PGIM Government Money Market Fund
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Purchase A: PBMXX
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Exchange A: MJAXX
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Exchange C: MJCXX
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Purchase Z: PMZXX
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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 investment objective of the Fund is maximum current income consistent with stability
of capital and the maintenance of liquidity.
FUND FEES AND EXPENSES
The tables below describe the sales charges, fees and expenses that you may pay if
you 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 buy and hold shares of the Fund. 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.
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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Maximum sales charge (load) imposed on purchases (as a percentage of offering price)
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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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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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Redemption fee
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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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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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* 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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Management fee
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0.320%
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0.320%
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0.320%
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Distribution and service (12b-1) fees
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0.125%
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None
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None
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Other expenses
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0.185%
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0.350%
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0.150%
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Total annual Fund operating expenses
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0.630%
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0.670%
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0.470%
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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. 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.
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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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$64
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$202
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$351
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$786
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Class C
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$68
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$214
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$373
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$823
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Class Z
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$48
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$151
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$263
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$591
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To enroll in e-delivery, go to pgim.com/investments/resource/edelivery
MF108A
INVESTMENTS, RISKS AND PERFORMANCE
Principal Investment Strategies. The Fund intends to operate as a government money market fund under the regulations
governing money market funds. The Fund invests at least 99.5% of its total assets
in cash, government securities, and/or repurchase agreements that are fully collateralized with cash or government securities.
Government securities include U.S. Treasury bills, notes, and other obligations issued or guaranteed as to principal
and interest by the U.S. Government or its agencies or instrumentalities. The Fund has a policy to invest, under normal circumstances,
at least 80% of its net assets in government securities and/or repurchase agreements that are collateralized by government
securities. The Fund seeks to maintain a stable net asset value of $1.00 per share. The Fund will invest only in
securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity
shortening provisions under applicable regulations. The Fund seeks to invest in securities that present minimal
credit risk. The Fund may invest significantly in securities with floating or variable rates of interest.
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.
Principal Risks. All investments have risks to some degree. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot
guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation
or any other government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not
expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. 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.
Adjustable and Floating Rate Securities Risk. The value of adjustable and floating rate securities may lag behind the value of
fixed rate securities when interest rates change. Such securities may be subject to
extended settlement periods (longer than seven days) and in unusual market conditions, with a high volume of shareholder redemptions,
may present a risk of loss to the Fund or may impair the Fund’s ability satisfy shareholder redemption requests.
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.
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.
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.
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 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 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.
Net Asset Value Risk. There is no assurance that the Fund will maintain a net asset value of $1.00 per
share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions
to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain
a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption
pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds
have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption
pressures will not occur in the future.
Redemption Risk. The Fund may experience heavy redemptions, particularly during periods of declining
or illiquid markets, that could cause the Fund to liquidate its assets at inopportune times or at a loss
or depressed value and that could affect the Fund’s ability to maintain a $1.00 share price.
Repurchase Agreements Risk. Repurchase agreements could involve certain risks in the event of default or insolvency
of the seller, including losses and possible delays or restrictions upon the Fund’s ability to dispose of the underlying securities. To the extent that, in the meantime, the value of the securities that the Fund has purchased
has decreased, the Fund could experience a loss.
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.
Yield Risk. The amount of income received by the Fund will go up or down depending on day-to-day
variations in short-term interest rates, and when interest rates are very low the Fund’s expenses could absorb all or a significant portion of the Fund’s income. If interest rates increase, the Fund’s yield may not increase proportionately. For example, the Fund’s investment manager may discontinue any temporary voluntary fee limitation.
Performance. The following bar chart shows the Fund's performance for Class Z shares for the last
10 calendar years. The following table shows the average annual returns of each of the Fund’s share classes. The bar chart and table demonstrate the risk of investing in the Fund by showing how returns can change from year to year.
Prior to March 30, 2016, the Fund operated as a prime money market fund and invested
in certain types of securities that as a government money market fund, the Fund no longer holds. Consequently, the performance
information below may have been different if the current investment limitations had been in effect prior to the Fund’s conversion to a government money market fund.
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 pgim.com/investments.
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Best Quarter:
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Worst Quarter:
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1.26%
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4th
Quarter
2023
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0.00%
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4th
Quarter
2014
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1 The total return of the Fund's Class Z shares from January 1, 2024 through
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June 30, 2024
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was
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2.47%
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Average Annual Total Returns % (as of 12-31-23)1
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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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4.55%
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1.52%
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0.91%
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Class C Shares
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4.54%
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1.52%
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0.92%
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Class Z Shares
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4.77%
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1.64%
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1.01%
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7 Day Current Yield % (as of 12-31-23)1
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Class A shares
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4.79%
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Class C shares
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4.76%
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Class Z shares
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4.95%
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1 The Fund's returns and yields are after deduction of expenses.
MANAGEMENT OF THE FUND
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Investment Manager
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Subadviser
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PGIM Investments LLC
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PGIM Fixed Income*
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* PGIM Fixed Income is a business unit of PGIM, Inc.
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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Minimum initial investment
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$1,000
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$1,000
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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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For Class A shares, the minimum initial and subsequent investment for Automatic Investment
Plan purchases is $50. 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” in the Fund’s 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 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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MF108A