PGIM CORE CONSERVATIVE BOND FUND
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R6: PQCNX
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SUMMARY PROSPECTUS | September 27, 2024
Before you invest, you may want to review the Fund's Prospectus, which contains more
information about the Fund and its risks. You can find the Fund's Prospectus, Statement of Additional Information (“SAI”), Annual Report and other information about the Fund online at www.pgim.com/investments. You can also get this information at no cost by calling
1-800-225-1852 or by sending an e-mail to: prospectus@pgim.com. The Fund's Prospectus and SAI, both dated September 27, 2024,
as supplemented and amended from time to time,
and the Fund's Annual Report, dated July 31, 2024, are all incorporated by reference into (legally made a part
of) this Summary Prospectus.
INVESTMENT OBJECTIVE
The Fund’s investment objective is to outperform the Bloomberg US Aggregate Bond Index over full market cycles.
FUND FEES AND EXPENSES
The tables below describe the sales charges, fees and expenses that you may pay if
you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial
intermediaries, which are not reflected in the tables and examples below.
Shareholder Fees (fees paid directly from your investment)
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Class R6
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Maximum sales charge (load) imposed on purchases (as a percentage of offering price)
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None
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Maximum deferred sales charge (load) (as a percentage of the lower of the original
purchase price or the net asset value at redemption)
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None
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Maximum sales charge (load) imposed on reinvested dividends and other distributions
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None
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Redemption fee
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None
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Exchange fee
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None
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Maximum account fee (accounts under $10,000)
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None
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of
the value of your investment)
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Class R6
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Management fee
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0.19%
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Distribution and service (12b-1) fees
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None
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Other expenses
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0.41%
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Total annual Fund operating expenses
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0.60%
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Fee waiver and/or expense reimbursement
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(0.41)%
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Total annual Fund operating expenses after fee waiver and/or expense reimbursement(1,2)
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0.19%
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(1) PGIM Investments LLC (“PGIM Investments”) has contractually agreed, through November 30, 2025, to limit Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements to 0.19% of average daily net assets for Class R6 shares. This contractual
waiver excludes interest, brokerage, taxes (such as income and foreign withholding
taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary
expenses, and certain other Fund expenses such as dividend and interest expense and
broker charges on short sales. Fees and/or expenses waived and/or reimbursed by PGIM Investments
for the purpose of preventing the expenses from exceeding a certain expense ratio
limit may be recouped by PGIM Investments within the same fiscal year during which such waiver
and/or reimbursement is made if such recoupment can be realized without exceeding
the expense limit in effect at the time of the waiver/reimbursement and/or recoupment for that
fiscal year, as applicable. This waiver may not be terminated prior to November 30,
2025 without the prior approval of the Fund’s Board of Trustees.
(2) Expense information in the table has been restated to reflect current fees.
Example. The following hypothetical example is intended to help you compare the cost of investing
in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the
Fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It
assumes a 5% return on your investment each year, that the Fund's operating expenses remain the same (except that fee waivers
or reimbursements, if any, are only reflected in the 1-Year figures) and that all dividends and distributions are reinvested.
Your actual costs may be higher or lower.
To enroll in e-delivery, go to pgim.com/investments/resource/edelivery
MF242A1
If Shares Are Redeemed
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Share Class
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1 Year
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3 Years
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5 Years
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10 Years
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Class R6
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$19
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$151
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$294
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$711
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If Shares Are Not Redeemed
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Share Class
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1 Year
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3 Years
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5 Years
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10 Years
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Class R6
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$19
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$151
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$294
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$711
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Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities
(or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction
costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in
annual fund operating expenses or in the example, affect the Fund's performance. During the Fund's most recent fiscal year,
the Fund's portfolio turnover rate was 155% of the average value of its portfolio.
INVESTMENTS, RISKS AND PERFORMANCE
Principal Investment Strategies. The Fund’s investment objective is to outperform the Bloomberg US Aggregate Bond Index (the “Index”) over full market cycles. The subadviser defines a full market cycle as a three-
to five-year period. The Fund will seek to achieve its objective by investing at least 80% of its investable assets in
bonds under normal circumstances. For purposes of this policy, bonds include all fixed income securities, including but
not limited to debt obligations issued by the U.S. Government and its agencies, corporate debt securities, mortgage-related securities
and asset-backed securities. In pursuit of this policy, the Fund invests primarily in securities included in the Index.
