution of the Fund&#39;s NAV by short-term traders.

What Price Will You Pay for Shares
of the Fund? For Class A shares, you&#39;ll pay the public offering price, which is the NAV next determined after we receive your order to purchase, plus an initial sales charge (unless you&#39;re entitled to a
waiver). For all other share classes, you will pay the NAV next determined after we receive your order to purchase (remember, there are no up-front sales charges for these share classes). Your broker may charge you a
separate or additional fee for purchases of shares. Unless regular trading on the NYSE closes before 4:00 p.m. Eastern Time, or later than 4:00 p.m. Eastern Time, your order to purchase must be received by 4:00 p.m.
Eastern Time in order to receive that day&#39;s NAV. In the event that regular trading on the NYSE closes before 4:00 p.m. Eastern Time, you will receive the following day&#39;s NAV if your order to purchase is received after
the close of regular trading on the NYSE. The Fund will not treat an intraday unscheduled disruption in NYSE trading as a closure of the NYSE and will price its shares as of 4:00 p.m., if the particular disruption
directly affects only the NYSE. We deem an order received when it is received by the Transfer Agent at its processing center. If you submit your order through a broker or other financial intermediary, it may be deemed
received when received by the broker or financial intermediary.

Each business day, the Fund&#39;s
current NAV per share is made available at www.pgiminvestments.com (click on “Performance & Yields,” and then click on “Prices”).

Additional Shareholder Services

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

Automatic Reinvestment. As we explained in the “Fund Distributions and Tax Issues” section, the Fund pays out—or distributes—its net investment income and net capital gains to all
shareholders. For your convenience, we will automatically reinvest your distributions in the Fund at NAV, without any sales charge. If you want your distributions paid in cash, you can indicate this preference on your
application, or by notifying your broker or the Transfer Agent in

Visit our website at www.pgiminvestments.com 35



writing (at the address below) at least five
business days before the date we determine who receives dividends. For accounts held at the Transfer Agent (PMFS), distributions of $10.00 or less on non-retirement accounts will not be paid out in cash, but will be
automatically reinvested into your account.

Prudential Mutual Fund Services
LLC
P.O. Box 9658
Providence, RI 02940

Automatic Investment Plan
(AIP). You can make regular purchases of the Fund by having a fixed amount of money automatically withdrawn from your bank or brokerage account at specified intervals. The minimum for subsequent
investments through newly-established AIP accounts must be at least $50 monthly.

Retirement Plan Services. Prudential offers a wide variety of retirement plans for individuals and institutions, including large and small businesses. For information on IRAs, including Roth IRAs or SEP-IRAs for a
one-person business, please contact your financial adviser. If you are interested in opening a 401(k) or other company-sponsored retirement plan (SIMPLE IRAs, SEP plans, Keoghs, 403(b)(7) plans, pension and
profit-sharing plans), your financial adviser will help you determine which retirement plan best meets your needs. Complete instructions about how to establish and maintain your plan and how to open accounts for you
and your employees will be included in the retirement plan kit you receive in the mail.

Systematic Withdrawal Plan. A Systematic Withdrawal Plan is available that will provide you with monthly, quarterly, semi-annual or annual redemption checks. The Systematic Withdrawal Plan is not available to
participants in certain retirement plans. Please contact PMFS at (800) 225-1852 for more details.

Reports to Shareholders. Every year we will send you an annual report (along with an updated summary prospectus) and a semi-annual report, which contain important financial information about the Fund. To reduce
Fund expenses, we may send one annual shareholder report, one semi-annual shareholder report and one summary prospectus per household, unless you instruct us or your financial intermediary otherwise. If each Fund
shareholder in your household would like to receive a copy of the Fund&#39;s summary prospectus and shareholder reports, please call us toll free at (800) 225-1852. We will begin sending additional copies of these
documents within 30 days of receipt of your request.
Important Note: Effective January 1, 2021 you will no longer receive mailed copies of the annual and semi-annual reports, unless you elect to continue to receive these mailings. Pamatyti
the front cover of this Prospectus for more information
.

HOW TO SELL YOUR SHARES

You can sell your Fund shares for
cash at any time, subject to certain restrictions. For more information about these restrictions, see “Restrictions on Sales” below.

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

Shares Held by Financial
Intermediaries. If your financial intermediary holds your shares, your financial intermediary must receive your order to sell no later than the time regular trading on the NYSE
closes—which is usually 4:00 p.m. Eastern Time—to process the sale on that day. In the event that regular trading on the NYSE closes before 4:00 p.m. Eastern Time, you will receive the following day&#39;s NAV
if your order to sell is received after the close of regular trading on the NYSE.

Shares Held by the Transfer
Agent. If the Transfer Agent holds your shares, PMFS must receive your order to sell no later than the time regular trading on the NYSE closes—which is usually 4:00 p.m.
Eastern Time—to process the sale on that day. In the event that regular trading on the NYSE closes before 4:00 p.m. Eastern Time, you will receive the following day&#39;s NAV if your order to sell is received after
the close of regular trading on the NYSE. You may contact the Transfer Agent at:

36 PGIM Jennison Technology Fund



Prudential Mutual Fund Services
LLC
P.O. Box 9658
Providence, RI 02940

Payment for Shares You Have Sold

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

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

Restrictions on Sales

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

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

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

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

You are selling more than $100,000 of shares;
You want the redemption proceeds made payable to someone that is not in the Transfer Agent’s records;
You want the redemption proceeds sent to an address that is not in the Transfer Agent’s records;
You are a business or a trust; arba
You are redeeming due to the death of the shareholder or on behalf of the shareholder.

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

How the Fund Pays for Shares You
Have Sold

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

Visit our website at www.pgiminvestments.com 37



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

Contingent Deferred Sales Charge
(CDSC)

If you sell Class C shares within
12 months of purchase, you will have to pay a CDSC of 1.00%. In addition, if you purchase $1 million or more of Class A shares, although you are not subject to an initial sales charge, you are subject to a 1.00% CDSC
for shares redeemed within 12 months of purchase (the CDSC is waived for purchases by certain retirement and/or benefit plans). To keep the CDSC as low as possible, we will sell amounts representing shares in the
following order:

Amounts representing shares you purchased with reinvested dividends and distributions,
Amounts representing the increase in NAV above the total amount of payments for shares made during the past 12 months for Class A shares (in certain cases) and 12 months for Class C shares, and
Amounts representing the cost of shares held beyond the CDSC period (12 months for Class A shares (in certain cases) and 12 months for Class C shares).

Since shares that fall into any of
the categories listed above are not subject to the CDSC, selling them first helps you to avoid—or at least minimize—the CDSC.

Having sold the exempt shares
first, if there are any remaining shares that are subject to the CDSC, we will apply the CDSC to amounts representing the cost of shares held for the longest period of time within the applicable CDSC period.

The CDSC is calculated based on
the lesser of the original purchase price or the net asset value at redemption. The rate decreases on the anniversary date of your purchase.

The holding period for purposes of
determining the applicable CDSC will be calculated from the anniversary date of the purchase, excluding any time Class C shares were held in a money market fund.

Waiver of the CDSC—Class A
Shares

The CDSC will be waived if the
Class A shares are sold:

After a shareholder is deceased or permanently disabled (or, in the case of a trust account, after the death or permanent disability of the grantor). This waiver applies to individual shareholders, as well as shares
held in joint tenancy, provided the shares were purchased before the death or permanent disability;
To provide for certain distributions—made without IRS penalty—from a qualified or tax-deferred retirement plan, benefit plan, IRA or Section 403(b) custodial account; et
To withdraw excess contributions from a qualified or tax-deferred retirement plan, IRA or Section 403(b) custodial account.

For more information, see the
SAI.

Waiver of the CDSC—Class C
Shares

The CDSC will be waived if the
Class C shares are sold:

After a shareholder is deceased or permanently disabled (or, in the case of a trust account, after the death or permanent disability of the grantor). This waiver applies to individual shareholders, as well as shares
held in joint tenancy, provided the shares were purchased before the death or permanent disability;
To provide for certain distributions—made without IRS penalty—from a qualified or tax-deferred retirement plan, benefit plan, IRA or Section 403(b) custodial account; et
To withdraw excess contributions from a qualified or tax-deferred retirement plan, IRA or Section 403(b) custodial account.

For more information, see the
SAI.

38 PGIM Jennison Technology Fund



Involuntary Redemption of Small
Accounts Held by the Transfer Agent

If the value of your account with
PMFS is less than $500 for any reason, we may sell your shares (without charging any CDSC) and close your account. We would do this to minimize the Fund&#39;s expenses paid by other shareholders. The involuntary sale
provisions do not apply to Automatic Investment Plan (AIP) accounts, employee savings plan accounts, payroll deduction plan accounts, retirement accounts (such as a 401(k) plan, an IRA or other qualified or
tax-deferred plan or account), omnibus accounts, and accounts for which a broker or other financial intermediary is responsible for recordkeeping. Prior thereto, if you make a sale that reduces your account value to
less than the threshold, we may sell the rest of your shares (without charging any CDSC) and close your account; this involuntary sale does not apply to shareholders who own their shares as part of a retirement
sąskaitą. For more information, see “Purchase, Redemption and Pricing of Fund Shares—Involuntary Redemption” in the SAI.

Account Maintenance Fee for Accounts
Held by the Transfer Agent

If the value of your Class A,
Class C and Class Z account with PMFS is less than $10,000, with certain exclusions, a $15 annual account maintenance fee will be deducted from your account during the 4th calendar quarter of each year. Any applicable
CDSC on the shares redeemed to pay the account maintenance fee will be waived. For more information, see “Purchase, Redemption and Pricing of Fund Shares—Account Maintenance Fee” in the SAI.

90-Day Repurchase Privilege

After you redeem your shares, you
have a 90-day period during which you may reinvest back into your account any of the redemption proceeds in shares of the same Fund without paying an initial sales charge. In order to take advantage of this privilege,
you must notify the Transfer Agent or your broker at the time of the repurchase. This privilege can only be used once in a 12-month period. For more information, see the SAI.

The terms of this privilege may
vary by financial intermediary. For more information, see “Appendix A: Waivers and Discounts Available From Certain Financial Intermediaries.”

Retirement Plans

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

HOW TO EXCHANGE YOUR SHARES

You can generally exchange your
shares of the Fund for shares of the same class in certain other PGIM Funds—including PGIM Government Money Market Fund—if you satisfy the minimum investment requirements. For example, you can exchange
Class A shares of the Fund for Class A shares of other funds in the PGIM Funds family, but you can’t exchange Class A shares for a different share class of another fund.

In addition, Class R6 shares
cannot be exchanged for Class R6 shares of the Prudential Day One Funds or the PGIM 60/40 Allocation Fund.

After an exchange, at redemption,
any CDSC will be calculated from the date of the initial purchase, excluding any time that Class B or Class C shares were held in PGIM Government Money Market Fund. We may change the terms of any exchange privilege
after giving you 60 days&#39; notice.

Note: Class B shares may not be
purchased or acquired by any Class B shareholder except by exchange from Class B shares of another fund or through dividend and/or capital gains reinvestment.

Visit our website at www.pgiminvestments.com 39



There is no sales charge for
exchanges. However, if you exchange—and then sell—shares within the applicable CDSC period, you must still pay the applicable CDSC. At the time of exchange, CDSC liable shares and free shares move
proportionally according to the percentage of total shares you are exchanging. If you have exchanged Class B or Class C shares into PGIM Government Money Market Fund, the time you hold the Class B or Class C shares in
the money market fund will not be counted in calculating the required holding period for CDSC liability.

For investors in certain programs
sponsored by financial intermediaries that offer shares of the Fund, or whose programs are available through financial intermediaries that offer shares of the Fund for mutual fund “wrap” or asset
allocation programs or mutual fund “supermarket” programs, an exchange may be made from Class A to Class Z shares of the Fund in certain limited circumstances. Contact your program sponsor or financial
intermediary with any questions.

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

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

Prudential Mutual Fund Services
LLC
P.O. Box 9658
Providence, RI 02940

If you participate in any
fee-based program where the Fund is an available investment option, you may arrange with the Transfer Agent or your recordkeeper to exchange your Class A shares, if any, for Class Z shares when you elect to
participate in the fee-based program. When you no longer participate in the program, you may arrange with the Transfer Agent or your recordkeeper to exchange all of your Class Z shares, including shares purchased
while you were in the program, for Class A shares.

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

Frequent Purchases and Redemptions
of Fund Shares

The Fund seeks to prevent patterns
of frequent purchases and redemptions of Fund shares by its shareholders. Frequent purchases and sales of shares of the Fund may adversely affect Fund performance and the interests of long-term investors. When a
shareholder engages in frequent or short-term trading, the Fund may have to sell portfolio securities to have the cash necessary to redeem the shareholder&#39;s shares. This can happen when it is not advantageous to sell
any securities, so the Fund&#39;s performance may be hurt. When large dollar amounts are involved, frequent trading can also make it difficult to use long-term investment strategies because the Fund cannot predict how
much cash it will have to invest. In addition, if the Fund is forced to liquidate investments due to short-term trading activity, it may incur increased brokerage and tax costs. Similarly, the Fund may bear increased
administrative costs as a result of the asset level and investment volatility that accompanies patterns of short-term trading. Moreover, frequent or short-term trading by certain shareholders may cause dilution in the
value of Fund shares held by other shareholders. Funds that invest in non-US securities may be particularly susceptible to frequent trading because time zone differences among international stock markets can allow a
shareholder engaging in frequent trading to exploit fund share prices that may be based on closing prices of non-US securities established some time before the Fund calculates its own share price. Funds that invest in
certain fixed income securities, such as high-yield bonds or certain asset-backed securities, may also constitute an effective vehicle for a shareholder&#39;s frequent trading strategy.

The Fund does not knowingly
accommodate or permit frequent trading, and the Board has adopted policies and procedures designed to discourage or prevent frequent trading activities by Fund shareholders. In an effort to prevent such practices, the
Fund&#39;s Transfer Agent monitors trading activity on a daily basis. The Fund has implemented a

40 PGIM Jennison Technology Fund



trading policy that limits the number of times a
shareholder may purchase Fund shares or exchange into the Fund and then sell those shares within a specified period of time (a “round-trip transaction”) as established by the Fund&#39;s Chief Compliance
Officer (“CCO”). The CCO is authorized to set and modify the parameters of the trading policy at any time as required to prevent the adverse impact of frequent trading on Fund shareholders.

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

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

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

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

If the Fund is offered to
qualified plans on an omnibus basis or if Fund shares may be purchased through other omnibus arrangements, such as through a financial intermediary such as a broker-dealer, a bank, an insurance company separate
account, an investment adviser, or an administrator or trustee of a retirement plan (“Intermediaries”) that holds your shares in an account under its name, Intermediaries maintain the individual beneficial
owner records and submit to the Fund only aggregate orders combining the transactions of many beneficial owners. The Fund itself generally cannot monitor trading by particular beneficial owners. The Fund has notified
Intermediaries in writing that it expects the Intermediaries to impose restrictions on transfers by beneficial owners. Intermediaries may impose different or stricter restrictions on transfers by beneficial owners.
Consistent with the restrictions described above, investments in the Fund through retirement programs administered by Prudential Retirement will be similarly identified for frequent purchases and redemptions and
appropriately restricted.

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

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

Visit our website at www.pgiminvestments.com 41



Telephone Redemptions or
Exchanges

You may redeem your shares of the
Fund if the proceeds of the redemption do not exceed $250,000 or exchange your shares in any amount by calling the Fund at (800) 225-1852 and communicating your instructions in good order to a customer service
representative before 4:00 p.m. Eastern Time. You will receive a redemption or exchange amount based on that day&#39;s NAV. Certain restrictions apply; please see the section entitled “How to Sell Your
Shares—Restrictions on Sales” above for additional information. In the event that regular trading on the NYSE closes before 4:00 p.m. Eastern Time, you will receive the following day&#39;s NAV if your order to
sell or exchange is received after the close of regular trading on the NYSE.

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

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

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

Expedited Redemption Privilege

If you have selected the Expedited
Redemption Privilege, you may have your redemption proceeds sent directly to your bank account. Expedited redemption requests may be made by telephone or letter, must be received by the Transfer Agent prior to 4:00
p.m. Eastern Time to receive a redemption amount based on that day&#39;s NAV and are subject to the terms and conditions regarding the redemption of shares. In the event that regular trading on the NYSE closes before 4:00
p.m. Eastern Time, you will receive the following day&#39;s NAV if your order to sell is received after the close of regular trading on the NYSE. For more information, see the SAI. The Expedited Redemption Privilege may
be modified or terminated at any time without notice.

42 PGIM Jennison Technology Fund



FINANCIAL HIGHLIGHTS

Présentation

The financial highlights will help
you evaluate the Fund&#39;s financial performance for the fiscal year ended October 31, 2019 and fiscal period ended October 31, 2018. Certain information reflects financial results for a single fund class share.
total return in each chart represents the rate that a shareholder would have earned (or lost) on an investment in the Fund, assuming investment at the start of the period and reinvestment of all dividends and other
distributions. The information is for the periods indicated.

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

A copy of the Fund&#39;s annual
report, including the Fund&#39;s audited financial statements and report of independent registered public accounting firm, is available upon request, at no charge, as described on the back cover of this Prospectus.

Class A Shares
Year Ended October 31,
L'année 2019
June 19, 2018(a)
through October 31,
L'année 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period $9.64 $10.00
Income (loss) from investment operations:
Net investment income (loss) (0.03) (0.01)
Net realized and unrealized gain (loss) on investment and foreign currency
transactions
1.57 (0.35)
Total from investment operations 1.54 (0.36)
Net asset value, end of Period $11.18 $9.64
Total Return(c): 15.98% (3.60)%
Ratios/Supplemental Data:
Net assets, end of Period (000) $457 $110
Average net assets (000) $216 $37
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement 1.10% 1.10%(e)
Expenses before waivers and/or expense reimbursement 9.15% 148.53%(e)
Net investment income (loss) (0.27)% (0.37)%(e)
Portfolio turnover rate(f) 47% 19%
a) Commencement of operations.
b) Calculated based on average shares outstanding during the period.
c) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period
reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full
year are not annualized.
(d) Does not include expenses of the underlying funds in which the Fund invests.
e) Annualized.
f) The Fund&#39;s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and
certain derivatives. If such transactions were included, the Fund&#39;s portfolio turnover rate may be higher.
Visit our website at www.pgiminvestments.com 43



Class C Shares
Year Ended October 31,
L'année 2019
June 19, 2018(a)
through October 31,
L'année 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period $9.62 $10.00
Income (loss) from investment operations:
Net investment income (loss) (0.10) (0.04)
Net realized and unrealized gain (loss) on investment and foreign currency
transactions
1.55 (0.34)
Total from investment operations 1.45 (0.38)
Net asset value, end of Period $11.07 $9.62
Total Return(c): 15.07% (3.80)%
Ratios/Supplemental Data:
Net assets, end of Period (000) $61 $39
Average net assets (000) $56 $33
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement 1.85% 1.85%(e)
Expenses before waivers and/or expense reimbursement 26.92% 166.12%(e)
Net investment income (loss) (0.95)% (1.16)%(e)
Portfolio turnover rate(f) 47% 19%
a) Commencement of operations.
b) Calculated based on average shares outstanding during the period.
c) Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period
reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full
year are not annualized.
(d) Does not include expenses of the underlying funds in which the Fund invests.
e) Annualized.
f) The Fund&#39;s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and
certain derivatives. If such transactions were included, the Fund&#39;s portfolio turnover rate may be higher.
44 PGIM Jennison Technology Fund



Class Z Shares
Year Ended October 31,
L'année 2019
June 19, 2018(a)
through October 31,
L'année 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period $9.66 $10.00
Income (loss) from investment operations:
Net investment income (loss) -(c) (0.01)
Net realized and unrealized gain (loss) on investment and foreign currency
transactions
1.57 (0.33)
Total from investment operations 1.57 (0.34)
Less Dividends and Distributions:
Dividends from net investment income (0.01)
Net asset value, end of Period $11.22 $9.66
Total Return(d): 16.25% (3.40)%
Ratios/Supplemental Data:
Net assets, end of Period (000) $5,420 $2,327
Average net assets (000) $4,521 $1,204
Ratios to average net assets(e):
Expenses after waivers and/or expense reimbursement 0.85% 0.85%(f)
Expenses before waivers and/or expense reimbursement 2.66% 10.00%(f)
Net investment income (loss) 0.03% (0.21)%(f)
Portfolio turnover rate(g) 47% 19%
a) Commencement of operations.
b) Calculated based on average shares outstanding during the period.
c) Less than $0.005 per share.
(d) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions,
if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.
e) Does not include expenses of the underlying funds in which the Fund invests.
f) Annualized.
(g) The Fund&#39;s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and
certain derivatives. If such transactions were included, the Fund&#39;s portfolio turnover rate may be higher.
Visit our website at www.pgiminvestments.com 45



Class R6 Shares
Year Ended October 31,
L'année 2019
June 19, 2018(a)
through October 31,
L'année 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period $9.66 $10.00
Income (loss) from investment operations:
Net investment income (loss) 0.01 -(c)
Net realized and unrealized gain (loss) on investment and foreign currency
transactions
1.56 (0.34)
Total from investment operations 1.57 (0.34)
Less Dividends and Distributions:
Dividends from net investment income (0.01)
Net asset value, end of Period $11.22 $9.66
Total Return(d): 16.28% (3.40)%
Ratios/Supplemental Data:
Net assets, end of Period (000) $5,627 $4,838
Average net assets (000) $5,280 $5,084
Ratios to average net assets(e):
Expenses after waivers and/or expense reimbursement 0.80% 0.80%(f)
Expenses before waivers and/or expense reimbursement 2.56% 6.54%(f)
Net investment income (loss) 0.10% (0.12)%(f)
Portfolio turnover rate(g) 47% 19%
a) Commencement of operations.
b) Calculated based on average shares outstanding during the period.
c) Less than $0.005 per share.
(d) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions,
if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.
e) Does not include expenses of the underlying funds in which the Fund invests.
f) Annualized.
(g) The Fund&#39;s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and
certain derivatives. If such transactions were included, the Fund&#39;s portfolio turnover rate may be higher.
46 PGIM Jennison Technology Fund



GLOSSARY

FUND INDEXES

MSCI ACWI Information Technology
Index. The MSCI ACWI Information Technology Index includes large and mid cap securities across 23 Developed Markets (DM) countries and 26 Emerging Markets (EM) countries. The developed market
country indexes included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden,
Switzerland, the UK and the United States. The emerging market country indexes included are: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia,
Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. Index returns do not include the effect of any sales charges, mutual fund
operating expenses or taxes. These returns would be lower if they included the effect of sales charges, mutual fund operating expenses or taxes.

Visit our website at www.pgiminvestments.com 47



APPENDIX A: WAIVERS AND DISCOUNTS AVAILABLE FROM
CERTAIN FINANCIAL INTERMEDIARIES

The availability of certain sales
charge waivers and discounts will depend on whether you purchase your shares directly from the Fund or through a financial intermediary. Intermediaries may have different policies and procedures regarding the
availability of front-end sales load waivers or contingent deferred (back-end) sales load (CDSC) waivers, which are discussed below. In all instances, it is the purchaser&#39;s responsibility to notify the Fund or the
purchaser&#39;s financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase Fund shares through the applicable intermediary to receive these waivers or
discounts.

Shareholders purchasing Fund
shares through a Merrill Lynch platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, as
applicable, which may differ from those disclosed elsewhere in this Fund&#39;s Prospectus or SAI.

Front-end Sales Load Waivers on
Class A Shares available at Merrill Lynch

Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based
brokerage account and shares are held for the benefit of the plan
Shares purchased by or through a 529 Plan, if applicable
Shares purchased through a Merrill Lynch affiliated investment advisory program
Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform
Shares of funds purchased through the Merrill Edge Self-Directed platform
Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)
Shares exchanged from Class C (i.e. level-load) shares of the same fund in the month of or following the 10-year anniversary of the purchase date
Employees and registered representatives of Merrill Lynch or its affiliates and their family members
Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in this Prospectus
Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and
purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement)

CDSC Waivers on Class A, B and C
Shares available at Merrill Lynch

Death or disability of the shareholder
Shares sold as part of a systematic withdrawal plan as described in this Prospectus
Return of excess contributions from an IRA Account
Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70 12
Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch
Shares acquired through a Right of Reinstatement
Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to Class A and C
shares only)

Front-end load Discounts Available
at Merrill Lynch: Breakpoints, Rights of Accumulation & Letters of Intent

Breakpoints as described in this Prospectus
Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts
within the purchaser’s household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about
such assets



Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable)

Morgan Stanley Wealth Management

Shareholders purchasing Fund
shares through a Morgan Stanley Wealth Management transactional brokerage account are eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and be more
limited than those disclosed elsewhere in this Fund&#39;s Prospectus or SAI.

Front-End Sales Charge Waivers on
Class A Shares Available at Morgan Stanley Wealth Management

Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision,
employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans
Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules
Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund
Shares purchased through a Morgan Stanley self-directed brokerage account
Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management’s share
class conversion program
Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and
purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.

Ameriprise Financial

Class A Shares Front-End Sales
Charge Waivers Available at Ameriprise Financial

The following information applies
to Class A shares purchases if you have an account with or otherwise purchase Fund shares through Ameriprise Financial

Shareholders purchasing Fund
shares through an Ameriprise Financial platform or account are eligible for the following front-end sales charge waivers and discounts, which may differ from those disclosed elsewhere in this Fund&#39;s Prospectus or
SAI.

Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision,
employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.
Shares purchased through an Ameriprise Financial investment advisory program (if an Advisory or similar share class for such investment advisory program is not available).
Shares purchased by third party investment advisors on behalf of their advisory clients through Ameriprise Financial’s platform (if an Advisory or similar share class for such investment advisory program is
not available).
Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).
Shares exchanged from Class C shares of the same fund in the month of or following the 10-year anniversary of the purchase date.  To the extent that this Prospectus elsewhere provides for a waiver with respect
to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this Prospectus elsewhere provides for a waiver with respect to exchanges of
Class C shares for load waived shares, that waiver will also apply to such exchanges.
Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.
Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts,  401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that
are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father,



grandmother, grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse
of a covered family member who is a lineal descendant.
Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and
purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement).

