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PGIM Jennison 20/20 Focus Fund

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PGIM Jennison 20/20 Focus Fund PRUDENTIAL INVESTMENT PORTFOLIOS 18 (PIP 18) PGIM Jennison 20/20 Focus Fund Supplement dated September 14, 2021 to the Currently Effective Prospectus, Summary Prospectus and Statement of Additional Information At the special meeting of shareholders of the PGIM Jennison 20/20 Focus Fund (“20/20 Focus Fund”) held on September 14, 2021, shareholders approved the 20/20 Focus Fund’s reorganization into PGIM Jennison Focused Growth Fund (“Focused Growth Fund”), a series of Prudential Investment Portfolios 3. Pursuant to the reorganization, the assets and liabilities of the 20/20 Focus Fund will be exchanged for shares of the Focused Growth Fund, and shareholders of the 20/20 Focus Fund will become shareholders of the Focused Growth Fund. Shares of the Focused Growth Fund to be received by the 20/20 Focus Fund shareholders in the reorganization will be equal in value and of the same share class, except that Class R shareholders of the 20/20 Focus Fund will receive Class A shares of the Focused Growth Fund, and each share class will be subject to the same distribution fees, account maintenance fees, and sales charges, including contingent deferred sales charges, if any, as the 20/20 Focus Fund shares held by such shareholders immediately prior to the reorganization. The reorganization transaction is expected to be completed as of the close of business on the New York Stock Exchange on or about Friday, October 22, 2021. In anticipation of the upcoming reorganization, generally the last day for purchases and exchanges into the 20/20 Focus Fund will be trade date Thursday, October 21, 2021. The 20/20 Focus Fund is expected to distribute ordinary income and capital gains, if any, to its shareholders prior to the closing date. 20/20 Focus Fund shareholders who do not hold their shares in a tax-advantaged account may receive a taxable capital gain distribution. In addition, it is currently anticipated that all or a substantial portion of the 20/20 Focus Fund’s portfolio securities will be sold and/or redeemed in-kind prior to the closing of the reorganization, and the 20/20 Focus Fund is expected to realize capital gain or loss in connection with those sales. If the 20/20 Focus Fund realizes capital gains, those gains may increase the capital gain distribution paid to shareholders. LR1377 PGIM INVESTMENTS | Bringing you the investment managers of Prudential Financial, Inc. PGIM JENNISON 20/20 FOCUS FUND STATEMENT OF ADDITIONAL INFORMATION | JANUARY 29, 2021 This Statement of Additional Information (SAI) of PGIM PGIM JENNISON 20/20 FOCUS FUND Jennison 20/20 Focus Fund (the Fund) is not a prospectus A: C: R: Z: R6: and should be read in conjunction with the Prospectus of PTWAX PTWCX JTWRX PTWZX PJTQX the Fund dated January 29, 2021. The Prospectus can be obtained, without charge, by calling (800) 225-1852 or by writing to Prudential Mutual Fund Services LLC, P.O. Box 9658, Providence, RI 02940. This SAI has been incorporated by reference into the Fund’s Prospectus. The Fund is a series of Prudential Investment Portfolios 18 (PIP 18). PIP 18 has one other series, PGIM Jennison MLP Fund, which is currently offered pursuant to a separate prospectus and a separate SAI. The information presented in this SAI applies only to PGIM Jennison 20/20 Focus Fund. The Fund’s audited financial statements are incorporated into this SAI by reference to the Fund’s 2020 Annual Report (File No. 811-08587). You may request a copy of the Annual Report at no charge by calling (800) 225-1852. To enroll in e-delivery, go to pgim.com/investments/resource/edelivery MF183B Table of Contents 3PARTI 3 INTRODUCTION 3 GLOSSARY 4 FUND CLASSIFICATION, INVESTMENT OBJECTIVE & POLICIES 4 INVESTMENTS, INVESTMENT STRATEGIES AND RISKS 20 INVESTMENT RESTRICTIONS 23 INFORMATION ABOUT BOARD MEMBERS AND OFFICERS 31 MANAGEMENT & ADVISORY ARRANGEMENTS 36 OTHER SERVICE PROVIDERS 37 DISTRIBUTION OF FUND SHARES 40 COMPUTATION OF OFFERING PRICE PER SHARE 41 PORTFOLIO TRANSACTIONS & BROKERAGE 42 ADDITIONAL INFORMATION 43 PRINCIPAL SHAREHOLDERS AND CONTROL PERSONS 46 FINANCIAL STATEMENTS 47 PART II 47 PURCHASE, REDEMPTION AND PRICING OF FUND SHARES 52 NET ASSET VALUE 53 SHAREHOLDER SERVICES 56 TAXES, DIVIDENDS AND DISTRIBUTIONS 64 DISCLOSURE OF PORTFOLIO HOLDINGS 66 PROXY VOTING 66 CODES OF ETHICS 66 APPENDIX I: PROXY VOTING POLICIES OF THE SUBADVISER 70 APPENDIX II: DESCRIPTIONS OF SECURITY RATINGS PART I INTRODUCTION This SAI sets forth information about PGIM Jennison 20/20 Focus Fund (the Fund), which is one of the two mutual funds that together with PGIM Jennison MLP Fund comprise Prudential Investment Portfolios 18 (PIP 18). This SAI provides additional information about certain of the securities, instruments, policies and strategies that are used by the Fund in seeking to achieve its objective. This SAI also provides additional information about PIP 18’s Board of Trustees (hereafter referred to as “Board Members”), the advisory