Entity Investment Company Type

Document Type

N-CSR

Amendment Flag

false

Registrant Name

Prudential Sector Funds, Inc.

Entity Central Index Key

0000352665

N-1A

Document Period End Date

Nov. 30, 2024

PGIM Jennison Financial Services Fund - Class A

PGIM Jennison Financial Services Fund

Class A

PFSAX

This annual shareholder report contains important information about the Class A shares of

PGIM

Jennison Financial Services Fund (the “Fund”)

for the period of December 1, 2023 to November 30, 2024.

annual shareholder report

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

(800) 225-1852 or (973) 367-3529

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Jennison Financial Services Fund—Class A	$166	1.32%

$ 166

1.32%

WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?

■

Capital asset prices increased over the reporting period as investors reacted positively to the slowing pace of inflation and sustained economic

growth. The US Federal Reserve moved to lower the federal funds rate by 50 basis points at its September meeting and by another 25 basis

points at its November meeting. (One basis point equals 0.01%.) Equities responded favorably to the moves, especially interest-rate-sensitive

sectors of the market. Financial stocks (as represented by the S&P Composite 1500 Financials Index) generally outperformed the overall equity

market (as represented by the S&P 500 Index).

■

The Fund’s security selection within capital markets (led by KKR & Co. Inc. and The Goldman Sachs Group Inc.), financial services (especially

Apollo Global Management Inc.), and insurance (driven by Ryan Specialty Holdings Inc. and The Progressive Corp.) were the largest

contributors to the Fund’s solid performance and its significant outperformance relative to the Index. An underweight in financial services and

an overweight in banks also bolstered relative results.

■

On the negative side, stock selection in the banking industry, along with overweights in insurance and mortgage REITs, and non-Index positions

in consumer discretionary, detracted the most.

The Fund’s past performance is not a good predictor of the Fund’s future performance.

Average Annual Total Returns as of 11/30/2024
	One Year (%)	Five Years (%)	Ten Years (%)
Class A with sales charges	43.30%	13.81%	8.62%
Class A without sales charges	51.64%	15.10%	9.23%
S&P Composite 1500 Index	33.87%	15.46%	13.10%
S&P Composite 1500 Financials Index	45.97%	13.36%	12.21%

Updated Performance Information Location [Text Block]

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

$ 179,987,816

$ 1,075,114

24.00%

WHAT ARE SOME KEY FUND STATISTICS AS OF 11/30/2024?

Fund’s net assets	$ 179,987,816
Number of fund holdings	34
Total advisory fees paid for the year	$ 1,075,114
Portfolio turnover rate for the year	24%

PGIM Jennison Financial Services Fund - Class C

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 11/30/2024?

Industry Classification	% of Net Assets
Diversified Banks	20.5%
Transaction & Payment Processing Services	13.2%
Regional Banks	11.7%
Asset Management & Custody Banks	11.5%
Property & Casualty Insurance	8.6%
Investment Banking & Brokerage	8.6%
Insurance Brokers	6.7%
Life & Health Insurance	4.8%
Other Diversified Financial Services	3.8%
Financial Exchanges & Data	3.7%

Industry Classification	% of Net Assets
Reinsurance	2.3%
Consumer Finance	1.9%
Mortgage REITs	1.3%
Homebuilding	0.7%
Affiliated Mutual Fund - Short Term Investment	0.7%
	100.0%
Liabilities in excess of other assets	(0.0)%*
	100.0%

* Less than 0.05%

PGIM Jennison Financial Services Fund

Class C

PUFCX

This annual shareholder report contains important information about the Class C shares of PGIM Jennison Financial Services Fund (the “Fund”)

for the period of December 1, 2023 to November 30, 2024.

annual shareholder report

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

(800) 225-1852 or (973) 367-3529

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Jennison Financial Services Fund—Class C	$266	2.12%

$ 266

2.12%

WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?

■

Capital asset prices increased over the reporting period as investors reacted positively to the slowing pace of inflation and sustained economic

growth. The US Federal Reserve moved to lower the federal funds rate by 50 basis points at its September meeting and by another 25 basis

points at its November meeting. (One basis point equals 0.01%.) Equities responded favorably to the moves, especially interest-rate-sensitive

sectors of the market. Financial stocks (as represented by the S&P Composite 1500 Financials Index) generally outperformed the overall equity

market (as represented by the S&P 500 Index).

■

The Fund’s security selection within capital markets (led by KKR & Co. Inc. and The Goldman Sachs Group Inc.), financial services (especially

Apollo Global Management Inc.), and insurance (driven by Ryan Specialty Holdings Inc. and The Progressive Corp.) were the largest

contributors to the Fund’s solid performance and its significant outperformance relative to the Index. An underweight in financial services and

an overweight in banks also bolstered relative results.

■

On the negative side, stock selection in the banking industry, along with overweights in insurance and mortgage REITs, and non-Index positions

in consumer discretionary, detracted the most.

The Fund’s past performance is not a good predictor of the Fund’s future performance.

Average Annual Total Returns as of 11/30/2024
	One Year (%)	Five Years (%)	Ten Years (%)
Class C with sales charges	49.49%	14.22%	8.43%
Class C without sales charges	50.49%	14.22%	8.43%
S&P Composite 1500 Index	33.87%	15.46%	13.10%
S&P Composite 1500 Financials Index	45.97%	13.36%	12.21%

Updated Performance Information Location [Text Block]

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

$ 179,987,816

$ 1,075,114

24.00%

WHAT ARE SOME KEY FUND STATISTICS AS OF 11/30/2024?