Raymond James & Associates,
Inc., Raymond James Financial Services and each entity’s affiliates (“Raymond James”)

Shareholders purchasing fund
shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody
services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere
in this Fund’s Prospectus or SAI.

Front-end sales load waivers on
Class A shares available at Raymond James

Shares purchased in an investment advisory program.
Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).
Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.
Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account,
and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).
A shareholder in the Fund’s Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are
no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James.

CDSC Waivers on Classes A, B and C
shares available at Raymond James

Death or disability of the shareholder.
Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus.
Return of excess contributions from an IRA Account.
Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70 12 as described in the Fund’s Prospectus.
Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.
Shares acquired through a right of reinstatement.

Front-end load discounts available
at Raymond James: breakpoints, and/or rights of accumulation, and/or letters of intent

Breakpoints as described in this Prospectus.
Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s
household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation calculation only if the shareholder notifies his or her financial advisor
about such assets.
Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at
Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.



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FOR MORE INFORMATION
Please read this Prospectus before you invest in the Fund and keep it for future reference.
For information or shareholder questions contact:
MAIL
Prudential Mutual Fund Services LLC
PO Box 9658
Providence, RI 02940
WEBSITE
www.pgiminvestments.com
TELEPHONE
(800) 225-1852
(973) 367-3529
(from outside the US)
E-DELIVERY
To receive your mutual fund documents on-line, go to www.pgiminvestments.com/edelivery and enroll. Instead of receiving printed documents by mail, you will receive notification via email when
new materials are available. You can cancel your enrollment or change your email address at any time by visiting the website address above.
The Annual and Semi-Annual Reports and the SAI contain additional information about the Fund. Shareholders may obtain free copies of the SAI, Annual Report and Semi-Annual
Report as well as other information about the Fund and may make other shareholder inquiries through the telephone number, address and website listed above.
STATEMENT OF ADDITIONAL INFORMATION (SAI)
(incorporated by reference into this Prospectus) SEMI-ANNUAL REPORT
ANNUAL REPORT
(contains a discussion of the market conditions and investment strategies that significantly affected the Fund&#39;s performance during the last fiscal year)
You can also obtain copies of Fund documents, including the SAI, from the Securities and Exchange Commission as follows (the SEC charges a fee to copy documents):
ELECTRONIC REQUEST
publicinfo@sec.gov
VIA THE INTERNET
on the EDGAR Database at www.sec.gov
PGIM Jennison Technology Fund
Classe d'actions Un C Z R6
NASDAQ PGKAX PGKCX PGKZX PGKRX
CUSIP 744336652 744336645 744336637 744336629
MF240STAT The Fund&#39;s Investment Company Act File No. 811-08565

PGIM
INVESTMENTS | Bringing you the investment managers of Prudential Financial, Inc.

PGIM
Jennison Technology Fund

STATEMENT OF ADDITIONAL
INFORMATION  | 2020 m. 30 janvier

This Statement of Additional Information (SAI) of
PGIM Jennison Technology Fund (the Fund) is not a prospectus and should be read in conjunction with the Prospectus of the Fund dated January 30, 2020. The Prospectus can be obtained, without charge, by calling (800)
225-1852 or by writing to Prudential Mutual Fund Services LLC, P.O. Box 9658, Providence, RI 02940. This SAI has been incorporated by reference into the Fund’s current Prospectus.

PGIM Jennison Technology Fund is a
series of Prudential Investment Portfolios 12 (PIP 12). PIP 12 has five other series, PGIM US Real Estate Fund, PGIM QMA Long-Short Equity Fund, PGIM Short Duration Muni High Income Fund, PGIM Global Real Estate Fund
and PGIM QMA Large-Cap Core Equity PLUS Fund, each of which is currently offered pursuant to separate prospectuses and separate SAIs. The information presented in this SAI applies only to PGIM Jennison Technology
Fund.

PGIM Jennison Technology
Fund’s audited financial statements are incorporated by reference into this SAI by reference to the Fund’s 2019 Annual Report (File No. 811-08565). You may request a copy of the Annual Report at no charge
by calling (800)-225-1852.

PGIM Jennison Technology Fund
A: PGKAX C: PGKCX Z: PGKZX R6: PGKRX

To enroll in e-delivery, go to
pgiminvestments.com/edelivery

MF240B





PART I

ĮVADAS

This SAI sets forth information
about PGIM Jennison Technology Fund (the Fund), which is one of the six mutual funds (series) which together comprise Prudential Investment Portfolios 12 (the Trust). It provides additional information about the Board
of Trustees, the advisory services provided to and the management fees paid by the Fund, and information about other fees paid by and services provided to the Fund. This SAI also provides information about the
investment policies and other investment information relevant to the Fund.

Information pertaining to the five
other series of the Trust, which are PGIM Global Real Estate Fund, PGIM US Real Estate Fund, PGIM Short Duration Muni High Income Fund, PGIM QMA Large-Cap Core Equity PLUS Fund and PGIM QMA Long-Short Equity Fund,
appears in separate prospectuses and separate SAIs.

Before reading the SAI, you should
consult the Glossary below, which defines certain of the terms used in the SAI:

GLOSSARY

Durée Définition
1933 Act Securities Act of 1933, as amended
1934 Act Securities Exchange Act of 1934, as amended
1940 Act Investment Company Act of 1940, as amended
1940 Act Laws, Interpretations and Exemptions Exemptive order, SEC release, no-action letter or similar relief or interpretations,
collectively
ADR American Depositary Receipt
ADS American Depositary Share
Board Fund’s Board of Directors or Trustees
Board Member A trustee or director of the Fund’s Board
CEA Commodity Exchange Act, as amended
CFTC US Commodity Futures Trading Commission
Kodas Internal Revenue Code of 1986, as amended
CMO Collateralized Mortgage Obligation
ETF Exchange-Traded Fund
EDR European Depositary Receipt
Exchange NYSE Arca, Inc.
Fannie Mae Federal National Mortgage Association
FDIC Federal Deposit Insurance Corporation
Fitch Fitch Ratings, Inc.
Freddie Mac Federal Home Loan Mortgage Corporation
GDR Global Depositary Receipt
Ginnie Mae Government National Mortgage Association
IPO Initial Public Offering
IRS Internal Revenue Service
LIBOR London Interbank Offered Rate
Manager or PGIM Investments PGIM Investments LLC
Moody’s Moody’s Investors Service, Inc.
NASDAQ National Association of Securities Dealers Automated Quotations System
NAV Net Asset Value
NRSRO Nationally Recognized Statistical Rating Organization
NYSE Bourse de New York
OTC Over the Counter
Prudential Prudential Financial, Inc.



Durée Définition
PMFS Prudential Mutual Fund Services LLC
QPTP “Qualified publicly traded partnership” as the term is used in the Internal
Revenue Code of 1986, as amended
REIT Real Estate Investment Trust
RIC Regulated Investment Company, as the term is used in the Internal Revenue Code of 1986,
as amended
S&P S&P Global Ratings
SEC US Securities and Exchange Commission
World Bank International Bank for Reconstruction and Development

FUND CLASSIFICATION, INVESTMENT
Objectives & POLICIES

The Trust is an open-end management
investment company. As noted above, the Trust is comprised of six mutual funds (series):

PGIM Jennison Technology Fund
PGIM Global Real Estate Fund
PGIM US Real Estate Fund
PGIM Short Duration Muni High Income Fund
PGIM QMA Long-Short Equity Fund
PGIM QMA Large-Cap Core Equity PLUS Fund

This SAI discusses only PGIM
Jennison Technology Fund (the Fund). PGIM Global Real Estate Fund, PGIM US Real Estate Fund, PGIM Short Duration Muni High Income Fund, PGIM QMA Long-Short Equity Fund, and PGIM QMA Large-Cap Core Equity PLUS Fund are
discussed in separate prospectuses and separate SAIs.

The investment objective of the
Fund is to seek long term capital appreciation. The Fund is a non-diversified series of the Trust. Because the Fund is non-diversified, it may invest more than 5% of its total assets in the securities of any one
issuer. Investment in a non-diversified fund involves greater risk than investment in a diversified fund because losses resulting from an investment in a single issuer may represent a greater portion of the total
assets of a non-diversified fund.

INVESTMENT RISKS AND
CONSIDERATIONS

Set forth below are descriptions of
some of the types of investments and investment strategies that the Fund may use and the risks and considerations associated with those investments and strategies. The order of the below investments, investment
strategies and risks does not indicate the significance of any particular investment, investment strategy or risk. The Fund may also may invest from time to time in certain types of investments and investment
strategies that are not discussed below.  Please also see the Fund’s Prospectus and the “Fund Classification, Investment Objective & Policies” section of this SAI.

ASIA-PACIFIC COUNTRIES INVESTMENTS
RISK. In addition to the risks of foreign investing and the risks of investing in emerging markets, the developing market Asia-Pacific countries in which the Fund may invest are subject to
certain additional or specific risks. There is a high concentration of market capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as a high concentration
of investors and financial intermediaries. Many of these markets also may be affected by developments with respect to more established markets in the region such as in Japan and Hong Kong. Brokers in developing market
Asia-Pacific countries typically are fewer in number and less well capitalized than brokers in the United States. These factors, combined with the US regulatory requirements for open-end investment companies and the
restrictions on foreign investment discussed below, result in potentially fewer investment opportunities for the Fund and may have an adverse impact on the investment performance of the Fund.

Many of the developing market
Asia-Pacific countries may be subject to a greater degree of economic, political and social instability than is the case in the United States and Western European countries. Such instability may result from, among
other things: (i) authoritarian governments or military involvement in political and economic decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated with
demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations with neighboring countries; (v) ethnic, religious and racial disaffection; (vi) nationalization of
property and/or confiscatory taxation; and (vii) piracy of intellectual property, data and other security breaches, especially of data stored electronically. In addition, the governments of many such countries, such
as India, Indonesia and Vietnam, have a heavy role in regulating and supervising the economy. Another risk common to most such countries is that the economy is heavily export oriented and, accordingly, is dependent
upon international trade. The existence of overburdened infrastructure and obsolete financial systems also present risks in certain countries, as do environmental problems. Certain economies also depend to a
significant degree upon exports of primary commodities and, therefore, are vulnerable to changes in commodity prices that, in turn, may be affected by a variety of factors.


PGIM Jennison Technology
Fund    4




The legal systems in certain
developing market Asia-Pacific countries also may have an adverse impact on the Fund. For example, while the potential liability of a shareholder in a US corporation with respect to acts of the corporation is
generally limited to the amount of the shareholder’s investment, the notion of limited liability is less clear in certain emerging market Asia-Pacific countries. Similarly, the rights of investors in developing
market Asia-Pacific companies may be more limited than those of shareholders of US corporations. It may be difficult or impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.

Governments of many developing
market Asia-Pacific countries have exercised and continue to exercise substantial influence over many aspects of the private sector. In certain cases, the government owns or controls many companies, including the
largest in the country. Accordingly, government actions in the future could have a significant effect on economic conditions in developing market Asia-Pacific countries, which could affect private sector companies and
the Fund itself, as well as the value of securities in the Fund’s portfolio. In addition, economic statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more
developed nations.

In addition to the relative lack of
publicly available information about developing market Asia-Pacific issuers and the possibility that such issuers may not be subject to the same accounting, auditing and financial reporting standards as US companies,
inflation accounting rules in some developing market Asia-Pacific countries require companies that keep accounting records in the local currency, for both tax and accounting purposes, to restate certain assets and
liabilities on the company’s balance sheet in order to express items in terms of currency of constant purchasing power. Inflation accounting may indirectly generate losses or profits for certain developing
market Asia-Pacific companies. Satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific countries, which may result in the Fund incurring additional costs and
delays in providing transportation and custody services for such securities outside such countries.

Certain Asia-Pacific countries are
especially large debtors to commercial banks and foreign governments. Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may not be practicable or appropriate to invest in
a particular Asia-Pacific country. A Fund may invest in countries in which foreign investors, including management of the Fund, have had no or limited prior experience.

Certain Asian countries have
democracies with relatively short histories, which may increase the risk of political instability. These countries have faced political and military unrest, and further unrest could present a risk to their local
economies and securities markets. Indonesia and the Philippines have each experienced violence and terrorism, which has negatively impacted their economies. North Korea and South Korea each have substantial military
capabilities, and historical tensions between the two countries present the risk of war. Escalated tensions involving the two countries and any outbreak of hostilities between the two countries, or even the threat of
an outbreak of hostilities, could have a severe adverse effect on the entire Asian region. Certain Asian countries have also developed increasingly strained relationships with the US, and if these relations were to
worsen, they could adversely affect Asian issuers that rely on the US for trade. Political, religious, and border disputes persist in India. India has recently experienced and may continue to experience civil unrest
and hostilities with certain of its neighboring countries. Increased political and social unrest in these geographic areas could adversely affect the performance of investments in this region.

Restrictions on Foreign Investments
in Asia-Pacific Countries.Some developing Asia-Pacific countries prohibit or impose substantial restrictions on investments in their capital markets, particularly their equity markets, by foreign entities such as
the Fund. As illustrations, certain countries may require governmental approval prior to investments by foreign persons or limit the amount of investment by foreign persons in a particular company or limit the
investment by foreign persons to only a specific class of securities of a company which may have less advantageous terms (including price) than securities of the company available for purchase by nationals. There can
be no assurance that the Fund will be able to obtain required governmental approvals in a timely manner. In addition, changes to restrictions on foreign ownership of securities subsequent to the Fund’s purchase
of such securities may have an adverse effect on the value of such shares. Certain countries may restrict investment opportunities in issuers or industries deemed important to national interests.

The manner in which foreign
investors may invest in companies in certain developing Asia-Pacific countries, as well as limitations on such investments, also may have an adverse impact on the operations of the Fund. For example, the Fund may be
required in certain of such countries to invest initially through a local broker or other entity and then have the shares purchased re-registered in the name of the Fund. Re-registration may in some instances not be
able to occur on a timely basis, resulting in a delay during which the Fund may be denied certain of its rights as an investor, including rights as to dividends or to be made aware of certain corporate actions. Ten
also may be instances where the Fund places a purchase order but subsequently learns, at the time of re-registration, that the permissible allocation of the investment to foreign investors has been filled, depriving
the Fund of the ability to make its desired investment at that time.




Substantial limitations may exist
in certain countries with respect to the Fund’s ability to repatriate investment income, capital or the proceeds of sales of securities by foreign investors. A Fund could be adversely affected by delays in, or a
refusal to grant, any required governmental approval for repatriation of capital, as well as by the application to the Fund of any restrictions on investments. For example, in September 1998, Malaysia imposed currency
controls that limited funds’ ability to repatriate proceeds of Malaysian investments. It is possible that Malaysia, or certain other countries may impose similar restrictions or other restrictions relating to
their currencies or to securities of issuers in those countries. To the extent that such restrictions have the effect of making certain investments illiquid, securities may not be available to meet redemptions.
Depending on a variety of financial factors, the percentage of the Fund’s portfolio subject to currency controls may increase. In the event other countries impose similar controls, the portion of the
Fund’s assets that may be used to meet redemptions may be further decreased. Even where there is no outright restriction on repatriation of capital, the mechanics of repatriation may affect certain aspects of
the operations of the Fund. For example, funds may be withdrawn from the People’s Republic of China only in US or Hong Kong dollars and only at an exchange rate established by the government once each week. À
certain countries, banks or other financial institutions may be among the leading companies or have actively traded securities. The 1940 Act restricts the Fund’s investments in any equity securities of an issuer
that, in its most recent fiscal year, derived more than 15% of its revenues from “securities related activities,” as defined by the rules thereunder. These provisions may restrict the Fund’s
investments in certain foreign banks and other financial institutions.

In addition to the risks listed
above, investing in China presents additional risks. Investing in China involves a high degree of risk and special considerations not typically associated with investing in other more established economies or
securities markets. Such risks may include: (a) the risk of nationalization or expropriation of assets or confiscatory taxation; (b) greater social, economic and political uncertainty (including the risk of war and
social unrest); (c) dependency on exports and the corresponding importance of international trade; (d) the increasing competition from Asia’s other low-cost emerging economies; (e) greater price volatility and
significantly smaller market capitalization of securities markets; (f) substantially less liquidity, particularly of certain share classes of Chinese securities; (g) currency exchange rate fluctuations and the lack of
available currency hedging instruments; (h) higher rates of inflation; (i) controls on foreign investment and limitations on repatriation of invested capital and on the Fund’s ability to exchange local
currencies for US dollars; (j) greater governmental involvement in and control over the economy; (k) the risk that the Chinese government may decide not to continue to support the economic reform programs implemented
since 1978 and could return to the prior, completely centrally planned, economy; (l) the fact that Chinese companies, particularly those located in China, may be smaller, less seasoned and newly-organized; (m) the
difference in, or lack of, auditing and financial reporting standards which may result in unavailability of material information about issuers, particularly in China; (n) the fact that statistical information
regarding the economy of China may be inaccurate or not comparable to statistical information regarding the US or other economies; (o) the less extensive, and still developing, regulation of the securities markets,
business entities and commercial transactions; (p) the fact that the settlement period of securities transactions in foreign markets may be longer; (q) the willingness and ability of the Chinese government to support
the Chinese and Hong Kong economies and markets is uncertain; (r) the risk that it may be more difficult, or impossible, to obtain and/or enforce a judgment than in other countries; and (s) the rapidity and erratic
nature of growth, particularly in China, resulting in efficiencies and dislocations.

Investment in China is subject to
certain political risks. Following the establishment of the People’s Republic of China by the Communist Party in 1949, the Chinese government renounced various debt obligations incurred by China’s
predecessor governments, which obligations remain in default, and expropriated assets without compensation. There can be no assurance that the Chinese government will not take similar action in the future.
political reunification of China and Taiwan is a highly problematic issue and is unlikely to be settled in the near future. This situation poses a threat to Taiwan’s economy and could negatively affect its stock
market.

Hong Kong reverted to Chinese
sovereignty on July 1, 1997 as a Special Administrative Region of the People’s Republic of China under the principle of “one country, two systems.” Although China is obligated to maintain the current
capitalist economic and social system of Hong Kong through June 30, 2047, the continuation of economic and social freedoms enjoyed in Hong Kong is dependent on the government of China. Since 1997, there have been
tensions between the Chinese government and many people in Hong Kong regarding China&#39;s perceived tightening of control over Hong Kong&#39;s semi-autonomous liberal political, economic, legal, and social framework. Recent
protests may prompt the Chinese and Hong Kong governments to rapidly address Hong Kong&#39;s future relationship with mainland China, which remains unresolved. Due to the interconnected nature of the Hong Kong and Chinese
economies, this instability in Hong Kong may cause uncertainty in the Hong Kong and Chinese markets. In addition, the Hong Kong dollar trades at a fixed exchange rate in relation to (or, is “pegged” to)
the US dollar, which has contributed to the growth and stability of the Hong Kong economy. However, it is uncertain how long the currency peg will continue or what effect the establishment of an alternative exchange
rate system would have on the Hong Kong economy. Because the Fund&#39;s NAV is denominated in US dollars, the establishment of an alternative exchange rate system could result in a decline in the Fund’s NAV.

The Chinese economy has grown
rapidly during the past several years but there is no assurance that this growth rate will be maintained. In fact, the Chinese economy may experience a significant slowdown as a result of, among other things, a
deterioration in global demand for Chinese exports, as well as contraction in spending on domestic goods by Chinese consumers. In addition, China may experience


PGIM Jennison Technology
Fund    6




substantial rates of inflation or economic
recessions, which would have a negative effect on the economy and securities market. Delays in enterprise restructuring, slow development of well-functioning financial and widespread corruption have also hindered
performance of the Chinese economy. China continues to receive substantial pressure from trading partners to liberalize official currency exchange rates.

Risk of Investing through Stock
Prisijungti . China A-shares (“A-shares”) are equity securities of companies based in mainland China that trade on Chinese stock exchanges such as the Shanghai Stock Exchange
(“SSE”) and the Shenzhen Stock Exchange (“SZSE”). Foreign investment in A-shares on the SSE and SZSE has historically not been permitted, other than through a license granted under regulations
in the People’s Republic of China (“PRC”) known as the Qualified Foreign Institutional Investor and Renminbi (“RMB”) Qualified Foreign Institutional Investor systems. Each license permits
investment in A-shares only up to a specified quota.

Investment in eligible A-shares
listed and traded on the SSE is also permitted through the Shanghai-Hong Kong Stock Connect program (“Stock Connect”). Stock Connect is a securities trading and clearing program established by Hong Kong
Securities Clearing Company Limited (“HKSCC”), the SSE and China Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock market access between the PRC
and Hong Kong by permitting investors to trade and settle shares on each market through their local exchanges. The Fund may invest in A-shares through Stock Connect or on such other stock exchanges in China which
participate in Stock Connect from time to time. Under Stock Connect, the Fund’s trading of eligible A-shares listed on the SSE would be effectuated through its Hong Kong broker.

Although no individual investment
quotas or licensing requirements apply to investors in Stock Connect, trading through Stock Connect’s Northbound Trading Link is subject to aggregate and daily investment quota limitations that require that buy
orders for A-shares be rejected once the remaining balance of the relevant quota drops to zero or the daily quota is exceeded (although the Fund will be permitted to sell A-shares regardless of the quota balance).
These limitations may restrict the Fund from investing in A-shares on a timely basis, which could affect the Fund’s ability to effectively pursue its investment strategy. Investment quotas are also subject to
change.

Investment in eligible A-shares
through Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to the Fund. A-shares purchased through Stock Connect generally may not be sold or otherwise transferred other
than through Stock Connect in accordance with applicable rules. For example, PRC regulations require that in order for an investor to sell any A-shares on a certain trading day, there must be sufficient A-shares in
the investor’s account before the market opens on that day. If there are insufficient A-shares in the investor’s account, the sell order will be rejected by the SSE. The Stock Exchange of Hong Kong
(“SEHK”) carries out pre-trade checking on sell orders of certain stocks listed on the SSE market (“SSE Securities”) of its participants (i.e., stock brokers) to ensure that this requirement is
satisfied. While shares must be designated as eligible to be traded under Stock Connect, those shares may also lose such designation, and if this occurs, such shares may be sold but cannot be purchased through Stock
Connect. In addition, Stock Connect will only operate on days when both the Chinese and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding settlement days. Par conséquent,
an investment in A-shares through Stock Connect may subject the Fund to a risk of price fluctuations on days where the Chinese market is open, but Stock Connect is not trading. Moreover, day (turnaround) trading is
not permitted on the A-shares market. If an investor buys A-shares on day “T,” the investor will only be able to sell the A-shares on or after day T+1. Further, since all trades of eligible Stock Connect
A-shares must be settled in RMB, investors must have timely access to a reliable supply of offshore RMB, which cannot be guaranteed.

A-shares held through the nominee
structure under Stock Connect will be held through HKSCC as nominee on behalf of investors. The precise nature and rights of the Fund as the beneficial owner of the SSE Securities through HKSCC as nominee is not well
defined under PRC law. There is lack of a clear definition of, and distinction between, legal ownership and beneficial ownership under PRC law and there have been few cases involving a nominee account structure in the
PRC courts. The exact nature and methods of enforcement of the rights and interests of the Fund under PRC law is also uncertain. In the unlikely event that HKSCC becomes subject to winding up proceedings in Hong Kong
there is a risk that the SSE Securities may not be regarded as held for the beneficial ownership of the Fund or as part of the general assets of HKSCC available for general distribution to its creditors.
Notwithstanding the fact that HKSCC does not claim proprietary interests in the SSE Securities held in its omnibus stock account in the CSDCC, the CSDCC as the share registrar for SSE listed companies will still treat
HKSCC as one of the shareholders when it handles corporate actions in respect of such SSE Securities. HKSCC monitors the corporate actions affecting SSE Securities and keeps participants of Central Clearing and
Settlement System (“CCASS”) informed of all such corporate actions that require CCASS participants to take steps in order to participate in them. Investors may only exercise their voting rights by
providing their voting instructions to the HKSCC through participants of the CCASS. All voting instructions from CCASS participants will be consolidated by HKSCC, who will then submit a combined single voting
instruction to the relevant SSE-listed company.




The Fund’s investments
through Stock Connect’s Northbound Trading Link are not covered by Hong Kong’s Investor Compensation Fund. Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of
any nationality who suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation to exchange-traded products in Hong Kong. In addition, since the Fund is
carrying out Northbound trading through securities brokers in Hong Kong but not PRC brokers, it is not protected by the China Securities Investor Protection Fund in the PRC.

Market participants are able to
participate in Stock Connect subject to meeting certain information technology capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing house. Further, the
“connectivity” in Stock Connect requires the routing of orders across the border of Hong Kong and the PRC, including the development of new information technology systems on the part of the SEHK and
exchange participants. Because Stock Connect is relatively new, the actual effect on the market for trading A-shares with the introduction of large numbers of foreign investors is unknown. There is no assurance that
these systems will function properly or will continue to be adapted to changes and developments in both markets. In the event that the relevant systems fail to function properly, trading in A-shares through Stock
Connect could be disrupted.

Stock Connect is subject to
regulations promulgated by regulatory authorities for both exchanges. New regulations may be issued from time to time by the regulators and stock exchanges in PRC and Hong Kong in connection with operations, legal
enforcement and cross-border trades under Stock Connect. The Fund may be adversely affected as a result of such changes. Furthermore, the securities regimes and legal systems of PRC and Hong Kong differ significantly
and issues may arise based on these differences. In addition, the Fund’s investments in A-shares through Stock Connect are generally subject to Chinese securities regulations and listing rules, among other
restrictions. Further, different fees, costs and taxes are imposed on foreign investors acquiring A-shares obtained through Stock Connect, and these fees, costs and taxes may be higher than comparable fees, costs and
taxes imposed on owners of other securities providing similar investment exposure.

