PGIM BALANCED FUND | ||||
A: PIBAX |
C: PABCX |
R: PALRX |
Z: PABFX |
R6: PIBQX |
The Securities and Exchange Commission
(“SEC”) has not approved or disapproved the
Fund's shares, nor has the SEC determined
that this prospectus is complete or accurate.
It is a criminal offense to state otherwise. Mutual funds are distributed by Prudential
Investment Management Services LLC, a
Prudential Financial company. PGIM
Quantitative Solutions LLC and PGIM, Inc.
are registered investment advisers and
Prudential Financial companies. ©2023
Prudential Financial, Inc., and its related
entities. PGIM Investments LLC, Prudential,
the Prudential logo, Bring Your Challenges,
and the Rock symbol are service marks of
Prudential Financial, Inc., and its related
entities, registered in many jurisdictions
worldwide. |
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Class A |
Class C |
Class R |
Class Z |
Class R6 |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) |
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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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Maximum sales charge (load) imposed on reinvested dividends and other distributions |
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Redemption fee |
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Exchange fee |
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Maximum account fee (accounts under $10,000) |
$ |
$ |
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Class A |
Class C |
Class R |
Class Z |
Class R6 |
Management fee |
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Distribution and service (12b-1) fees |
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Other expenses |
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Total annual Fund operating expenses |
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Fee waiver and/or expense reimbursement |
( |
( |
( |
( |
( |
Total annual Fund operating expenses after fee waiver and/or expense reimbursement(1,2) |
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Share Class |
1 Year |
3 Years |
5 Years |
10 Years |
Class A |
$ |
$ |
$ |
$ |
Class C |
$ |
$ |
$ |
$ |
Class R |
$ |
$ |
$ |
$ |
Class Z |
$ |
$ |
$ |
$ |
Class R6 |
$ |
$ |
$ |
$ |
Share Class |
1 Year |
3 Years |
5 Years |
10 Years |
Class A |
$ |
$ |
$ |
$ |
Class C |
$ |
$ |
$ |
$ |
Class R |
$ |
$ |
$ |
$ |
Class Z |
$ |
$ |
$ |
$ |
Class R6 |
$ |
$ |
$ |
$ |
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Return Before Taxes |
One Year |
Five Years |
Ten Years |
Since
Inception |
Inception
Date |
Class A shares |
- |
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- |
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Class C shares |
- |
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- |
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Class R shares |
- |
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- |
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Class R6 shares |
- |
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Class Z Shares % (as of 12-31-22) | |||||
Return Before Taxes |
- |
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- |
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Return After Taxes on Distributions |
- |
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|
- |
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Return After Taxes on Distributions and Sale of Fund Shares |
- |
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|
- |
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Index % (reflects no deduction for fees, expenses, or taxes) (as of 12-31-22) | |||||
Customized Blend Index1
|
- |
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Bloomberg US Aggregate Bond Index |
- |
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S&P 500 Index |
- |
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Investment Manager |
Subadvisers |
Portfolio Managers |
Title |
Service Date |
PGIM Investments LLC |
PGIM Quantitative Solutions LLC
