Risk of commodity regulation. Each of the Fund and the Cayman subsidiary is considered a pool of goods and the manager is considered a commodity pool operator with regard to the Fund and the Cayman Subsidiary in the context of Commodity Trade Law. The Manager, directly or through its affiliates, is therefore subject to dual regulation by the SEC and the
CFTC. Regulatory requirements governing the use of commodity futures contracts (which include commodity futures stock market indices, interest rate futures and currency futures), options on commodity futures, certain swaps or certain others
investments can change at any time.

Risk of concentration. The Fund will be exposed to the performance of the commodities of the Index, which may from time to time have a small number of commodity sectors (eg energy, metals or agriculture) making up a large portion of the index. As Therefore, the Fund may be subject to greater volatility than if the Index were more broadly diversified between commodity sectors.

Credit risk / Counterparty risk. The capacity, or perceived capacity, of the issuer or guarantor of a debt instrument, or the counterparty (the party on the other side of the transaction) to a derivative contract or other financial contract to meet its the financial obligations will affect the value of the security or derivative. Counterparty and credit risks are particularly important in the context of privately traded instruments. The Fund expects to enter into certain privately negotiated agreements when the counterparty assumes the Fund’s physical settlement obligations in connection with these transactions. Under this type of
agreement, there is a risk that the relevant counterparty or intermediary, due to insolvency or other reasons, either
unable or failed to meet the Fund’s physical settlement obligations, in which case the Fund may be required to sell
portfolio instruments at unfavorable times or prices or may have insufficient assets to meet its settlement obligations.

Credit scores are intended to provide a measure of credit risk. However, credit scores are only the opinions of the credit agency.
rating agency issuing ratings and are not guarantees of quality. Plus the rating of a debt security held by the
Fund, the higher the degree of credit risk perceived by the credit rating agency with respect to that security.
An increase in the amount of Fund assets allocated to lower rated securities will generally increase the credit risk to which the The fund is subject. Not all securities in which the Fund invests are rated. The longer the maturity, the lower the credit the quality of a bond, the more sensitive it is to credit risk.

Risk of deflation. Since the Fund makes investments that are likely to perform well during times of rising inflation, during periods of low inflation. inflation or deflation an investment in the Fund may underperform general market metrics and may decline in value.

Risk associated with derivatives. The use of derivative instruments can increase the Fund’s losses and reduce the opportunities for gains when market prices, interest rates, exchange rates or the derivatives themselves behave in a way that the Fund does not anticipate. The use of derivatives can also
have a leverage effect and increase the volatility of the Fund. The Fund may lose more than the amount it invests in a derivative.
Some derivatives have unlimited loss potential, regardless of the size of the initial investment. Derivatives can be difficult to sell, unwind or value, and the counterparty may default on its obligations to the Fund. The use of derivative products can
have different tax consequences for the Fund than an investment in the underlying instrument, and these differences may affect the amount, timing and nature of income distributed to shareholders.

The U.S. government and foreign governments have passed (and may adopt other) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of
regulations remain unclear. Additional regulation of derivatives may make derivatives more expensive, limit their availability, or utility, or adversely affect their performance or disrupt the markets.

Risk related to economic and market events. Events in the US and global financial markets, including actions taken by the US Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of securities
markets, can sometimes cause unusually high market volatility, which could have a negative impact on performance. Relatively reduced liquidity in the credit and fixed income markets could have an adverse effect on issuers worldwide.

Fund of funds risk. The Fund is an investment option for other mutual funds advised by PGIM Investments which are managed like fund of funds. As a result, from time to time the Fund may undergo relatively large redemptions and could be necessary to liquidate its assets at inconvenient times or at a loss or impaired value, which could result in the value of your
investment decreases.

Futures and futures contract risk. The main risks associated with the use of futures or futures contracts are (a) the imperfect correlation between the evolution of the market value of the instruments held by the Fund and the price of the security the corresponding underlying commodities; (b) the possible absence of a liquid secondary market for a futures or futures contract and
the resulting inability to enter into a forward or forward contract when desired; (c) losses caused by unforeseen contracts the movements, potentially unlimited; (d) failure to correctly forecast the direction of commodity prices, interest rates
exchange rate, exchange rate, relations between supply and demand, weather, agricultural, trade, fiscal, monetary and exchange control programs, political events and other economic factors; and (e) the possibility that the clearing broker for the futures or futures contract will default in the performance of its obligations.

Risk associated with government and agency securities. Government and agency securities are subject to market risk, interest rate risk and credit risk. In addition, to the extent that the Fund invests in such securities, either directly or through the Cayman subsidiary, its the potential for capital appreciation may be limited. Not all government securities are insured or guaranteed by the


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