Form 497K TARGET PORTFOLIO TRUST

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The Fund engages in active trading, i.e. frequent trading of its securities, in order to benefit from new investments opportunities or yield differentials.

In managing the Fund’s assets, the sub-advisor uses a combination of top-down economic analysis and bottom-up research in conjunction with proprietary quantitative models and risk management systems. In top-down economic analysis, the the sub-advisor develops opinions on economic, political and market trends. In its bottom-up research, the sub-advisor develops a internal rating and outlook on issuers. The rating and outlook are determined based on a thorough review of the the health and trends of the issuer. The sub-advisor may also consider investment factors such as expected total return, return,
price spread and potential appreciation as well as credit quality, maturity and risk. The Fund may invest in a security
based on the expected total return rather than the return of such a security.

Main risks. All investments involve risk to some extent. The value of your investment in the Fund, as well as the the amount of return you receive on your investment can fluctuate significantly from day to day and over time.

You may lose some or all of your investment in the Fund or your investment may not perform as well as others. 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 Here is a brief description of the main risks associated with an investment in the Fund.

The order of risk factors below does not indicate the importance of any particular risk factor.

Risk of active trading. The Fund actively and frequently trades its portfolio securities. A high portfolio turnover leads to an increase transaction costs, which may affect the performance of the Fund and have unfavorable tax consequences. In addition, a high portfolio revenue may also mean that a proportionately higher amount of distributions to shareholders will be taxed as a income rather than long-term capital gains compared to investment firms with lower portfolio turnover.

Risk associated with bond bonds. As with credit risk, market risk and interest rate risk, the Fund’s holdings, share price, return and total yield may fluctuate in response to movements in the bond market. The value of bonds may fall for reasons related to the issuer, including management performance, financial leverage and reduced demand for the issuer’s goods and services. Certain types of fixed income bonds can also be call and redemption risk, what is the risk that the issuer calls a bond held by the Fund for repayment prior to maturity and the Fund may lose income.

Credit risk. This is the risk that the issuer, guarantor or 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 otherwise meet obligations.
In addition, fixed income securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer. or a consideration to repay the debt. The longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk.

Risk related to economic and market events. Events in the US and global financial markets, including actions taken by the US Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of securities
markets, can sometimes cause unusually high market volatility, which could have a negative impact on performance. Relatively reduced liquidity in the credit and fixed income markets could have an adverse effect on issuers worldwide.

Foreign securities risk. Investments in securities of non-US issuers (including those denominated in US dollars) generally involve more risk than investing in securities of US issuers. Foreign political, economic and legal systems, especially those in developing and emerging countries, may be less stable and more volatile than in the United States Foreign legal systems generally have fewer regulatory requirements than the US legal system. In general, less information is publicly available
on non-US companies than on US companies. Non-U.S. Businesses are generally not subject to the same accounting, auditing and financial reporting standards as are American companies. In addition, the evolution of the value of foreign currencies
currencies and changes in exchange rates could also affect the value of assets held by the Fund and 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 the blocking of foreign currencies
exchanges or other. Investments in emerging markets are subject to greater volatility and falling prices.

In addition, the Fund’s investments in non-US securities may be subject to risks of nationalization or expropriation of assets, imposition of exchange controls or restrictions on the repatriation of non-US currency, confiscation taxation and unfavorable diplomatic developments. Special US tax considerations may apply.

Increased expense risk. The actual cost of your investment in the Fund may be more than the charges shown in the charges. array for various reasons. For example, expense ratios may be higher than those shown if average net assets decline.
Net assets are more likely to decline and the Fund’s expense ratios are more likely to increase when markets are volatile. active
and frequent trading in securities of the Fund may increase expenses.

Interest rate risk. The value of your investment may fall when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer-term or duration debt securities. For example, a fixed income security with a term of three
years should decrease in value by about 3% if interest rates increase by 1%. That’s what we call duration risk. When interest rates fall, debt issuers can prepay the principal faster than expected, and the


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