(Asset Allocation and Equity Subadviser) |
Stacie L. Mintz, CFA |
Managing Director,
Head of the
Quantitative Equity
Team and Portfolio
Manager |
August 2005 |
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Joel M. Kallman, CFA |
Vice President and
Portfolio Manager |
September 2009 |
Investment Manager |
Subadvisers |
Portfolio Managers |
Title |
Service Date |
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Edward J. Lithgow, CFA |
Vice President and
Portfolio Manager |
November 2014 |
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Marco Aiolfi, PhD |
Managing Director,
Co-Head of the
Multi-Asset team and
Portfolio Manager |
September 2022 |
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PGIM Fixed Income*
PGIM Limited
(Fixed Income Subadvisers) |
Richard Piccirillo |
Managing Director
and Senior Portfolio
Manager |
November 2013 |
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Gregory Peters |
Managing Director
and Co-Chief
Investment Officer |
March 2014 |
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Robert Tipp, CFA |
Managing Director,
Chief Investment
Strategist and Head of
Global Bonds |
January 2020 |
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Matthew Angelucci,
CFA |
Principal and Portfolio
Manager |
September 2023 |
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Tyler Thorn |
Vice President and
Portfolio Manager |
September 2023 |
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Class A* |
Class C* |
Class Z* |
Class R* |
Class R6 |
Minimum initial investment |
$1,000 |
$1,000 |
None |
None |
None |
Minimum subsequent investment |
$100 |
$100 |
None |
None |
None |
Principal Strategies: Investment Limits |
■Equity and Equity-related securities: 45%-70% of total assets; up to 15% of total assets in equity and equity-related
securities of small companies. ■Fixed income obligations: 30%-55% of total assets; up to 20% of its investable assets in high yield debt securities (“junk
bonds”). ■U.S. Government securities: Up to 55% of total assets. ■Mortgage-related securities: Up to 55% of total assets. ■Asset-backed securities: Up to 55% of total assets. |
Certain Non-Principal Strategies: Investment Limits |
■Foreign equity securities: Up to 15% of total assets. ■Foreign debt securities: Up to 20% of total assets. ■Money market instruments: Up to 35% of total assets normally; up to 100% of investable assets on temporary basis. ■Reverse repurchase agreements & dollar rolls: Up to 33 1∕3% of total assets. ■Derivatives: Up to 25% of net assets (subject to the Fund's operation under the requirements of Rule 18f-4 under the 1940
Act). ■Credit-linked securities: Up to 15% of investable assets. ■Short Sales (excluding short sales “against-the-box”): Up to 25% of net assets. ■Illiquid Investments: Up to 15% of net assets. |
Expected Distribution Schedule* |
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Net Investment Income |
Quarterly |
Short-Term Capital Gains |
Annually |
Long-Term Capital Gains |
Annually |
Share Class |
Eligibility |
Class A* |
Retail investors |
Class C* |
Retail investors |
Class R* |
Certain group retirement plans |
Class Z* |
Certain group retirement plans, institutional investors and certain other investors |
Class R6 |
Certain group retirement plans, institutional investors and certain other investors |
|
Class A* |
Class C* |
Class R* |
Class Z* |
Class R6 |
Minimum purchase amount |
$1,000 |
$1,000 |
None |
None |
None |
Minimum amount for
subsequent purchases |
$100 |
$100 |
None |
None |
None |
Maximum initial sales charge |
3.25% of the
public
offering price |
None |
None |
None |
None |
Contingent Deferred Sales Charge (“CDSC”)
(as a percentage of the lower of the original
purchase price or the net asset value at
redemption) |
1.00% on sales of
$500,000 or more
made within 12
months of purchase |
1.00% on
sales
made
within
12 months
of
purchase |
None |
None |
None |
|
Class A* |
Class C* |
Class R* |
Class Z* |
Class R6 |
Annual distribution and
service (12b-1) fees
(shown as a percentage
of average daily net
assets) |