A-Share Market Suspension
Risk. A-shares may only be bought from, or sold to, the Fund at times when the relevant A-shares may be sold or purchased on the relevant Chinese stock exchange. The A-shares market has
historically had a higher propensity for trading suspensions than many other global equity markets. Trading suspensions in certain stocks could lead to greater market execution risk and costs for the Fund. The SSE
currently applies a daily price limit, set at 10%, of the amount of fluctuation permitted in the prices of A-shares during a single trading day. The daily price limit refers to price movements only and does not
restrict trading within the relevant limit. There can be no assurance that a liquid market on an exchange will exist for any particular A-share or for any particular time.

BORROWING AND LEVERAGE. Unless noted otherwise, the Fund may borrow up to 33 13% of the value of its total assets (calculated at the time of the borrowing). A Fund may pledge up to 33 13% of its total assets to secure these borrowings. If the Fund’s asset coverage for borrowings falls below 300%, the Fund will take prompt action to reduce borrowings. If the Fund
borrows to invest in securities, any investment gains made on the securities in excess of interest paid on the borrowing will cause the NAV of the shares to rise faster than would otherwise be the case. On the other
hand, if the investment performance of the additional securities purchased fails to cover their cost (including any interest paid on the money borrowed) to the Fund, the NAV of the Fund’s shares will decrease
faster than would otherwise be the case. This is the speculative factor known as “leverage.” In addition, the Fund may use certain investment management techniques (collectively, “effective
leverage”), such as certain derivatives, that may provide leverage and are not subject to the borrowing limitation noted above.

A Fund may borrow from time to
time, at the discretion of the subadviser, to take advantage of investment opportunities, when yields on available investments exceed interest rates and other expenses of related borrowing, or when, in the
subadviser&#39;s opinion, unusual market conditions otherwise make it advantageous for the Fund to increase its investment capacity. A Fund will only borrow when there is an expectation that it will benefit the Fund after
taking into account considerations such as interest income and possible losses upon liquidation. Borrowing by the Fund creates an opportunity for increased net income but, at the same time, creates risks, including
the fact that leverage may exaggerate changes in the NAV of Fund shares and in the yield on the Fund. Unless otherwise stated, the Fund may borrow through forward rolls, dollar rolls or reverse repurchase
agreements.

CONVERTIBLE SECURITIES. A Fund may invest in convertible securities. Convertible securities entitle the holder to receive interest payments paid on corporate debt securities or the dividend preference on a
preferred stock until such time as the convertible security matures or is redeemed or until the holder elects to exercise the conversion privilege.

The characteristics of convertible
securities make them appropriate investments for an investment company seeking long-term capital appreciation and/or total return. These characteristics include the potential for capital appreciation as the value of
the underlying common stock increases, the relatively high yield received from dividend or interest payments as compared to common stock dividends and decreased risks of decline in value relative to the underlying
common stock due to their fixed income nature. As a result of the conversion feature, however, the interest rate or dividend preference on a convertible security is generally less than would be the case if the
securities were issued in nonconvertible form.


PGIM Jennison Technology
Fund    8




In analyzing convertible
securities, the subadviser will consider both the yield on the convertible security relative to its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other
things.

Convertible securities are issued
and traded in a number of securities markets. Even in cases where a substantial portion of the convertible securities held by the Fund are denominated in US dollars, the underlying equity securities may be quoted in
the currency of the country where the issuer is domiciled. With respect to convertible securities denominated in a currency different from that of the underlying equity securities, the conversion price may be based on
a fixed exchange rate established at the time the security is issued. As a result, fluctuations in the exchange rate between the currency in which the debt security is denominated and the currency in which the share
price is quoted will affect the value of the convertible security. As described below, the Fund is authorized to enter into foreign currency hedging transactions in which the Fund may seek to reduce the effect of such
fluctuations.

Apart from currency considerations,
the value of convertible securities is influenced by both the yield of nonconvertible securities of comparable issuers and by the value of the underlying common stock. The value of a convertible security viewed
without regard to its conversion feature (i.e., strictly on the basis of its yield) is sometimes referred to as its “investment value.” To the extent interest rates change, the investment value of the
convertible security typically will fluctuate. However, at the same time, the value of the convertible security will be influenced by its “conversion value,” which is the market value of the underlying
common stock that would be obtained if the convertible security were converted. Conversion value fluctuates directly with the price of the underlying common stock. If, because of a low price of the common stock, the
conversion value is substantially below the investment value of the convertible security, the price of the convertible security is governed principally by its investment value.

To the extent the conversion value
of a convertible security increases to a point that approximates or exceeds its investment value, the price of the convertible security will be influenced principally by its conversion value. A convertible security
will sell at a premium over the conversion value to the extent investors place value on the right to acquire the underlying common stock while holding a fixed income security. The yield and conversion premium of
convertible securities issued in Japan and the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more than the securities&#39; investment value.

Holders of convertible securities
generally have a claim on the assets of the issuer prior to the common stockholders but may be subordinated to other debt securities of the same issuer. A convertible security may be subject to redemption at the
option of the issuer at a price established in the charter provision, indenture or other governing instrument pursuant to which the convertible security was issued. If a convertible security held by the Fund is called
for redemption, the Fund will be required to redeem the security, convert it into the underlying common stock or sell it to a third party. Certain convertible debt securities may provide a put option to the holder,
which entitles the holder to cause the security to be redeemed by the issuer at a premium over the stated principal amount of the debt security under certain circumstances.

Synthetic convertible securities
may be either (i) a debt security or preferred stock that may be convertible only under certain contingent circumstances or that may pay the holder a cash amount based on the value of shares of underlying common stock
partly or wholly in lieu of a conversion right (a “Cash-Settled Convertible”), (ii) a combination of separate securities chosen by the subadviser in order to create the economic characteristics of a
convertible security, i.e., a fixed income security paired with a security with equity conversion features, such as an option or warrant (a “Manufactured Convertible”) or (iii) a synthetic security
manufactured by another party.

Synthetic convertible securities
may include either Cash-Settled Convertibles or Manufactured Convertibles. Cash-Settled Convertibles are instruments that are created by the issuer and have the economic characteristics of traditional convertible
securities but may not actually permit conversion into the underlying equity securities in all circumstances. As an example, a private company may issue a Cash-Settled Convertible that is convertible into common stock
only if the company successfully completes a public offering of its common stock prior to maturity and otherwise pays a cash amount to reflect any equity appreciation. Manufactured Convertibles are created by the
subadviser by combining separate securities that possess one of the two principal characteristics of a convertible security, i.e., fixed income (“fixed income component”) or a right to acquire equity
securities (“convertibility component”). The fixed income component is achieved by investing in nonconvertible fixed income securities, such as nonconvertible bonds, preferred stocks and money market
instruments. The convertibility component is achieved by investing in call options, warrants, or other securities with equity conversion features (“equity features”) granting the holder the right to
purchase a specified quantity of the underlying stocks within a specified period of time at a specified price or, in the case of a stock index option, the right to receive a cash payment based on the value of the
underlying stock index.

A Manufactured Convertible differs
from traditional convertible securities in several respects. Unlike a traditional convertible security, which is a single security having a unitary market value, a Manufactured Convertible is comprised of two or more
separate securities, each with its own market value. Therefore, the total “market value” of such a Manufactured Convertible is the sum of the values of its fixed income component and its convertibility
component.




More flexibility is possible in the
creation of a Manufactured Convertible than in the purchase of a traditional convertible security. Because many corporations have not issued convertible securities, the subadviser may combine a fixed income instrument
and an equity feature with respect to the stock of the issuer of the fixed income instrument to create a synthetic convertible security otherwise unavailable in the market. The subadviser may also combine a fixed
income instrument of an issuer with an equity feature with respect to the stock of a different issuer when the subadviser believes such a Manufactured Convertible would better promote the Fund’s objective(s)
than alternate investments. For example, the subadviser may combine an equity feature with respect to an issuer&#39;s stock with a fixed income security of a different issuer in the same industry to diversify the
Fund’s credit exposure, or with a US Treasury instrument to create a Manufactured Convertible with a higher credit profile than a traditional convertible security issued by that issuer. A Manufactured
Convertible also is a more flexible investment in that its two components may be purchased separately and, upon purchasing the separate securities, “combined” to create a Manufactured Convertible. Dėl
example, the Fund may purchase a warrant for eventual inclusion in a Manufactured Convertible while postponing the purchase of a suitable bond to pair with the warrant pending development of more favorable market
conditions.

The value of a Manufactured
Convertible may respond differently to certain market fluctuations than would a traditional convertible security with similar characteristics. For example, in the event the Fund created a Manufactured Convertible by
combining a short-term US Treasury instrument and a call option on a stock, the Manufactured Convertible would likely outperform a traditional convertible of similar maturity that is convertible into that stock during
periods when Treasury instruments outperform corporate fixed income securities and underperform during periods when corporate fixed income securities outperform Treasury instruments.

CORPORATE/BANK LOANS.Commercial banks and other financial institutions make loans to companies. These loans may be variously referred to as corporate loans, bank loans, or bank floating rate loans
(“corporate loans”). Borrowers generally pay interest on corporate loans at rates that change in response to changes in market interest rates such as the LIBOR or the prime rate of US banks. Kaip rezultatas,
the value of corporate loan investments is generally responsive to shifts in market interest rates. Because the trading market for corporate loans is less developed than the secondary market for bonds and notes, the
Fund may experience difficulties from time to time in selling its corporate loans. Borrowers frequently provide collateral to secure repayment of these obligations. Leading financial institutions often act as agent
for a broader group of lenders, generally referred to as a “syndicate.” The syndicate&#39;s agent arranges the corporate loans, holds collateral and accepts payments of principal and interest. If the agent
develops financial problems, the Fund may not recover its investment, or there might be a delay in the Fund’s recovery. By investing in a corporate loan, the Fund becomes a member of the syndicate.

As in the case of junk bonds, the
corporate loans in which the Fund may invest can be expected to provide higher yields than higher-rated fixed income securities but may be subject to greater risk of loss of principal and interest. There are, however,
some significant differences between corporate loans and junk bonds. Corporate loans are frequently secured by pledges of liens and security interests in the assets of the borrower, and the holders of corporate loans
are frequently the beneficiaries of debt service subordination provisions imposed on the borrower&#39;s bondholders. These arrangements are designed to give corporate loan investors preferential treatment over junk bond
investors in the event of a deterioration in the credit quality of the issuer. Even when these arrangements exist, however, there can be no assurance that the principal and interest owed on the corporate loans will be
repaid in full. Corporate loans generally bear interest at rates set at a margin above a generally recognized base lending rate that may fluctuate on a day-to-day basis, in the case of the prime rate of a US bank, or
that may be adjusted on set dates, typically 30 days but generally not more than one year, in the case of LIBOR. Consequently, the value of corporate loans held by the Fund may be expected to fluctuate significantly
less than the value of fixed rate junk bond instruments as a result of changes in the interest rate environment. On the other hand, the secondary dealer market for corporate loans is not as well developed as the
secondary dealer market for junk bonds, and therefore presents increased market risk relating to liquidity and pricing concerns.

The Fund may acquire interests in
corporate loans by means of a novation, assignment or participation. In a novation, the Fund would succeed to all the rights and obligations of the assigning institution and become a contracting party under the credit
agreement with respect to the debt obligation. As an alternative, the Fund may purchase an assignment, in which case the Fund may be required to rely on the assigning institution to demand payment and enforce its
rights against the borrower but would otherwise typically be entitled to all of such assigning institution&#39;s rights under the credit agreement. Participation interests in a portion of a debt obligation typically
result in a contractual relationship only with the institution selling the participation interest and not with the borrower. In purchasing a loan participation, the Fund generally will have no right to enforce
compliance by the borrower with the terms of the loan agreement, nor any rights of set-off against the borrower, and the Fund may not directly benefit from the collateral supporting the debt obligation in which it has
purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the institution selling the participation to the Fund.

The Fund’s ability to receive
payments of principal and interest and other amounts in connection with loans (whether through participations, assignments or otherwise) will depend primarily on the financial condition of the borrower. The failure by
the Fund to receive scheduled interest or principal payments on a loan because of a default, bankruptcy or any other reason would adversely affect


PGIM Jennison Technology
Fund    10




the income of the Fund and would likely reduce the
value of its assets. Even with loans secured by collateral, there is the risk that the value of the collateral may decline, may be insufficient to meet the obligations of the borrower, or be difficult to liquidate. À
the event of a default, the Fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. Further, the Fund’s access to
collateral, if any, may be limited by bankruptcy laws. Due to the nature of the private syndication of senior loans, including, for example, lack of publicly-available information, some senior loans are not as easily
purchased or sold as publicly-traded securities. In addition, loan participations generally are subject to restrictions on transfer, and only limited opportunities may exist to sell loan participations in secondary
markets. As a result, it may be difficult for the Fund to value loans or sell loans at an acceptable price when it wants to sell them. Loans trade in an over-the-counter market, and confirmation and settlement, which
are effected through standardized procedures and documentation, may take significantly longer than seven days to complete. Floating rate loans are especially subject to liquidity and settlement risk due to the fact
that they can take more than seven days to settle. Extended trade settlement periods may, in unusual market conditions with a high volume of shareholder redemptions, present a risk to shareholders regarding the
Fund’s ability to pay redemption proceeds within the allowable time periods stated in the Prospectus. In some instances, loans and loan participations are not rated by independent credit rating agencies; in such
instances, a decision by the Fund to invest in a particular loan or loan participation could depend exclusively on the subadviser’s credit analysis of the borrower, or in the case of a loan participation, of the
intermediary holding the portion of the loan that the Fund has purchased. To the extent the Fund invests in loans of non-US issuers, the risks of investing in non-US issuers are applicable.

Loans may not be considered to be
“securities” and as a result may not benefit from the protections of the federal securities laws, including anti-fraud protections and those with respect to the use of material non-public information, so
that purchasers, such as the Fund, may not have the benefit of these protections. If the Fund is in possession of material non-public information about a borrower as a result of its investment in such borrower’s
loan, the Fund may not be able to enter into a transaction with respect to a publicly-traded security of the borrower when it would otherwise be advantageous to do so.

CREDIT DEFAULT SWAP AGREEMENTS AND
SIMILAR INSTRUMENTS. A Fund may enter into credit default swap agreements and similar agreements. The credit default swap agreement or similar instrument may have as reference obligations one or more
securities that are not currently held by the Fund. The protection “buyer” in a credit default contract may be obligated to pay the protection “seller” an up-front or a periodic stream of
payments over the term of the contract provided generally that no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value”
(full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if
the swap is cash settled. A Fund may be either the buyer or seller in the transaction. If the Fund is a buyer and no credit event occurs, the Fund recovers nothing if the swap is held through its termination date.
However, if a credit event occurs, the buyer may elect to receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference entity that may have little or no
value. As a seller, the Fund generally receives an up-front payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. If a credit event occurs, generally the seller must
pay the buyer the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference entity that may have little or no value.

Credit default swaps and similar
instruments involve greater risks than if the Fund had invested in the reference obligation directly, since, in addition to general market risks, they are subject to illiquidity risk, counterparty risk and credit
rizikuoti. A Fund will enter into credit default swap agreements and similar instruments only with counterparties that are rated investment grade quality by at least one credit rating agency at the time of entering into
such transaction or whose creditworthiness is believed by the subadviser to be equivalent to such rating. If a credit event were to occur, the value of any deliverable obligation received by the seller, coupled with
the up-front or periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the Fund. When acting as a seller of a credit default swap or a
similar instrument, the Fund is exposed to many of the same risks of leverage since, if a credit event occurs, the seller may be required to pay the buyer the full notional value of the contract net of any amounts
owed by the buyer related to its delivery of deliverable obligations.

CURRENCY FUTURES. A Fund may seek to enhance returns or hedge against the decline in the value of a currency through use of currency futures or options thereon. Currency futures are similar to forward
foreign exchange transactions except that futures are standardized, exchange-traded contracts. See the sub-section entitled “Futures.” Currency futures involve substantial currency risk, and also involve
leverage risk.

CURRENCY OPTIONS . A Fund may seek to enhance returns or hedge against the decline in the value of a currency against the US dollar through the use of currency options. Currency options are similar to
options on securities, but in consideration for an option premium the writer of a currency option is obligated to sell (in the case of a call option) or purchase (in the case of a put option) a specified amount of a
specified currency on or before the expiration date for a specified amount of another currency. A Fund may engage in




transactions in options on currencies either on
exchanges or OTC markets. See “Types of Options” and “Additional Risk Factors of OTC Transactions; Limitations on the Use of OTC Derivatives” in this SAI. Currency options involve substantial
currency risk, and may also involve credit, leverage or liquidity risk.

CYBER SECURITY RISK. With the increasing use of technology and computer systems in general and, in particular, the Internet to conduct necessary business functions, the Fund is susceptible to operational,
information security and related risks. These risks, which are often collectively referred to as “cyber security” risks, may include deliberate or malicious attacks, as well as unintentional events and
occurrences. Cyber security is generally defined as the technology, operations and related protocol surrounding and protecting a user’s computer hardware, network, systems and applications and the data
transmitted and stored therewith. These measures ensure the reliability of a user’s systems, as well as the security, availability, integrity, and confidentiality of data assets.

Deliberate cyber attacks can
include, but are not limited to, gaining unauthorized access to computer systems in order to misappropriate and/or disclose sensitive or confidential information; deleting, corrupting or modifying data; and causing
operational disruptions. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (in order to prevent access to
computer networks). In addition to deliberate breaches engineered by external actors, cyber security risks can also result from the conduct of malicious, exploited or careless insiders, whose actions may result in the
destruction, release or disclosure of confidential or proprietary information stored on an organization’s systems.

Cyber security failures or
breaches, whether deliberate or unintentional, arising from the Fund’s third-party service providers (e.g., custodians, financial intermediaries, transfer agents), subadviser, shareholder usage of unsecure
systems to access personal accounts, as well as breaches suffered by the issuers of securities in which the Fund invests, may cause significant disruptions in the business operations of the Fund. Potential impacts may
include, but are not limited to, potential financial losses for the Fund and the issuers’ securities, the inability of shareholders to conduct transactions with the Fund, an inability of the Fund to calculate
NAV, and disclosures of personal or confidential shareholder information.

In addition to direct impacts on
Fund shareholders, cyber security failures by the Fund and/or its service providers and others may result in regulatory inquiries, regulatory proceedings, regulatory and/or legal and litigation costs to the Fund, and
reputational damage. A Fund may incur reimbursement and other expenses, including the costs of litigation and litigation settlements and additional compliance costs. A Fund may also incur considerable expenses in
enhancing and upgrading computer systems and systems security following a cyber security failure.

The rapid proliferation of
technologies, as well as the increased sophistication and activities of organized crime, hackers, terrorists, and others continue to pose new and significant cyber security threats. Although the Fund and its service
providers and subadviser may have established business continuity plans and risk management systems to mitigate cyber security risks, there can be no guarantee or assurance that such plans or systems will be
effective, or that all risks that exist, or may develop in the future, have been completely anticipated and identified or can be protected against. Furthermore, the Fund cannot control or assure the efficacy of the
cyber security plans and systems implemented by third-party service providers, the subadviser, and the issuers in which the Fund invests.

DEBT SECURITIES. A Fund may invest in debt securities, such as bonds, that involve credit risk. This is the risk that the issuer will not make timely payments of principal and interest. The degree of
credit risk depends on the issuer&#39;s financial condition and on the terms of the bonds. Changes in an issuer&#39;s credit rating or the market&#39;s perception of an issuer&#39;s creditworthiness may also affect the value of the
Fund’s investment in that issuer. Credit risk is reduced to the extent the Fund invests its assets in US Government securities. Certain debt securities, however, may be subject to interest rate risk. C'est
risk that the value of the security may fall when interest rates rise. In general, the market price of debt securities with longer maturities will go up or down more in response to changes in interest rates than the
market price of shorter-term securities. A Fund may face a heightened level of interest rate risk as a result of the US Federal Reserve Board’s rate-setting policies. A Fund may lose money if short-term or
long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

DEPOSITARY RECEIPTS. A Fund may invest in the securities of foreign issuers in the form of Depositary Receipts or other securities convertible into securities of foreign issuers. Depositary Receipts may not
necessarily be denominated in the same currency as the underlying securities into which they may be converted. ADRs and ADSs are receipts or shares typically issued by an American bank or trust company that evidence
ownership of underlying securities issued by a foreign corporation. EDRs are receipts issued in Europe that evidence a similar ownership arrangement. GDRs are receipts issued throughout the world that evidence a
similar arrangement. Generally, ADRs and ADSs, in registered form, are designed for use in the US securities markets, and EDRs, in bearer form, are designed for use in European securities markets. GDRs are tradable
both in the United States and in Europe and are designed for use throughout the world. International Depositary Receipts (IDRs) are the non-US equivalent of an ADR.


PGIM Jennison Technology
Fund    12




A Fund may invest in unsponsored
Depositary Receipts. The issuers of unsponsored Depositary Receipts are not obligated to disclose material information in the United States, and, therefore, there may be less information available regarding such
issuers and there may not be a correlation between such information and the market value of the Depositary Receipts. Depositary Receipts are generally subject to the same risks as the foreign securities that they
evidence or into which they may be converted or exchanged.

DERIVATIVES. A Fund may use instruments referred to as derivatives. Derivatives are financial instruments the value of which is derived from another security, a commodity (such as gold or oil), a
currency or an index (a measure of value or rates, such as the S&P 500 Index or the prime lending rate). Derivatives allow the Fund to increase or decrease the level of risk to which the Fund is exposed more
quickly and efficiently than transactions in other types of instruments. A Fund may use derivatives for hedging purposes. A Fund may also use derivatives to seek to enhance returns. The use of a derivative is
speculative if the Fund is primarily seeking to achieve gains, rather than offset the risk of other positions. When the Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the
risks of loss of that derivative, which may sometimes be greater than the derivative&#39;s cost. A Fund may not use any derivative to gain exposure to an asset or class of assets that the Fund would be prohibited by its
investment restrictions from purchasing directly.

Risk Factors Involving
Derivatives.Derivatives are volatile and involve significant risks, including:

Counterparty Risk—the risk that the counterparty on a derivative transaction will be unable to honor its financial obligation to the Fund.

Currency Risk—the risk that changes in the exchange rate between two currencies will adversely affect the value (in US dollar terms) of an investment.

Leverage Risk—the risk associated with certain types of investments or trading strategies (such as borrowing money to increase the amount of investments) that relatively small market movements may
result in large changes in the value of an investment. Certain investments or trading strategies that involve leverage can result in losses that greatly exceed the amount originally invested.

Liquidity Risk—the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors&#39; interests in the Fund.

Regulatory Risk —the risk that new regulation of derivatives may make them more costly, may limit their availability, or may otherwise affect their value or performance.

The use of derivatives for hedging
purposes involves correlation risk. If the value of the derivative moves more or less than the value of the hedged instruments, the Fund will experience a gain or loss that will not be completely offset by movements
in the value of the hedged instruments.

A Fund intends to enter into
transactions involving derivatives only if there appears to be a liquid market for such instruments or, in the case of illiquid instruments traded in OTC transactions, such instruments satisfy the criteria set forth
below under “Additional Risk Factors of OTC Transactions; Limitations on the Use of OTC Derivatives.” However, there can be no assurance that, at any specific time, either a liquid market will exist for a
derivative or the Fund will otherwise be able to sell such instrument at an acceptable price. It may therefore not be possible to close a position in a derivative without incurring substantial losses, if at all.

Certain transactions in derivatives
(such as futures transactions or sales of put options) involve substantial leverage risk and may expose the Fund to potential losses, which exceed the amount originally invested by the Fund. When the Fund engages in
such a transaction, the Fund will deposit in a segregated account at its custodian more liquid securities or cash and cash equivalents with a value at least equal to the Fund’s exposure, on a mark-to-market
basis, to the transaction (as calculated pursuant to requirements of the SEC, CFTC and the relevant exchange). Such segregation will ensure that the Fund has assets available to satisfy its obligations with respect to
the transaction, but will not limit the Fund’s exposure to loss.

Additional Risk Factors Of OTC
Transactions; Limitations On The Use Of OTC Derivatives. Certain derivatives traded in OTC markets, including indexed securities, certain swaps and OTC options, involve substantial liquidity risk. The absence of liquidity may make it difficult
or impossible for the Fund to sell such instruments promptly at an acceptable price. The absence of liquidity may also make it more difficult for the Fund to ascertain a market value for such instruments. A Fund will,
therefore, acquire illiquid OTC instruments (i) if the agreement pursuant to which the instrument is purchased contains a formula price at which the instrument may be terminated or sold, or (ii) for which the
subadviser anticipates the Fund can receive on each business day at least two independent bids or offers, unless a quotation from only one dealer is available, in which case that dealer&#39;s quotation may be
naudotas.




Because derivatives traded in OTC
markets are not guaranteed by an exchange or clearing corporation and generally do not require payment of margin, to the extent that the Fund has unrealized gains in such instruments or has deposited collateral with
its counterparties, the Fund is at risk that its counterparties will become bankrupt or otherwise fail to honor their obligations. A Fund will attempt to minimize the risk that a counterparty will become bankrupt or
otherwise fail to honor its obligations by engaging in transactions in derivatives traded in OTC markets only with financial institutions that appear to have substantial capital or that have provided the Fund with a
third-party guaranty or other credit enhancement.

EMERGING MARKETS INVESTMENTS.The Fund may invest in the securities of issuers domiciled in various countries with emerging capital markets. Specifically, a country with an emerging capital market is any country that
the World Bank, the International Finance Corporation, the United Nations or its authorities has determined to have a low or middle income economy. Countries with emerging markets can be found in regions such as Asia,
Latin America, Eastern Europe and Africa.