Fund’s net assets	$ 179,987,816
Number of fund holdings	34
Total advisory fees paid for the year	$ 1,075,114
Portfolio turnover rate for the year	24%

PGIM JENNISON FINANCIAL SERVICES FUND - CLASS R

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S

HOLDINGS

AS OF 11/30/2024?

Industry Classification	% of Net Assets
Diversified Banks	20.5%
Transaction & Payment Processing Services	13.2%
Regional Banks	11.7%
Asset Management & Custody Banks	11.5%
Property & Casualty Insurance	8.6%
Investment Banking & Brokerage	8.6%
Insurance Brokers	6.7%
Life & Health Insurance	4.8%
Other Diversified Financial Services	3.8%
Financial Exchanges & Data	3.7%

Industry Classification	% of Net Assets
Reinsurance	2.3%
Consumer Finance	1.9%
Mortgage REITs	1.3%
Homebuilding	0.7%
Affiliated Mutual Fund - Short Term Investment	0.7%
	100.0%
Liabilities in excess of other assets	(0.0)%*
	100.0%

* Less than 0.05%

PGIM Jennison Financial Services Fund

Class R

PSSRX

This annual shareholder report contains important information about the Class R shares of PGIM Jennison Financial Services Fund (the “Fund”)

for the period of December 1, 2023 to November 30, 2024.

annual shareholder report

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

(800) 225-1852 or (973) 367-3529

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Jennison Financial Services Fund—Class R	$207	1.65%

$ 207

1.65%

WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?

■

Capital asset prices increased over the reporting period as investors reacted positively to the slowing pace of inflation and sustained economic

growth. The US Federal Reserve moved to lower the federal funds rate by 50 basis points at its September meeting and by another 25 basis

points at its November meeting. (One basis point equals 0.01%.) Equities responded favorably to the moves, especially interest-rate-sensitive

sectors of the market. Financial stocks (as represented by the S&P Composite 1500 Financials Index) generally outperformed the overall equity

market (as represented by the S&P 500 Index).

■

The Fund’s security selection within capital markets (led by KKR & Co. Inc. and The Goldman Sachs Group Inc.), financial services (especially

Apollo Global Management Inc.), and insurance (driven by Ryan Specialty Holdings Inc. and The Progressive Corp.) were the largest

contributors to the Fund’s solid performance and its significant outperformance relative to the Index. An underweight in financial services and

an overweight in banks also bolstered relative results.

■

On the negative side, stock selection in the banking industry, along with overweights in insurance and mortgage REITs, and non-Index positions

in consumer discretionary, detracted the most.

The Fund’s past performance is not a good predictor of the Fund’s future performance.

Average Annual Total Returns as of 11/30/2024
	One Year (%)	Five Years (%)	Ten Years (%)
Class R	51.24%	14.80%	8.96%
S&P Composite 1500 Index	33.87%	15.46%	13.10%
S&P Composite 1500 Financials Index	45.97%	13.36%	12.21%

Updated Performance Information Location [Text Block]

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

$ 179,987,816

$ 1,075,114

24.00%

WHAT ARE SOME KEY FUND STATISTICS AS OF 11/30/2024?

Fund’s net assets	$ 179,987,816
Number of fund holdings	34
Total advisory fees paid for the year	$ 1,075,114
Portfolio turnover rate for the year	24%

PGIM Jennison Financial Services Fund - Class Z

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S

HOLDINGS

AS OF 11/30/2024?

Industry Classification	% of Net Assets
Diversified Banks	20.5%
Transaction & Payment Processing Services	13.2%
Regional Banks	11.7%
Asset Management & Custody Banks	11.5%
Property & Casualty Insurance	8.6%
Investment Banking & Brokerage	8.6%
Insurance Brokers	6.7%
Life & Health Insurance	4.8%
Other Diversified Financial Services	3.8%
Financial Exchanges & Data	3.7%

Industry Classification	% of Net Assets
Reinsurance	2.3%
Consumer Finance	1.9%
Mortgage REITs	1.3%
Homebuilding	0.7%
Affiliated Mutual Fund - Short Term Investment	0.7%
	100.0%
Liabilities in excess of other assets	(0.0)%*
	100.0%

* Less than 0.05%

PGIM Jennison Financial Services Fund

Class Z

PFSZX

This annual shareholder report contains important information about the Class Z shares of PGIM Jennison Financial Services Fund (the “Fund”)

for the period of December 1, 2023 to November 30, 2024.

annual shareholder report

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

(800) 225-1852 or (973) 367-3529

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Jennison Financial Services Fund—Class Z	$132	1.05%

$ 132

1.05%

WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?

■

Capital asset prices increased over the reporting period as investors reacted positively to the slowing pace of inflation and sustained economic

growth. The US Federal Reserve moved to lower the federal funds rate by 50 basis points at its September meeting and by another 25 basis

points at its November meeting. (One basis point equals 0.01%.) Equities responded favorably to the moves, especially interest-rate-sensitive

sectors of the market. Financial stocks (as represented by the S&P Composite 1500 Financials Index) generally outperformed the overall equity

market (as represented by the S&P 500 Index).