The Index invests in a wide spectrum of public, investment-grade, taxable fixed income securities in the United States – including government, corporate, mortgage-backed and asset-backed securities, all with maturities of more than 1 year.
The Fund takes a conservative investment approach by seeking to maintain a risk profile consistent with that of
the market, while still seeking to outperform the Index over a full market cycle using bottom-up fundamental analysis. The Fund
is not sponsored by or affiliated with Bloomberg, the provider of the Index. The term “investable assets” in this Prospectus refers to the Fund’s net assets plus any borrowings for investment purposes. The Fund’s investable assets will be less than its total assets to the extent that it has borrowed money for non-investment purposes, such as to meet anticipated redemptions.
The Fund invests in different sectors of the fixed income securities markets, including
(but not limited to) U.S. corporate bonds, U.S. Treasuries, agency bonds, Yankee bonds, U.S. Government securities, mortgage-backed
securities (including commercial mortgage-backed securities), asset-backed securities, dollar rolls, and
foreign debt securities (mainly sovereign debt). The Fund may also invest in U.S. Treasury futures contracts and other exchange-traded
futures contracts, and swap contracts.
The Fund has the flexibility to allocate its investments across different sectors
of the fixed income securities markets. The Fund is not obligated to invest in all of these sectors at a given time and, at times,
may invest all of its assets in only one sector.
While the Fund’s portfolio is structured to have similar overall characteristics to the Index, the portfolio managers may adjust certain holdings in relation to their weightings in the Index and use other investment
strategies in an attempt to outperform the Index. The portfolio managers evaluate specific traits and sectors within the
Index and, within each broad segment of the Index (such as corporate bonds, U.S. Government securities, and mortgage-backed
and asset-backed securities), select a set of U.S. dollar-denominated bonds that represents key benchmark traits. The most
important of these traits are interest rate sensitivity, credit quality, and sector diversification, although other characteristics
may be considered. Based on the portfolio managers’ views as to the relative value or attractiveness of a specific trait or sector, the Fund places a slightly greater or lesser emphasis on certain Index characteristics than their representation
in the Index. This could result in the Fund being underweight or overweight in certain sectors versus the Index.
The Fund invests in investment-grade debt securities. The Fund may invest in debt
obligations issued or guaranteed by the U.S. Government and U.S. Government-related entities. Some (but not all) of these
debt securities such as U.S. Treasury securities are backed by the full faith and credit of the U.S. Government, which means
that payment of interest and principal is guaranteed, but yield and market value are not. These also include obligations
of the Government National Mortgage Association (“GNMA” or “Ginnie Mae”). Debt securities issued by other government entities, like obligations of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Student Loan Marketing Association (“SLMA” or “Sallie Mae”), are not backed by the full faith and credit of the U.S. Government. However, these
issuers have the right to borrow from the U.S. Treasury to meet their obligations. In contrast, the debt securities
of other issuers, like the Farm Credit System, depend entirely upon their own resources to repay their debt obligations.
The Fund may invest in mortgage-related securities issued or guaranteed by U.S. governmental
entities or private issuers. These securities are usually pass-through instruments that pay investors a share of
all interest and principal payments from an underlying pool of fixed or adjustable rate mortgages. Mortgage-related securities
issued by the U.S. Government include GNMAs and mortgage-related securities issued by agencies of the U.S. Government as
well as FNMAs and debt securities issued by Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). Privately issued mortgage-related securities that are not guaranteed by U.S. governmental entities generally have one
or more types of credit enhancement to
ensure timely receipt of payments and to protect against default. Privately issued
mortgage-backed securities may include loans on commercial or residential properties.
The Fund may invest in asset-backed securities. An asset-backed security is another
type of structured instrument that pays interest based upon the cash flow of an underlying pool of assets, such as automobile
loans or credit card receivables. Credit quality depends primarily on the quality of the structure and the underlying
collateral, inclusive of the level of credit support. The value of the security may change because of actual or perceived changes
in the creditworthiness of the individual borrowers, the originator, the servicing agent, the financial institution
providing the credit support or the swap counterparty.
The Fund may invest in foreign debt securities, which include securities that are
issued by foreign governments and corporations. Foreign government debt securities include securities issued by quasi-governmental
entities, governmental agencies, supranational entities and other governmental entities denominated in foreign
currencies or U.S. dollars.
The Fund may engage in active trading—that is, frequent trading of its securities—in order to take advantage of new investment opportunities or yield differentials.