Investments in the securities of
issuers domiciled in countries with emerging capital markets involve certain additional risks not involved in investments in securities of issuers in more developed capital markets, such as (i) low or non-existent
trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities, as compared to securities of comparable issuers in more developed capital markets, (ii) uncertain national
policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments, (iii) possible
fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or US governmental laws or restrictions applicable to such
investments, (iv) national policies that may limit the Fund’s investment opportunities such as restrictions on investment in issuers or industries deemed sensitive to national interests, and (v) the lack or
relatively early development of legal structures governing private and foreign investments and private property. In addition to withholding taxes on investment income, some countries with emerging markets may impose
differential capital gains taxes on foreign investors.

Such capital markets are emerging
in a dynamic political and economic environment brought about by events over recent years that have reshaped political boundaries and traditional ideologies. In such a dynamic environment, there can be no assurance
that these capital markets will continue to present viable investment opportunities for the Fund. In the past, governments of such nations have expropriated substantial amounts of private property, and most claims of
the property owners have never been fully settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that the Fund could lose the entire value of its investments in the
affected markets.

Also, there may be less publicly
available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting
standards and requirements comparable to those to which US companies are subject. In certain countries with emerging capital markets, reporting standards vary widely. As a result, traditional investment measurements
used in the United States, such as price/earnings ratios, may not be applicable. Emerging market securities may be substantially less liquid and more volatile than those of mature markets, and companies may be held by
a limited number of persons. This may adversely affect the timing and pricing of the Fund’s acquisition or disposal of securities.

Practices in relation to settlement
of securities transactions in emerging markets involve higher risks than those in developed markets, in part because the Fund will need to use brokers and counterparties that are less well capitalized, and custody and
registration of assets in some countries may be unreliable. The possibility of fraud, negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging markets, and,
along with other factors, could result in ownership registration being completely lost. The Fund would absorb any loss resulting from such registration problems and may have no successful claim for compensation.

EUROPE RECENT EVENTS RISK . A number of countries in Europe have experienced severe economic and financial difficulties. Many non-governmental issuers, and even certain governments, have defaulted on, or been forced
to restructure, their debts; many other issuers have faced difficulties obtaining credit or refinancing existing obligations; financial institutions have in many cases required government or central bank support, have
needed to raise capital, and/or have been impaired in their ability to extend credit; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These
difficulties may continue, worsen or spread within and beyond Europe. Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may
result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse
effects on economies, financial markets and asset valuations around the world. In addition, the United Kingdom has voted to withdraw from the European Union, and one or more other countries may withdraw from the
European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a


PGIM Jennison Technology
Fund    14




disorderly fashion, is not clear but could be
significant and far-reaching. Whether or not the Fund invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value
and relative liquidity of the Fund’s investments.

EXCHANGE-TRADED FUNDS. The Fund may invest in ETFs, which may be unit investment trusts or open-end management investment companies. ETFs may hold portfolios of securities designed to track the performance of
various broad securities indexes or sectors of such indexes or ETFs may be actively managed. ETFs provide another means, in addition to futures and options on indexes, of including exposure to global equities, global
bonds, commodities and currencies markets in the Fund’s investment portfolio. The Fund will indirectly bear its proportionate share of any management fees and other expenses paid by such ETF.

FUTURES.The Fund may engage in transactions in futures and options thereon. Futures are standardized, exchange-traded contracts which obligate a purchaser to take delivery, and a seller to make
delivery, of a specific amount of an asset at a specified future date at a specified price. No price is paid upon entering into a futures contract. Rather, upon purchasing or selling a futures contract the Fund is
required to deposit collateral (“margin”) equal to a percentage (generally less than 10%) of the contract value. Each day thereafter until the futures position is closed, the Fund will pay additional
margin representing any loss experienced as a result of the futures position the prior day or be entitled to a payment representing any profit experienced as a result of the futures position the prior day. Futures
involve substantial leverage risk.

The sale of a futures contract
limits the Fund’s risk of loss through a decline in the market value of portfolio holdings correlated with the futures contract prior to the futures contract&#39;s expiration date. In the event the market value of
the portfolio holdings correlated with the futures contract increases rather than decreases, however, the Fund will realize a loss on the futures position and a lower return on the portfolio holdings than would have
been realized without the purchase of the futures contract.

The purchase of a futures contract
may protect the Fund from having to pay more for securities as a consequence of increases in the market value for such securities during a period when the Fund was attempting to identify specific securities in which
to invest in a market the Fund believes to be attractive. In the event that such securities decline in value or the Fund determines not to complete an anticipatory hedge transaction relating to a futures contract,
however, the Fund may realize a loss relating to the futures position.

The Fund is also authorized to
purchase or sell call and put options on futures contracts including financial futures and stock indices in connection with its hedging activities. Generally, these strategies would be used under the same market and
market sector conditions (i.e., conditions relating to specific types of investments) in which the Fund entered into futures transactions. The Fund may purchase put options or write (i.e., sell) call options on
futures contracts and stock indices rather than selling the underlying futures contract in anticipation of a decrease in the market value of its securities. Similarly, the Fund can purchase call options, or write put
options on futures contracts and stock indices, as a substitute for the purchase of such futures to hedge against the increased cost resulting from an increase in the market value of securities which the Fund intends
to purchase.

The Fund may only write
“covered” put and call options on futures contracts. The Fund will be considered “covered” with respect to a call option written on a futures contract if the Fund owns the assets that are
deliverable under the futures contract or an option to purchase that futures contract having a strike price equal to or less than the strike price of the “covered” option and having an expiration date not
earlier than the expiration date of the “covered” option, or if it holds segregated in an account with its custodian for the term of the option cash or other relatively liquid assets at all times equal in
value to the mark-to-market value of the futures contract on which the option was written. The Fund will be considered “covered” with respect to a put option written on a futures contract if the Fund owns
an option to sell that futures contract having a strike price equal to or greater than the strike price of the “covered” option, or if the Fund holds segregated in an account with its custodian for the
term of the option cash or other relatively liquid assets at all times equal in value to the exercise price of the put (less any initial margin deposited by the Fund with its futures custody manager or as otherwise
permitted by applicable law with respect to such option). There is no limitation on the amount of the Fund’s assets that can be segregated. Segregation requirements may impair the Fund’s ability to sell a
portfolio security or make an investment at a time when it would otherwise be favorable to do so, or require the Fund to sell a portfolio security or close out a derivatives position at a disadvantageous time or
price.

The Manager has filed a notice of
exclusion from registration as a “commodity pool operator” with respect to the Fund under CFTC Rule 4.5 and, therefore, is not subject to registration or regulation with respect to the Fund under the CEA.
In order for the Manager to claim exclusion from registration as a “commodity pool operator” under the CEA with respect to the Fund, the Fund is limited in its ability to trade instruments subject to the
CFTC’s jurisdiction, including commodity futures (which include futures on broad-based securities indexes, interest rate futures and currency futures), options on commodity futures, certain swaps or other
investments (whether directly or indirectly through investments in other investment vehicles). Under this exclusion, the Fund must satisfy one of the following two trading limitations whenever it enters into a new
commodity trading position: (1) the aggregate initial margin and premiums required to establish the Fund’s positions in CFTC-regulated instruments may not exceed 5% of the liquidation value of the Fund’s
portfolio (after




accounting for unrealized profits and unrealized
losses on any such investments); or (2) the aggregate net notional value of such instruments, determined at the time the most recent position was established, may not exceed 100% of the liquidation value of the
Fund’s portfolio (after accounting for unrealized profits and unrealized losses on any such positions). The Fund would not be required to consider its exposure to such instruments if they were held for
“bona fide hedging” purposes, as such term is defined in the rules of the CFTC. In addition to meeting one of the foregoing trading limitations, the Fund may not market itself as a commodity pool or
otherwise as a vehicle for trading in the markets for CFTC-regulated instruments.

FOREIGN EXCHANGE TRANSACTIONS. The Fund may engage in spot and forward foreign exchange transactions and currency swaps, purchase and sell options on currencies and purchase and sell currency futures and related options
thereon (collectively, Currency Instruments) for purposes of hedging against the decline in the value of currencies in which its portfolio holdings are denominated against the US dollar or to seek to enhance returns.
Such transactions could be effected with respect to hedges on non-US dollar denominated securities owned by the Fund, sold by the Fund but not yet delivered, or committed or anticipated to be purchased by the
Fund.

As an illustration, the Fund may
use such techniques to hedge the stated value in US dollars of an investment in a yen-denominated security. In such circumstances, for example, the Fund may purchase a foreign currency put option enabling the Fund to
sell a specified amount of yen for dollars at a specified price by a future date. To the extent the hedge is successful, a loss in the value of the yen relative to the dollar will tend to be offset by an increase in
the value of the put option. To offset, in whole or in part, the cost of acquiring such a put option, the Fund may also sell a call option which, if exercised, requires the Fund to sell a specified amount of yen for
dollars at a specified price by a future date (a technique called a “straddle”). By selling such a call option in this illustration, the Fund gives up the opportunity to profit without limit from increases
in the relative value of the yen to the dollar. Straddles of the type that may be used by the Fund are considered to constitute hedging transactions and are consistent with the policies described above. The Fund will
not attempt to hedge all of its foreign portfolio positions.

Forward Foreign Exchange
Transactions . Forward foreign exchange transactions are OTC contracts to purchase or sell a specified amount of a specified currency or multinational currency unit at a price and specified future date
set at the time of the contract. Spot foreign exchange transactions are similar but require current, rather than future, settlement. A Fund will enter into foreign exchange transactions for purposes of hedging either
a specific transaction or a portfolio position, or to seek to enhance returns. A Fund may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example, purchasing a currency
needed to settle a security transaction or selling a currency in which the Fund has received or anticipates receiving a dividend or distribution.

A Fund may enter into a foreign
exchange transaction for purposes of hedging a portfolio position by selling forward a currency in which a portfolio position of the Fund is denominated or by purchasing a currency in which the Fund anticipates
acquiring a portfolio position in the near future. A Fund may also hedge portfolio positions through currency swaps, which are transactions in which one currency is simultaneously bought for a second currency on a
spot basis and sold for the second currency on a forward basis. Forward foreign exchange transactions involve substantial currency risk, and also involve credit and liquidity risk.

FOREIGN INVESTMENTS. A Fund may invest in foreign equity and/or debt securities. Foreign debt securities include certain foreign bank obligations and US dollar or foreign currency-denominated obligations of
foreign governments or their subdivisions, agencies and instrumentalities, international agencies and supranational entities.

Certain Risks of Holding Fund Assets
Outside the United States. A Fund generally holds its foreign securities and cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently organized or new to the
foreign custody business. In addition, there may be limited or no regulatory oversight over their operations. Also, the laws of certain countries may put limits on the Fund’s ability to recover its assets if a
foreign bank or depository or issuer of a security or any of their agents goes bankrupt. In addition, it is often more expensive for the Fund to buy, sell and hold securities in certain foreign markets than in the
United States. The increased expense of investing in foreign markets reduces the amount the Fund can earn on its investments and typically results in a higher operating expense ratio for the Fund as compared to
investment companies that invest only in the United States.

Currency Risk and Exchange
Risk. Securities in which the Fund invests may be denominated or quoted in currencies other than the US dollar. Changes in foreign currency exchange rates will affect the value of the
Fund’s portfolio. Generally, when the US dollar rises in value against a foreign currency, a security denominated in that currency loses value because the currency is worth fewer US dollars. Conversely, when the
US dollar decreases in value against a foreign currency, a security denominated in that currency gains value because the currency is worth more US dollars. This risk, generally known as “currency risk,”
means that a stronger US dollar will reduce returns on foreign currency dominated securities for US investors while a weak US dollar will increase those returns.


PGIM Jennison Technology
Fund    16




Foreign Economy Risk. The economies of certain foreign markets often do not compare favorably with that of the United States with respect to such issues as growth of gross national product, reinvestment of
capital, resources, and balance of payments position. Certain such economies may rely heavily on particular industries or foreign capital and are more vulnerable to diplomatic developments, the imposition of economic
sanctions against a particular country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory measures. Investments in foreign markets may also be adversely
affected by governmental actions such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets, or the imposition of punitive taxes. In addition, the governments of
certain countries may prohibit or impose substantial restrictions on foreign investing in their capital markets or in certain industries. Any of these actions could severely affect security prices, impair the
Fund’s ability to purchase or sell foreign securities or transfer the Fund’s assets or income back into the United States, or otherwise adversely affect the Fund’s operations. Other foreign market
risks include foreign exchange controls, difficulties in pricing securities, defaults on foreign government securities, difficulties in enforcing favorable legal judgments in foreign courts, and political and social
instability. Legal remedies available to investors in certain foreign countries may be less extensive than those available to investors in the United States or other foreign countries.

Foreign Market Risk. Foreign securities offer the potential for more diversification than if the Fund invests only in the United States because securities traded on foreign markets have often (though not
always) performed differently from securities in the United States. However, such investments involve special risks not present in US investments that can increase the chances that the Fund will lose money. À
particular, the Fund is subject to the risk that, because there are generally fewer investors on foreign exchanges and a smaller number of shares traded each day, it may be difficult for the Fund to buy and sell
securities on those exchanges. In addition, prices of foreign securities may fluctuate more than prices of securities traded in the United States.

Governmental Supervision and
Regulation/Accounting Standards. Many foreign governments supervise and regulate stock exchanges, brokers and the sale of securities less rigorously than the United States. Some countries may not have laws to protect
investors comparable to the US securities laws. For example, some foreign countries may have no laws or rules against insider trading. Insider trading occurs when a person buys or sells a company&#39;s securities based on
nonpublic information about that company. Accounting standards in other countries are not necessarily the same as in the United States. If the accounting standards in another country do not require as much detail as
US accounting standards, it may be harder for Fund management to completely and accurately determine a company&#39;s financial condition.

Settlement Risk. Settlement and clearance procedures in certain foreign markets differ significantly from those in the United States. Foreign settlement procedures and trade regulations also may involve
certain risks (such as delays in payment for or delivery of securities) not typically generated by the settlement of US investments. Communications between the United States and emerging market countries may be
unreliable, increasing the risk of delayed settlements or losses of security certificates. Settlements in certain foreign countries at times have not kept pace with the number of securities transactions; these
problems may make it difficult for the Fund to carry out transactions. If the Fund cannot settle or there is a delay in settling a purchase of securities, the Fund may miss attractive investment opportunities and
certain assets may be uninvested with no return earned thereon for some period. If the Fund cannot settle or there is a delay in settling a sale of securities, the Fund may lose money if the value of the security then
declines or, if there is a contract to sell the security to another party, the Fund could be liable to that party for any losses incurred.

Dividends or interest on, or
proceeds from the sale of, foreign securities may be subject to foreign withholding taxes, thereby reducing the amount available for distribution to shareholders.

HEDGING. Hedging is a strategy in which a derivative or security is used to offset the risks associated with other Fund holdings. Losses on the other investment may be substantially reduced by
gains on a derivative that reacts in an opposite manner to market movements. While hedging can reduce losses, it can also reduce or eliminate gains or cause losses if the market moves in a different manner than
anticipated by the Fund or if the cost of the derivative outweighs the benefit of the hedge. Hedging also involves the risk that changes in the value of the derivative will not match those of the holdings being hedged
as expected by the Fund, in which case any losses on the holdings being hedged may not be reduced or may be increased. The inability to close options and futures positions also could have an adverse impact on the
Fund’s ability to hedge effectively its portfolio. There is also a risk of loss by the Fund of margin deposits or collateral in the event of bankruptcy of a broker with whom the Fund has an open position in an
option, a futures contract or a related option.

There can be no assurance that the
Fund’s hedging strategies will be effective or that hedging transactions will be available to the Fund. A Fund is not required to engage in hedging transactions and the Fund may choose not to do so from time to
time.

Risk Factors In Hedging Foreign
Currency. Hedging transactions involving Currency Instruments have substantial risks, including correlation risk. While the Fund’s use of Currency Instruments to effect hedging strategies is
intended to reduce the volatility of the NAV of the Fund’s shares, the NAV of the Fund’s shares will fluctuate. Moreover, although Currency Instruments will be used with the




intention of hedging against adverse currency
movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be accurately predicted and that the Fund’s hedging strategies will be ineffective. To the extent
that the Fund hedges against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return as the result of its hedging transactions. Furthermore, the Fund will only
engage in hedging activities from time to time and may not be engaging in hedging activities when movements in currency exchange rates occur.

In connection with its trading in
forward foreign currency contracts, the Fund will contract with a foreign or domestic bank, or a foreign or domestic securities dealer, to make or take future delivery of a specified amount of a particular currency.
There are no limitations on daily price moves in such forward contracts, and banks and dealers are not required to continue to make markets in such contracts. There have been periods during which certain banks or
dealers have refused to quote prices for such forward contracts or have quoted prices with an unusually wide spread between the price at which the bank or dealer is prepared to buy and that at which it is prepared to
sell. Governmental imposition of credit controls might limit any such forward contract trading. With respect to its trading of forward contracts, if any, the Fund will be subject to the risk of bank or dealer failure
and the inability of, or refusal by, a bank or dealer to perform with respect to such contracts. Any such default would deprive the Fund of any profit potential or force the Fund to cover its commitments for resale,
if any, at the then market price and could result in a loss to the Fund.

It may not be possible for the Fund
to hedge against currency exchange rate movements, even if correctly anticipated, in the event that (i) the currency exchange rate movement is so generally anticipated that the Fund is not able to enter into a hedging
transaction at an effective price, or (ii) the currency exchange rate movement relates to a market with respect to which Currency Instruments are not available and it is not possible to engage in effective foreign
currency hedging. The cost to the Fund of engaging in foreign currency transactions varies with such factors as the currencies involved, the length of the contract period and the market conditions then prevailing.
Since transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are involved.

ILLIQUID OR RESTRICTED
SECURITIES. Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Board approved Liquidity Risk Management Program (“LRMP”) that requires, among other things that the Fund
limit its illiquid investments to no more than 15% of net assets.  Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale,
may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. 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&#39; interests in the Fund. Investment of the Fund’s assets in illiquid
securities may restrict the ability of the Fund to dispose of its investments in a timely fashion and for a fair price as well as its ability to take advantage of market opportunities. The risks associated with
illiquidity will be particularly acute where the Fund’s operations require cash, such as when the Fund redeems shares or pays dividends, and could result in the Fund borrowing to meet short-term cash
requirements or incurring capital losses on the sale of illiquid investments.

A Fund may invest in securities
that are not registered (restricted securities) under the 1933 Act. Restricted securities may be sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor
traded in other established markets. In many cases, privately placed securities may not be freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. As a result of
the absence of a public trading market, privately placed securities may be less liquid and more difficult to value than publicly traded securities. To the extent that privately placed securities may be resold in
privately negotiated transactions, the prices realized from the sales, due to illiquidity, could be less than those originally paid by the Fund or less than their fair market value. In addition, issuers whose
securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that may be applicable if their securities were publicly traded. If any privately placed securities
held by the Fund are required to be registered under the securities laws of one or more jurisdictions before being resold, the Fund may be required to bear the expenses of registration. Certain of the Fund’s
investments in private placements may consist of direct investments and may include investments in smaller, less seasoned issuers, which may involve greater risks. These issuers may have limited product lines, markets
or financial resources or they may be dependent on a limited management group. In making investments in such securities, the Fund may obtain access to material nonpublic information, which may restrict the
Fund’s ability to conduct portfolio transactions in such securities.

A Fund may purchase restricted
securities that can be offered and sold to “qualified institutional buyers” under Rule 144A under the 1933 Act. Restricted securities that would otherwise be considered illiquid investments pursuant to the
Fund’s LRMP because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A.  Therefore, these securities, as well as commercial paper that
is sold in private placements under Section 4(2) under the 1933 Act, may be classified higher than “illiquid” under the LRMP (i.e., “moderately liquid” or “less liquid”
investments). However, the liquidity of the Fund’s investments in restricted securities could be impaired if trading does not develop or declines.


PGIM Jennison Technology
Fund    18




INITIAL PUBLIC OFFERINGS. A Fund may invest in securities sold in IPOs. An IPO is the first sale of stock by a private company to the public. IPOs are often issued by smaller, younger companies seeking capital to
expand, but can also be done by large privately owned companies looking to become publicly traded.

In an IPO, the issuer obtains the
assistance of an underwriting firm, which helps it determine what type of security to issue (common or preferred), best offering price and time to bring it to market. The volume of IPOs and the levels at which the
newly issued stocks trade in the secondary market are affected by the performance of the stock market overall. If IPOs are brought to the market, availability may be limited and the Fund may not be able to buy any
shares at the offering price, or if the Fund is able to buy shares, the Fund may not be able to buy as many shares at the offering price as the Fund would like.

Investing in IPOs entails risks.
Importantly, the prices of securities involved in IPOs are often subject to greater and more unpredictable price changes than more established stocks. It is difficult to predict what the stock will do on its initial
day of trading and in the near future since there is often little historical data with which to analyze the company. Also, most IPOs are of companies going through a transitory growth period, and they are therefore
subject to additional uncertainty regarding their future value.

INTEREST RATE SWAP AGREEMENTS. A Fund may enter into an interest rate swap in an effort to protect against declines in the value of fixed income securities held by the Fund. In such an instance, the Fund may agree to
pay a fixed rate (multiplied by a notional amount) while a counterparty agrees to pay a floating rate (multiplied by the same notional amount). If interest rates rise, resulting in a diminution in the value of the
Fund’s portfolio, the Fund would receive payments under the swap that would offset, in whole or in part, such diminution in value.

INVESTMENT IN OTHER INVESTMENT
COMPANIES. A Fund may invest in other investment companies, including ETFs. In accordance with the 1940 Act, the Fund may invest up to 10% of its total assets in securities of other investment
companies. In addition, under the 1940 Act, the Fund may not own more than 3% of the total outstanding voting stock of any investment company and not more than 5% of the value of the Fund’s total assets may be
invested in securities of any single investment company.

Notwithstanding the limits
discussed above, the Fund may invest in other investment companies outside of these limits, provided that the Fund complies with the applicable provisions of Rules 12d1-1, 12d1-2 or 12d1-3, as applicable, promulgated
by the SEC under the 1940 Act or otherwise permitted by the 1940 Act Laws, Interpretations and Exemptions.

As with other investments,
investments in other investment companies are subject to market and selection risk. In addition, if the Fund acquires shares in other investment companies, shareholders would bear both their proportionate share of
expenses in the Fund (including management and advisory fees) and, indirectly, their proportionate shares of the expenses of such investment companies (including management and advisory fees).

In December 2018, the SEC issued a
proposed rulemaking package related to investments in other investment vehicles that, if adopted, could require the Fund to adjust its investments accordingly. These adjustments may have an impact on the Fund’s
performance and may have negative risk consequences on the investing fund, as well as the underlying investment vehicles.

JUNK BONDS. Junk bonds are debt securities that are rated below investment grade by a NRSRO or are unrated securities that the subadviser believes are of comparable quality. Although junk bonds
generally pay higher rates of interest than investment grade bonds, they are high risk investments that may cause income and principal losses for the Fund. The major risks of junk bond investments include the
following:

Junk bonds are issued by less creditworthy issuers. These securities are vulnerable to adverse changes in the issuer&#39;s economic condition and to general economic conditions. Issuers of junk bonds may be unable to
meet their interest or principal payment obligations because of an economic downturn, specific issuer developments or the unavailability of additional financing.
The issuers of junk bonds may have a larger amount of outstanding debt relative to their assets than issuers of investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt
obligations.
Junk bonds are frequently ranked junior to claims by other creditors. If the issuer cannot meet its obligations, the senior obligations are generally paid off before the junior obligations.
Junk bonds frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If an issuer redeems the junk bonds, the Fund may have to invest the proceeds in bonds
with lower yields and may lose income.
Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a greater impact on the prices of junk bonds than on other higher rated fixed income securities.
Junk bonds may be more illiquid than higher rated fixed income securities even under normal economic conditions. There are fewer dealers in the junk bond market, and there may be significant differences in the
prices quoted for junk bonds by the dealers. Because they are less liquid, judgment may play a greater role in valuing certain of the Fund’s portfolio securities than in the case of securities trading in a more
liquid market.
A Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer.



MASTER LIMITED PARTNERSHIPS. The Fund may invest in MLPs, which are limited partnerships or limited liability companies usually taxable as partnerships. MLPs may derive income and gains from the exploration,
development, mining or production, processing, refining, infrastructure related services transportation (including pipelines transporting gas, oil, or products thereof), storage, or the marketing of any mineral or
natural resources. The value of an investment in an MLP may be directly affected by the prices of natural resources commodity prices. The volatility and interrelationships of commodity prices can also indirectly
affect certain MLPs due to the potential impact on the volume of commodities transported, processed, stored or distributed. The Fund’s investment in an MLP may be adversely affected by market perceptions that
the performance and distributions or dividends of MLPs are directly tied to commodity prices. In addition, MLPs are generally considered interest-rate sensitive investments, and during periods of interest rate
volatility, may not provide attractive returns.

MLPs generally have two classes of
owners, the general partner and limited partners. The general partner is typically owned by a major energy company, an investment fund, the direct management of the MLP or is an entity owned by one or more of such
parties. The general partner may be structured as a private or publicly traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an equity interest of
up to 2% in the MLP plus, in many cases, ownership of common units and subordinated units. Limited partners own the remainder of the partnership, through ownership of common units, and have a limited role in the
partnership’s operations and management.

MLPs are typically structured such
that common units and general partner interests have first priority to receive quarterly cash distributions up to an established minimum amount (“minimum quarterly distributions” or “MQD”).
Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid. Once common and general partner interests have been paid, subordinated units receive distributions of up
to the MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both common and subordinated units is distributed to both common and subordinated units generally on a
pro rata basis. The general partner is also eligible to receive incentive distributions if the general partner operates the business in a manner which results in distributions paid per common unit surpassing specified
target levels. As the general partner increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of the incremental cash distributions. A common arrangement
provides that the general partner can reach a tier where it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive distributions encourage the general partner to
streamline costs, increase capital expenditures and acquire assets in order to increase the partnership’s cash flow and raise the quarterly cash distribution in order to reach higher tiers. Such results benefit
all security holders of the MLP and increases costs to the limited partners.