■

The Fund’s security selection within capital markets (led by KKR & Co. Inc. and The Goldman Sachs Group Inc.), financial services (especially

Apollo Global Management Inc.), and insurance (driven by Ryan Specialty Holdings Inc. and The Progressive Corp.) were the largest

contributors to the Fund’s solid performance and its significant outperformance relative to the Index. An underweight in financial services and

an overweight in banks also bolstered relative results.

■

On the negative side, stock selection in the banking industry, along with overweights in insurance and mortgage REITs, and non-Index positions

in consumer discretionary, detracted the most.

The Fund’s past performance is not a good predictor of the Fund’s future performance.

Average Annual Total Returns as of 11/30/2024
	One Year (%)	Five Years (%)	Ten Years (%)
Class Z	52.09%	15.44%	9.56%
S&P Composite 1500 Index	33.87%	15.46%	13.10%
S&P Composite 1500 Financials Index	45.97%	13.36%	12.21%

Updated Performance Information Location [Text Block]

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

$ 179,987,816

$ 1,075,114

24.00%

WHAT ARE SOME KEY FUND STATISTICS

OF 11/30/2024?

Fund’s net assets	$ 179,987,816
Number of fund holdings	34
Total advisory fees paid for the year	$ 1,075,114
Portfolio turnover rate for the year	24%

PGIM Jennison Financial Services Fund - Class R6

WHAT ARE SOME CHARACTERISTICS OF

THE

FUND’S

HOLDINGS

AS OF 11/30/2024?

Industry Classification	% of Net Assets
Diversified Banks	20.5%
Transaction & Payment Processing Services	13.2%
Regional Banks	11.7%
Asset Management & Custody Banks	11.5%
Property & Casualty Insurance	8.6%
Investment Banking & Brokerage	8.6%
Insurance Brokers	6.7%
Life & Health Insurance	4.8%
Other Diversified Financial Services	3.8%
Financial Exchanges & Data	3.7%

Industry Classification	% of Net Assets
Reinsurance	2.3%
Consumer Finance	1.9%
Mortgage REITs	1.3%
Homebuilding	0.7%
Affiliated Mutual Fund - Short Term Investment	0.7%
	100.0%
Liabilities in excess of other assets	(0.0)%*
	100.0%

* Less than 0.05%

PGIM Jennison Financial Services Fund

Class R6

PFSQX

This annual shareholder report contains important information about the Class R6 shares of PGIM Jennison Financial Services Fund (the “Fund”)

for the period of December 1, 2023 to November 30, 2024.

annual shareholder report

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

(800) 225-1852 or (973) 367-3529

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Jennison Financial Services Fund—Class R6	$126	1.00%

$ 126

1.00%

WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?

■

Capital asset prices increased over the reporting period as investors reacted positively to the slowing pace of inflation and sustained economic

growth. The US Federal Reserve moved to lower the federal funds rate by 50 basis points at its September meeting and by another 25 basis

points at its November meeting. (One basis point equals 0.01%.) Equities responded favorably to the moves, especially interest-rate-sensitive

sectors of the market. Financial stocks (as represented by the S&P Composite 1500 Financials Index) generally outperformed the overall equity

market (as represented by the S&P 500 Index).

■

The Fund’s security selection within capital markets (led by KKR & Co. Inc. and The Goldman Sachs Group Inc.), financial services (especially

Apollo Global Management Inc.), and insurance (driven by Ryan Specialty Holdings Inc. and The Progressive Corp.) were the largest

contributors to the Fund’s solid performance and its significant outperformance relative to the Index. An underweight in financial services and

an overweight in banks also bolstered relative results.

■

On the negative side, stock selection in the banking industry, along with overweights in insurance and mortgage REITs, and non-Index positions

in consumer discretionary, detracted the most.

The Fund’s past performance is not a good predictor of the Fund’s future performance.

Performance Inception Date

Average Annual Total Returns as of 11/30/2024
	One Year (%)	Five Years (%)	Since Inception (%)
Class R6	52.17%	15.50%	11.77% (1/26/2018)
S&P Composite 1500 Index	33.87%	15.46%	13.33%
S&P Composite 1500 Financials Index	45.97%	13.36%	10.36%

Jan. 26, 2018

Updated Performance Information Location [Text Block]

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

$ 179,987,816

$ 1,075,114

24.00%

WHAT ARE SOME KEY FUND STATISTICS AS OF 11/30/2024?

Fund’s net assets	$ 179,987,816
Number of fund holdings	34
Total advisory fees paid for the year	$ 1,075,114
Portfolio turnover rate for the year	24%

PGIM Jennison Health Sciences Fund - Class A

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S

HOLDINGS

AS OF 11/30/2024?

Industry Classification	% of Net Assets
Diversified Banks	20.5%
Transaction & Payment Processing Services	13.2%
Regional Banks	11.7%
Asset Management & Custody Banks	11.5%
Property & Casualty Insurance	8.6%
Investment Banking & Brokerage	8.6%
Insurance Brokers	6.7%
Life & Health Insurance	4.8%
Other Diversified Financial Services	3.8%
Financial Exchanges & Data	3.7%

Industry Classification	% of Net Assets
Reinsurance	2.3%
Consumer Finance	1.9%
Mortgage REITs	1.3%
Homebuilding	0.7%
Affiliated Mutual Fund - Short Term Investment	0.7%
	100.0%
Liabilities in excess of other assets	(0.0)%*
	100.0%

* Less than 0.05%

PGIM Jennison Health Sciences Fund

Class A

PHLAX

This annual shareholder report contains important information about the Class A shares of PGIM Jennison Health Sciences Fund (the “Fund”) for

the period of December 1, 2023 to November 30, 2024.

annual shareholder report

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

(800) 225-1852 or (973) 367-3529

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Jennison Health Sciences Fund—Class A	$126	1.13%

$ 126

1.13%

WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?

