PGIM
JENNISON EMERGING MARKETS EQUITY OPPORTUNITIES
FUND | |||
A:
PDEAX |
C:
PDECX |
Z:
PDEZX |
R6:
PDEQX |
The
Securities and Exchange Commission
(“SEC”)
has not approved or disapproved the
Fund's
shares, nor has the SEC determined
that
this Prospectus is complete or accurate.
It is
a criminal offense to state otherwise. Mutual
funds are distributed by Prudential
Investment
Management Services LLC,
member
SIPC. Jennison Associates LLC is a
registered
investment adviser. Both are
Prudential
Financial companies. © 2023
Prudential
Financial, Inc. and its related
entities.
Jennison Associates, Jennison, the
Prudential
logo, and the Rock symbol are
service
marks of Prudential Financial, Inc.
and
its related entities, registered in many
jurisdictions
worldwide. |
|
|
Class
A |
Class
C |
Class
Z |
Class
R6 |
Maximum
sales charge (load) imposed on purchases (as a percentage of offering
price) |
|
|
|
|
Maximum
deferred sales charge (load) (as a percentage of the lower of the original
purchase price or the net asset value at
redemption) |
|
|
|
|
Maximum
sales charge (load) imposed on reinvested dividends and other
distributions |
|
|
|
|
Redemption
fee |
|
|
|
|
Exchange
fee |
|
|
|
|
Maximum
account fee (accounts under $10,000) |
$ |
$ |
|
|
|
Class
A |
Class
C |
Class
Z |
Class
R6 |
Management
fee |
|
|
|
|
Distribution
and service (12b-1) fees |
|
|
|
|
Other
expenses |
|
|
|
|
Total
annual Fund operating expenses |
|
|
|
|
Fee
waiver and/or expense reimbursement |
( |
( |
( |
( |
Total
annual Fund operating expenses after fee waiver and/or expense
reimbursement(1,2) |
|
|
|
|
Share
Class |
1
Year |
3
Years |
5
Years |
10
Years |
Class
A |
$ |
$ |
$ |
$ |
Class
C |
$ |
$ |
$ |
$ |
Class
Z |
$ |
$ |
$ |
$ |
Class
R6 |
$ |
$ |
$ |
$ |
Share
Class |
1
Year |
3
Years |
5
Years |
10
Years |
Class
A |
$ |
$ |
$ |
$ |
Class
C |
$ |
$ |
$ |
$ |
Class
Z |
$ |
$ |
$ |
$ |
Class
R6 |
$ |
$ |
$ |
$ |
|
|
| ||
|
|
|
|
|
|
|
|
Return
Before Taxes |
One
Year |
Five
Years |
Since
Inception |
Inception
Date |
Class
A Shares |
- |
- |
|
|
Class
C Shares |
- |
|
|
|
Class
R6 Shares |
- |
|
|
|
Class
Z Shares % (as of 12-31-22) | ||||
Return
Before Taxes |
- |
|
|
|
Return
After Taxes on Distributions |
- |
|
|
|
Return
After Taxes on Distributions and Sale of Fund Shares |
- |
|
|
|
Index
% (reflects no deduction for fees, expenses or taxes) (as of
12-31-22) | ||||
MSCI
Emerging Markets Index |
- |
- |
|
|
Investment
Manager |
Subadviser |
Portfolio
Managers |
Title |
Service
Date |
PGIM
Investments LLC |
Jennison
Associates LLC |
Mark
B. Baribeau, CFA |
Managing
Director |
September
2014 |
|
|
Albert
Kwok, CFA |
Managing
Director |
September
2014 |
|
|
Sara
Moreno |
Managing
Director |
September
2014 |
|
Class
A* |
Class
C* |
Class
Z* |
Class
R6 |
Minimum
initial investment |
$1,000 |
$1,000 |
None |
None |
Minimum
subsequent investment |
$100 |
$100 |
None |
None |
Principal
Strategies: Investment Limits |
◾Equity
and equity-related securities of companies located in or otherwise
economically tied to emerging markets countries:
At
least 80% of investable
assets |
Certain
Non-Principal Strategies: Investment Limits |
◾Structured
Securities: Up to 20% of investable assets ◾Derivatives:
Up to 25% of net assets (subject to the Fund's operation under the
requirements of Rule 18f-4 under the
Investment
Company Act of 1940) ◾Fixed
income obligations: Up to 20% of investable assets ◾Master