In managing the Fund’s assets, the subadviser uses a combination of top-down economic analysis and bottom-up research in conjunction with proprietary quantitative models and risk management systems. In
the top-down economic analysis, the subadviser develops views on economic, policy and market trends. In its bottom-up
research, the subadviser develops an internal rating and outlook on issuers. The rating and outlook are determined based
on a thorough review of the financial health and trends of the issuer. The subadviser may also consider investment factors
such as expected total return, yield, spread and potential for price appreciation as well as credit quality, maturity and
risk. The Fund may invest in a security based upon the expected total return rather than the yield of such security.
Principal Risks. All investments have risks to some degree. The value of your investment in the Fund,
as well as the amount of return, if any, you receive on your investment, may fluctuate significantly
from day-to-day and over time.
You may lose part or all of your investment in the Fund or your investment may not
perform as well as other similar investments.
An investment in the Fund is not guaranteed to achieve its investment objective; is
not a deposit with a bank; and is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any
other government agency. The following is a summary description of principal risks of investing in the Fund.
The order of the below risk factors does not indicate the significance of any particular
risk factor.
Active Trading Risk. The Fund actively and frequently trades its portfolio securities. High portfolio
turnover involves correspondingly greater brokerage commissions and other transaction costs, which are
borne directly by the Fund; which can affect the Fund’s performance and have adverse tax consequences. In addition, high portfolio turnover may also mean that a proportionately greater amount of distributions to shareholders will be taxed
as ordinary income rather than long-term capital gains compared to investment companies with lower portfolio turnover.
Credit Risk. This is the risk that the issuer, the guarantor, or the insurer of a fixed income
security, or the counterparty to a contract may be unable or unwilling to make timely principal and interest payments
or to otherwise honor its obligations. Additionally, fixed income securities could lose value due to a loss of confidence
in the ability of the issuer, guarantor, insurer, or counterparty to pay back debt. The lower the credit quality of a bond,
the more sensitive it is to credit risk.
Debt Obligations Risk. Debt obligations are subject to credit risk, market risk and interest rate risk.
The Fund's holdings, share price, yield and total return may also fluctuate in response to bond market
movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage
and reduced demand for the issuer’s goods and services. Certain types of fixed income obligations also may be subject to “call and redemption risk,” which is the risk that the issuer may call a bond held by the Fund for redemption
before it matures and the Fund may not be able to reinvest at the same rate of interest and therefore would earn less income.
Derivatives Risk. Derivatives involve special risks and costs and may result in losses to the Fund.
The successful use of derivatives requires sophisticated management, and, to the extent that derivatives
are used, the Fund will depend on the subadviser’s ability to analyze and manage derivatives transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” or may create economic leverage for the Fund and therefore may magnify or otherwise increase investment losses to the Fund. The
Fund's use of derivatives may also increase the amount of taxes payable by shareholders.
Other risks arise from the potential inability to terminate or sell derivatives positions.
A liquid secondary market may not always exist for the Fund's derivatives positions. In fact, many over-the-counter
derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments
also involve the risk that the other party will not meet its obligations to the Fund. The use of derivatives also exposes the
Fund to operational issues, such as documentation and settlement issues, systems failures, inadequate control and human
error.
Derivatives may also involve legal risks, such as insufficient documentation, the
lack of capacity or authority of a counterparty to execute or settle a transaction, and the legality and enforceability
of derivatives contracts. The U.S. Government and foreign governments have adopted (and may adopt further) regulations
governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements
and risk exposure limitations. Regulation of derivatives may make derivatives more costly, limit their availability
or utility to the Fund, or otherwise adversely affect their performance or disrupt markets.
Economic and Market Events Risk. Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth
or the functioning of the securities markets, or otherwise reduce inflation, may at times result in unusually high market
volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on
the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers
worldwide.
Foreign Securities Risk. Investments in securities of non-U.S. issuers (including those denominated in U.S.
dollars) may involve more risk than investing in securities of U.S. issuers. Foreign political,
economic and legal systems, especially those in developing and emerging market countries, may be less stable and more volatile
than in the United States. Foreign legal systems generally have fewer regulatory requirements than the U.S. legal system, particularly
those of emerging markets. In general, less information is publicly available with respect to non-U.S. companies than U.S. companies. Non-U.S. companies generally are not subject to the same accounting, auditing, and financial
reporting standards as are U.S. companies. Additionally, the changing value of foreign currencies and changes
in exchange rates could also affect the value of the assets the Fund holds and the Fund's performance. Certain foreign countries
may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest
or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Investments in
emerging markets are subject to greater volatility and price declines.
