PGIM Short Duration High Yield Opportunities Fund (SDHY)

Investing in the Fund involves certain risks and the Fund may not be able to achieve its intended results for a variety of reasons, including, among others, the possibility that the Fund may not be able to successfully implement its investment strategy because of market, economic, regulatory, geopolitical and other conditions. The Fund invests in high yield (“junk”) bonds, which are subject to greater credit and market risks, including greater risk of default; derivative securities, which may carry increased risk of principal loss due to imperfect correlation between the values of the derivatives and the underlying securities or unexpected price or interest rate movements and be subject to other risks such as market, credit, counterparty, leverage and liquidity risks; foreign securities, which are subject to currency fluctuation, political uncertainty and different regulatory standards than those of U.S. companies; emerging markets securities, which are subject to greater volatility and price declines; structured products, which are subject to issuer repayment, counterparty risk and are also subject to credit risk in that the assets backing the structured product may be insufficient to pay interest or principal; smaller capitalization companies, which are subject to special risks because those companies may have narrower product lines, more limited financial resources, fewer experienced managers, dependence on a few key employees, and a more limited trading market for their securities, as compared with larger companies; bank loans, which are subject the financial condition of the borrower and the Fund's ability to receive payments of principal and interest and other amounts in connection with loans (whether through participations, assignments or otherwise). Fixed income investments are subject to interest rate risk, where their value will decline as interest rates rise; issuer risk, where the value of fixed income instruments may decline for a number of reasons that directly relate to the issuer; duration risk, which can determine the security's sensitivity to changes in the general level of interest rates; floating-rate and fixed-to-floating rate securities risks; prepayment risk, where the issuer of an instrument may exercise its option to prepay principal earlier than scheduled, forcing the Fund to reinvest the proceeds from such prepayment in lower yielding instruments, which may result in a decline in the Fund's income and distributions to shareholders; extension risk, where an issuer could exercise its right to pay principal on an obligation held by the Fund later than expected; reinvestment risk or the risk that Income from the Fund's portfolio will decline If and when the Fund Invests the proceeds from matured, traded or called fixed Income Instruments at market Interest rates that are below the portfolio's current earnings rate; spread risk; and refinancing risk where one or more issuers of fixed income instruments in the Fund's portfolio may not be able to pay off their debt upon maturity. There are fees and expenses involved with investing in these Funds. Diversification does not assure a profit or protect against a loss in declining markets. There is no guarantee that the Fund’s objective will be achieved or that dividends or distributions will be paid.