Limited Partnerships: Up to 25% of net assets ◾Short
Sales: Up to 25% of net assets (not including short sales “against
the box”) ◾Private
Investments in Public Equity (PIPEs): Up to 15% of net
assets ◾Illiquid
Investments: Up to 15% of net assets ◾Money
Market Instruments: Up to 100% on a temporary
basis |
Expected
Distribution Schedule* |
|
Net
Investment Income |
Annually |
Short-Term
Capital Gains |
Annually |
Long-Term
Capital Gains |
Annually |
Share
Class |
Eligibility |
Class
A* |
Retail
investors |
Class
C* |
Retail
investors |
Class
Z* |
Certain
group retirement plans, institutional investors and certain other
investors |
Class
R6 |
Certain
group retirement plans, institutional investors and certain other
investors |
|
Class
A* |
Class
C* |
Class
Z* |
Class
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 |
|
Class
A |
Class
C |
Class
Z |
Class
R |
Existing
Investors
(Group Retirement Plans,
IRAs,
and all other investors) |
No
Change |
No
Change |
No
Change |
No
Change |
New
Group Retirement Plans |
Closed
to group retirement plans wishing to add the share classes as new
additions to plan menus on June 1, 2018,
subject
to certain exceptions below | |||
New
IRAs |
No
Change |
No
Change |
No
Change |
Closed
to all new
investors
on June 1, 2018,
subject
to certain
exceptions
below |
All
Other New Investors |
No
Change |
No
Change |
No
Change |
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% |
Class
A Shares | |||||
|
Year
Ended October 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Per
Share Operating Performance(a): | |||||
Net
Asset Value, Beginning of Year |
$12.39 |
$23.66 |
$17.66 |
$12.16 |
$9.58 |
Income
(loss) from investment operations: | |||||
Net
investment income (loss) |
(0.03)(b) |
(0.12) |
(0.23) |
(0.14) |
(0.04) |
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
0.04 |
(11.15) |
6.23 |
5.64 |
2.62 |
Total
from investment operations |
0.01 |
(11.27) |
6.00 |
5.50 |
2.58 |
Net
asset value, end of Year |
$12.40 |
$12.39 |
$23.66 |
$17.66 |
$12.16 |
Total
Return(c): |
0.08% |
(47.63)% |
33.98% |
45.23% |
26.93% |
| |||||
Ratios/Supplemental
Data: | |||||
Net
assets, end of Year
(000) |
$24,886 |
$28,082 |
$47,683 |
$6,144 |
$3,806 |
Average
net assets (000) |
$28,066 |
$36,017 |
$26,309 |
$4,507 |
$3,074 |
Ratios
to average net assets(d): | |||||
Expenses
after waivers and/or expense reimbursement |
1.30% |
1.30% |
1.33% |
1.45% |
1.45% |
Expenses
before waivers and/or expense reimbursement |
1.56% |
1.54% |
1.64% |
2.61% |
3.35% |
Net
investment income (loss) |
(0.23)% |
(0.74)% |
(0.98)% |
(0.99)% |
(0.37)% |
Portfolio
turnover rate(e) |
103% |
134% |
78% |
58% |
33% |
(a) |
Calculated
based on average shares outstanding during the
year. |
(b) |
The
per share amount of net investment income (loss) does not directly
correlate to the amounts reported in the Statement of Operations due to
class specific expenses. |
(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 year
reported
and includes reinvestment of dividends and distributions, if any. Total
returns may reflect adjustments to conform to
GAAP. |
(d) |
Does
not include expenses of the underlying funds in which the Fund
invests. |
(e) |
The
Fund's portfolio turnover rate is calculated in accordance with regulatory
requirements, without regard to transactions involving short-term
investments, certain derivatives
and
in-kind transactions (if any). If such transactions were included, the
