The account you are about to open is a direct account with Prudential Mutual Fund Services LLC ("PMFS"), the transfer agent for PGIM Investments mutual funds. PMFS and its employees do not provide investment advice or product recommendations of any kind.
USA Patriot Act requirements - To help the government fight the funding of terrorism and money laundering activities, we are required to obtain, verify, and record information on each person who opens an account. Clients establishing an account at PMFS must have a legal address in the US, US Virgin Islands, Puerto Rico or Guam. If we are unable to verify your identity, PMFS reserves the right to close your account or take other steps we deem reasonable.
Please be aware that mutual fund investing involves risk. Past performance does not guarantee future results and current performance may be lower or higher than past performance. Some mutual funds have more risk than others. The investment return and principal value will fluctuate and investor's shares when sold may be worth more or less than the original cost. Fixed income investments are subject to interest rate risk, and their value will decline as interest rates rise. Asset allocation and diversification do not assure a profit or protect against loss in declining markets. There is no guarantee a fund's objectives will be achieved. The risks associated with each fund are explained more fully in each fund's respective prospectus.
For Target Date Funds - The target date is the approximate date when investors plan to retire and may begin withdrawing their money. The asset allocation of the target date funds will become more conservative as the target date approaches and for 10 years after the target date by lessening the equity exposure and increasing the exposure in fixed income investments. The principal value of an investment in a target date fund is not guaranteed at any time, including the target date. There is no guarantee that the fund will provide adequate retirement income.
A target date fund should not be selected based solely on age or retirement date. Before investing, participants should carefully consider the investment objectives, risks, charges, expenses, as well as their age, anticipated retirement date, risk tolerance, other investments owned, and planned withdrawals.
Consider a fund's investment objectives, risks, charges and expenses carefully before investing. The
prospectus and the summary prospectus contain this and other information about the fund. Read them carefully before investing.
Feel free to contact Prudential's Mutual Fund Service Center for additional information regarding the electronic application process for purchasing PGIM Investments mutual funds.
Representatives are available by calling (800) 225 1852 between the hours of 8:30am and 5pm Eastern time, Monday through Friday other than holidays.
Simply state "speak to a representative" from the main menu and you will be connected to a service representative to assist you.
December 1, 2022
Form CRS - Prudential Investment Management Services LLC
Prudential Investment Management Services LLC ("PIMS") is a broker-dealer registered with the Securities
and Exchange Commission ("SEC"). PIMS consists of several businesses that offer different
services.Brokerage and investment advisory services (PIMS does not offer advisory services),and fees
differ. It is important for you to understand the differences. Free and simple tools are available to
research firms and financial professionals(FPs) at www.Investor.gov/CRS, which also provides educational
materials about broker-dealers, investment advisers, and investing.
RELATIONSHIPS AND SERVICES
What investment services and advice can you provide me?
Description of Services: PIMS offers brokerage services including buying and selling
securities.We only offer non-discretionary services, meaning that you are responsible for the ultimate
decision regarding the purchase or sale of investments. We summarize below our principal services,
accounts or investments. Note: we do not offer all services to all customers. We do not monitor your
SmartSolution IRA (SSIRA) accounts give
you a choice among Prudential and non-Prudential mutual funds. The minimum initial investment is
$1,000. The following arealsoavailablein SSIRA: a variable annuity with a guaranteed minimum
withdrawal benefit (PRSA),an asset allocation program which provides allocation
guidance (GoalMaker) and other products offered by PIMS affiliates. As of April, 2022, SSIRA accounts
are only offered in limited circumstances on an unsolicited basis with no recommendations for
Defined Contribution plan participants requesting to carry forward guaranteed values based on
specified in-plan investments to an SSIRA.
PGIM Investments Mutual Fund Accounts held directly with the
PGIM Funds through Prudential MutualFund Services LLC (PMFS), the PGIM Funds' transfer
agent. PIMS is the principal underwriter and distributor for PGIM mutual funds ("PGIM
Funds"). If you open an account directly with the PGIM Funds through PMFS, PIMS is the broker-dealer
for your account. Neither PIMS nor any of our FPs will make any recommendations to you.
Jennison Private Fund is a privately placed investment
vehicle offered to sophisticated investors or their representatives through PIMS as a placement
agent. The minimum initial investment is $5,000,000.
PGIM Private Capital Private Funds (PPC Private Funds)
are privately placed investment vehicles offered to sophisticated investors or their representatives
through PIMS as a placement agent. Each fund has its own minimum initial investment amount, as
described in the fund's offering memorandum, prospectus, or other offering document.
