Liquidation: TARGET PORTFOLIO TRUST

Form Type: 497

Filing Date: 2025-05-09

Corporate Action: Liquidation

Type: New

Accession Number: 000168386325004662

Filing Summary: The Board of Trustees of The Target Portfolio Trust has determined that it is in the best interests of the PGIM Corporate Bond Fund's shareholders to cease operations. A proposal to liquidate all assets of the Fund has been approved, with the liquidation expected to occur on or about July 18, 2025. Shareholders will receive payment equivalent to the net asset value of their shares on the liquidation date. The Board reserves the right to change the liquidation date without notice. Shareholders can exchange their shares for other PGIM Investments mutual funds prior to liquidation. The Fund will be closed to most purchases and exchanges as of May 16, 2025. Any applicable contingent deferred sales charge will be waived during liquidation. Shareholders should be aware of potential tax consequences related to redemptions and the liquidation process.

Form Type: 497K

Filing Date: 2025-05-09

Corporate Action: Liquidation

Type: New

Accession Number: 000168386325004664

Filing Summary: The Target Portfolio Trust has announced the liquidation of its PGIM Corporate Bond Fund, as determined by the Board of Trustees. The liquidation is expected to take place at the close of business on July 18, 2025. The Fund's shareholders will receive payments equivalent to the net asset value of their shares as of the liquidation date. Shareholders have the option to exchange their shares for shares of other PGIM Investments mutual funds before the liquidation. Fund purchases and exchanges will be restricted beginning May 16, 2025. Any contingent deferred sales charges will be waived during the liquidation process. It is noted that the liquidation could result in taxable events for shareholders. The Fund will change its investments to cash equivalents leading up to the liquidation.