Fund's portfolio turnover rate may be
higher. |
Class
C Shares | |||||
|
Year
Ended October 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Per
Share Operating Performance(a): | |||||
Net
Asset Value, Beginning of Year |
$11.66 |
$22.43 |
$16.88 |
$11.71 |
$9.29 |
Income
(loss) from investment operations: | |||||
Net
investment income (loss) |
(0.12)(b) |
(0.23) |
(0.39) |
(0.23) |
(0.11) |
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
0.04 |
(10.54) |
5.94 |
5.40 |
2.53 |
Total
from investment operations |
(0.08) |
(10.77) |
5.55 |
5.17 |
2.42 |
Net
asset value, end of Year |
$11.58 |
$11.66 |
$22.43 |
$16.88 |
$11.71 |
Total
Return(c): |
(0.69)% |
(48.02)% |
32.96% |
44.06% |
26.05% |
| |||||
Ratios/Supplemental
Data: | |||||
Net
assets, end of Year
(000) |
$3,140 |
$3,724 |
$5,881 |
$1,563 |
$1,107 |
Average
net assets (000) |
$3,660 |
$4,938 |
$4,077 |
$1,244 |
$1,438 |
Ratios
to average net assets(d): | |||||
Expenses
after waivers and/or expense reimbursement |
2.05% |
2.05% |
2.09% |
2.20% |
2.20% |
Expenses
before waivers and/or expense reimbursement |
2.66% |
2.69% |
2.65% |
4.15% |
4.23% |
Net
investment income (loss) |
(0.99)% |
(1.48)% |
(1.76)% |
(1.73)% |
(1.05)% |
Portfolio
turnover rate(e) |
103% |
134% |
78% |
58% |
33% |
(a) |
Calculated
based on average shares outstanding during the
year. |
(b) |
The
per share amount of net investment income (loss) does not directly
correlate to the amounts reported in the Statement of Operations due to
class specific expenses. |
(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 year
reported
and includes reinvestment of dividends and distributions, if any. Total
returns may reflect adjustments to conform to
GAAP. |
(d) |
Does
not include expenses of the underlying funds in which the Fund
invests. |
(e) |
The
Fund's portfolio turnover rate is calculated in accordance with regulatory
requirements, without regard to transactions involving short-term
investments, certain derivatives
and
in-kind transactions (if any). If such transactions were included, the
Fund's portfolio turnover rate may be
higher. |
Class
Z Shares | |||||
|
Year
Ended October 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Per
Share Operating Performance(a): | |||||
Net
Asset Value, Beginning of Year |
$12.64 |
$24.07 |
$17.93 |
$12.31 |
$9.67 |
Income
(loss) from investment operations: | |||||
Net
investment income (loss) |
-(b) |
(0.08) |
(0.17) |
(0.13) |
(0.01) |
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
0.04 |
(11.35) |
6.31 |
5.75 |
2.65 |
Total
from investment operations |
0.04 |
(11.43) |
6.14 |
5.62 |
2.64 |
Net
asset value, end of Year |
$12.68 |
$12.64 |
$24.07 |
$17.93 |
$12.31 |
Total
Return(c): |
0.32% |
(47.49)% |
34.24% |
45.65% |
27.30% |
| |||||
Ratios/Supplemental
Data: | |||||
Net
assets, end of Year
(000) |
$249,580 |
$393,985 |
$642,316 |
$34,993 |
$2,357 |
Average
net assets (000) |
$341,699 |
$549,186 |
$293,229 |
$11,195 |
$1,866 |
Ratios
to average net assets(d): | |||||
Expenses
after waivers and/or expense reimbursement |
1.05% |
1.05% |
1.08% |
1.20% |
1.20% |
Expenses
before waivers and/or expense reimbursement |
1.20% |
1.20% |
1.28% |
1.93% |
3.17% |
Net
investment income (loss) |
-%(b) |
(0.49)% |
(0.72)% |
(0.83)% |
(0.08)% |
Portfolio
turnover rate(e) |
103% |
134% |
78% |
58% |
33% |
(a) |
Calculated
based on average shares outstanding during the
year. |
(b) |
Amount
rounds to zero. |
(c) |
Total
