PGIM QUANT SOLUTIONS LARGE-CAP VALUE FUND
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A: SUVAX
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C: SUVCX
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R: PRVRX
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Z: SUVZX
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R6: SUVQX
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SUMMARY PROSPECTUS | April 28, 2023
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 April 28, 2023, as supplemented and amended from time to time,
and the
Fund's Annual Report, dated February 28, 2023, are all incorporated by reference into (legally made a part of) this Summary
Prospectus.
INVESTMENT OBJECTIVE
The investment objective of the Fund is long-term growth of capital.
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. You may be required to pay commissions to a broker for transactions in Class Z
shares, which are not reflected in the table or the example below. You may qualify for sales charge discounts if you and an eligible group of related investors purchase, or agree to purchase in the future,$25,000 or more in shares of the Fund or other funds in the PGIM Funds family. More information about these discounts as well as other waivers or discounts is available from your financial professional and is explained in Reducing or Waiving Class A's and Class C’s Sales Charges on page 27 of the Fund's Prospectus, Appendix A: Waivers and Discounts Available From Certain Financial Intermediaries on page 48 of the Fund's Prospectus and in Rights of Accumulation on page 61 of the Fund's Statement of Additional Information (“SAI”).
Shareholder Fees (fees paid directly from your investment)
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Class A
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Class C
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Class R
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Class Z
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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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5.50%
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None
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None
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None
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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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1.00%*
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1.00%**
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None
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None
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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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None
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None
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None
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None
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Redemption fee
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None
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None
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None
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None
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None
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Exchange fee
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None
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None
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None
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None
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None
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Maximum account fee (accounts under $10,000)
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$15
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$15
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None
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None***
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None
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*Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are also subject
to a contingent deferred sales charge (“CDSC”) of 1.00%, although they are not subject to an initial sales charge. The CDSC is waived for certain retirement and/or benefit
plans.
**Class C shares are sold with a CDSC of 1.00% on sales made within 12 months of purchase.
***Direct Transfer Agent Accounts holding under $10,000 of Class Z shares are subject to the $15 fee.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
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Class A
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Class C
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Class R
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Class Z
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Class R6
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Management fee
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0.80%
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0.80%
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0.80%
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0.80%
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0.80%
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Distribution and service (12b-1) fees
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0.30%
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1.00%
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0.75%
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None
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None
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Other expenses
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0.24%
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0.51%
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0.20%
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0.15%
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0.10%
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Total annual Fund operating expenses
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1.34%
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2.31%
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1.75%
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0.95%
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0.90%
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Fee waiver and/or expense reimbursement
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(0.22)%
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(0.17)%
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(0.42)%
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(0.15)%
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(0.10)%
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Total annual Fund operating expenses after fee waiver and/or expense reimbursement(1,2)
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1.12%
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2.14%
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1.33%
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0.80%
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0.80%
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(1) PGIM Investments LLC (“PGIM Investments”) has contractually agreed to waive and/or reimburse up to 0.17% of fees and expenses from the Fund through June 30, 2024
to the extent that the Fund’s net operating expenses (exclusive of taxes, interest, distribution (12b-1 fees) and certain extraordinary expenses) exceed 0.80% of the Fund’s average daily assets on an annualized basis. Where applicable, PGIM Investments agrees to waive management fees or shared operating expenses on any share
class to the same extent that it waives such expenses on any other share class. In addition, Total Annual Fund Operating Expenses for Class R6 shares will not exceed Total Annual
Fund Operating Expenses for Class Z shares. Fees and/or
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MF502A
MF502A
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 recoupment for that fiscal year. This contractual waiver may not be terminated prior to June 30, 2024 without the prior approval of the Fund’s Board of Trustees.
(2) The distributor of the Fund has contractually agreed until June 30, 2024 to reduce its distribution and service (12b-1) fees
to 0.25% and 0.50% of the average daily net assets of Class A and Class R shares, respectively. These waivers may not be terminated prior to June 30, 2024 without prior approval of the Fund’s Board of Trustees.
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.
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 A
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$658
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$931
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$1,224
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$2,056
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Class C
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$317
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$705
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$1,220
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$2,389
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Class R
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$135
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$510
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$910
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$2,028
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Class Z
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$82
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$288
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$511
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$1,153
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Class R6
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$82
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$277
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$489
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$1,099
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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 A
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$658
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$931
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$1,224
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$2,056
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Class C
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$217
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$705
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$1,220
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$2,389
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Class R
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$135
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$510
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$910
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$2,028
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Class Z
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$82
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$288
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$511
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$1,153
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Class R6
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$82
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$277
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$489
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$1,099
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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
96% of the average value of its portfolio.
INVESTMENTS, RISKS AND PERFORMANCE
Principal Investment Strategies.
Under normal circumstances, the Fund invests at least 80% of its investable assets in the common stock of large-capitalization companies. The term “investable assets” 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 a diversified portfolio of large-capitalization company stocks that the subadviser believes are attractively priced when evaluated using quantitative
measures such as price-to-earnings (P/E), price-to-cash flow (P/CF), and price-to-book (P/B) ratios. The Fund currently considers large-capitalization companies as companies with market capitalizations within the range of companies included in the Russell 1000 Index or the S&P 500 Index. In selecting investments for the Fund, the subadviser uses a value strategy.
Although the strategy emphasizes attractive valuations, the subadviser also considers other quantifiable characteristics of
a company. Such characteristics may include, among others, measures of earnings quality, external financing, or trends in the
earnings outlook. The emphasis placed on valuation and other factors may vary over time and with market conditions.
