PGIM JENNISON FOCUSED GROWTH FUND
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A: SPFAX
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C: SPFCX
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Z: SPFZX
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R6: PSGQX
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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 26 of the Fund's Prospectus, Appendix A: Waivers and Discounts Available From Certain Financial Intermediaries on page 46 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 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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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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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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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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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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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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*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 Z
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Class R6
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Management fee
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0.66%
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0.66%
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0.66%
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0.66%
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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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None
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None
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Other expenses
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0.18%
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0.21%
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0.14%
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0.05%
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Total annual Fund operating expenses
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1.14%
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1.87%
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0.80%
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0.71%
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Fee waiver and/or expense reimbursement
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(0.09)%
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(0.09)%
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(0.05)%
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(0.04)%
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Total annual Fund operating expenses after fee waiver and/or expense reimbursement(1,2)
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1.05%
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1.78%
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0.75%
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0.67%
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(1) PGIM Investments LLC (“PGIM Investments”) has contractually agreed, through June 30, 2024, to limit Total Annual Fund Operating Expenses after fee waivers and/or
expense reimbursements to 1.05% of average daily net assets for Class A shares, and 1.78% of average daily net assets for Class C
shares, 0.75% of average daily assets for Class Z shares, and 0.67% 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. 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 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 waiver may not be terminated prior to June 30, 2024 without the prior approval of the Fund’s Board of Trustees.
To enroll in e-delivery, go to pgim.com/investments/resource/edelivery
MF500A
MF500A
(2) The distributor of the Fund has contractually agreed until June 30, 2024 to reduce its distribution and service (12b-1) fees
for Class A shares to 0.25% of the average daily net assets of the Class A shares of the Fund. This waiver 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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$651
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$884
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$1,135
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$1,852
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Class C
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$281
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$579
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$1,003
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$1,992
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Class Z
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$77
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$250
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$439
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$985
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Class R6
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$68
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$223
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$391
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$879
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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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$651
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$884
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$1,135
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$1,852
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Class C
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$181
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$579
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$1,003
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$1,992
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Class Z
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$77
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$250
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$439
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$985
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Class R6
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$68
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$223
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$391
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$879
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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
49% of the average value of its portfolio.
INVESTMENTS, RISKS AND PERFORMANCE
Principal Investment Strategies. The Fund seeks investments whose price will increase over the long term. The Fund normally invests at least 65% of its total assets in equity and equity-related securities of companies that the subadviser
believes have strong capital appreciation potential. These companies are generally medium- to large-capitalization companies.
In deciding which equities to buy, the subadviser uses what is known as a growth investment style to select approximately
20 to 50 issuers. The subadviser considers selling or reducing an equity position when, in the opinion of the portfolio managers, the stock has experienced a fundamental disappointment in earnings; it has reached an intermediate-term price objective and its outlook no longer seems sufficiently promising; a relatively more attractive stock emerges; or the stock
has experienced adverse price movement. A stock's price decline does not necessarily mean that the subadviser will sell the stock at that time.
The equity and equity-related securities in which the Fund primarily invests are common stocks, non-convertible preferred
stocks and convertible securities. The Fund participates in the initial public offering (“IPO”) market. The Fund also may invest in foreign securities.
The Fund is “non-diversified” for purposes of the Investment Company Act of 1940 (the “1940 Act”), which means that it can invest a greater percentage of its assets in fewer issuers than a “diversified” fund.
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.
Convertible Securities Risk. The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject
to the risk that the issuer will not be able to pay interest or dividends when due, and their market value may change based on changes in the issuer's credit rating or the market's perception of the issuer's creditworthiness. Since it derives a portion
of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of
market and issuer risks that apply to the underlying common stock.
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.
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.
Growth Style Risk. The Fund's growth style may subject the Fund to above-average fluctuations as a result of seeking higher than average capital growth. Historically, growth stocks have performed best during later stages of economic expansion and
value stocks have performed best during periods of economic recovery. Since the Fund follows a growth investment style, there is the risk that the growth investment style may be out of favor for long periods of time. At times when the style is
out of favor, the Fund may underperform the market in general, its benchmark and other mutual funds.