In addition, the Fund's investments in non-U.S. securities may be subject to the risks
of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation
of non-U.S. currency, confiscatory taxation and adverse diplomatic developments. Special U.S. tax considerations may
apply.
Fund of Funds Risk. The Fund is an investment option for other PGIM Investments-advised mutual funds
that are managed as “funds of funds.” As a result, from time to time, the Fund may experience relatively large redemptions
and could be required to liquidate its assets at inopportune times or at a loss or depressed value,
which could cause the value of your investment to decline.
Increase in Expenses Risk. Your actual cost of investing in the Fund may be higher than the expenses shown in
the expense table for a variety of reasons. For example, expense ratios may be higher than those
shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to
increase when markets are volatile. Active and frequent trading of Fund securities can increase expenses.
Interest Rate Risk. The value of your investment may go down when interest rates rise. A rise in rates
tends to have a greater impact on the prices of longer term or duration debt securities. Similarly, a rise
in interest rates may also have a greater negative impact on the value of equity securities whose issuers expect earnings further
out in the future. For example, a fixed income security with a duration of three years is expected to decrease in value
by approximately 3% if interest rates increase by 1%. This is referred to as “duration risk.” When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the
proceeds at a lower interest rate. This is referred to as “prepayment risk.” For premium bonds (bonds acquired at prices that exceed their par or principal value)
purchased by the Fund, prepayment risk may be enhanced. When interest rates rise,
debt obligations may be repaid more slowly than expected, and the value of the Fund's holdings may fall sharply. This
is referred to as “extension risk.” The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner
not anticipated by the subadviser.
Large Shareholder and Large Scale Redemption Risk. Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time
to time own or control a substantial amount of the Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund’s shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences
to shareholders and impact the Fund’s ability to implement its investment strategy. The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger
portion of its assets in cash or cash equivalents.
Market Disruption and Geopolitical Risks. Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia’s military invasion of Ukraine and the Israel-Hamas war), geopolitical developments (including trading and tariff arrangements,
sanctions and cybersecurity attacks), instability in regions such as Asia, Eastern Europe and the Middle East,
terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).
The extent and duration of such events and resulting market disruptions cannot be
predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events
could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity
in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities
and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and
worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure
to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by
the Fund could be significantly impacted, which could lead to such securities being valued at zero.
Market Risk. Securities markets may be volatile and the market prices of the Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment
in the Fund will decline.
Mortgage-Backed and Asset-Backed Securities Risk. Mortgage-backed and asset-backed securities tend to increase in value less than other debt securities when interest rates decline, but are subject to similar
risk of decline in market value during periods of rising interest rates. The values of mortgage-backed and asset-backed securities
become more volatile as interest rates rise. In a period of declining interest rates, the Fund may be required to reinvest
more frequent prepayments on mortgage-backed and asset-backed securities in lower-yielding investments.
U.S. Government and Agency Securities Risk. U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government. Securities issued or guaranteed by federal agencies or authorities
and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit
of the U.S. Government. For example, securities issued by the Federal Home Loan Mortgage Corporation, the Federal National
Mortgage Association and the Federal Home Loan Banks are neither insured nor guaranteed by the U.S. Government.
These securities may be supported by the ability to borrow from the U.S. Treasury or only by the credit of the issuing
agency, authority, instrumentality or enterprise and, as a result, are subject to greater credit risk than securities issued
or guaranteed by the U.S. Treasury. Further, the U.S. Government and its agencies, authorities, instrumentalities and
enterprises do not guarantee the market value of their securities; consequently, the value of such securities will fluctuate.
This may be the case especially when there is any controversy or ongoing uncertainty regarding the status of negotiations in
the U.S. Congress to increase the statutory debt ceiling. Such controversy or uncertainty could, among other things, result in
the credit quality rating of the U.S. Government being downgraded and reduced prices of U.S. Treasury securities. If
the U.S. Congress is unable to negotiate an adjustment to the statutory debt ceiling, there is also the risk that
the U.S. Government may default on payments on certain U.S. Government securities, including those held by the Fund,
which could have a negative impact on the Fund. An increase in demand for U.S. Government securities resulting from an increase
in demand for government money market funds may lead to lower yields on such securities.