services provided to and the management fees paid by the Fund, and information about other fees paid by and services provided to the Fund. Information about PIP 18’s other series, the PGIM Jennison MLP Fund, is set forth in a separate prospectus and a separate SAI. Before reading the SAI, you should consult the Glossary below, which defines certain of the terms used in the SAI: GLOSSARY Term Definition 1933 Act Securities Act of 1933, as amended 1934 Act Securities Exchange Act of 1934, as amended 1940 Act Investment Company Act of 1940, as amended 1940 Act Laws, Interpretations and Exemptions Exemptive order, SEC release, no-action letter or similar relief or interpretations, collectively ADR American Depositary Receipt ADS American Depositary Share Board Fund’s Board of Directors or Trustees Board Member A trustee or director of the Fund’s Board CEA Commodity Exchange Act, as amended CFTC US Commodity Futures Trading Commission Code Internal Revenue Code of 1986, as amended CMO Collateralized Mortgage Obligation ETF Exchange-Traded Fund EDR European Depositary Receipt Exchange NYSE Arca, Inc. Fannie Mae Federal National Mortgage Association FDIC Federal Deposit Insurance Corporation Fitch Fitch Ratings, Inc. Freddie Mac Federal Home Loan Mortgage Corporation GDR Global Depositary Receipt Ginnie Mae Government National Mortgage Association IPO Initial Public Offering IRS Internal Revenue Service LIBOR London Interbank Offered Rate Manager or PGIM Investments PGIM Investments LLC Moody’s Moody’s Investors Service, Inc. NASDAQ National Association of Securities Dealers Automated Quotations NAV Net Asset Value NRSRO Nationally Recognized Statistical Rating Organization NYSE New York Stock Exchange OTC Over the Counter Prudential Prudential Financial, Inc. PMFS Prudential Mutual Fund Services LLC QPTP “Qualified publicly traded partnership” as the term is used in the Internal Revenue Code of 1986, as amended 3 Term Definition REIT Real Estate Investment Trust RIC Regulated Investment Company, as the term is used in the Internal Revenue Code of 1986, as amended S&P S&P Global Ratings SEC US Securities and Exchange Commission World Bank International Bank for Reconstruction and Development FUND CLASSIFICATION, INVESTMENT OBJECTIVE & POLICIES The Fund’s investment objective is long-term growth of capital. Under normal market conditions, the Fund invests least 80% of its total assets in approximately 40 (which may range up to 50) equity and equity-related securities of companies that are selected by the Fund’s subadviser (approximately 20 equity and equity-related securities by each of the Fund’s portfolio managers) as having strong capital appreciation potential. The Fund’s investment objective is a fundamental policy that cannot be changed without shareholder approval. PIP 18 is an open-end management investment company. The Fund is non-diversified. Because the Fund is non-diversified it may invest a significant portion of its total assets in the securities of one issuer. Investing in a non-diversified investment company involves greater risk than investing in a diversified investment company because a loss resulting from the default of a single issuer may represent a greater portion of the total assets of a non-diversified portfolio. INVESTMENTS, INVESTMENT STRATEGIES AND RISKS Set forth below are descriptions of some of the types of investments and investment strategies that the Fund may use and the risks and considerations associated with those investments and investment strategies. Please also see the Fund’s Prospectus and the “Fund Classification, Investment Objective & Policies” section of this SAI. The Fund also may invest from time to time in certain types of investments and investment strategies that are not discussed below. The order of the below investments, investment strategies and risks does not indicate the significance of any particular investment, investment strategy or risk. BORROWING AND LEVERAGE. Unless noted otherwise, the Fund may borrow up to 331⁄3% of the value of its total assets (calculated at the time of the borrowing). The Fund may pledge up to 331⁄3% of its total assets to secure these borrowings. If the Fund’s asset coverage for borrowings falls below 300%, the Fund will take prompt action to reduce borrowings. If the Fund borrows to invest in securities, any investment gains made on the securities in excess of interest paid on the borrowing will cause the NAV of the shares to rise faster than would otherwise be the case. On the other hand, if the investment performance of the additional securities purchased fails to cover their cost (including any interest paid on the money borrowed) to the Fund, the NAV of the Fund’s shares will decrease faster than would otherwise be the case. This is the speculative factor known as “leverage.” In addition, the Fund may use certain investment management techniques (collectively, “effective leverage”), such as certain derivatives, that may provide leverage and are not subject to the borrowing limitation noted above.
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