■

Capital asset prices increased over the reporting period as investors reacted positively to the slowing pace of inflation and sustained economic

growth. The US Federal Reserve moved to lower the federal funds rate by 50 basis points at its September meeting and by another 25 basis

points at its November meeting. (One basis point equals 0.01%.) Equities responded favorably to the moves, especially interest-rate-sensitive

areas of the market. Health care stocks (as represented by the S&P Composite 1500 Health Care Index (Index)) generally underperformed the

overall equity market (as represented by the S&P 500 Index).

■

The Fund’s holdings within pharmaceuticals (especially Bristol-Myers Squibb Co. and Verona Pharma plc), biotechnology (led by Arcutis

Biotherapeutics Inc. and Crinetics Pharmaceuticals Inc.), and medtech (driven by DexCom Inc. and Boston Scientific Corp.) were the largest

contributors to the Fund’s solid performance and its significant outperformance relative to the Index.

■

On the negative side, stock selection in health care providers & services (especially Humana Inc. and UnitedHealth Group Inc.), along with an

underweight in medtech relative to the Index, detracted the most.

The Fund’s past performance is not a good predictor of the Fund’s future performance.

Average Annual Total Returns as of 11/30/2024
	One Year (%)	Five Years (%)	Ten Years (%)
Class A with sales charges	16.47%	10.79%	8.54%
Class A without sales charges	23.24%	12.05%	9.15%
S&P Composite 1500 Index	33.87%	15.46%	13.10%
S&P Composite 1500 Health Care Index	14.69%	9.82%	9.78%

Updated Performance Information Location [Text Block]

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

$ 1,763,456,176

$ 12,933,949

79.00%

WHAT ARE SOME KEY FUND STATISTICS AS OF 11/30/2024?

Fund’s net assets	$ 1,763,456,176
Number of fund holdings	52
Total advisory fees paid for the year	$ 12,933,949
Portfolio turnover rate for the year	79%

PGIM Jennison Health Sciences Fund - Class C

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 11/30/2024?

Industry Classification	% of Net Assets
Biotechnology	38.3%
Pharmaceuticals	31.2%
Health Care Equipment	12.7%
Managed Health Care	5.6%
Life Sciences Tools & Services	4.5%
Affiliated Mutual Fund - Short Term Investment (2.1% represents investments purchased with collateral from securities on loan)	4.4%
Health Care Services	4.2%
Health Care Supplies	1.6%
	102.5%
Liabilities in excess of other assets	(2.5)%
	100.0%

PGIM Jennison Health Sciences Fund

Class C

PHLCX

This annual shareholder report contains important information about the Class C shares of PGIM Jennison Health Sciences Fund (the “Fund”) for

the period of December 1, 2023 to November 30, 2024.

annual shareholder report

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

(800) 225-1852 or (973) 367-3529

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Jennison Health Sciences Fund—Class C	$218	1.96%

$ 218

1.96%

WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?

■

Capital asset prices increased over the reporting period as investors reacted positively to the slowing pace of inflation and sustained economic

growth. The US Federal Reserve moved to lower the federal funds rate by 50 basis points at its September meeting and by another 25 basis

points at its November meeting. (One basis point equals 0.01%.) Equities responded favorably to the moves, especially interest-rate-sensitive

areas of the market. Health care stocks (as represented by the S&P Composite 1500 Health Care Index (Index)) generally underperformed the

overall equity market (as represented by the S&P 500 Index).

■

The Fund’s holdings within pharmaceuticals (especially Bristol-Myers Squibb Co. and Verona Pharma plc), biotechnology (led by Arcutis

Biotherapeutics Inc. and Crinetics Pharmaceuticals Inc.), and medtech (driven by DexCom Inc. and Boston Scientific Corp.) were the largest

contributors to the Fund’s solid performance and its significant outperformance relative to the Index.

■

On the negative side, stock selection in health care providers & services (especially Humana Inc. and UnitedHealth Group Inc.), along with an

underweight in medtech relative to the Index, detracted the most.

The Fund’s past performance is not a good predictor of the Fund’s future performance.

Average Annual Total Returns as of 11/30/2024
	One Year (%)	Five Years (%)	Ten Years (%)
Class C with sales charges	21.23%	11.16%	8.34%
Class C without sales charges	22.23%	11.16%	8.34%
S&P Composite 1500 Index	33.87%	15.46%	13.10%
S&P Composite 1500 Health Care Index	14.69%	9.82%	9.78%

Updated Performance Information Location [Text Block]

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

$ 1,763,456,176

$ 12,933,949

79.00%

WHAT ARE SOME KEY FUND STATISTICS AS OF 11/30/2024?

Fund’s net assets	$ 1,763,456,176
Number of fund holdings	52
Total advisory fees paid for the year	$ 12,933,949
Portfolio turnover rate for the year	79%

PGIM Jennison Health Sciences Fund - Class R

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 11/30/2024?