Zero Coupon Bond Risk. Zero coupon bonds may experience greater volatility in market value due to changes
in interest rates. The Fund accrues income on the discount amortization of these investments,
which it is required to distribute each year. The Fund may be required to sell investments to obtain cash needed for income
distributions.
Performance. The following bar chart shows the Fund's performance for Class R6 shares for each
full calendar year of operations or for the last 10 calendar years, whichever is shorter. The following table shows the Fund's average annual returns and also compares the Fund’s performance with the average annual total returns of an index or other benchmark. The bar chart and table demonstrate the risk of investing in the Fund by showing how
returns can change from year to year.
Past performance (before and after taxes) does not mean that the Fund will achieve
similar results in the future. Without the management fee waiver and/or expense reimbursement, if any, the annual total returns
would have been lower. Updated Fund performance information, including current net asset value, is available online
at www.pgim.com/investments.
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Best Quarter:
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Worst Quarter:
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6.83%
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4th
Quarter
2023
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-6.03%
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1st
Quarter
2022
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1 The total return of the Fund's Class R6 shares from January 1, 2024 through
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June 30, 2024
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was
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-.62%
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Average Annual Total Returns % (as of 12-31-23)
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One Year
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Five Years
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Since
Inception
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Inception
Date
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Return Before Taxes
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5.48%
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0.64%
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0.71%
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11-15-2016
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Return After Taxes on Distributions
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4.05%
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-0.46%
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-0.36%
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11-15-2016
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Return After Taxes on Distributions and Sale of Fund Shares
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3.21%
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0.07%
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0.12%
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11-15-2016
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Index % (reflects no deduction for fees, expenses or taxes) (as of 12-31-23)
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||||
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Broad-Based Securities Market Index: Bloomberg US Aggregate Bond Index
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5.53%
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1.10%
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1.30%*
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° After-tax returns are calculated using the historical highest individual federal marginal
income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns
shown are not relevant to investors who hold their Fund shares through tax-deferred
arrangements, such as 401(k) plans or individual retirement accounts.
* Since Inception returns for the Index are measured from the month-end closest to the
Fund's inception date.
MANAGEMENT OF THE FUND
The following individuals are jointly and primarily responsible for the day-to-day
management of the Fund.
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Investment Manager
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Subadvisers
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Portfolio Managers
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Title
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Service Date
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PGIM Investments LLC
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PGIM Fixed Income*
PGIM Limited
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Stewart Wong, CLU,
ChFC
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Managing Director and
Head of Core
Conservative Strategy
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November 2016
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Gregory Peters
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Managing Director and
Co-Chief Investment
Officer
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April 2019
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Michael Marinelli
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Vice President and
Portfolio Manager
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September 2021
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Tom McCartan, FIA, CFA
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Principal and Portfolio
Manager
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September 2023
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* PGIM Fixed Income is a business unit of PGIM, Inc.
BUYING AND SELLING FUND SHARES
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Class R6
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Minimum initial investment
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None
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Minimum subsequent investment
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None
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Class R6 shares are available for purchase by certain group retirement plans, institutional
investors, and certain other eligible investors but are generally not available for purchase by individuals. Please
see “How to Buy, Sell and Exchange Fund Shares —How to Buy Fund Shares —Qualifying for Class R6 Shares” in the Prospectus for purchase eligibility requirements.
TAX INFORMATION
Dividends, Capital Gains and Taxes. The Fund's dividends and distributions are taxable and will be taxed as ordinary
income or capital gains, unless you are investing through a tax-deferred arrangement, such
as a 401(k) plan or an individual retirement account. Such tax-deferred arrangements may be taxed later upon withdrawal
of monies from those arrangements.
PAYMENTS TO FINANCIAL INTERMEDIaries
If you purchase Fund shares through a financial intermediary such as a broker-dealer,
bank, retirement recordkeeper or other financial services firm, the Fund or its affiliates may pay the financial intermediary
for the sale of Fund shares and/or for services to shareholders. This may create a conflict of interest by influencing
the financial intermediary or its representatives to recommend the Fund over another investment. Ask your financial
intermediary or representative or visit your financial intermediary’s website for more information.
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By Mail:
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Prudential Mutual Fund Services LLC, PO Box 534432, Pittsburgh, PA 15253-4432
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By Telephone:
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800-225-1852 or 973-367-3529 (outside the US)
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On the Internet:
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www.pgim.com/investments
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MF242A1