MLP common units represent a
limited partnership interest in the MLP. Common units are listed and traded on US securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the success of the MLP.
Unlike owners of common stock of a corporation, owners of common units have limited voting rights and have no ability annually to elect directors. In the event of liquidation, common units have preference over
subordinated units, but not over debt or preferred units, to the remaining assets of the MLP.

General partner interests of MLPs
are typically retained by the original sponsors of an MLP, such as its founders, corporate partners and entities that sell assets to the MLP. The holder of the general partner interest can be liable in certain
circumstances for amounts greater than the amount of the holder’s investment in the general partner. General partner interests often confer direct board participation rights in, and in many cases control over
the operations of, the MLP. General partner interests can be privately held or owned by publicly traded entities.

The Fund may not invest more than
25% of the value of its total assets in the securities of MLPs that are treated for US federal income tax purposes as QPTPs (the “25% Limitation”). A QPTP means a partnership (i) whose interests are
traded on an established securities market or readily tradable on a secondary market or the substantial equivalent thereof; (ii) that derives at least 90% of its annual income from (a) dividends, interest,
payments with respect to securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including but not limited to gain from options, futures and forward
contracts) derived with respect to its business of investing in such stock, securities or foreign currencies, (b) real property rents, (c) gain from the sale or other disposition of real property,
(d) the exploration, development, mining or production, processing, refining, transportation (including pipelines transporting gas, oil, or products thereof), or the marketing of any mineral or natural resource
(including fertilizer, geothermal energy, and timber), industrial source carbon dioxide, or the transportation or storage of certain fuels, and (e) in the case of a partnership a principal activity of which is
the buying and selling of commodities, income and gains from commodities or futures, forwards, and options with respect to commodities; and (iii) that derives less than 90% of its annual income from the items
listed in (a) above. The 25% Limitation generally does not apply to publicly traded partnerships that are not energy- or commodity-focused, such as, for instance, asset management-related partnerships.


PGIM Jennison Technology
Fund    20




MONEY MARKET INSTRUMENTS. A Fund may invest in money market instruments. Money market instruments include cash equivalents and short-term obligations of US banks, non-US government securities, certificates of
deposit and short-term obligations issued or guaranteed by the US Government or its agencies. Money market instruments also include bankers&#39; acceptances, commercial paper, certificates of deposit and Eurodollar
obligations issued or guaranteed by bank holding companies in the US, their subsidiaries and non-US branches, by non-US banking institutions, and by the World Bank and other multinational instrumentalities, as well as
commercial paper and other short-term obligations of, and variable amount master demand notes, variable rate notes and funding agreements issued by, US and non-US corporations.

OPTIONS ON SECURITIES AND SECURITIES
INDEXES.

TYPES OF OPTIONS. A Fund may engage in transactions in options on individual securities, baskets of securities or securities indices, or particular measurements of value or rate (an “index”), such
as an index of the price of treasury securities or an index representative of short term interest rates. Such investments may be made on exchanges and in OTC markets. In general, exchange-traded options have
standardized exercise prices and expiration dates and require the parties to post margin against their obligations, and the performance of the parties&#39; obligations in connection with such options is guaranteed by the
exchange or a related clearing corporation. OTC options have more flexible terms negotiated between the buyer and the seller, but generally do not require the parties to post margin and are subject to greater credit
rizikuoti. OTC options also involve greater liquidity risk. See “Additional Risk Factors of OTC Transactions; Limitations on the Use of OTC Derivatives.”

CALL OPTIONS. A Fund may purchase call options on any of the types of securities or instruments in which it may invest. A call option gives the Fund the right to buy, and obligates the seller to sell, the
underlying security at the exercise price at any time during the option period. A Fund also may purchase and sell call options on indices. Index options are similar to options on securities except that, rather than
taking or making delivery of securities underlying the option at a specified price upon exercise, an index option gives the holder the right to receive cash upon exercise of the option if the level of the index upon
which the option is based is greater than the exercise price of the option.

A Fund may only write (i.e., sell)
covered call options on the securities or instruments in which it may invest and enter into closing purchase transactions with respect to certain of such options, provided such options are “covered,” as
defined herein. A covered call option is an option in which the Fund owns the underlying security or has an absolute and immediate right to acquire that security, without additional consideration (or for additional
consideration held in a segregated account by its custodian), upon conversion or exchange of other securities currently held in its portfolio or with respect to which the Fund holds cash or other relatively liquid
assets segregated within the Fund’s account at the custodian or in a separate segregation account at the custodian. The principal reason for writing call options is the attempt to realize, through the receipt of
premiums, a greater return than would be realized on the securities alone. By writing covered call options, the Fund gives up the opportunity, while the option is in effect, to profit from any price increase in the
underlying security above the option exercise price. In addition, the Fund’s ability to sell the underlying security will be limited while the option is in effect unless the Fund enters into a closing purchase
transaction. A closing purchase transaction cancels out the Fund’s position as the writer of an option by means of an offsetting purchase of an identical option prior to the expiration of the option it has
written. Covered call options also serve as a partial hedge to the extent of the premium received against a decline in the price of the underlying security. Also, with respect to call options written by the Fund that
are covered only by segregated portfolio securities, the Fund is exposed to the risk of loss equal to the amount by which the price of the underlying securities rises above the exercise price.

PUT OPTIONS. A Fund may purchase put options to seek to hedge against a decline in the value of its securities or to enhance its return. By buying a put option, the Fund acquires a right to sell such
underlying securities or instruments at the exercise price, thus limiting the Fund’s risk of loss through a decline in the market value of the securities or instruments until the put option expires. The amount
of any appreciation in the value of the underlying securities or instruments will be partially offset by the amount of the premium paid for the put option and any related transaction costs. Prior to its expiration, a
put option may be sold in a closing sale transaction and profit or loss from the sale will depend on whether the amount received is more or less than the premium paid for the put option plus the related transaction
costs. A closing sale transaction cancels out the Fund’s position as the purchaser of an option by means of an offsetting sale of an identical option prior to the expiration of the option it has purchased. Un
Fund also may purchase uncovered put options.

A Fund may write (i.e., sell) put
options on the types of securities or instruments that may be held by the Fund, provided that such put options are covered (as described above, covered options are secured by cash or other relatively liquid assets
held in a segregated account or the referenced security). A Fund will receive a premium for writing a put option, which increases the Fund’s return.

PIPEs. The Fund may make private investments in public companies whose stocks are quoted on stock exchanges or which trade in the over-the-counter securities market, a type of investment commonly
referred to as a “PIPE” transaction. A public company typically issues unregistered equity-linked securities to investors at a discount to the price of the issuer’s common stock at the time the deal
is closed. The issuer commits to registering the securities with the SEC so they can be resold to the public. PIPE transactions will generally




result in the Fund acquiring either restricted
stock or an instrument convertible into restricted stock. As with investments in other types of restricted securities, such an investment may be illiquid. The Fund’s ability to dispose of securities acquired in
PIPE transactions may depend upon the registration of such securities for resale. Any number of factors may prevent or delay a proposed registration. Alternatively, it may be possible for securities acquired in a PIPE
transaction to be resold in transactions exempt from registration in accordance with Rule 144 under the 1933 Act or otherwise under the federal securities laws. There is no guarantee, however, that an active trading
market for the securities will exist at the time of disposition of the securities, and the lack of such a market could hurt the market value of the Fund’s investments. As a result, even if the Fund is able to
have securities acquired in a PIPE transaction registered or sell such securities through an exempt transaction, the Fund may not be able to sell all the securities on short notice, and the sale of the securities
could lower the market price of the securities. Some of the risks involved in PIPEs are that the selling company could go bankrupt, in which case the Fund may be locked in as the shares go down. À
addition, the issuance of PIPES by a company often has a negative impact on the value of the issuing company’s securities in the short-term because the issuance floods the market with more shares.

REAL ESTATE INVESTMENT TRUSTS
(REITs). Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. Equity 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 type, and are subject to heavy cash flow dependency, default by borrowers and self-liquidation. REITs must also meet certain requirements under 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 1940 Act. REITs are also subject to the risks of changes in the Code affecting their tax status.

In addition, between 2018 and 2025,
a direct REIT shareholder may claim a 20% “qualified business income” deduction for ordinary REIT dividends. A Fund shareholder will not be able to claim this deduction with respect to Fund dividends
attributable to such income, even if the deduction would have been available to an individual investing directly in the underlying REIT.

REITs (especially mortgage REITs)
are also subject to interest rate risks. When interest rates decline, the value of a REIT&#39;s investment in fixed rate obligations can be expected to rise. Conversely, when interest rates rise, the value of a REIT&#39;s
investment in fixed rate obligations can be expected to decline. In contrast, as interest rates on adjustable rate mortgage loans are reset periodically, yields on a REIT&#39;s investments in such loans will gradually
align themselves to reflect changes in market interest rates, causing the value of such investments to fluctuate less dramatically in response to interest rate fluctuations than would investments in fixed rate
obligations.

Investing in certain REITs involves
risks similar to those associated with investing in small capitalization companies. These REITs may have limited financial resources, may trade less frequently and in limited volume and may be subject to more abrupt
or erratic price movements than larger company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the larger capitalization stocks included in the S&P 500
Index. The management of a REIT may be subject to conflicts of interest with respect to the operation of the business of the REIT and may be involved in real estate activities competitive with the REIT. REITs may own
properties through joint ventures or in other circumstances in which the REIT may not have control over its investments. REITs may incur significant amounts of leverage. A Fund’s investments in REITs may subject
the Fund to duplicate management and/or advisory fees.

REPURCHASE AGREEMENTS. A Fund may invest in securities pursuant to repurchase agreements. A Fund will enter into repurchase agreements only with parties meeting creditworthiness standards as set forth in the
Fund’s repurchase agreement procedures.

Under such agreements, the other
party agrees, upon entering into the contract with the Fund, to repurchase the security at a mutually agreed-upon time and price in a specified currency, thereby determining the yield during the term of the agreement.
This results in a fixed rate of return insulated from market fluctuations during such period, although such return may be affected by currency fluctuations. In the case of repurchase agreements, the prices at which
the trades are conducted do not reflect accrued interest on the underlying obligation. Such agreements usually cover short periods, such as under one week. Repurchase agreements may be construed to be collateralized
loans by the purchaser to the seller secured by the securities transferred to the purchaser.

In the case of a repurchase
agreement, as a purchaser, the Fund will require all repurchase agreements to be fully collateralized at all times by cash or other relatively liquid assets in an amount at least equal to the resale price. The seller
is required to provide additional collateral if the market value of the securities falls below the repurchase price at any time during the term of the repurchase agreement. In the event of default by the seller under
a repurchase agreement construed to be a collateralized loan, the underlying securities are not owned by the Fund but only constitute collateral for the seller&#39;s obligation to pay the repurchase price. Therefore, the
Fund may suffer time delays and incur costs or possible losses in connection with disposition of the collateral.


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A Fund may participate in a joint
repurchase agreement account with other investment companies managed by the Manager pursuant to an order of the SEC. On a daily basis, any uninvested cash balances of the Fund may be aggregated with those of such
investment companies and invested in one or more repurchase agreements. A Fund participates in the income earned or accrued in the joint account based on the percentage of its investment.

REVERSE REPURCHASE AGREEMENTS AND
DOLLAR ROLLS. A Fund may enter into reverse repurchase agreements. A reverse repurchase agreement involves the sale of a portfolio-eligible security by the Fund, coupled with its agreement to repurchase
the instrument at a specified time and price. See “Repurchase Agreements.” A Fund’s investments in these instruments are subject to the Fund’s restrictions on borrowing.

A Fund may enter into dollar rolls.
In a dollar roll, the Fund sells securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type and coupon) securities on a specified future date from the same
party. During the roll period, the Fund forgoes principal and interest paid on the securities. A Fund is compensated by the difference between the current sale price and the forward price for the future purchase
(often referred to as the drop) as well as by the interest earned on the cash proceeds of the initial sale. A Fund will segregate cash or other liquid assets, marked to market daily, having a value equal to the
obligations of the Fund in respect of dollar rolls.

Dollar rolls involve the risk that
the market value of the securities retained by the Fund may decline below the price of the securities sold by the Fund but which the Fund is obligated to repurchase under the agreement. In the event the buyer of
securities under a dollar roll files for bankruptcy or becomes insolvent, the Fund’s use of the proceeds of the agreement may be restricted pending a determination by the other party, or its trustee or receiver,
whether to enforce the Fund’s obligation to repurchase the securities. Cash proceeds from dollar rolls may be invested in cash or other liquid assets.

RUSSIAN FEDERATION INVESTMENT
RISK. The Fund may invest a portion of its assets in securities issued by companies located in the Russian Federation. Settlement, clearing and registration of securities transactions in the
Russian Federation are subject to significant risks. Ownership of shares is defined according to entries in the company’s share register and normally evidenced by extracts from the register. These extracts are
not negotiable instruments and are not effective evidence of securities ownership. The registrars are not necessarily subject to effective state supervision nor are they licensed with any governmental entity. Be to,
there is no central registration system for shareholders and it is possible for the Fund to lose its registration through fraud, negligence or mere oversight. While the Fund will endeavor to ensure that its interests
continue to be appropriately recorded, either by itself or through a custodian or other agent inspecting the share register and by obtaining extracts of share registers through regular confirmations, these extracts
are not legally enforceable and it is possible that a subsequent illegal amendment or other fraudulent act may deprive the Fund of its ownership rights or improperly dilute its interests. In addition, while applicable
Russian regulations impose liability on registrars for losses resulting from their errors, it may be difficult for the Fund to enforce any rights it may have against the registrar or issuer of the securities in the
event of loss of share registration. While the Fund intends to invest directly in Russian companies that use an independent registrar, there can be no assurance that such investments will not result in a loss to the
Fund.

Russia is also subject to a high
degree of economic, political and social instability. Such instability may result from, among other things, the following: (i) an authoritarian government or military involvement in political and economic
decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated with demands for improved political, economic and social conditions; (iii) internal insurgencies;
(iv) hostile relations with neighboring countries; and (v) ethnic, religious and racial discord.

The Russian economy is heavily
dependent upon the export of a range of commodities including most industrial metals, forestry products and oil and gas. Accordingly, it is strongly affected by international commodity prices and is particularly
vulnerable to any weakening in global demand for these products. Any acts of terrorism or armed conflicts in Russia or internationally could have an adverse effect on the financial and commodities markets and the
global economy. As Russia produces and exports large amounts of crude oil and gas, any acts of terrorism or armed conflict causing disruptions of Russian oil and gas exports could negatively impact the Russian economy
and, thus, adversely affect the financial condition, results of operations or prospects of related companies.

As a result of political and
military actions undertaken by the Russian Federation, the US, the European Union and various other countries including Canada, Australia and Japan, have instituted various economic sanctions against Russian
individuals and entities. These sanctioning polities may impose additional economic sanctions, or take other actions, against individuals and/or companies in specific sectors of the Russian economy, including, but not
limited to, the financial services, energy, metals and mining, engineering, and defense and defense-related materials sectors. These sanctions, and the threat of additional sanctions, could have adverse consequences
for the Russian economy, including continued weakening of the Russian currency, downgrades in Russia’s credit rating, and a significant decline in the value and liquidity of securities issued by Russian
companies or the Russian government. Any of these events could negatively impact the Fund’s investment in Russian securities. These sanctions have the possibility of impairing the Fund’s ability to invest
in accordance with its investment strategy and/or to meet its investment objective. For example, the Fund may be




prohibited from investing in securities issued by
companies subject to such sanctions. In addition, these sanctions may require a fund to freeze its existing investments in Russian securities, thereby prohibiting the Fund from buying, selling, receiving or delivering
those securities or other financial instruments. It is also possible that any counter measures or retaliatory action by Russia could further impair the value and liquidity of securities issued by Russian companies and
may have an impact on the economies of other emerging markets as well.

The Russian government may exercise
substantial influence over many aspects of the private sector and may own or control many companies. Future government actions could have a significant effect on the economic conditions in Russia, which could have a
negative impact on private sector companies. There is also the possibility of diplomatic developments that could adversely affect investments in Russia. In recent years, the Russian government has taken bolder steps,
including military actions, to reassert its regional geopolitical influence. Such steps may increase tensions between Russia, its neighbors and Western countries, and may negatively affect its economic growth.

SECURITIES LENDING. Unless otherwise noted, the Fund may lend its portfolio securities to brokers, dealers and other financial institutions subject to applicable regulatory requirements and guidance,
including the requirements that: (1) the aggregate market value of securities loaned will not at any time exceed 33 1
3% of the total assets of the Fund; (2) the borrower pledge and maintain with the Fund collateral consisting of cash having at all times a value of not less than 102% of the value of the
securities lent; and (3) the loan be made subject to termination by the Fund at any time. Securities Finance Trust Company (eSecLending) serves as securities lending agent for the Fund, and in that role administers
the Fund’s securities lending program. As compensation for these services, eSecLending receives a portion of any amounts earned by the Fund through lending securities.

Cash collateral is invested in an
affiliated prime money market fund and will be subject to market depreciation or appreciation. A Fund will be responsible for any loss that results from this investment of collateral. The affiliated prime money market
fund in which cash collateral is invested may impose liquidity fees or temporary gates on redemptions if its weekly liquid assets fall below a designated threshold. If this were to occur, the Fund may lose money on
its investment of cash collateral in the affiliated prime money market fund, or the Fund may not be able to redeem its investment of cash collateral in the affiliated prime money market fund, which might cause the
Fund to liquidate other holdings in order to return the cash collateral to the borrower upon termination of a securities loan. These events could trigger adverse tax consequences for the Fund.

On termination of the loan, the
borrower is required to return the securities to the Fund, and any gain or loss in the market price during the loan would inure to the Fund. If the borrower defaults on its obligation to return the securities lent
because of insolvency or other reasons, the Fund could experience delays and costs in recovering the securities lent or in gaining access to the collateral. In such situations, the Fund may sell the collateral and
purchase a replacement investment in the market. There is a risk that the value of the collateral could decrease below the value of the replacement investment by the time the replacement investment is purchased.

During the time portfolio
securities are on loan, the borrower will pay the Fund an amount equivalent to any dividend or interest paid on such securities. Voting or consent rights which accompany loaned securities pass to the borrower.
However, all loans may be terminated at any time to facilitate the exercise of voting or other consent rights with respect to matters considered to be material. A Fund bears the risk that there may be a delay in the
return of the securities which may impair the Fund’s ability to exercise such rights.

SMALLER OR EMERGING GROWTH
COMPANIES. Investment in smaller or emerging growth companies involves greater risk than is customarily associated with investments in more established companies. The securities of smaller or
emerging growth companies may be subject to more abrupt or erratic market movements than larger, more established companies or the market average in general. These companies may have limited product lines, markets or
financial resources, or they may be dependent on a limited management group.

While smaller or emerging growth
company issuers may offer greater opportunities for capital appreciation than large cap issuers, investments in smaller or emerging growth companies may involve greater risks and thus may be considered speculative.
The subadviser believes that properly selected companies of this type have the potential to increase their earnings or market valuation at a rate substantially in excess of the general growth of the economy. Pilna
development of these companies and trends frequently takes time.

Small capitalization and emerging
growth securities will often be traded only in the OTC market or on a regional securities exchange and may not be traded every day or in the volume typical of trading on a national securities exchange. Kaip rezultatas,
the disposition by the Fund of portfolio securities to meet redemptions or otherwise may require the Fund to make many small sales over a lengthy period of time, or to sell these securities at a discount from market
prices or during periods when, in the subadviser&#39;s judgment, such disposition is not desirable.


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While the process of selection and
continuous supervision by the subadviser does not, of course, guarantee successful investment results, it does provide access to an asset class not available to the average individual due to the time and cost
involved. Careful initial selection is particularly important in this area as many new enterprises have promise but lack certain of the fundamental factors necessary to prosper. Investing in small capitalization and
emerging growth companies requires specialized research and analysis. In addition, many investors cannot invest sufficient assets in such companies to provide wide diversification.

Small companies are generally
little known to most individual investors although some may be dominant in their respective industries. The subadviser believes that relatively small companies will continue to have the opportunity to develop into
significant business enterprises. A Fund may invest in securities of small issuers in the relatively early stages of business development that have a new technology, a unique or proprietary product or service, or a
favorable market position. Such companies may not be counted upon to develop into major industrial companies, but Fund management believes that eventual recognition of their special value characteristics by the
investment community can provide above-average long-term growth to the portfolio.

Equity securities of specific small
capitalization issuers may present different opportunities for long-term capital appreciation during varying portions of economic or securities markets cycles, as well as during varying stages of their business
development. The market valuation of small capitalization issuers tends to fluctuate during economic or market cycles, presenting attractive investment opportunities at various points during these cycles. Mažesnis
companies, due to the size and kinds of markets that they serve, may be less susceptible than large companies to intervention from the federal government by means of price controls, regulations or litigation.

SHORT SALES AND SHORT SALES
AGAINST-THE-BOX. A Fund may make short sales of securities, either as a hedge against potential declines in value of a portfolio security or to realize appreciation when a security that the Fund does not
own declines in value. Because making short sales in securities not owned by the Fund exposes the Fund to the risks associated with those securities, such short sales involve speculative exposure risk. As a result, if
the Fund makes short sales in securities that increase in value, the Fund will likely underperform similar mutual funds that do not make short sales in securities they do not own. A Fund will incur a loss as a result
of a short sale if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. A Fund will realize a gain if the security declines in price
between those dates. There can be no assurance that the Fund will be able to close out a short sale position at any particular time or at a desired price. Although the Fund’s gain is limited to the price at
which the Fund sold the security short, its potential loss is limited only by the maximum attainable price of the security, less the price at which the security was sold and may, theoretically, be unlimited. Il y a
also a risk that a borrowed security will need to be returned to the broker/dealer on short notice. If the request for the return of a security occurs at a time when other short sellers of the security are receiving
similar requests, a “short squeeze” can occur, meaning that the Fund might be compelled, at the most disadvantageous time, to replace the borrowed security with a security purchased on the open market,
possibly at prices significantly in excess of the proceeds received earlier.

A Fund has a short position in the
securities sold short until it delivers to the broker/dealer the securities sold, at which time the Fund receives the proceeds of the sale. In addition, the Fund is required to pay to the broker/dealer the amount of
any dividends or interest paid on shares sold short. A Fund will normally close out a short position by purchasing on the open market and delivering to the broker/dealer an equal amount of the securities sold
short.

A Fund may also make short sales
against-the-box. A short sale against-the-box is a short sale in which the Fund owns an equal amount of the securities sold short, or securities convertible or exchangeable for, with or without payment of any further
consideration, such securities. However, if further consideration is required in connection with the conversion or exchange, cash or other liquid assets, in an amount equal to such consideration, must be segregated on
the Fund’s records or with its Custodian.

SOVEREIGN DEBT. Investment in sovereign debt can involve a high degree of risk. The governmental entity that controls the repayment of sovereign debt may not be able or willing to repay the principal
and/or interest when due in accordance with the terms of such debt. A governmental entity&#39;s willingness or ability to repay principal and interest due in a timely manner may be affected by, among other factors, its
cash flow situation, the extent of its foreign reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the
governmental entity&#39;s policy towards the International Monetary Fund and the political constraints to which a governmental entity may be subject. Governmental entities may also be dependent on expected disbursements
from foreign governments, multilateral agencies and others abroad to reduce principal and interest arrearages on their debt. The commitment on the part of these governments, agencies and others to make such
disbursements may be conditioned on the implementation of economic reforms and/or economic performance and the timely service of such debtor&#39;s obligations. Failure to implement such reforms, achieve such levels of
economic performance or repay principal or interest when due may result in the cancellation of such third parties&#39; commitments to lend funds to the governmental entity, which may further impair such debtor&#39;s ability
or willingness to timely service its debts. Consequently, governmental entities may default on their sovereign debt. Holders of sovereign debt may be requested to participate in the rescheduling of such debt and to
extend further loans to governmental entities. In the event of a default by a governmental entity, there may be few or no effective legal remedies for collecting on such debt.




SWAP AGREEMENTS. The Fund may enter into swap transactions, including, but not limited to, equity, interest rate, index, credit default, total return and, to the extent that it invests in foreign
currency-denominated securities, currency exchange rate swap agreements. In addition, the Fund may enter into options on swap agreements (swap options). These swap transactions are entered into in an attempt to obtain
a particular return when it is considered desirable to do so, possibly at a lower cost to the Fund than if the Fund had invested directly in an instrument that yielded that desired return. Swap transactions are a type
of derivative. Derivatives are further discussed in the sub-sections entitled “Derivatives” and “Risk Factors Involving Derivatives.”

Swap agreements are two party
contracts entered into primarily by institutional investors. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on or
calculated with respect to particular predetermined investments or instruments, which may be adjusted for an interest factor. The gross returns to be exchanged or “swapped” between the parties are
generally calculated with respect to a “notional amount,” that is, the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a “basket” of
securities representing a particular index or other investments or instruments. Most swap agreements entered into by the Fund would calculate the obligations of the parties to the agreement on a “net
basis.” Consequently the Fund’s current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values
of the positions held by each party to the agreement (the “net amount”). The Fund’s current obligations under a swap agreement will be accrued daily (offset against any amounts owed to the Fund) and
any accrued but unpaid net amounts owed to a swap counterparty will be covered by the segregation of more liquid assets.

To the extent that the Fund enters
into swaps on other than a net basis, the segregated amount maintained will be the full amount of the Fund’s obligations, if any, with respect to such swaps, accrued on a daily basis. Inasmuch as segregated
accounts are established for these hedging transactions, the subadviser and the Fund believe such obligations do not constitute senior securities and, accordingly, will not treat them as being subject to the
Fund’s borrowing restrictions. If there is a default by the other party to such a transaction, the Fund will have contractual remedies pursuant to the agreement related to the transaction. Since swaps are
individually negotiated, the Fund expects to achieve an acceptable degree of correlation between its rights to receive a return on its portfolio securities and its rights and obligations to receive and pay a return
pursuant to swaps. The Fund will enter into swaps only with counterparties meeting certain creditworthiness standards (generally, such counterparties would have to be eligible counterparties under the terms of the
Fund’s repurchase agreement guidelines approved by the Board).