Industry Classification	% of Net Assets
Biotechnology	38.3%
Pharmaceuticals	31.2%
Health Care Equipment	12.7%
Managed Health Care	5.6%
Life Sciences Tools & Services	4.5%
Affiliated Mutual Fund - Short Term Investment (2.1% represents investments purchased with collateral from securities on loan)	4.4%
Health Care Services	4.2%
Health Care Supplies	1.6%
	102.5%
Liabilities in excess of other assets	(2.5)%
	100.0%

PGIM Jennison Health Sciences Fund

Class R

PJHRX

This annual shareholder report contains important information about the Class R shares of PGIM Jennison Health Sciences Fund (the “Fund”) for

the period of December 1, 2023 to November 30, 2024.

annual shareholder report

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

(800) 225-1852 or (973) 367-3529

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Jennison Health Sciences Fund—Class R	$165	1.48%

$ 165

1.48%

WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?

■

Capital asset prices increased over the reporting period as investors reacted positively to the slowing pace of inflation and sustained economic

growth. The US Federal Reserve moved to lower the federal funds rate by 50 basis points at its September meeting and by another 25 basis

points at its November meeting. (One basis point equals 0.01%.) Equities responded favorably to the moves, especially interest-rate-sensitive

areas of the market. Health care stocks (as represented by the S&P Composite 1500 Health Care Index (Index)) generally underperformed the

overall equity market (as represented by the S&P 500 Index).

■

The Fund’s holdings within pharmaceuticals (especially Bristol-Myers Squibb Co. and Verona Pharma plc), biotechnology (led by Arcutis

Biotherapeutics Inc. and Crinetics Pharmaceuticals Inc.), and medtech (driven by DexCom Inc. and Boston Scientific Corp.) were the largest

contributors to the Fund’s solid performance and its significant outperformance relative to the Index.

■

On the negative side, stock selection in health care providers & services (especially Humana Inc. and UnitedHealth Group Inc.), along with an

underweight in medtech relative to the Index, detracted the most.

The Fund’s past performance is not a good predictor of the Fund’s future performance.

Average Annual Total Returns as of 11/30/2024
	One Year (%)	Five Years (%)	Ten Years (%)
Class R	22.76%	11.66%	8.81%
S&P Composite 1500 Index	33.87%	15.46%	13.10%
S&P Composite 1500 Health Care Index	14.69%	9.82%	9.78%

Updated Performance Information Location [Text Block]

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

$ 1,763,456,176

$ 12,933,949

79.00%

WHAT ARE SOME KEY FUND STATISTICS AS OF 11/30/2024?

Fund’s net assets	$ 1,763,456,176
Number of fund holdings	52
Total advisory fees paid for the year	$ 12,933,949
Portfolio turnover rate for the year	79%

PGIM Jennison Health Sciences Fund - Class Z

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 11/30/2024?

Industry Classification	% of Net Assets
Biotechnology	38.3%
Pharmaceuticals	31.2%
Health Care Equipment	12.7%
Managed Health Care	5.6%
Life Sciences Tools & Services	4.5%
Affiliated Mutual Fund - Short Term Investment (2.1% represents investments purchased with collateral from securities on loan)	4.4%
Health Care Services	4.2%
Health Care Supplies	1.6%
	102.5%
Liabilities in excess of other assets	(2.5)%
	100.0%

PGIM Jennison Health Sciences Fund

Class Z

PHSZX

This annual shareholder report contains important information about the Class Z shares of PGIM Jennison Health Sciences Fund (the “Fund”) for

the period of December 1, 2023 to November 30, 2024.

annual shareholder report

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

(800) 225-1852 or (973) 367-3529

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Jennison Health Sciences Fund—Class Z	$96	0.86%

$ 96

0.86%

WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?

■

Capital asset prices increased over the reporting period as investors reacted positively to the slowing pace of inflation and sustained economic

growth. The US Federal Reserve moved to lower the federal funds rate by 50 basis points at its September meeting and by another 25 basis

points at its November meeting. (One basis point equals 0.01%.) Equities responded favorably to the moves, especially interest-rate-sensitive

areas of the market. Health care stocks (as represented by the S&P Composite 1500 Health Care Index (Index)) generally underperformed the

overall equity market (as represented by the S&P 500 Index).

■

The Fund’s holdings within pharmaceuticals (especially Bristol-Myers Squibb Co. and Verona Pharma plc), biotechnology (led by Arcutis

Biotherapeutics Inc. and Crinetics Pharmaceuticals Inc.), and medtech (driven by DexCom Inc. and Boston Scientific Corp.) were the largest

contributors to the Fund’s solid performance and its significant outperformance relative to the Index.

■

On the negative side, stock selection in health care providers & services (especially Humana Inc. and UnitedHealth Group Inc.), along with an

underweight in medtech relative to the Index, detracted the most.

The Fund’s past performance is not a good predictor of the Fund’s future performance.

Average Annual Total Returns as of 11/30/2024
	One Year (%)	Five Years (%)	Ten Years (%)
Class Z	23.56%	12.36%	9.47%
S&P Composite 1500 Index	33.87%	15.46%	13.10%
S&P Composite 1500 Health Care Index	14.69%	9.82%	9.78%

Updated Performance Information Location [Text Block]

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

$ 1,763,456,176

$ 12,933,949

79.00%

WHAT ARE SOME KEY FUND STATISTICS AS OF 11/30/2024?

Fund’s net assets	$ 1,763,456,176
Number of fund holdings	52
Total advisory fees paid for the year	$ 12,933,949
Portfolio turnover rate for the year	79%

PGIM Jennison Health Sciences Fund - Class R6

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 11/30/2024?