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.
Initial Public Offerings Risk. The volume of IPOs and the levels at which the newly issued stocks trade in the secondary market are affected by the performance of the stock market overall. If IPOs are brought to the market, availability may be
limited and if the Fund desires to acquire shares in such an offering, it may not be able to buy any shares at the offering
price, or if it is able to buy shares, it may not be able to buy as many shares at the offering price as it would like. The
prices of securities involved in IPOs are often subject to greater and more unpredictable price changes than more established stocks. Such unpredictability can have a dramatic impact on the Fund's performance (higher or lower) and any assumptions by investors based on the affected performance may be unwarranted. In addition, as Fund assets grow, the impact of IPO investments on performance will decline, which could reduce total returns.
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 the subadviser's judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be
incorrect. Additionally, the investments selected for the Fund 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.
Medium Capitalization (Mid-Cap) Company Risk. The Fund’s investments in mid-cap companies carry more risk than investments in larger capitalized companies. Investments in mid-cap companies carry additional risks because earnings of these companies tend to be less predictable; they often have limited product lines, markets, distribution channels or financial resources; and the management of such companies may be dependent on one or a few key people. The market movements of these companies’ securities may be more abrupt or erratic than the market movements of securities of larger, more established companies or the stock market in general. Historically, mid-cap companies have sometimes gone through extended periods when they did not perform as well as larger companies. Mid-cap companies generally are comparatively less liquid than larger companies, which may make such investments more difficult to sell at the time and price that the Fund would like. Also, the stocks of mid-cap companies may fall out of favor relative to those of small- or large-capitalization
companies, causing the Fund to underperform other equity funds that focus on small- or large-capitalization companies.
Non-Diversified Investment Company Risk. The Fund is non-diversified for purposes of the 1940 Act. This means that the Fund may invest a greater percentage of its assets in the securities of a single company or other issuer than a diversified
fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss resulting
from the decline in value of any one security may represent a greater portion of the total assets of a non-diversified fund.
Preferred Securities Risk. Preferred stock can experience sharp declines in value over short or extended periods of time, regardless of the success or failure of a company’s operations. A redemption by the issuer may negatively impact the return of the security held by the Fund. Preferred stockholders’ liquidation rights are subordinate to the company’s debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred
stocks may decline. Preferred stock usually does not require the issuer to pay dividends and may permit the issuer to defer
dividend payments. Deferred dividend payments could have adverse tax consequences for the Fund and may cause the preferred security to lose substantial value. Preferred securities also may have substantially lower trading volumes and less
market depth than many other securities, such as common stock or U.S. Government securities.
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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39.74%
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2nd
Quarter
2020
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-27.12%
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2nd
Quarter
2022
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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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19.81%
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.
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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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Class A shares
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-43.99%
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5.96%
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11.22%
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Class C shares
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-41.76%
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6.37%
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11.02%
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Class R6 shares
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-40.50%
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7.59%
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12.20%
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Class Z Shares % (as of 12-31-22)
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Return Before Taxes
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-40.55%
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7.51%
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12.17%
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Return After Taxes on Distributions°
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-40.55%
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5.53%
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10.10%
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Return After Taxes on Distributions and Sale of Fund Shares
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-24.01%
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6.06%
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9.84%
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Index % (reflects no deduction for fees, expenses or taxes) (as of 12-31-22)
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Russell 1000 Growth Index
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-29.14%
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10.96%
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14.10%
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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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° 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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Jennison Associates LLC
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Natasha Kuhlkin, CFA
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Managing Director
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April 2017
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Kathleen A.
McCarragher
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Managing Director
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June 2000
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Blair A. Boyer
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Managing Director
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March 2023
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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 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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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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* 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 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 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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MF500A