Certain swaps are required to be
executed through a centralized exchange or regulated facility and be cleared through a regulated clearinghouse. Although this clearing mechanism is generally expected to reduce counterparty credit risk, it may disrupt
or limit the swap market and may not result in swaps being easier to trade or value. As swaps become more standardized, the Fund may not be able to enter into swaps that meet its investment needs. The Fund also may
not be able to find a clearinghouse willing to accept a swap for clearing. In a cleared swap, a central clearing organization will be the counterparty to the transaction. The Fund will assume the risk that the
clearinghouse may be unable to perform its obligations. The Fund will be required to maintain its positions with a clearing organization through one or more clearing brokers. The clearing organization will require the
Fund to post margin and the broker may require the Fund to post additional margin to secure the Fund’s obligations. The amount of margin required may change from time to time. In addition, cleared transactions
may be more expensive to maintain than OTC transactions and may require the Fund to deposit larger amounts of margin. The Fund may not be able to recover margin amounts if the broker has financial difficulties. Be to,
the broker may require the Fund to terminate a derivatives position under certain circumstances. This may cause the Fund to lose money.

TEMPORARY DEFENSIVE STRATEGY AND
SHORT-TERM INVESTMENTS.A Fund may temporarily invest without limit in money market instruments, including commercial paper of US corporations, certificates of deposit, bankers&#39; acceptances and other obligations
of domestic banks, and obligations issued or guaranteed by the US Government, its agencies or its instrumentalities, as part of a temporary defensive strategy.

A Fund may invest in money market
instruments to maintain sufficient liquidity to meet anticipated redemptions. Money market instruments typically have a maturity of one year or less as measured from the date of purchase. A Fund also may temporarily
hold cash or invest in money market instruments pending investment of proceeds from new sales of Fund shares or during periods of portfolio restructuring.

TOTAL RETURN SWAP AGREEMENTS . A Fund may enter into total return swap agreements. Total return swap agreements are contracts in which one party agrees to make periodic payments based on the change in market value of
the underlying assets, which may include a specified security, basket of securities or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or the
total return from other underlying assets. Total return swap agreements may be used to obtain exposure to a security or market without owning or taking physical custody of such security or market. Total return swap
agreements may effectively add leverage to the Fund’s portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap. Total return
swap agreements entail the risk that a party will default on its payment obligations to the Fund


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thereunder. Swap agreements also bear the risk that
the Fund will not be able to meet its obligation to the counterparty. Generally, the Fund will enter into total return swaps on a net basis (i.e., the two payment streams are netted out with the Fund receiving or
paying, as the case may be, only the net amount of the two payments). The net amount of the excess, if any, of the Fund’s obligations over its entitlements with respect to each total return swap will be accrued
on a daily basis, and an amount of cash or relatively liquid instruments having an aggregate NAV at least equal to the accrued excess will be segregated by the Fund. If the total return swap transaction is entered
into on other than a net basis, the full amount of the Fund’s obligations will be accrued on a daily basis, and the full amount of the Fund’s obligations will be segregated by the Fund in an amount equal
to or greater than the market value of the liabilities under the total return swap agreement or the amount it would have cost the Fund initially to make an equivalent direct investment, plus or minus any amount the
Fund is obligated to pay or is to receive under the total return swap agreement.

Segregation and other requirements
pertaining to total return swap agreements are subject to change in the event of future changes in applicable laws or regulations. It is possible that any such changes in laws or regulations could require
modifications to the operation of the Fund.

US GOVERNMENT SECURITIES. A Fund may invest in adjustable rate and fixed rate US Government securities. US Government securities are instruments issued or guaranteed by the US Treasury or by an agency or
instrumentality of the US Government. US Government guarantees do not extend to the yield or value of the securities or the Fund’s shares. Not all US Government securities are backed by the full faith and credit
of the United States. Some are supported only by the credit of the issuing agency.

US Treasury securities include
bills, notes, bonds and other debt securities issued by the US Treasury. These instruments are direct obligations of the US Government and, as such, are backed by the full faith and credit of the United States. Jie
differ primarily in their interest rates, the lengths of their maturities and the dates of their issuances.

Securities issued by agencies of
the US Government or instrumentalities of the US Government, including those which are guaranteed by Federal agencies or instrumentalities, may or may not be backed by the full faith and credit of the United States.
Obligations of Ginnie Mae, the Farmers Home Administration and the Small Business Administration are backed by the full faith and credit of the United States. In the case of securities not backed by the full faith and
credit of the United States, the Fund must look principally to the agency issuing or guaranteeing the obligation for ultimate repayment and may not be able to assert a claim against the United States if the agency or
instrumentality does not meet its commitments.

A Fund may also invest in component
parts of US Government securities, namely either the corpus (principal) of such obligations or one or more of the interest payments scheduled to be paid on such obligations. These obligations may take the form of (1)
obligations from which the interest coupons have been stripped; (2) the interest coupons that are stripped; (3) book-entries at a Federal Reserve member bank representing ownership of obligation components; or (4)
receipts evidencing the component parts (corpus or coupons) of US Government obligations that have not actually been stripped. Such receipts evidence ownership of component parts of US Government obligations (corpus
or coupons) purchased by a third party (typically an investment banking firm) and held on behalf of the third party in physical or book-entry form by a major commercial bank or trust company pursuant to a custody
agreement with the third party. A Fund may also invest in custodial receipts held by a third party that are not US Government securities.

WARRANTS AND RIGHTS. Warrants and rights are securities permitting, but not obligating, the warrant holder to subscribe for other securities. Buying a warrant does not make the Fund a shareholder of the
underlying stock. The warrant holder has no right to dividends or votes on the underlying stock. A warrant does not carry any right to assets of the issuer, and for this reason investment in warrants may be more
speculative than other equity-based investments.

WHEN-ISSUED SECURITIES,
DELAYED-DELIVERY SECURITIES AND FORWARD COMMITMENTS. A Fund may purchase or sell securities that the Fund is entitled to receive on a when-issued basis. A Fund may also purchase or sell securities on a delayed-delivery basis or through a
forward commitment. When delayed-delivery securities are purchased, the price and interest rate are fixed at the time of purchase. When-issued, delayed-delivery and forward commitment transactions all involve the
purchase or sale of securities with payment and delivery taking place in the future. A Fund enters into these transactions to obtain what is considered an advantageous price to the Fund at the time of entering into
the transaction. A Fund has not established any limit on the percentage of its assets that may be committed in connection with these transactions. When the Fund purchases securities in these transactions, the Fund
segregates relatively liquid securities in an amount equal to the amount of its purchase commitments.

There can be no assurance that a
security purchased on a when-issued basis will be issued or that a security purchased or sold through a forward commitment will be delivered. The value of securities in these transactions on the delivery date may be
more or less than the Fund’s purchase price. A Fund may bear the risk of a decline in the value of the security in these transactions and may not benefit from an appreciation in the value of the security during
the commitment period.




INVESTMENT RESTRICTIONS

The Fund has adopted the
restrictions listed below as fundamental policies. Under the 1940 Act, a fundamental policy is one that cannot be changed without the approval of the holders of a majority of the Fund’s outstanding voting
securities. A “majority of the Fund’s outstanding voting securities,” when used in this SAI, means the lesser of (i) 67% of the voting shares represented at a meeting at which more than 50% of the
outstanding voting shares are present in person or represented by proxy or (ii) more than 50% of the outstanding voting shares.

1. The Fund may not issue senior
securities or borrow money or pledge its assets, except as permitted by the 1940 Act Laws, Interpretations and Exemptions. For purposes of this restriction, the purchase or sale of securities on a when-issued or
delayed delivery basis, reverse repurchase agreements, dollar rolls, short sales, derivative and hedging transactions such as interest rate swap transactions, and collateral arrangements with respect thereto, and
transactions similar to any of the foregoing and collateral arrangements with respect thereto, and obligations of the Fund to its Trustees pursuant to deferred compensation arrangements are not deemed to be a pledge
of assets or the issuance of a senior security.

2. The Fund may not buy or sell
real estate, except that investment in securities of issuers that invest in real estate and investments in mortgage-backed securities, mortgage participations or other instruments supported or secured by interests in
real estate are not subject to this limitation, and except that the Fund may exercise rights relating to such securities, including the right to enforce security interests and to hold real estate acquired by reason of
such enforcement until that real estate can be liquidated in an orderly manner.

3. The Fund may not buy or sell
physical commodities or contracts involving physical commodities, except as permitted by the 1940 Act Laws, Interpretations and Exemptions.

4. The Fund may not purchase any
security (other than obligations issued or guaranteed by the US Government, its agencies or instrumentalities) if as a result of such purchase 25% or more of the Fund&#39;s total assets (determined at the time of
investment) would be invested in any one industry other than as follows: the Fund will concentrate its investments (i.e., will invest at least 25% of its total assets under normal circumstances) in the securities of a
broad range of companies in the information technology sector as well as companies in other sectors that are expected to derive a substantial portion of their sales from products or services that utilize technology or
engage in technology-related activities.

5. The Fund may not act as
underwriter except to the extent that, in connection with the disposition of portfolio securities, it may be deemed to be an underwriter under certain federal securities laws.

6. The Fund may make loans,
including loans of assets of the Fund, repurchase agreements, trade claims, loan participations or similar investments, or as permitted by the 1940 Act Laws, Interpretations and Exemptions. The acquisition of bonds,
debentures, other debt securities or instruments, or participations or other interests therein and investments in government obligations, commercial paper, certificates of deposit, bankers&#39; acceptances or instruments
similar to any of the foregoing will not be considered the making of a loan, and is permitted if consistent with the Fund’s investment objective.

With respect to Investment
Restriction 1 above, the 1940 Act permits the Fund to borrow money in amounts of up to one-third of the Fund’s total assets from banks for any purpose, and to borrow up to 5% of the Fund’s total assets from banks or other lenders for temporary purposes. (A
fund’s total assets include the amounts being borrowed.) To limit the risks attendant to borrowing, the 1940 Act requires the Fund to maintain an “asset coverage” of at least 300% of the amount of
its borrowings, provided that in the event that the Fund’s asset coverage falls below 300%, the Fund is required to reduce the amount of its borrowings so that it meets the 300% asset coverage threshold within
three days (not including Sundays and holidays). Asset coverage means the ratio that the value of the Fund’s total assets (including amounts borrowed), minus liabilities other than borrowings, bears to the
aggregate amount of all borrowings. Borrowing money to increase portfolio holdings is known as “leveraging.” Borrowing, especially when used for leverage, may cause the value of the Fund’s shares to
be more volatile than if the Fund did not borrow. This is because borrowing tends to magnify the effect of any increase or decrease in the value of the Fund’s portfolio holdings. Borrowed money thus creates an
opportunity for greater gains, but also greater losses. To repay borrowings, the Fund may have to sell securities at a time and at a price that is unfavorable to the Fund. There also are costs associated with
borrowing money, and these costs would offset and could eliminate the Fund’s net investment income in any given period. Investment Restriction 1 will be interpreted to permit the Fund to engage in trading
practices and investments that may be considered to be borrowing to the extent permitted by the 1940 Act. Practices and investments that may involve leverage but are not considered to be borrowings are not subject to
the policy. In addition, Investment Restriction 1 will be interpreted not to prevent collateral arrangements with respect to swaps, options, forward or futures contracts or other derivatives, the posting of initial or
variation margin or the Fund’s deferred compensation arrangements with the Trustees.


PGIM Jennison Technology
Fund    28




Investment Restriction 2 prohibits
the Fund from buying or selling real estate.  The Fund may invest in real estate-related companies, companies whose businesses consist in whole or in part of investing in real estate, instruments (like mortgages
and mortgage participations) that are secured by real estate or interests therein, or REIT securities.  The Fund may exercise rights relating to real estate securities, including the right to enforce security
interests and to hold real estate acquired by reason of such enforcement until that real estate can be liquidated in an orderly manner.

Investment Restriction 3 prohibits
the Fund from buying or selling physical commodities (such as oil or grains) or contracts involving physical commodities, except as permitted by the 1940 Act. The 1940 Act does not prohibit the Fund from owning
commodities, whether physical commodities and contracts related to physical commodities (such as oil or grains and related futures contracts), or financial commodities and contracts related to financial commodities
(such as currencies and, possibly, currency futures). However, the Fund is limited in the amount of illiquid assets it may purchase. To the extent that investments in commodities are considered illiquid, the current
SEC staff position generally limits the Fund’s purchases of illiquid securities to 15% of net assets. If the Fund were to invest in a physical commodity or a physical commodity-related instrument, the Fund would
be subject to the additional risks of the particular physical commodity and its related market. The value of commodities and commodity-related instruments may be extremely volatile and may be affected either directly
or indirectly by a variety of factors. There may also be storage charges and risks of loss associated with physical commodities. Investment Restriction 3 will be interpreted to permit investments in ETFs that invest
in physical and/or financial commodities.

With respect to Investment
Restriction 4 relating to concentration, the 1940 Act does not define what constitutes “concentration” in an industry. The SEC staff has taken the position that investment of 25% or more of a fund’s
total assets in one or more issuers conducting their principal business activities in the same industry constitutes concentration. It is possible that interpretations of concentration could change in the future. Un
fund that invests a significant percentage of its total assets in a single industry may be particularly susceptible to adverse events affecting that industry and may be more risky than a fund that does not concentrate
in an industry. The policy in Investment Restriction 4 will be interpreted to refer to concentration as that term may be interpreted from time to time. Investment without limit in securities of the US Government and
its agencies or instrumentalities is permitted by the restriction.  Accordingly, issuers of the foregoing securities will not be considered to be members of any industry. The Fund concentrates its investments in
the securities of a broad range of companies in the information technology sector as well as companies in other sectors that are expected to derive a substantial portion of their sales from products or services that
utilize technology or engage in technology-related activities. As of the date of this SAI, technology and technology-related companies include companies in the information technology sector as well as
technology-related companies in other sectors, including those in the following industries: interactive media and services, internet and direct marketing and retail and services, technology hardware storage and
peripherals, software, electronic equipment instruments and components, communications equipment, semiconductors and semiconductor equipment, media, pharmaceuticals, healthcare equipment and supplies, biotechnology,
commercial services and supplies, chemicals, aerospace and defense, energy equipment and services, nanotechnology companies in various industries, and other technology-related industries. The technology-related
industries listed above is not a fundamental policy of the Fund, and therefore may be changed by the Board without prior shareholder approval. This limitation also will not apply to securities issued or guaranteed by
the U.S. government, its agencies or instrumentalities. For purposes of Investment Restriction 4, the Fund relies upon the “industry” classification of the Global Industry Classification Standard published
by S&P in determining industry classification. The Fund’s reliance on the classification system is not a fundamental policy of the Fund and, therefore, can be changed without shareholder approval.

Investment Restriction 5 prohibits
the Fund from acting as underwriter except to the extent that, in connection with the disposition of portfolio securities, it may be deemed to be an underwriter under certain federal securities laws.  A fund
engaging in transactions involving disposition of portfolio securities may be considered to be an underwriter under the 1933 Act. Under the 1933 Act, an underwriter may be liable for material omissions or
misstatements in an issuer’s registration statement or prospectus. Securities purchased from an issuer and not registered for sale under the 1933 Act are considered restricted securities. There may be a limited
market for these securities. If these securities are registered under the 1933 Act, they may then be eligible for sale but participating in the sale may subject the seller to underwriter liability. These risks could
apply to a fund investing in restricted securities. The Fund may purchase restricted securities without limit (except to the extent that restricted securities are subject to the limitation on investment in illiquid
securities).

With respect to Investment
Restriction 6, the 1940 Act does not prohibit a fund from making loans; however, SEC staff interpretations currently prohibit funds from lending more than one-third of their total assets, except through the purchase
of debt obligations or the use of repurchase agreements. (A repurchase agreement is an agreement to purchase a security, coupled with an agreement to sell that security back to the original seller on an agreed-upon
date at a price that reflects current interest rates. The SEC frequently treats repurchase agreements as loans.) Investment Restriction 6 permits the Fund to lend its portfolio securities. While lending securities may
be a source of income to the Fund, as with other extensions of credit, there are risks of delay in recovery or even loss of rights in the underlying securities should the borrower fail financially. Additionally,
losses could result from the reinvestment of collateral received on




loaned securities in investments that decline in
value, default, or do not perform as well as expected. Investment Restriction 6 also permits the Fund to make loans of money, including loans of money to other PGIM Funds pursuant to an SEC order for exemptive
relief.  Investment Restriction 6 will be interpreted not to prevent the Fund from purchasing or investing in debt obligations and loans.

Whenever any fundamental investment
policy or investment restriction states a maximum percentage of the Fund’s assets, it is intended that if the percentage limitation is met at the time the investment is made, a later change in percentage
resulting from changing total asset values will not be considered a violation of such policy.

The Fund’s fundamental
investment restrictions will be interpreted broadly. For example, the policies will be interpreted to refer to the 1940 Act and the related rules as they are in effect from time to time, and to interpretations and
modifications of or relating to the 1940 Act by the SEC and others as they are given from time to time. When a restriction provides that an investment practice may be conducted as permitted by the 1940 Act, the
restriction will be interpreted to mean either that the 1940 Act expressly permits the practice or that the 1940 Act does not prohibit the practice.

The Fund will provide 60 days&#39;
written notice to shareholders of a change in its non-fundamental policy of investing at least 80% of its investable assets (that is, net assets plus borrowings for investment purposes) in the type of investments
suggested by the Fund’s name.

In addition, as a matter of
non-fundamental policy, the Fund may not acquire securities of other investment companies or registered unit investment trusts in reliance on subparagraph (F) or (G) of Section 12(d)(1) of the 1940 Act so long as it
is a fund in which one or more affiliated PGIM Funds may invest. The foregoing investment policy does not restrict the Fund from (i) acquiring securities of other registered investment companies in connection with a
merger, consolidation, reorganization, or acquisition of assets, or (ii) purchasing the securities of registered investment companies, to the extent otherwise permissible under Section 12(d)(1) of the 1940 Act.

The Fund’s investment
objective is not a fundamental policy.

INFORMATION ABOUT BOARD MEMBERS
AND OFFICERS

Information about Board Members and
Officers of the Fund is set forth below. Board Members who are not deemed to be “interested persons” of the Fund, as defined in the 1940 Act, are referred to as “Independent Board Members.”
Board Members who are deemed to be “interested persons” of the Fund are referred to as “Interested Board Members.” The Board Members are responsible for the overall supervision of the
operations of the Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Board in turn elects the Officers, who are responsible for administering the day-to-day
operations of the Fund.

Independent Board Members
nom
Date of Birth
Position(s)
Portfolios Overseen
Principal Occupation(s)
During Past Five Years
Other Directorships
Held During
Past Five Years
Length of
Board Service
Ellen S. Alberding
3/11/58
Board Member
Portfolios Overseen: 96
President and Board Member, The Joyce Foundation (charitable foundation) (since 2002);
Vice Chair, City Colleges of Chicago (community college system) (2011-2015); Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); Trustee, Economic Club of Chicago (since
2009); Trustee, Loyola University (since 2018).
Nė vienas. Since September 2013
Kevin J. Bannon
7/13/52
Board Member
Portfolios Overseen: 96
Retired; Managing Director (April 2008-May 2015) and Chief Investment Officer (October
2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; President (May
2003-May 2007) of BNY Hamilton Family of Mutual Funds.
Director of Urstadt Biddle Properties (equity real estate investment trust) (since
September 2008).
Since July 2008
Linda W. Bynoe
7/9/52
Board Member
Portfolios Overseen: 96
President and Chief Executive Officer (since March 1995) and formerly Chief Operating
Officer (December 1989-February 1995) of Telemat Ltd. (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer).
Director of Anixter International, Inc. (communication products distributor) (since
January 2006); Director of Northern Trust Corporation (financial services) (since April 2006); Trustee of Equity Residential (residential real estate) (since December 2009).
Since March 2005

PGIM Jennison Technology
Fund    30




Independent Board Members
nom
Date of Birth
Position(s)
Portfolios Overseen
Principal Occupation(s)
During Past Five Years
Other Directorships
Held During
Past Five Years
Length of
Board Service
Barry H. Evans
11/2/60
Board Member
Portfolios Overseen: 95
Retired; formerly President (2005 – 2016), Global Chief Operating Officer
(2014– 2016), Chief Investment Officer – Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management U.S.
Formerly Director, Manulife Trust Company (2011-2018); formerly Director, Manulife Asset
Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).
Since September 2017
Keith F. Hartstein
10/13/56
Board Member & Independent Chair
Portfolios Overseen: 96
Retired; Member (since November 2014) of the Governing Council of the Independent
Directors Council (organization of independent mutual fund directors); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing
(1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).
Nė vienas. Since September 2013
Laurie Simon Hodrick
9/29/62
Board Member
Portfolios Overseen: 95
A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia
Business School (since 2018); Visiting Professor of Law, Stanford Law School (since 2015); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a
consulting firm); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies,
Deutsche Bank (2006-2008).
Independent Director, Synnex Corporation (since April 2019) (information technology);
Independent Director, Kabbage, Inc. (since July 2018) (financial services); Independent Director, Corporate Capital Trust (2017-2018) (a business development company).
Since September 2017
Michael S. Hyland, CFA
10/4/45
Board Member
Portfolios Overseen: 96
Retired (since February 2005); formerly Senior Managing Director (July 2001-February
2005) of Bear Stearns & Co, Inc.; Global Partner, INVESCO (1999-2001); Managing Director and President of Salomon Brothers Asset Management (1989-1999).
Nė vienas. Since July 2008
Brian K. Reid
9/22/61
Board Member
Portfolios Overseen: 95
Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017);
formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the
Federal Reserve Board (1989-1996); Director, ICI Mutual Insurance Company (2012-2017).
Nė vienas. Since March 2018
Grace C. Torres
6/28/59
Board Member
Portfolios Overseen: 95
Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM
Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September
1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June
2014) of Prudential Annuities Advisory Services, Inc.
Formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank;
 Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank.
Since November 2014



Interested Board Members
nom
Date of Birth
Position(s)
Portfolios Overseen
Principal Occupation(s)
During Past Five Years
Other Directorships
Held During
Past Five Years
Length of
Board Service
Stuart S. Parker
10/5/62
Board Member & President
Portfolios Overseen: 96
President of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since
January 2012); Executive Vice President of Prudential Investment Management Services LLC (since December 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM
Investments LLC (June 2005-December 2011).
Nė vienas. Since January 2012
Scott E. Benjamin
5/21/73
Board Member & Vice President
Portfolios Overseen:96
Executive Vice President (since June 2009) of PGIM Investments LLC; Executive Vice
President (June 2009-June 2012) and Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice
President of Product Development and Marketing, PGIM Investments (since February 2006); formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).
Nė vienas. Since March 2010
Fund Officersa)
nom
Date of Birth
Fund Position
Principal Occupation(s) During Past Five Years Length of
Service as Fund Officer
Raymond A. O’Hara
9/11/55
Chief Legal Officer
Vice President and Corporate Counsel (since July 2010) of Prudential Insurance Company of
America (Prudential); Vice President (March 2011-Present) of Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey; Vice President and Corporate Counsel (March 2011-Present) of Prudential
Annuities Life Assurance Corporation; Chief Legal Officer of PGIM Investments LLC (since June 2012); Chief Legal Officer of Prudential Mutual Fund Services LLC (since June 2012) and Corporate Counsel of AST Investment
Services, Inc. (since June 2012); formerly Assistant Vice President and Corporate Counsel (September 2008-July 2010) of The Hartford Financial Services Group, Inc.; formerly Associate (September 1980-December 1987)
and Partner (January 1988–August 2008) of Blazzard & Hasenauer, P.C. (formerly, Blazzard, Grodd & Hasenauer, P.C.).
Since June 2012
Dino Capasso
8/19/74
Chief Compliance Officer
Chief Compliance Officer (July 2019-Present) of PGIM Investments LLC; Chief Compliance
Officer (July 2019-Present) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM High Yield Bond
Fund, Inc.; Vice President and Deputy Chief Compliance Officer (June 2017-2019) of PGIM Investments LLC; formerly, Senior Vice President and Senior Counsel (January 2016-June 2017), and Vice President and Counsel
(February 2012-December 2015) of Pacific Investment Management Company LLC.
Since March 2018
Andrew R. French
12/22/62
Secretary
Vice President of PGIM Investments LLC (December 2018-Present); formerly Vice President
and Corporate Counsel (February 2010-December 2018) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC;
 Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.
Since October 2006
Jonathan D. Shain
8/9/58
Assistant Secretary
Vice President and Corporate Counsel (since August 1998) of Prudential; Vice President
and Assistant Secretary (since May 2001) of PGIM Investments LLC; Vice President and Assistant Secretary (since February 2001) of Prudential Mutual Fund Services LLC; formerly Vice President and Assistant Secretary
(May 2003-June 2005) of AST Investment Services, Inc.
Since May 2005
Claudia DiGiacomo
10/14/74
Assistant Secretary
Vice President and Corporate Counsel (since January 2005) of Prudential; Vice President
and Assistant Secretary of PGIM Investments LLC (since December 2005); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).
Since December 2005
Diana N. Huffman
4/14/82
Assistant Secretary
Vice President and Corporate Counsel (since September 2015) of Prudential; formerly
Associate at Willkie Farr & Gallagher LLP (2009-2015).
Since March 2019
Kelly A. Coyne
8/8/68
Assistant Secretary
Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010). Since March 2015

PGIM Jennison Technology
Fund    32




Fund Officersa)
nom
Date of Birth
Fund Position
Principal Occupation(s) During Past Five Years Length of
Service as Fund Officer
Christian J. Kelly
5/5/75
Treasurer and Principal Financial
and Accounting Officer
Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018);
 formerly, Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital
Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).
Since January 2019
Lana Lomuti
6/7/67
Assistant Treasurer
Vice President (since 2007) and Director (2005-2007), within PGIM Investments Fund
Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.
Since April 2014
Russ Shupak
10/08/73
Assistant Treasurer
Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund
Administration.
Since October 2019
Deborah Conway
3/26/69
Assistant Treasurer
Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund
Administration.
Since October 2019
Elyse M. McLaughlin
1/20/74
Assistant Treasurer
Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund
Administration.
Since October 2019
Charles H. Smith
1/11/73
Anti-Money Laundering
Compliance Officer
Vice President, Corporate Compliance, Anti-Money Laundering Unit (since January 2015) of
Prudential; committee member of the American Council of Life Insurers Anti-Money Laundering and Critical Infrastructure Committee (since January 2016); formerly Global Head of Economic Sanctions Compliance at AIG
Property Casualty (February 2007-December 2014); Assistant Attorney General at the New York State Attorney General&#39;s Office, Division of Public Advocacy. (August 1998-January 2007).
Since January 2017

a) Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.
Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410.
There is no set term of office for Board Members or Officers. The Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they
reach the age of 75.
“Other Directorships Held” includes only directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other
investment companies registered under the 1940 Act.
“Portfolios Overseen” includes all investment companies managed by PGIM Investments LLC. The investment companies for which PGIM Investments LLC serves as manager include the PGIM Funds, The
Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., The Prudential Series Fund, Prudential&#39;s Gibraltar Fund, Inc. and the Advanced Series Trust.