Industry Classification	% of Net Assets
Biotechnology	38.3%
Pharmaceuticals	31.2%
Health Care Equipment	12.7%
Managed Health Care	5.6%
Life Sciences Tools & Services	4.5%
Affiliated Mutual Fund - Short Term Investment (2.1% represents investments purchased with collateral from securities on loan)	4.4%
Health Care Services	4.2%
Health Care Supplies	1.6%
	102.5%
Liabilities in excess of other assets	(2.5)%
	100.0%

PGIM Jennison Health Sciences Fund

Class R6

PHLQX

This annual shareholder report contains important information about the Class R6 shares of PGIM Jennison Health Sciences Fund (the “Fund”)

for the period of December 1, 2023 to November 30, 2024.

annual shareholder report

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

(800) 225-1852 or (973) 367-3529

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Jennison Health Sciences Fund—Class R6	$86	0.77%

$ 86

0.77%

WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?

■

Capital asset prices increased over the reporting period as investors reacted positively to the slowing pace of inflation and sustained economic

growth. The US Federal Reserve moved to lower the federal funds rate by 50 basis points at its September meeting and by another 25 basis

points at its November meeting. (One basis point equals 0.01%.) Equities responded favorably to the moves, especially interest-rate-sensitive

areas of the market. Health care stocks (as represented by the S&P Composite 1500 Health Care Index (Index)) generally underperformed the

overall equity market (as represented by the S&P 500 Index).

■

The Fund’s holdings within pharmaceuticals (especially Bristol-Myers Squibb Co. and Verona Pharma plc), biotechnology (led by Arcutis

Biotherapeutics Inc. and Crinetics Pharmaceuticals Inc.), and medtech (driven by DexCom Inc. and Boston Scientific Corp.) were the largest

contributors to the Fund’s solid performance and its significant outperformance relative to the Index.

■

On the negative side, stock selection in health care provid

s & services (especially Humana Inc. and UnitedHealth Group Inc.), along with an

underweight in medtech relative to the Index, detracted the mo

st.

The Fund’s past performance is not a good predictor of the Fund’s future performance.

Performance Inception Date

Average Annual Total Returns as of 11/30/2024
	One Year (%)	Five Years (%)	Since Inception (%)
Class R6	23.65%	12.46%	12.13% (1/27/2016)
S&P Composite 1500 Index	33.87%	15.46%	15.51%
S&P Composite 1500 Health Care Index	14.69%	9.82%	11.36%

Jan. 27, 2016

Updated Performance Information Location [Text Block]

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

$ 1,763,456,176

$ 12,933,949

79.00%

WHAT ARE SOME KEY FUND STATISTICS AS OF 11/30/2

24?

Fund’s net assets	$ 1,763,456,176
Number of fund holdings	52
Total advisory fees paid for the year	$ 12,933,949
Portfolio turnover rate for the year	79%

PGIM Jennison Utility Fund - Class A

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 11/30/2024?

Industry Classification	% of Net Assets
Biotechnology	38.3%
Pharmaceuticals	31.2%
Health Care Equipment	12.7%
Managed Health Care	5.6%
Life Sciences Tools & Services	4.5%
Affiliated Mutual Fund - Short Term Investment (2.1% represents investments purchased with collateral from securities on loan)	4.4%
Health Care Services	4.2%
Health Care Supplies	1.6%
	102.5%
Liabilities in excess of other assets	(2.5)%
	100.0%

PGIM Jennison Utility Fund

Class A

PRUAX

This annual shareholder report contains important information about the Class A shares of PGIM Jennison Utility Fund (the “Fund”) for the period

of December 1, 2023 to November 30, 2024.

annual shareholder report

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

(800) 225-1852 or (973) 367-3529

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Jennison Utility Fund—Class A	$98	0.82%

$ 98

0.82%

WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?

■

Capital asset prices increased over the reporting period as investors reacted positively to the slowing pace of inflation and sustained economic

growth. The US Federal Reserve moved to lower the federal funds rate by 50 basis points at its September meeting and by another 25 basis

points at its November meeting. (One basis point equals 0.01%.) Equities responded favorably to the moves, particularly interest-rate-sensitive

sectors of the market. Utility stocks (as represented by the S&P 500 Utilities Index (Index)) outperformed the overall equity market (as

represented by the S&P 500 Index).

■

Within utilities, positions in independent power producers and renewables (led by Vistra Corp. and Talen Energy Corp.) and out-of-Index

exposure to water utilities contributed positively to the Fund’s performance relative to the Index. Energy sector names (primarily Targa

Resources Corp.) further bolstered relative results.

■

On the negative side, security selection in electric utilities and multi-utili

es, along with exposure to out-of-Index names in communications,

detracted the mo

st.

The Fund’s past performance is not a good predictor of the Fund’s future performance.

