Form 497K PRUDENTIAL INVESTMENT
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PRUDENTIAL INVESTMENT PORTFOLIOS 12
PGIM QMA Fund Core Large Cap PLUS
Supplement of June 11, 2021 at
Summary prospectus currently in force, Prospectus
and Statement of Supplementary Information (SAI)
At a recent meeting of the board of trustees of Prudential Investment Portfolios 12, of which PGIM QMA Core Equity PLUS Fund (the “Fund” is a series), the board determined after consideration of various factors, including the performance of the Fund and asset-level considerations, that it was in the best interests of the shareholders of the Fund for the Fund to cease operations. Accordingly, the Board approved a proposal to liquidate all of the outstanding shares of the Fund.
The liquidation of the Fund is expected to occur on or around August 23, 2021 and the Fund’s transfer agent will make payments to shareholders as soon as possible thereafter. Shareholders of the Fund will receive a payment equivalent to the net asset value of their shares on the liquidation date (ie the redemption date). The Fund reserves the right to initiate and complete the liquidation of the Fund earlier than the scheduled liquidation date if, due to outflows of assets or other factors, it is determined that it would be in the liquidation. best interest of the Fund and its shareholders to wind up the Fund on an expedited basis.
Shareholders of the Fund may exchange their shares for shares of certain other mutual funds of PGIM Investments in accordance with the terms of the Fund’s prospectus at any time prior to the liquidation of the Fund. Shares of the Fund held on the liquidation date in the individual retirement accounts of Prudential Mutual Fund Services (“IRA”) will be exchanged for shares of the PGIM Government Money Market Fund in order to avoid penalties that may be imposed on holders of funds. IRA under the Internal Revenue Code if this fund’s shares were redeemed for cash.
Any conditional deferred selling commission (“CDSC”) that would otherwise be applicable to a shareholder of the Fund will be waived upon liquidation. You may be subject to federal, state, local or foreign taxes on redemptions of shares of the Fund. You should consult your tax advisor for information on all tax consequences applicable to your investments in the Fund.
The liquidation of the Fund will result in one or more taxable events for shareholders subject to federal income tax. A switch or redemption of shares of the Fund prior to liquidation will generally result in a capital gain or loss to shareholders for federal income tax purposes. All liquidation proceeds paid to shareholders will generally be considered as received by those shareholders in exchange for their shares and will therefore generally give rise to a capital gain or loss depending on the shareholder’s tax base.
In preparation for the liquidation of the Fund, the Fund will be closed to most purchases (including automatic investment purchases) and exchanges on or around June 14, 2021 and the Fund intends to convert all of its securities into a portfolio. in cash or cash equivalents, and may therefore deviate from its investment objective and investment strategies until it is liquidated on the liquidation date (or during a period prior to the liquidation date). Dividends paid by the Fund may continue to be reinvested until the liquidation date. All costs associated with the liquidation will be borne by the Fund.