PGIM Real Estate Private Funds are privately placed investment
vehicles offered to qualified purchasers or their representatives through PIMS as a placement agent.
Each fund has its own minimum initial investment amount, as described in the fund's offering
memorandum, prospectus, or other offering document.
PGIM Fixed Income Private Funds are privately placed investment
funds which may include hedge funds, closed-end funds, institutional business trusts and other
non-US funds that may be offered to US and non-US investors on a private placement basis ("PGIM
Fixed Income Private Funds"). Each fund has its own minimuminitial investment amount, as described
in the fund's offering memorandum, prospectus,or other offering document.
Additional Information: Additional information concerningthe Jennison Private Fund, PPC Private
PGIM Real Estate Private Funds, or PGIM Fixed Income Private Funds will be made available to
Ask Your Financial Professional
Given my financial situation, should I choose a brokerage service?
Why or why not?
How will you choose investments to recommend to me?
What is your relevant experience, including your licenses, education and other qualifications?
What do these qualifications mean?
FEES, COSTS, CONFLICTS, AND STANDARD OF CONDUCT
What fees will I pay?
Description of Principal Fees and Costs: PIMS charges an annual fee of $40 for SSIRA accounts. PIMS
does not charge you any fees for serving as broker-dealerfor your PGIM Funds account. However, if you
sell your PGIM Fund(s), and a contingent deferred sales charge (CDSC) applies to the sale, PIMS will
collect the CDSC. For the Jennison Private Fund, the PPC Private Funds, PGIM Real Estate Private Funds and
PGIM Fixed Income Private Funds, PIMScharges no fees or costs.
Description of Other Fees and Costs: For SSIRA accounts, PIMS provides shareholder services to PGIM Funds
and non-proprietary mutual funds. For those PGIM Funds and non-proprietary mutual funds available to certain
SSIRA accounts which are no longer actively offered, PIMS collects 12b-1 fees from the funds.
Additional Information: You will pay fees and costs whether
you make or lose money on your investments. Fees and costs will reduce any amount of money you make on
your investments over time. Please make sure you understand what fees and costs you are paying.
If you hold a PGIM Fund or SSIRA account, see the mutual fund (or, for PRSA, variable annuity) prospectus for
information regarding any CDSCs, 12b-1 fees and other fees that PIMS will collect from the funds.
Let's Talk: Ask Your Financial Professional
Help me understand how these fees and costs might affect my investments. If I give you $10,000 to
invest, how much will go to fees and costs, and how much will be invested for me?
What are your legal obligations to me when providing recommendations? How else does your firm make
money and what conflicts of interest do you have?
Standards of Conduct: When we provide you with a recommendation, we have to act in your best
interest and not put our interest ahead of yours. At the same time, the way we make money creates some
conflicts with your interests. You should understand and ask us about potential conflicts because they
can affect the recommendations that we provide you. Here are some examples to help you understand what
Proprietary Products: These generate more revenue to us or an affiliate than investments
issued by third parties. We have an incentive to emphasize them.
Third-Party Payments: We receive compensation from third parties when we recommend products that
such third-parties issue, sponsor,or support.
Revenue Sharing: An investment manager or sponsor or another third-party shares revenue with us.
Let's Talk:Ask Your Financial Professional
How might your conflicts of interest affect me, and how will you address them?
Additional Information: For more information about our conflicts of interest, see the “Fees, Costs,
Conflicts, and Standard of Conduct” discussion referred to on the prior page.
How do your financial professionals make money?
Description of How Financial Professionals Make Money: Compensation of FPs involved with the Jennison
Private Fund, PPC Private Funds or the PGIM Fixed Income Private Funds is influenced by, but not directly tied to,
the sales and retention of interests in the funds. FPs involved with the PGIM Real Estate Private Funds receive a
salary and bonus and, where allowed by local regulations, sales commissions. Compensation of FPs at PMFS or
in the Retirement business (or for SSIRA specifically) are not affected by investments in the account.
Do you or your financial professionals have legal or disciplinary history?
Yes. You may visit www.investor.gov/CRS for a free and simple search tool to research Prudential
Investment Management Services LLC and its financial professionals.
As a financial professional, do you have any disciplinary history? For what type of conduct?
Additional Information: You can find additional and up-to-date information about our
financial services and request a copy of the relationship summary by calling toll-free 1-833-PRU-PLAN
Let's Talk: Ask Your Financial Professional
Who is my primary contact person? Is he or she a representative of an investment adviser or a
broker-dealer? Who can I talk to if I have concerns about how this person is treating me?
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