Average Annual Total Returns as of 11/30/2024
	One Year (%)	Five Years (%)	Ten Years (%)
Class A with sales charges	31.91%	9.26%	8.22%
Class A without sales charges	39.58%	10.50%	8.83%
S&P 500 Index	33.89%	15.77%	13.35%
S&P 500 Utilities Index	36.64%	9.12%	9.71%

Updated Performance Information Location [Text Block]

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

$ 3,524,140,309

$ 12,917,840

47.00%

WHAT ARE SOME KEY FUND STATISTICS AS OF 11/30/20

Fund’s net assets	$ 3,524,140,309
Number of fund holdings	31
Total advisory fees paid for the year	$ 12,917,840
Portfolio turnover rate for the year	47%

PGIM Jennison Utility Fund - Class C

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 11/30/202

Industry Classification	% of Net Assets
Electric Utilities	52.8%
Multi-Utilities	30.2%
Independent Power Producers & Energy Traders	7.9%
Oil & Gas Storage & Transportation	4.1%
Renewable Electricity	1.8%
Gas Utilities	1.8%
Affiliated Mutual Fund - Short Term Investment (0.7% represents investments purchased with collateral from securities on loan)	1.7%
	100.3%
Liabilities in excess of other assets	(0.3)%
	100.0%

PGIM Jennison Utility Fund

Class C

PCUFX

This annual shareholder report contains important information about the Class C shares of PGIM Jennison Utility Fund (the “Fund”) for the period

of December 1, 2023 to November 30, 2024.

annual shareholder report

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

(800) 225-1852 or (973) 367-3529

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Jennison Utility Fund—Class C	$192	1.61%

$ 192

1.61%

WHAT AFFECTED THE FUND’S PERFORMANCE

DURING

THE REPORTING PERIOD?

■

Capital asset prices increased over the reporting period as investors reacted positively to the slowing pace of inflation and sustained economic

growth. The US Federal Reserve moved to lower the federal funds rate by 50 basis points at its September meeting and by another 25 basis

points at its November meeting. (One basis point equals 0.01%.) Equities responded favorably to the moves, particularly interest-rate-sensitive

sectors of the market. Utility stocks (as represented by the S&P 500 Utilities Index (Index)) outperformed the overall equity market (as

represented by the S&P 500 Index).

■

Within utilities, positions in independent power producers and renewables (led by Vistra Corp. and Talen Energy Corp.) and out-of-Index

exposure to water utilities contributed positively to the Fund’s performance relative to the Index. Energy sector names (primarily Targa

Resources Corp.) further bolstered relative results.

■

On the negative side, security selection in electric utilities and multi-utilities, along with exposure to out-of-Index names in communications,

detracted the most.

The Fund’s past performance is not a good predictor of the Fund’s future performance.

Average Annual Total Returns as of 11/30/2024
	One Year (%)	Five Years (%)	Ten Years (%)
Class C with sales charges	37.51%	9.68%	8.03%
Class C without sales charges	38.51%	9.68%	8.03%
S&P 500 Index	33.89%	15.77%	13.35%
S&P 500 Utilities Index	36.64%	9.12%	9.71%

Updated Performance Information Location [Text Block]

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

$ 3,524,140,309

$ 12,917,840

47.00%

WHAT ARE SOME KEY FUND STATISTICS AS OF 11/30/2024?

Fund’s net assets	$ 3,524,140,309
Number of fund holdings	31
Total advisory fees paid for the year	$ 12,917,840
Portfolio turnover rate for the year	47%

PGIM Jennison Utility Fund - Class R

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 11/30/202

Industry Classification	% of Net Assets
Electric Utilities	52.8%
Multi-Utilities	30.2%
Independent Power Producers & Energy Traders	7.9%
Oil & Gas Storage & Transportation	4.1%
Renewable Electricity	1.8%
Gas Utilities	1.8%
Affiliated Mutual Fund - Short Term Investment (0.7% represents investments purchased with collateral from securities on loan)	1.7%
	100.3%
Liabilities in excess of other assets	(0.3)%
	100.0%

PGIM Jennison Utility Fund

Class R

JDURX

This annual shareholder report contains important information about the Class R shares of PGIM Jennison Utility Fund (the “Fund”) for the period

of December 1, 2023 to November 30, 2024.

annual shareholder report

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

(800) 225-1852 or (973) 367-3529

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Jennison Utility Fund—Class R	$133	1.11%

$ 133

1.11%

WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?

■

Capital asset prices increased over the reporting period as investors reacted positively to the slowing pace of inflation and sustained economic

growth. The US Federal Reserve moved to lower the federal funds rate by 50 basis points at its September meeting and by another 25 basis

points at its November meeting. (One basis point equals 0.01%.) Equities responded favorably to the moves, particularly interest-rate-sensitive

sectors of the market. Utility stocks (as represented by the S&P 500 Utilities Index (Index)) outperformed the overall equity market (as

represented by the S&P 500 Index).

■

Within utilities, positions in independent power producers and renewables (led by Vistra Corp. and Talen Energy Corp.) and out-of-Index

exposure to water utilities contributed positively to the Fund’s performance relative to the Index. Energy sector names (primarily Targa

Resources Corp.) further bolstered relative results.

■

On the negative side, security selection in electric utilities and multi-utilities, along with exposure to out-of-Index names in communications,

detracted the most.

The Fund’s past performance is not a good predictor of the Fund’s future performance.

Average Annual Total Returns as of 11/30/2024
	One Year (%)	Five Years (%)	Ten Years (%)
Class R	39.23%	10.21%	8.55%
S&P 500 Index	33.89%	15.77%	13.35%
S&P 500 Utilities Index	36.64%	9.12%	9.71%

Updated Performance Information Location [Text Block]

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

$ 3,524,140,309

$ 12,917,840

47.00%

WHAT ARE SOME KEY FUND STATISTICS AS OF 11/30/2024?

Fund’s net assets	$ 3,524,140,309
Number of fund holdings	31
Total advisory fees paid for the year	$ 12,917,840
Portfolio turnover rate for the year	47%

PGIM Jennison Utility Fund - Class Z

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 11/30/2024?