COMPENSATION OF BOARD MEMBERS AND
OFFICERS. Pursuant to a management agreement with PIP 12, the Manager pays all compensation of Fund Officers and employees as well as the fees and expenses of all Interested Board Members.

The Fund pays each Independent
Board Member annual compensation in addition to certain out-of-pocket expenses. Independent Board Members who serve on Board Committees may receive additional compensation. The amount of annual compensation paid to
each Independent Board Member may change as a result of the introduction of additional funds on whose Boards the Board Member may be asked to serve.

Independent Board Members may defer
receipt of their fees pursuant to a deferred fee agreement with the Fund. Under the terms of the agreement, the Fund accrues deferred Board Members&#39; fees daily which, in turn, accrue interest at a rate equivalent to
the prevailing rate of 90-day US Treasury Bills at the beginning of each calendar quarter or at the daily rate of return of any mutual fund managed by PGIM Investments chosen by the Board Member. Payment of the
interest so accrued is also deferred and becomes payable at the option of the Board Member. The obligation to make payments of deferred Board Members&#39; fees, together with interest thereon, is a general obligation of
the Fund. The Fund does not have a retirement or pension plan for Board Members.

The following table sets forth the
aggregate compensation paid by the Fund for the most recently completed fiscal year to the Independent Board Members for service on the Board, and the Board of any other investment company in the Fund Complex for the
most recently completed calendar year. Board Members and officers who are “interested persons” of the Fund (as defined in the 1940 Act) do not receive compensation from PGIM Investments-managed funds and
therefore are not shown in the following table.

Compensation Received by Independent Board Members



nom Aggregate Fiscal Year
Compensation from Fund
Pension or Retirement Benefits
Accrued as Part of Fund Expenses
Estimated Annual Benefits
Upon Retirement
Total Compensation from Fund
and Fund Complex for Most
Recent Calendar Year
Ellen S. Alberding** $1,210 None None $300,500 (32/95)*
Kevin J. Bannon $1,210 None None $322,000 (32/95)*
Linda W. Bynoe*** $1,210 None None $316,000 (32/95)*
Barry H. Evans** $1,210 None None $305,000 (31/94)*
Keith F. Hartstein*** $1,210 None None $384,000 (32/95)*
Laurie Simon Hodrick** $1,210 None None $311,000 (31/94)*
Michael S. Hyland** $1,210 None None $316,000 (32/95)*
Richard A. Redeker † $213 None None None
Brian K. Reid $1,210 None None $311,000 (31/94)*
Grace C. Torres $1,200 None None $267,000 (31/94)*

† Mr. Redeker retired
from the Board effective as of December 31, 2018.

Explanatory Notes to Board Member Compensation
Tables

* Compensation relates to portfolios that
were in existence for any period during 2019. Number of funds and portfolios represent those in existence as of December 31, 2019, and excludes funds that have merged or liquidated during the year. Additionally, the
number of funds and portfolios includes those which are approved as of December 31, 2019, but may commence operations after that date. No compensation is paid out from such funds/portfolios.

** Under the deferred fee agreement for
the PGIM Investments-managed funds, certain Board Members have elected to defer all or part of their total compensation. The total amount of deferred compensation accrued during the calendar year ended December 31,
2019, including investment results during the year on cumulative deferred fees, amounted to $303,905, $393,718, $376,204, and $46,167 for Ms. Alberding, Mr. Evans, Ms. Hodrick and Mr. Hyland, respectively.

*** Certain Board Members previously elected
to defer all or a part of their total compensation, but no longer defer their compensation.  The investment results during the calendar year ended December 31, 2019 on previously deferred cumulative fees amounted
to $257,967 and $265,900 for Ms. Bynoe and Mr. Hartstein, respectively.

BOARD COMMITTEES. The Board has established three standing committees in connection with Fund governance—Audit, Nominating and Governance, and Investment. Information on the membership of each
standing committee and its functions is set forth below.

Audit Committee: The Board has determined that each member of the Audit Committee is not an “interested person” as defined in the 1940 Act. The responsibilities of the Audit Committee are to
assist the Board in overseeing the Fund&#39;s independent registered public accounting firm, accounting policies and procedures and other areas relating to the Fund&#39;s auditing processes. The Audit Committee is responsible
for pre-approving all audit services and any permitted non-audit services to be provided by the independent registered public accounting firm directly to the Fund. The Audit Committee is also responsible for
pre-approving permitted services to be provided by the independent registered public accounting firm to (1) the Manager and (2) any entity in a control relationship with the Manager that provides ongoing services to
the Fund, provided that the engagement of the independent registered public accounting firm relates directly to the operation and financial reporting of the Fund. The scope of the Audit Committee&#39;s responsibilities is
oversight. It is management&#39;s responsibility to maintain appropriate systems for accounting and internal control and the independent registered public accounting firm&#39;s responsibility to plan and carry out an audit in
accordance with the standards of the Public Company Accounting Oversight Board (United States). The number of Audit Committee meetings held during the Fund&#39;s most recently completed fiscal year is set forth in the
table below.

The membership of the Audit
Committee is set forth below:

Grace C. Torres (Chair)
Laurie Simon Hodrick
Michael S. Hyland, CFA
Brian K. Reid
Keith F. Hartstein (ex-officio)

Nominating and Governance
Committee: The Nominating and Governance Committee of the Board is responsible for nominating Board Members and making recommendations to the Board concerning Board composition, committee structure
and governance, director education, and governance practices. The Board has determined that each member of the Nominating and Governance Committee is not an “interested person” as defined in the 1940 Act.
The number of Nominating and Governance Committee meetings held during the Fund&#39;s most recently completed fiscal year is set forth in the table below. The Nominating and Governance Committee Charter is available on
the Fund&#39;s website.

The membership of the Nominating
and Governance Committee is set forth below:

Linda W. Bynoe (Chair)
Kevin J. Bannon


PGIM Jennison Technology
Fund    34




Ellen S. Alberding
Barry H. Evans
Keith F. Hartstein (ex-officio)

Investment Committees: The Board of each fund in the PGIM retail mutual funds complex has formed joint committees to review the performance of each Fund in the Fund Complex. The Gibraltar Investment Committee
reviews the performance of each Fund that is subadvised by Jennison Associates LLC and QMA LLC. The Dryden Investment Committee reviews the performance of each Fund that is subadvised by PGIM Fixed Income, PGIM Real
Estate and PGIM Limited (each of which is a business unit of PGIM, Inc.). In addition, the Dryden Investment Committee reviews the performance of the closed-end funds. Each committee meets at least four times per year
and reports the results of its review to the full Board of each Fund at each regularly scheduled Board meeting. Every Independent Board Member sits on one of the two committees.

The number of Gibraltar Investment
Committee or Dryden Investment Committee meetings, as applicable, held during the Fund&#39;s most recently completed fiscal year is set forth in the table below.

The membership of the Gibraltar
Investment Committee and the Dryden Investment Committee is set forth below:

Gibraltar Investment Committee
Ellen S. Alberding (Chair)
Kevin J. Bannon
Keith F. Hartstein (ex-officio)
Laurie Simon Hodrick
Brian K. Reid

Dryden Investment Committee
Barry H. Evans (Chair)
Linda W. Bynoe
Keith F. Hartstein (ex-officio)
Michael S. Hyland, CFA
Grace C. Torres

Board Committee Meetings (for most recently completed fiscal year)
Audit Committee Nominating & Governance Committee Dryden and Gibraltar Investment Committees
7e 4 4

LEADERSHIP STRUCTURE AND
QUALIFICATIONS OF BOARD MEMBERS. The Board is responsible for oversight of the Fund. The Fund has engaged the Manager to manage the Fund on a day-to-day basis. The Board oversees the Manager and certain other principal
service providers in the operations of the Fund. The Board is currently composed of eleven members, nine of whom are Independent Board Members. The Board meets in-person at regularly scheduled meetings four times
throughout the year. In addition, the Board Members may meet in-person or by telephone at special meetings or on an informal basis at other times. As described above, the Board has established three standing
committees—Audit, Nominating and Governance, and Investment—and may establish ad hoc committees or working groups from time to time, to assist the Board in fulfilling its oversight responsibilities.
Independent Board Members have also engaged independent legal counsel to assist them in fulfilling their responsibilities.

The Board is chaired by an
Independent Board Member. As Chair, this Independent Board Member leads the Board in its activities. Also, the Chair acts as a member or as an ex-officio member of each standing committee and any ad hoc committee of
the Board. The Board Members have determined that the Board&#39;s leadership and committee structure is appropriate because the Board believes it sets the proper tone to the relationships between the Fund, on the one
hand, and the Manager, the subadviser(s) and certain other principal service providers, on the other, and facilitates the exercise of the Board&#39;s independent judgment in evaluating and managing the relationships. À
addition, the structure efficiently allocates responsibility among committees.

The Board has concluded that, based
on each Board Member&#39;s experience, qualifications, attributes or skills on an individual basis and in combination with those of the other Board Members, each Board Member should serve as a Board Member. Among other
attributes common to all Board Members are their ability to review critically, evaluate, question and discuss information provided to them, to interact effectively with the various service providers to the Fund, and
to exercise reasonable business judgment in the performance of their duties as Board Members. In addition, the Board has taken into account the actual service and commitment of the Board Members during their tenure in
concluding that each should continue to serve. A Board Member&#39;s ability to perform his or her duties effectively may have been attained through a Board Member&#39;s educational background or professional training;
business, consulting, public




service or academic positions; experience from
service as a Board Member of the Fund, other funds in the Fund Complex, public companies, or non-profit entities or other organizations; or other experiences. Set forth below is a brief discussion of the specific
experience, qualifications, attributes or skills of each Board Member that led the Board to conclude that he or she should serve as a Board Member.

Ellen S. Alberding. Ms. Alberding joined the Board of the Fund and other funds in the Fund Complex in 2013. Ms. Alberding has 30 years of experience in the non-profit sector, including over 20 years as the
president of a charitable foundation, where she oversees multiple investment managers. Ms. Alberding also served as a Trustee of the Aon Funds from 2000 to 2003.

Kevin J. Bannon. Mr. Bannon joined the Board of the Fund and other funds in the Fund Complex in 2008. Mr. Bannon has held senior executive positions in the financial services industry, including serving as
a senior executive of asset management firms, for over 25 years.

Linda W. Bynoe. Ms. Bynoe has been a Board Member of the Fund and other funds in the Fund Complex since 2005, having served on the boards of other mutual fund complexes since 1993. She has worked in the
financial services industry over 11 years, has approximately 20 years of experience as a management consultant and serves as a Director of financial services and other complex global corporations.

Barry H. Evans.Mr. Evans joined the Board of the Fund and other funds in the Fund Complex in 2017. Mr. Evans has held senior executive positions and various portfolio manager roles in an asset management
firm for thirty years.

Keith F. Hartstein. Mr. Hartstein joined the Board of the Fund and other funds in the Fund Complex in 2013. Mr. Hartstein has worked in the asset management industry for almost 30 years and served as a senior
executive in an asset management firm.

Laurie Simon Hodrick. Ms. Hodrick joined the Board of the Fund and other funds in the Fund Complex in 2017. Ms. Hodrick brings 30 years of experience as a finance academic, practitioner, and
consultant.

Michael S. Hyland. Mr. Hyland joined the Board of the Fund and other funds in the Fund Complex in 2008. Mr. Hyland has held senior executive positions in the financial services industry, including serving as
a senior executive of asset management firms, for over 12 years.

Brian K. Reid . Mr. Reid joined the Board of the Fund and the other funds in the Fund Complex in 2018.  Mr. Reid has more than 30 years of experience in economics and related fields, including
serving as Chief Economist for the Investment Company Institute (ICI) for 13 years.

Grace C. Torres.Ms. Torres joined the Board of the Fund and other funds in the Fund Complex in 2014. Ms. Torres formerly served as Treasurer and Principal Financial and Accounting Officer for the Fund and
other funds in the Fund Complex for 16 years and held senior positions with the Manager from 1999 to 2014. In addition, Ms. Torres is a certified public accountant (CPA).

Stuart S. Parker. Mr. Parker, who has served as an Interested Board Member and President of the Fund and the other funds in the Fund Complex since 2012, is President, Chief Operating Officer and
Officer-in-Charge of PGIM Investments and several of its affiliates that provide services to the Fund and has held senior positions in PGIM Investments since 2005.

Scott E. Benjamin . Mr. Benjamin, an Interested Board Member of the Fund and other funds in the Fund Complex since 2010, has served as a Vice President of the Fund and other funds in the Fund Complex since
2009 and has held senior positions in PGIM Investments since 2003.

Specific details about each Board
Member&#39;s professional experience appear in the professional biography tables, above.

Risk Oversight. Investing in general and the operation of a mutual fund involve a variety of risks, such as investment risk, illiquidity risk, compliance risk, and operational risk, among others.
Board oversees risk as part of its oversight of the Fund. Risk oversight is addressed as part of various regular Board and committee activities. The Board, directly or through its committees, reviews reports from
among others, the Manager, subadvisers, the Fund&#39;s Chief Compliance Officer, the Fund&#39;s independent registered public accounting firm, counsel, and internal auditors of the Manager or its affiliates, as appropriate,
regarding risks faced by the Fund and the risk management programs of the Manager and certain service providers. The actual day-to-day risk management with respect to the Fund resides with the Manager and other
service providers to the Fund. Although the risk management policies of the Manager and the service providers are designed to be effective, those policies and their implementation vary among service providers and over
time, and


PGIM Jennison Technology
Fund    36




there is no guarantee that they will be effective.
Not all risks that may affect the Fund can be identified or processes and controls developed to eliminate or mitigate their occurrence or effects, and some risks are simply beyond any control of the Fund or the
Manager, its affiliates or other service providers.

Selection of Board Member
Nominees. The Nominating and Governance Committee is responsible for considering nominees for Board Members at such times as it considers electing new members to the Board. The Nominating and
Governance Committee may consider recommendations by business and personal contacts of current Board Members, and by executive search firms which the Committee may engage from time to time and will also consider
shareholder recommendations. The Nominating and Governance Committee has not established specific, minimum qualifications that it believes must be met by a nominee. In evaluating nominees, the Nominating and
Governance Committee considers, among other things, an individual&#39;s background, skills, and experience; whether the individual is an “interested person” as defined in the 1940 Act; and whether the
individual would be deemed an “audit committee financial expert” within the meaning of applicable SEC rules. The Nominating and Governance Committee also considers whether the individual&#39;s background,
skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the diversity of the Board. There are no differences in the manner in which the Nominating and
Governance Committee evaluates nominees for the Board based on whether the nominee is recommended by a shareholder.

A shareholder who wishes to
recommend a board member for nomination should submit his or her recommendation in writing to the Chair of the Board (Keith Hartstein) or the Chair of the Nominating and Governance Committee (Linda W. Bynoe), in
either case in care of the specified Fund(s), at 655 Broad Street, 17des milliers Floor, Newark, New Jersey 07102-4410. At a minimum, the recommendation should include: the name, address and business,
educational and/or other pertinent background of the person being recommended; a statement concerning whether the person is an “interested person” as defined in the 1940 Act; any other information that the
Fund would be required to include in a proxy statement concerning the person if he or she was nominated; and the name and address of the person submitting the recommendation, together with the number of Fund shares
held by such person and the period for which the shares have been held. The recommendation also can include any additional information which the person submitting it believes would assist the Nominating and Governance
Committee in evaluating the recommendation.

Shareholders should note that a
person who owns securities issued by Prudential (the parent company of the Fund&#39;s Manager) would be deemed an “interested person” under the 1940 Act. In addition, certain other relationships with
Prudential or its subsidiaries, with registered broker-dealers, or with the Fund&#39;s outside legal counsel may cause a person to be deemed an “interested person.” Before the Nominating and Governance
Committee decides to nominate an individual to the Board, Committee members and other Board Members customarily interview the individual in person. In addition, the individual customarily is asked to complete a
detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from
serving on the board of a registered investment company.

Share Ownership. Information relating to each Board Member&#39;s Fund share ownership and in all registered funds in the PGIM Investments-advised funds that are overseen by the respective Board Member as of
the most recently completed calendar year is set forth in the chart below.

nom Dollar Range of Equity
Securities in the Fund
Aggregate Dollar Range of
Equity Securities in All
Registered Investment
Companies Overseen by
Board Member in Fund Complex
Board Member Share Ownership: Independent Board Members
Ellen S. Alberding None Over $100,000
Kevin J. Bannon None Over $100,000
Linda W. Bynoe None Over $100,000
Barry H. Evans None Over $100,000
Keith F. Hartstein None Over $100,000
Laurie Simon Hodrick None Over $100,000
Michael S. Hyland None Over $100,000
Brian K. Reid None Over $100,000
Grace C. Torres None Over $100,000
Board Member Share Ownership: Interested Board Members
Stuart S. Parker None Over $100,000



nom Dollar Range of Equity
Securities in the Fund
Aggregate Dollar Range of
Equity Securities in All
Registered Investment
Companies Overseen by
Board Member in Fund Complex
Board Member Share Ownership: Interested Board Members
Scott E. Benjamin None Over $100,000

Note: Information provided
is as of 12/31/18.

None of the Independent Board
Members, or any member of his/her immediate family, owned beneficially or of record any securities in an investment adviser or principal underwriter of the Fund or a person (other than a registered investment company)
directly or indirectly controlling, controlled by, or under common control with an investment adviser or principal underwriter of the Fund as of the most recently completed calendar year.

Shareholder Communications with Board
Members. Shareholders can communicate directly with Board Members by writing to the Chair of the Board, c/o the Fund, 655 Broad Street, 17des milliers Floor, Newark, New Jersey 07102-4410. Shareholders can communicate directly with an individual Board Member by writing to
that Board Member, c/o the Fund, 655 Broad Street, 17des milliers Floor, Newark, New Jersey 07102-4410. Such communications to the Board or individual Board Members are not screened before
being delivered to the addressee.

MANAGEMENT & ADVISORY
ARRANGEMENTS

MANAGER. The Manager’s address is 655 Broad Street, Newark, New Jersey 07102-4410. The Manager serves as manager to all of the other investment companies that, together with the Fund,
comprise the PGIM Funds. See the Prospectus for more information about PGIM Investments. As of December 31, 2019, the Manager served as the investment manager to all of the Prudential US and offshore open-end
investment companies, and as administrator to closed-end investment companies, with aggregate assets of approximately $311.6 billion.

The Manager is a wholly-owned
subsidiary of PIFM Holdco, LLC, which is a wholly-owned subsidiary of PGIM Holding Company LLC, which is a wholly-owned subsidiary of Prudential. PMFS, an affiliate of PGIM Investments, serves as the transfer agent
and dividend distribution agent for the PGIM Funds and, in addition, provides customer service, record keeping and management and administrative services to qualified plans.

Pursuant to a management agreement
between the Trust, on behalf of the Fund, and PGIM Investments (the Management Agreement), PGIM Investments, subject to the supervision of the Board and in conformity with the stated policies of the Fund,
manages both the investment operations of the Fund and the composition of the Fund&#39;s portfolio, including the purchase, retention, disposition and loan of securities and other assets. In connection therewith, the
Manager is obligated to keep certain books and records of the Fund. The Manager is authorized to enter into subadvisory agreements for investment advisory services in connection with the management of the Fund.
Manager will continue to have responsibility for all investment advisory services performed pursuant to any such subadvisory agreements. PGIM Investments will review the performance of the subadviser(s) and make
recommendations to the Board with respect to the retention of subadvisers and the renewal of contracts. The Manager also administers the Fund&#39;s corporate affairs and, in connection therewith, furnishes the Fund with
office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by the Fund&#39;s custodian (the Custodian) and PMFS. The management services of PGIM Investments to the Fund
are not exclusive under the terms of the Management Agreement and PGIM Investments is free to, and does, render management services to others.

PGIM Investments may from time to
time waive all or a portion of its management fee and subsidize all or a portion of the operating expenses of the Fund. Fee waivers and subsidies will increase the Fund&#39;s total return. These voluntary waivers may be
terminated at any time without notice. To the extent that PGIM Investments agrees to waive its fee or subsidize the Fund&#39;s expenses, it may enter into a relationship agreement with the subadviser to share the economic
impact of the fee waiver or expense subsidy.

In connection with its management
of the corporate affairs of the Fund, PGIM Investments bears the following expenses:

the salaries and expenses of all of its and the Fund&#39;s personnel except the fees and expenses of Independent Board Members;
all expenses incurred by the Manager or the Fund in connection with managing the ordinary course of the Fund&#39;s business, other than those assumed by the Fund as described below; et
the fees, costs and expenses payable to any subadviser pursuant to a subadvisory agreement between PGIM Investments and such subadviser.

Under the terms of the Management
Agreement, the Fund is responsible for the payment of the following expenses:


PGIM Jennison Technology
Fund    38




the fees and expenses incurred by the Fund in connection with the management of the investment and reinvestment of the Fund&#39;s assets payable to the Manager;
the fees and expenses of Independent Board Members;
the fees and certain expenses of the Custodian and transfer and dividend disbursing agent, including the cost of providing records to the Manager in connection with its obligation of maintaining required records of
the Fund and of pricing the Fund&#39;s shares;
the charges and expenses of the Fund&#39;s legal counsel and independent auditors and of legal counsel to the Independent Board Members;
brokerage commissions and any issue or transfer taxes chargeable to the Fund in connection with securities (and futures, if applicable) transactions;
all taxes and corporate fees payable by the Fund to governmental agencies;
the fees of any trade associations of which the Fund may be a member;
the cost of share certificates representing, and/or non-negotiable share deposit receipts evidencing, shares of the Fund;
the cost of fidelity, directors and officers and errors and omissions insurance;
the fees and expenses involved in registering and maintaining registration of the Fund and of Fund shares with the SEC and paying notice filing fees under state securities laws, including the preparation and
printing of the Fund&#39;s registration statements and prospectuses for such purposes; allocable communications expenses with respect to investor services and all expenses of shareholders&#39; and Board meetings and of
preparing, printing and mailing reports and notices to shareholders; et
litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund&#39;s business and distribution and service (12b-1) fees.

The Management Agreement provides
that PGIM Investments will not be liable for any error of judgment by PGIM Investments or for any loss suffered by the Fund in connection with the matters to which the Management Agreement relates, except a loss
resulting from a breach of fiduciary duty with respect to the receipt of compensation for services (in which case any award of damages shall be limited to the period and the amount set forth in Section 36(b)(3) of the
1940 Act) or loss resulting from willful misfeasance, bad faith or gross negligence or reckless disregard of duties. The Management Agreement provides that it will terminate automatically if assigned (as defined in
the 1940 Act), and that it may be terminated without penalty by either PGIM Investments or the Fund by the Board or vote of a majority of the outstanding voting securities of the Fund (as defined in the 1940 Act) upon
not more than 60 days&#39;, nor less than 30 days&#39;, written notice. The Management Agreement will continue in effect for a period of more than two years from the date of execution only so long as such continuance is
specifically approved at least annually in accordance with the requirements of the 1940 Act.

Fees payable under the Management
Agreement are computed daily and paid monthly. The applicable fee rate and the management fees received by PGIM Investments from the Fund for the indicated fiscal years are set forth below.

Management Fee Rate:

0.75% of the average daily net
assets up to $1 billion;
0.73% of the average daily net assets from $1 billion to $3 billion;
0.71% of the average daily net assets from $3 billion to $5 billion;
0.70% of the average daily net assets from $5 billion to $10 billion;
0.69% of the average daily net assets over $10 billion.

Management Fees Paid by the Fund
L'année 2019 2018* 2017 metai
Gross Fee $75,547 $17,641 Sans objet
Amount Waived/Reimbursed by PGIM Investments $(205,918) $(189,532) Sans objet
Net Fee $(130,371) $(171,891) Sans objet

* The Fund commenced
investment operations as of June 19, 2018. Information shown above is for the fiscal period ended October 31, 2018.

Note:  For the fiscal years above,
PGIM Investments contractually agreed to waive fees and/or reimburse certain expenses.  The “gross fee” shown above is the fee amount that PGIM Investments earned from the Fund without reflecting the
impact of the contractual fee waiver/reimbursement arrangement.  The “net fee” reflects the impact of the contractual fee waiver, and is the actual fee amount paid by the Fund, if any, to PGIM
Investissements.