return is calculated assuming a purchase of a share on the first day and a
sale on the last day of each year reported and includes reinvestment of
dividends and
distributions,
if any. Total returns may reflect adjustments to conform to
GAAP. |
(d) |
Does
not include expenses of the underlying funds in which the Fund
invests. |
(e) |
The
Fund's portfolio turnover rate is calculated in accordance with regulatory
requirements, without regard to transactions involving short-term
investments, certain derivatives
and
in-kind transactions (if any). If such transactions were included, the
Fund's portfolio turnover rate may be
higher. |
Class
R6 Shares | |||||
|
Year
Ended October 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Per
Share Operating Performance(a): | |||||
Net
Asset Value, Beginning of Year |
$12.66 |
$24.08 |
$17.93 |
$12.31 |
$9.67 |
Income
(loss) from investment operations: | |||||
Net
investment income (loss) |
0.01 |
(0.07) |
(0.15) |
(0.10) |
(0.01) |
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
0.04 |
(11.35) |
6.30 |
5.72 |
2.65 |
Total
from investment operations |
0.05 |
(11.42) |
6.15 |
5.62 |
2.64 |
Net
asset value, end of Year |
$12.71 |
$12.66 |
$24.08 |
$17.93 |
$12.31 |
Total
Return(b): |
0.39% |
(47.43)% |
34.30% |
45.65% |
27.30% |
| |||||
Ratios/Supplemental
Data: | |||||
Net
assets, end of Year
(000) |
$246,642 |
$260,565 |
$314,476 |
$18,340 |
$12,319 |
Average
net assets (000) |
$268,848 |
$302,211 |
$121,398 |
$14,144 |
$11,249 |
Ratios
to average net assets(c): | |||||
Expenses
after waivers and/or expense reimbursement |
0.98% |
0.98% |
1.01% |
1.20% |
1.20% |
Expenses
before waivers and/or expense reimbursement |
1.06% |
1.05% |
1.16% |
1.80% |
2.41% |
Net
investment income (loss) |
0.09% |
(0.40)% |
(0.62)% |
(0.74)% |
(0.11)% |
Portfolio
turnover rate(d) |
103% |
134% |
78% |
58% |
33% |
(a) |
Calculated
based on average shares outstanding during the
year. |
(b) |
Total
return is calculated assuming a purchase of a share on the first day and a
sale on the last day of each year reported and includes reinvestment of
dividends and
distributions,
if any. Total returns may reflect adjustments to conform to
GAAP. |
(c) |
Does
not include expenses of the underlying funds in which the Fund
invests. |
(d) |
The
Fund's portfolio turnover rate is calculated in accordance with regulatory
requirements, without regard to transactions involving short-term
investments, certain derivatives
and
in-kind transactions (if any). If such transactions were included, the
Fund's portfolio turnover rate may be
higher. |
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
P.O. Box
534432
Pittsburgh,
PA 15253-4432 ◾WEBSITE
www.pgim.com/investments |
◾TELEPHONE
(800)
225-1852
(973)
367-3529
(from
outside the U.S.) |
◾E-DELIVERY
To receive
your mutual fund documents on-line, go to
pgim.com/investments/resource/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
(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's
performance during the last fiscal
year) |
You can also
obtain copies of Fund documents, including the SAI, from the SEC as
follows (the SEC charges a fee to
copy
documents): | |
◾ELECTRONIC
REQUEST
|
◾VIA
THE INTERNET
on the EDGAR
Database at www.sec.gov |
PGIM
Jennison Emerging Markets Equity Opportunities
Fund | ||||
Share
Class |
A |
C |
Z |
R6 |
NASDAQ |
PDEAX |
PDECX |
PDEZX |
PDEQX |
CUSIP |
743969644 |
743969636 |
743969610 |
743969628 |