Industry Classification	% of Net Assets
Electric Utilities	52.8%
Multi-Utilities	30.2%
Independent Power Producers & Energy Traders	7.9%
Oil & Gas Storage & Transportation	4.1%
Renewable Electricity	1.8%
Gas Utilities	1.8%
Affiliated Mutual Fund - Short Term Investment (0.7% represents investments purchased with collateral from securities on loan)	1.7%
	100.3%
Liabilities in excess of other assets	(0.3)%
	100.0%

PGIM Jennison Utility Fund

Class Z

PRUZX

This annual shareholder report contains important information about the Class Z shares of PGIM Jennison Utility Fund (the “Fund”) for the period

of December 1, 2023 to November 30, 2024.

annual shareholder report

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

(800) 225-1852 or (973) 367-3529

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Jennison Utility Fund—Class Z	$67	0.56%

$ 67

0.56%

WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?

■

Capital asset prices increased over the reporting period as investors reacted positively to the slowing pace of inflation and sustained economic

growth. The US Federal Reserve moved to lower the federal funds rate by 50 basis points at its September meeting and by another 25 basis

points at its November meeting. (One basis point equals 0.01%.) Equities responded favorably to the moves, particularly interest-rate-sensitive

sectors of the market. Utility stocks (as represented by the S&P 500 Utilities Index (Index)) outperformed the overall equity market (as

represented by the S&P 500 Index).

■

Within utilities, positions in independent power producers and renewables (led by Vistra Corp. and Talen Energy Corp.) and out-of-Index

exposure to water utilities contributed positively to the Fund’s performance relative to the Index. Energy sector names (primarily Targa

Resources Corp.) further bolstered relative results.

■

On the negative side, security selection in electric utilities and multi-utilities, along with exposure to out-of-Index names in communications,

detracted the most.

The Fund’s past performance is not a good predictor of the Fund’s future performance.

Average Annual Total Returns as of 11/30/2024
	One Year (%)	Five Years (%)	Ten Years (%)
Class Z	39.88%	10.85%	9.16%
S&P 500 Index	33.89%	15.77%	13.35%
S&P 500 Utilities Index	36.64%	9.12%	9.71%

Updated Performance Information Location [Text Block]

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

$ 3,524,140,309

$ 12,917,840

47.00%

WHAT ARE SOME KEY FUND STATISTICS AS OF 11/30/2024?

Fund’s net assets	$ 3,524,140,309
Number of fund holdings	31
Total advisory fees paid for the year	$ 12,917,840
Portfolio turnover rate for the year	47%

PGIM JENNISON UTILITY FUND - CLASS R6

WHAT ARE SOME

CHARACTERISTICS

OF THE FUND’S

HOLDINGS

AS OF 11/30/2024?

Industry Classification	% of Net Assets
Electric Utilities	52.8%
Multi-Utilities	30.2%
Independent Power Producers & Energy Traders	7.9%
Oil & Gas Storage & Transportation	4.1%
Renewable Electricity	1.8%
Gas Utilities	1.8%
Affiliated Mutual Fund - Short Term Investment (0.7% represents investments purchased with collateral from securities on loan)	1.7%
	100.3%
Liabilities in excess of other assets	(0.3)%
	100.0%

PGIM Jennison Utility Fund

Class R6

PRUQX

This annual shareholder report contains important information about the Class R6 shares of PGIM Jennison Utility Fund (the “Fund”) for the

period of December 1, 2023 to November 30, 2024.

annual shareholder report

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

(800) 225-1852 or (973) 367-3529

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Jennison Utility Fund—Class R6	$59	0.49%

$ 59

0.49%

WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?

■

Capital asset prices increased over the reporting period as investors reacted positively to the slowing pace of inflation and sustained economic

growth. The US Federal Reserve moved to lower the federal funds rate by 50 basis points at its September meeting and by another 25 basis

points at its November meeting. (One basis point equals 0.01%.) Equities responded favorably to the moves, particularly interest-rate-sensitive

sectors of the market. Utility stocks (as represented by the S&P 500 Utilities Index (Index)) outperformed the overall equity market (as

represented by the S&P 500 Index).

■

Within utilities, positions in independent power producers and renewables (led by Vistra Corp. and Talen Energy Corp.) and out-of-Index

exposure to water utilities contributed positively to the Fund’s performance relative to the Index. Energy sector names (primarily Targa

Resources Corp.) further bolstered relative results.

■

On the negative side, security selection in electric utilities and multi-utilities, along with exposure to out-of-Index names in communications,

detracted the most.

The Fund’s past performance is not a good predictor of the Fund’s future performance.

Performance Inception Date

Average Annual Total Returns as of 11/30/2024
	One Year (%)	Five Years (%)	Since Inception (%)
Class R6	40.03%	10.88%	11.54% (1/26/2018)
S&P 500 Index	33.89%	15.77%	13.67%
S&P 500 Utilities Index	36.64%	9.12%	10.92%

Jan. 26, 2018

Updated Performance Information Location [Text Block]

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

$ 3,524,140,309

$ 12,917,840

47.00%

WHAT ARE SOME KEY FUND STATISTICS AS OF 11/30/2024?

Fund’s net assets	$ 3,524,140,309
Number of fund holdings	31
Total advisory fees paid for the year	$ 12,917,840
Portfolio turnover rate for the year	47%