Quantitative techniques, which focus on objective measurement and analysis of data, also guide portfolio construction. To
manage risk, the subadviser limits certain exposures such as the proportion of assets invested in an individual stock or industry. Although the strategy is primarily quantitative, the subadviser’s investment management team also exercises judgment when evaluating underlying data and positions recommended by its quantitative process.
Principal Risks. All investments have risks to some degree. The value of your investment in the Fund, as well as the amount of return 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.
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.
Equity and Equity-Related Securities Risk. Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. In addition to an individual security losing value, the value
of the equity markets or a sector in which the Fund invests could go down. Different parts of a market can react differently
to adverse issuer, market, regulatory, political and economic developments.
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.
Large Capitalization Company Risk. Companies with large market capitalizations go in and out of favor based on market and economic conditions. Larger companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Fund's value may not rise or fall as much as the value of funds that emphasize
companies with smaller market capitalizations.
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.
Management Risk. Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these techniques will produce the desired results. Additionally, the investments selected by the subadviser may underperform the
markets in general, the Fund's benchmark and other funds with similar investment objectives.
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), 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.
COVID-19 and the related governmental and public responses have had, and future public health epidemics may have an impact on the Fund’s investments and net asset value, and have led and may lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Future public health epidemics may result
in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. The occurrence, reoccurrence and pendency of public health epidemics could adversely affect the economies and financial markets either in specific countries or worldwide.
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.
Model Design Risk. The subadviser uses certain quantitative models to help guide its investment decisions. The design of the underlying models may be flawed or incomplete. The investment models the subadviser uses are based on historical and theoretical underpinnings that it believes are sound. There can be no guarantee, however, that these underpinnings will
correlate with security price behavior in the manner assumed by the subadviser’s models. Additionally, the quantitative techniques that underlie the subadviser’s portfolio construction processes may fail to fully anticipate important risks.
Model Implementation Risk. While the subadviser strives to mitigate the likelihood of material implementation errors, it is impossible to completely eliminate the risk of error in the implementation of the computer models that guide the subadviser's quantitative investment processes. Additionally, it may be difficult to implement model recommendations in volatile and rapidly changing market conditions.
Value Style Risk. Since the Fund follows a value investment style, there is the risk that the value style may be out of favor for long periods of time, that the market will not recognize a security's intrinsic value for a long time or at all, or that a
stock judged to be undervalued may actually be appropriately priced or overvalued. Issuers of value stocks may have experienced
adverse business developments or may be subject to special risks that have caused the stock to be out of favor. In addition,
the Fund's value investment style may go out of favor with investors, negatively affecting the Fund's performance. If the
Fund's assessment of market conditions or a company's value is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds.
Performance. The following bar chart shows the Fund's performance for Class Z 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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25.02%
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4th
Quarter
2020
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-38.31%
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1st
Quarter
2020
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1The total return for Class Z shares from January 1, 2023 through
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March 31, 2023
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was
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-0.82%
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Average Annual Total Returns % (including sales charges) (as of 12-31-22)
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Return Before Taxes
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One Year
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Five Years
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Ten Years
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Since
Inception
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Inception
Date
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Class A shares
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-11.94%
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2.15%
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8.32%
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-
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Class C shares
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-8.51%
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2.30%
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7.99%
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-
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Class R shares
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-6.94%
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3.12%
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N/A
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5.79%
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6/19/2015
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Class R6 shares
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-6.44%
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3.65%
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N/A
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5.38%
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4/26/2017
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Class Z Shares % (as of 12-31-22)
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Return Before Taxes
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-6.51%
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3.65%
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9.25%
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-
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Return After Taxes on Distributions
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-8.70%
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1.52%
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6.94%
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-
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Return After Taxes on Distributions and Sale of Fund Shares
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-2.54%
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2.38%
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6.92%
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-
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Index % (reflects no deduction for fees, expenses or taxes) (as of 12-31-22)
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Russell 1000 Value Index
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-7.54%
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6.67%
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10.29%
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-
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S&P 500 Index
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-18.10%
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9.42%
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12.55%
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-
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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. After-tax returns are shown only for Class Z shares. After-tax returns for other classes will vary due to differing sales
charges and expenses.
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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Subadviser
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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 Quantitative Solutions LLC
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Mitchell Stern, PhD
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Managing Director
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April 2014
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Stephen Courtney
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Managing Director
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April 2014
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BUYING AND SELLING FUND SHARES
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Class A*
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Class C*
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Class Z*
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Class R*
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Class R6
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Minimum initial investment
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$1,000
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$1,000
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None
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None
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None
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Class A*
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Class C*
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Class Z*
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Class R*
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Class R6
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Minimum subsequent investment
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$100
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$100
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None
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None
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None
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*Certain share classes are generally closed to investments by new group retirement plans. Please see “How to Buy, Sell and Exchange Fund Shares—Closure of Certain Share Classes to New Group Retirement Plans” in the Prospectus for more information.
For Class A and Class C shares, the minimum initial and subsequent investment for Automatic Investment Plan purchases is $50. Class R and Class R6 shares are generally not available for purchase by individuals. Class Z shares may be purchased
by certain individuals, subject to certain requirements. Please see “How to Buy, Sell and Exchange Fund Shares—How to Buy Shares—Qualifying for Class R Shares,” “—Qualifying for Class Z Shares,” and “—Qualifying for Class R6 Shares” in the Prospectus for purchase eligibility requirements.
Your financial intermediary may impose different investment minimums. You can purchase or redeem shares on any business day that the Fund is open through the Fund's transfer agent or through servicing agents, including brokers, dealers
and other financial intermediaries appointed by the distributor to receive purchase and redemption orders. Current shareholders may also purchase or redeem shares through the Fund's website or by calling (800) 225-1852.
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 9658, Providence, RI 02940
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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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MF502A