SUBADVISORY ARRANGEMENTS. The Manager has entered into a subadvisory agreement (Subadvisory Agreement) with the Fund&#39;s subadviser. The Subadvisory Agreement provides that the subadviser will furnish investment
advisory services in connection with the management of the Fund. In connection therewith, the subadviser is obligated to keep certain books and records of the Fund. Under the Subadvisory Agreement, the subadviser,
subject to the supervision of PGIM Investments, is responsible for managing the assets of the Fund in accordance with the Fund&#39;s investment objectives, investment program and policies. The subadviser determines what
securities




and other instruments are purchased and sold for
the Fund and is responsible for obtaining and evaluating financial data relevant to the Fund. PGIM Investments continues to have responsibility for all investment advisory services pursuant to the Management Agreement
and supervises the subadviser&#39;s performance of such services.

As discussed in the Prospectus,
PGIM Investments employs the subadviser under a “manager of managers” structure that allows PGIM Investments to replace the subadviser or amend a Subadvisory Agreement without seeking shareholder approval.
The Subadvisory Agreement provides that it will terminate in the event of its assignment (as defined in the 1940 Act) or upon the termination of the Management Agreement. The Subadvisory Agreement may be terminated by
the Fund, PGIM Investments, or the subadviser upon not more than 60 days’ nor less than 30 days’ written notice. The Subadvisory Agreement provides that it will continue in effect for a period of not more
than two years from its execution only so long as such continuance is specifically approved at least annually in accordance with the requirements of the 1940 Act. Any new subadvisory agreement or amendment to the
Fund’s Management Agreement or Subadvisory Agreement that directly or indirectly results in an increase in the aggregate management fee rate payable by the Fund will be submitted to the Fund’s shareholders
for their approval. PGIM Investments does not currently intend to retain unaffiliated subadvisers.

The applicable fee rate and the
subadvisory fees paid by PGIM Investments for the indicated fiscal years are set forth below. Subadvisory fees are based on the average daily net assets of the Fund, calculated and paid on a monthly basis, at the fee
rate as set forth in the Subadvisory Agreement. Subadvisory fees are paid by PGIM Investments out of the management fee that it receives from the Fund.

Subadvisory Fee Rate:
0.40% of the average daily net assets up to $500 million;
0.35% of average daily net assets over $500 million.

Subadvisory Fees Paid by PGIM Investments
L'année 2019 2018* 2017 metai
Jennison Associates LLC $40,292 $9,409 Sans objet

*The Fund commenced
investment operations as of June 19, 2018. Information shown above is for the fiscal period ended October 31, 2018.

THE FUND’S PORTFOLIO MANAGERS:
INFORMATION ABOUT OTHER ACCOUNTS MANAGED

The table below identifies the
number and total assets of other mutual funds and other types of investment accounts managed by each portfolio manager. For each category, the number of investment accounts and total assets in the investment accounts
whose fees are based on performance, if any, is indicated in italics typeface. Information shown below is as of the Fund’s most recently completed fiscal year, unless noted otherwise.

Other Funds and Investment Accounts Managed by the Portfolio Managers
Subadviser Portfolio Managers Registered Investment
Companies/Total Assets
Other Pooled
Investment Vehicles/
Total des actifs
Other Accounts/
Total des actifs
Jennison Associates LLC Erika Klauer None None None
Nicolas “Nick” Rubinstein None None None

THE FUND’S PORTFOLIO MANAGERS:
PERSONAL INVESTMENTS AND FINANCIAL INTERESTS

The table below identifies the
dollar value (in ranges) of investments beneficially held by, and financial interests awarded to, each portfolio manager, if any, in the Fund and in other investment accounts managed by, or which have an individual
portion or sleeve managed by, each portfolio manager that utilize investment strategies, objectives and mandates similar to the Fund. Information shown below is as of the Fund’s most recently completed fiscal
year, unless noted otherwise.

Personal Investments and Financial Interests of the Portfolio Managers
Subadviser Portfolio Managers Investments and Other Financial Interests
in the Fund and Similar Strategies1
Jennison Associates LLC Erika Klauer $100,001–$500,000
Nicolas “Nick” Rubinstein $50,001–$100,000

1 “Investments and Other Financial Interests in the Fund and Similar Strategies” include the Fund and all other investment accounts which are managed by the same
portfolio manager that utilize investment strategies, investment objectives and policies that are similar to those of the Fund. “Other Investment Accounts” in similar strategies include other mutual funds,
including Prudential mutual funds, insurance company separate accounts, and collective and commingled trusts. “Investments” include holdings in the Fund and in investment accounts


PGIM Jennison Technology
Fund    40




in similar strategies, including shares
or units that may be held through a 401(k) or other retirement plan. “Other Financial Interests” include an investment professional’s notional investments in the Fund through a deferred compensation
plan for Jennison employees, where such notional investments track the performance of the Fund and are subject to increase or decrease based on the annual performance of the Fund.

The dollar ranges for each Portfolio
Manager’s investment in the Fund are as follows: Erika Klauer: $1-$10,000; Nicolas Rubinstein: None.

ADDITIONAL INFORMATION ABOUT THE
PORTFOLIO MANAGERS—COMPENSATION AND CONFLICTS OF INTEREST.Set forth below, for each portfolio manager, is an explanation of the structure of, and methods used to determine, portfolio manager compensation. Also set forth below, for each portfolio
manager, is an explanation of any material conflicts of interest that may arise between a portfolio manager&#39;s management of the Fund&#39;s investments and investments in other accounts.

Jennison Associates LLC

COMPENSATION . Jennison seeks to maintain a highly competitive compensation program designed to attract and retain outstanding investment professionals, which include portfolio managers and research
analysts, and to align the interests of its investment professionals with those of its clients and overall firm results. Jennison recognizes individuals for their achievements and contributions and continues to
promote those who exemplify the same values and level of commitment that are hallmarks of the organization. Investment professionals are compensated with a combination of base salary and discretionary cash
bonus.  Overall firm profitability determines the size of the investment professional compensation pool. In general, the discretionary cash bonus represents the majority of an investment professional’s
compensation.

Jennison sponsors a profit sharing
retirement plan for all eligible employees. The contribution to the profit sharing retirement plan for portfolio managers is based on a percentage of the portfolio manager’s total compensation, subject to a
maximum determined by applicable law. In addition to eligibility to participate in retirement and welfare plans, senior investment professionals, including portfolio managers and senior research analysts, are eligible
to participate in a voluntary deferred compensation program where all or a portion of the discretionary cash bonus can be deferred. Participants in the deferred compensation plan are permitted to allocate the deferred
amounts among various options that track the gross-of-fee pre-tax performance of accounts or composites of accounts managed by Jennison.

Investment professionals’
total compensation is determined through a subjective process that evaluates numerous qualitative and quantitative factors. Not all factors are applicable to every investment professional, and there is no particular
weighting or formula for considering the factors.

The factors reviewed for the
portfolio managers are listed below.

The quantitative factors reviewed
for the portfolio managers may include:

One-, three-, five-year and longer term pre-tax investment performance for groupings of accounts managed in the same strategy (composite) relative to market conditions, pre-determined passive indices and industry
peer group data for the product strategy (e.g., large cap growth, large cap value). Some portfolio managers may manage or contribute ideas to more than one product strategy, and the performance of the other product
strategies is also considered in determining the portfolio manager’s overall compensation.
The investment professional’s contribution to client portfolio’s pre-tax one-, three-, five-year and longer-term performance from the investment professional’s recommended stocks
relative to market conditions, the strategy’s passive benchmarks, and the investment professional’s respective coverage universes.

The qualitative factors reviewed
for the portfolio managers may include:

The quality of the portfolio manager’s investment ideas and consistency of the portfolio manager’s judgment;
Qualitative factors such as teamwork and responsiveness;
Individual factors such as years of experience and responsibilities specific to the individual’s role such as being a team leader or supervisor are also factored into the determination of an investment
professional’s total compensation; et
Historical and long-term business potential of the product strategies.

Potential Conflicts of Interest

Jennison manages accounts with
asset-based fees alongside accounts with performance-based fees. This side-by-side management can create an incentive for Jennison and its investment professionals to favor one account over another. Specifically,
Jennison has the incentive to favor accounts for which it receives performance fees, and possibly take greater investment risks in those accounts, in order to bolster performance and increase its fees.

Other types of side-by-side
management of multiple accounts can also create incentives for Jennison to favor one account over another. Examples are detailed below, followed by a discussion of how Jennison addresses these conflicts.




Long only accounts/long-short accounts: Jennison manages accounts in strategies that only hold long securities positions as well as accounts in strategies that are permitted to sell securities short. Jennison may hold a long
position in a security in some client accounts while selling the same security short in other client accounts. For example, Jennison permits quantitatively hedged strategies to short securities that are held long in
other strategies. Additionally, Jennison permits securities that are held long in quantitatively derived strategies to be shorted by other strategies. The strategies that sell a security short held long by another
strategy could lower the price for the security held long. Similarly, if a strategy is purchasing a security that is held short in other strategies, the strategies purchasing the security could increase the price of
the security held short.

Large accounts: Large accounts typically generate more revenue than do smaller accounts. As a result, a portfolio manager has an incentive when allocating scarce investment opportunities to favor accounts
that pay a higher fee or generate more income for Jennison.

Multiple strategies: Jennison may buy or sell, or may direct or recommend that one client buy or sell, securities of the same kind or class that are purchased or sold for another client, at prices that may be
different. Jennison may also, at any time, execute trades of securities of the same kind or class in one direction for an account and in the opposite direction for another account, due to differences in investment
strategy or client direction. Different strategies effecting trading in the same securities or types of securities may appear as inconsistencies in Jennison’s management of multiple accounts
side-by-side.

Investments at different levels of an issuer’s capital structure: To the extent different clients invest across multiple strategies or asset classes, Jennison may invest client assets in the same issuer, but at different levels in the capital structure.
Interests in these positions could be inconsistent or in potential or actual conflict with each other.

Affiliated accounts/unaffiliated accounts and seeded/nonseeded accounts and accounts receiving asset allocation assets from affiliated investment advisers: Jennison manages accounts for its affiliates and accounts in which it has an interest alongside unaffiliated accounts. Jennison could have an incentive to favor its affiliated accounts over
unaffiliated accounts. Additionally, Jennison’s affiliates may provide initial funding or otherwise invest in vehicles managed by Jennison. When an affiliate provides “seed capital” or other capital
for a fund or account, it may do so with the intention of redeeming all or part of its interest at a particular future point in time or when it deems that sufficient additional capital has been invested in that fund
or account. Jennison typically requests seed capital to start a track record for a new strategy or product. Managing “seeded” accounts alongside “non-seeded” accounts can create an incentive to
favor the “seeded” accounts to establish a track record for a new strategy or product. Additionally, Jennison’s affiliated investment advisers could allocate their asset allocation clients’
assets to Jennison. Jennison could favor accounts used by its affiliate for their asset allocation clients to receive more assets from the affiliate.

Non-discretionary accounts or models: Jennison provides non-discretionary model portfolios to some clients and manages other portfolios on a discretionary basis. Recommendations for some non-discretionary models that are
derived from discretionary portfolios are communicated after the discretionary portfolio has traded. The non-discretionary clients could be disadvantaged if Jennison delivers the model investment portfolio to them
after Jennison initiates trading for the discretionary clients. Discretionary clients could be disadvantaged if the non-discretionary clients receive their model investment portfolio and start trading before Jennison
has started trading for the discretionary clients.

Higher fee paying accounts or products or strategies: Jennison receives more revenues from (1) larger accounts or client relationships than smaller accounts or client relationships and from (2) managing discretionary accounts than advising
nondiscretionary models and from (3) non-wrap fee accounts than from wrap fee accounts and from (4) charging higher fees for some strategies than others. The differences in revenue that Jennison receives could create
an incentive for Jennison to favor the higher fee paying or higher revenue generating account or product or strategy over another.

Personal interests: The performance of one or more accounts managed by Jennison’s investment professionals is taken into consideration in determining their compensation. Jennison also manages accounts
that are investment options in its employee benefit plans such as its defined contribution plans or deferred compensation arrangements and where its employees may have personally invested alongside other accounts
where there is no personal interest. These factors could create an incentive for Jennison to favor the accounts where it has a personal interest over accounts where Jennison does not have a personal
interest.

How Jennison Addresses These
Conflicts of Interest

The conflicts of interest described
above could create incentives for Jennison to favor one or more accounts or types of accounts over others in the allocation of investment opportunities, aggregation and timing of investments. Portfolios in a
particular strategy with similar objectives are managed similarly to the extent possible. Accordingly, portfolio holdings and industry and sector exposure tend to be


PGIM Jennison Technology
Fund    42




similar across a group of accounts in a strategy
that have similar objectives, which tends to minimize the potential for conflicts of interest among accounts within a product strategy. While these accounts have many similarities, the investment performance of each
account will be different primarily due to differences in guidelines, individual portfolio manager’s decisions, timing of investments, fees, expenses and cash flows.

Additionally, Jennison has
developed policies and procedures that seek to address, mitigate and assess these conflicts of interest. Jennison cannot guarantee, however, that its policies and procedures will detect and prevent, or lead to the
disclosure of, each and every situation in which a conflict may arise.

Jennison has adopted trade
aggregation and allocation procedures that seek to treat all clients (including affiliated accounts) fairly. These policies and procedures address the allocation of limited investment opportunities, such as initial
public offerings (IPOs) and new issues, the allocation of transactions across multiple accounts, and the timing of transactions between its non-wrap accounts and its wrap fee accounts and between wrap fee program
sponsors.

Jennison has policies that limit
the ability to short securities in portfolios that primarily rely on its fundamental research and investment processes (fundamental portfolios) if the security is held long in other fundamental portfolios.

Jennison has adopted procedures to
review allocations or performance dispersion between accounts with performance fees and non-performance fee based accounts and to review overlapping long and short positions among long accounts and long-short
accounts.

Jennison has adopted a code of
ethics and policies relating to personal trading.

Jennison has adopted a conflicts of
interest policy and procedures.

Jennison provides disclosure of
these and other potential conflicts in its Form ADV.

OTHER SERVICE PROVIDERS

CUSTODIAN.The Bank of New York Mellon (BNY), 240 Greenwich Street, New York, New York 10286, serves as Custodian for the Fund’s portfolio securities and cash, and in that capacity, maintains
certain financial accounting books and records pursuant to an agreement with the Fund. Subcustodians provide custodial services for any non-US assets held outside the United States.

SECURITIES LENDING ACTIVITIES . Securities Finance Trust Company (eSecLending) serves as securities lending agent for the Fund and in that role administers the Fund’s securities lending program pursuant to the
terms of a securities lending agency agreement entered into between the Fund and eSecLending.

As securities lending agent,
eSecLending is responsible for marketing to approved borrowers available securities from the Fund’s portfolio. As administered by eSecLending, available securities from the Fund’s portfolio are furnished
to borrowers either through security-by-security loans effected by eSecLending as lending agent on behalf of the Fund or through an auction process managed and conducted by eSecLending through which a winning bidder
(as selected and approved by PGIM Investments) is given the exclusive right to borrow the securities subject to the auction for an agreed-upon period of time.

eSecLending is responsible for the
administration and management of the Fund’s securities lending program, including the preparation and execution of a participant agreement with each borrower governing the terms and conditions of any securities
loan, ensuring that securities loans are properly coordinated and documented with the Fund’s custodian, ensuring that loaned securities are daily valued and that the corresponding required cash collateral is
delivered by the borrower(s), and arranging for the investment of cash collateral received from borrowers in accordance with the Fund’s investment guidelines.

eSecLending receives as
compensation for its services a portion of the amount earned by the Fund for lending securities.

The table below sets forth, for the
Fund’s most recently completed fiscal year, the Fund’s gross income received from securities lending activities, the fees and/or other compensation paid by the Fund for securities lending activities, and
the net income earned by the Fund for securities lending activities. The table below also discloses any other fees or payments incurred by the Fund resulting from lending securities.

Securities Lending Activities
Gross income from securities lending activities $832
Fees and/or compensation for securities lending activities and related services
Fees paid to securities lending agent from a revenue split Dollars(5)
Fees paid for any cash collateral management service (including fees deducted from a
pooled cash collateral reinvestment vehicle)
Dollars(25)



Securities Lending Activities
Administrative fees not included in revenue split
Indemnification fee not included in revenue split
Rebate (paid to borrower) $(733)
Other fees not included in revenue split (specify)
Aggregate fees/compensation for securities lending activities $(763)
Net income from securities lending activities Dollars69

TRANSFER AGENT. PMFS, 655 Broad Street, Newark, New Jersey 07102, serves as the transfer and dividend disbursing agent of the Fund. PMFS is an affiliate of the Manager. PMFS provides customary transfer
agency services to the Fund, including the handling of shareholder communications, the processing of shareholder transactions, the maintenance of shareholder account records, the payment of dividends and
distributions, and related functions. For these services, PMFS receives compensation from the Fund and is reimbursed for its transfer agent expenses which include an annual fee and certain out-of-pocket expenses
including, but not limited to, postage, stationery, printing, allocable communication expenses and other costs.

BNY Mellon Asset Servicing (US)
Inc. (BNYAS), 301 Bellevue Parkway, Wilmington, Delaware 19809, serves as sub-transfer agent to the Fund. PMFS has contracted with BNYAS to provide certain administrative functions to PMFS. PMFS will compensate BNYAS
for such services.

For the most recently completed
fiscal year, the Fund incurred the following amount of fees for services provided by PMFS:

Fees Paid to PMFS
Fund Name Amount
PGIM Jennison Technology Fund $2,243

INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM. KPMG LLP, 345 Park Avenue, New York, New York 10154, served as independent registered public accounting firm for the Fund for the fiscal year ended October 31, 2019.

DISTRIBUTION OF FUND SHARES

DISTRIBUTOR. Prudential Investment Management Services LLC (PIMS or the Distributor), 655 Broad Street, Newark, New Jersey 07102-4410, acts as the distributor of all of the shares of the Fund.
Distributor is a subsidiary of Prudential.

The Distributor incurs the expenses
of distributing each of the Fund&#39;s share classes pursuant to separate Distribution and Service (12b-1) Plans or Distribution Plans, as applicable, for each share class (collectively, the Plans) adopted by the Fund
pursuant to Rule 12b-1 under the 1940 Act and a distribution agreement (the Distribution Agreement). PIMS also incurs the expenses of distributing any share class offered by the Fund which is not subject to a
Distribution and Service (12b-1) Plan, and none of the expenses incurred by PIMS in distributing such share classes are reimbursed or paid for by the Fund.

The expenses incurred under the
Plans include commissions and account servicing fees paid to, or on account of, brokers or financial institutions which have entered into agreements with the Distributor, as applicable, advertising expenses, the cost
of printing and mailing prospectuses to potential investors and indirect and overhead costs of the Distributor associated with the sale of Fund shares, including sales promotion expenses.

Under the Plans, the Fund is
obligated to pay distribution and/or service fees to the Distributor, as applicable, as compensation for its distribution and service activities, not as reimbursement for specific expenses incurred. If the
Distributor’s expenses exceed its distribution and service (12b-1) fees, the Fund will not be obligated to pay any additional expenses. If the Distributor’s expenses are less than such distribution and
service (12b-1) fees, then it will retain its full fees and realize a profit.

The distribution and/or service
fees may also be used by the Distributor to compensate on a continuing basis brokers in consideration for the distribution, marketing, administrative and other services and activities provided by brokers with respect
to the promotion of the sale of Fund shares and the maintenance of related shareholder accounts.

Distribution expenses attributable
to the sale of each share class are allocated to each such class based upon the ratio of sales of each such class to the combined sales of all classes of the Fund, other than expenses allocable to a particular class.
The distribution fee and sales charge of one class will not be used to subsidize the sale of another class.


PGIM Jennison Technology
Fund    44




Each Plan continues in effect from
year to year, provided that each such continuance is approved at least annually by a vote of the Board, including a majority vote of the Board Members who are not interested persons of the Fund and who have no direct
or indirect financial interest in any of the Plans or in any agreement related to the Plans (the Rule 12b-1 Board Members), cast in person at a meeting called for the purpose of voting on such continuance. A Plan may
be terminated at any time, without penalty, by the vote of a majority of the Rule 12b-1 Board Members or by the vote of the holders of a majority of the outstanding shares of the applicable class of the Fund on not
more than 30 days&#39; written notice to any other party to the Plan. The Plans may not be amended to increase materially the amounts to be spent for the services described therein without approval by the shareholders of
the applicable class, and all material amendments are required to be approved by the Board in the manner described above. Each Plan will automatically terminate in the event of its assignment. The Fund will not be
contractually obligated to pay expenses incurred under any Plan if it is terminated or not continued.

Pursuant to each Plan, the Board
will review at least quarterly a written report of the distribution expenses incurred on behalf of each class of shares of the Fund by the Distributor. The report will include an itemization of the distribution
expenses and the purposes of such expenditures. In addition, as long as the Plans remain in effect, the selection and nomination of Rule 12b-1 Board Members shall be committed to the Rule 12b-1 Board Members.

Pursuant to the Distribution
Agreement, the Fund has agreed to indemnify the Distributor to the extent permitted by applicable law against certain liabilities under federal securities laws. In addition to distribution and service (12b-1) fees
paid by the Fund under the Plans, the Manager (or one of its affiliates) may make payments out of its own resources to dealers and other persons which distribute shares of the Fund. Such payments may be calculated by
reference to the NAV of shares sold by such persons or otherwise.

CLASS A SALES CHARGE AND DISTRIBUTION
EXPENSE INFORMATION. Under the Class A Plan, the Fund may pay the Distributor for its distribution-related activities with respect to Class A shares at an annual rate of 0.30% of the average daily net assets
of the Class A shares. The Class A Plan provides that (1) 0.25% of the average daily net assets of the Class A shares may be used to pay for personal service and/or the maintenance of shareholder accounts (service
fee) and (2) total distribution fees (including the service fee of 0.25%) may not exceed 0.30% of the average daily net assets of the Class A shares. The Prospectus discusses any contractual or voluntary fee waivers
that may be in effect. In addition, if you purchase $1 million or more of Class A shares, you are subject to a 1.00% CDSC (defined below) for shares redeemed within 12 months of purchase (the CDSC is waived for
purchase by certain retirement and/or benefit plans).

For the most recently completed
fiscal year, the Distributor received payments under the Class A Plan. These amounts were expended primarily for payments of account servicing fees to financial advisers and other persons who sell Class A shares. Dėl
the most recently completed fiscal year, the Distributor also received initial sales charges and proceeds of contingent deferred sales charges paid by shareholders upon certain redemptions of Class A shares.
payments received and amounts spent by the Distributor during the most recently completed fiscal year are detailed in the tables below.

CLASS C SALES CHARGE AND DISTRIBUTION
EXPENSE INFORMATION. Under the Class C Plan, the Fund may pay the Distributor for its distribution-related activities with respect to Class C shares at an annual rate of 1.00% of the average daily net assets
of the Class C shares. The Class C Plan provides that (1) 0.25% of the average daily net assets of the shares may be paid as a service fee and (2) 0.75% (not including the service fee) of the average daily net assets
of the shares (asset based sales charge) may be paid for distribution-related expenses with respect to the Class C shares. The service fee (0.25% of average daily net assets) is used to pay for personal service and/or
the maintenance of shareholder accounts. The Prospectus discusses any voluntary or contractual fee waivers that may be in effect. The Distributor also receives contingent deferred sales charges from certain redeeming
shareholders.

For the most recently completed
fiscal year, the Distributor received payments under the Class C Plan. These amounts were expended primarily for payments of account servicing fees to financial advisers and other persons who sell Class C shares. Dėl
the most recently completed fiscal year, the Distributor also received the proceeds of contingent deferred sales charges paid by shareholders upon certain redemptions of Class C shares. The payments received and
amounts spent by the Distributor during the most recently completed fiscal year are detailed in the tables below.

Payments Received by Distributor
CLASS A CONTINGENT DEFERRED SALES CHARGES (CDSC) $0
CLASS A DISTRIBUTION AND SERVICE (12B-1) FEES $539
CLASS A INITIAL SALES CHARGES $2,969
CLASS C CONTINGENT DEFERRED SALES CHARGES (CDSC) $0
CLASS C DISTRIBUTION AND SERVICE (12B-1) FEES $559



Amounts Spent by Distributor
Classe d'actions Printing & Mailing
Prospectuses to Other than
Current Shareholders
Compensation to Broker/Dealers for
Commissions to Representatives and
Other Expenses*
Overhead Costs** Total Amount
Spent by the Distributor
CLASS A $0 $545 $90 $635
CLASS C $0 $568 $9 $577

* Includes amounts paid to
affiliated broker/dealers.

** Including sales promotion expenses.

FEE WAIVERS AND SUBSIDIES. PGIM Investments may from time to time waive all or a portion of its management fee and subsidize all or a portion of the operating expenses of the Fund. In addition, the Distributor may
from time to time waive a portion of the distribution (12b-1) fees as described in the Prospectus. Fee waivers and subsidies will increase the Fund&#39;s total return.

PAYMENTS TO FINANCIAL SERVICES
FIRMS. As described in the Fund&#39;s Prospectus, the Manager or certain of its affiliates (but not the Distributor) have entered into revenue sharing or other similar arrangements with financial
services firms, including affiliates of the Manager. These revenue sharing arrangements are intended to promote the sale of Fund shares or to compensate the financial services firms for marketing or marketing support
activities in connection with the sale of Fund shares.

The list below includes the names
of the firms (or their affiliated broker/dealers) that received from the Manager, and/or certain of its affiliates, revenue sharing payments of more than $10,000 in calendar year 2018 for marketing and product support
of the Fund and other PGIM Funds as described above.

Prudential Retirement
Wells Fargo Advisors, LLC
Ameriprise Financial, Inc.
Charles Schwab & Co, Inc.
Morgan Stanley Smith Barney
Raymond James Financial
Merrill Lynch Pierce Fenner & Smith, Inc.
National Financial Services
UBS
LPL Financial LLC
Edward Jones
Great-West
Commonwealth Financial Network
Principal Securities, Inc.
Cetera Advisor Networks
Matrix Financial Group
Voya Financial