0.30% |
1.00% |
0.75%
(0.50%
currently) |
None |
None |
|
Class A |
Class C |
Class Z |
Class R |
Existing Investors (Group Retirement Plans,
IRAs, and all other investors) |
No Change |
No Change |
No Change |
No Change |
New Group Retirement Plans |
Closed to group retirement plans wishing to add the share classes as new additions to plan menus on June 1, 2018,
subject to certain exceptions below | |||
New IRAs |
No Change |
No Change |
No Change |
Closed to all new
investors on June 1, 2018,
subject to certain
exceptions below |
All Other New Investors |
No Change |
No Change |
No Change |
Amount of Purchase |
Sales Charge as a % of
Offering Price* |
Sales Charge as a % of
Amount Invested* |
Dealer Reallowance*** |
Less than $100,000 |
3.25% |
3.36% |
3.00% |
$100,000 to $249,999 |
3.00% |
3.09% |
2.75% |
$250,000 to $499,999 |
2.25% |
2.30% |
2.25% |
$500,000 to $4,999,999** |
None |
None |
1.00% |
$5,000,000 to $9,999,999** |
None |
None |
0.50% |
$10,000,000 and over** |
None |
None |
0.25% |
Class A Shares | |||||
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Year Ended September 30, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Per Share Operating Performance(a): | |||||
Net Asset Value, Beginning of Year |
$13.75 |
$18.70 |
$15.96 |
$15.61 |
$16.38 |
Income (loss) from investment operations: | |||||
Net investment income (loss) |
0.32 |
0.24 |
0.23 |
0.24 |
0.24 |
Net realized and unrealized gain (loss) on investment and foreign currency
transactions |
1.44 |
(3.02) |
2.75 |
0.63 |
0.04 |
Total from investment operations |
1.76 |
(2.78) |
2.98 |
0.87 |
0.28 |
Less Dividends and Distributions: | |||||
Dividends from net investment income |
(0.33) |
(0.29) |
(0.20) |
(0.24) |
(0.25) |
Distributions from net realized gains |
- |
(1.88) |
(0.04) |
(0.28) |
(0.80) |
Total dividends and distributions |
(0.33) |
(2.17) |
(0.24) |
(0.52) |
(1.05) |
Net asset value, end of Year |
$15.18 |
$13.75 |
$18.70 |
$15.96 |
$15.61 |
Total Return(b): |
12.83% |
(16.95)% |
18.76% |
5.64% |
2.28% |
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Ratios/Supplemental Data: | |||||
Net assets, end of Year (000) |
$639,625 |
$615,650 |
$760,976 |
$616,646 |
$590,383 |
Average net assets (000) |
$652,990 |
$732,873 |
$710,895 |
$593,393 |
$416,723 |
Ratios to average net assets(c): | |||||
Expenses after waivers and/or expense reimbursement |
1.00% |
1.00% |
1.00% |
1.00% |
1.00% |
Expenses before waivers and/or expense reimbursement |
1.15% |
1.12% |
1.11% |
1.16% |
1.16% |
Net investment income (loss) |
2.13% |
1.46% |
1.28% |
1.52% |
1.58% |
Portfolio turnover rate(d)(e) |
141% |
109% |
85% |
108% |
128% |
(a) |
Calculated based on average shares outstanding during the year. |
(b) |
Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year
reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. |
(c) |
Does not include expenses of the underlying funds in which the Fund invests. |
(d) |
The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate. |
(e) |
The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives
and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher. |
Class C Shares | |||||
|
Year Ended September 30, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Per Share Operating Performance(a): | |||||
Net Asset Value, Beginning of Year |
$13.85 |
$18.81 |
$16.06 |
$15.71 |
$16.48 |
Income (loss) from investment operations: | |||||
Net investment income (loss) |
0.20 |
0.11 |
0.09 |
0.12 |
0.13 |
Net realized and unrealized gain (loss) on investment and foreign currency
transactions |
1.45 |
(3.03) |
2.77 |
0.64 |
0.04 |
Total from investment operations |
1.65 |
(2.92) |
2.86 |
0.76 |
0.17 |
Less Dividends and Distributions: | |||||
Dividends from net investment income |
(0.21) |
(0.16) |
(0.07) |
(0.13) |
(0.14) |
Distributions from net realized gains |
- |
(1.88) |
(0.04) |
(0.28) |
(0.80) |
Total dividends and distributions |
(0.21) |
(2.04) |
(0.11) |
(0.41) |
(0.94) |
Net asset value, end of Year |
$15.29 |
$13.85 |
$18.81 |
$16.06 |
$15.71 |
Total Return(b): |
11.89% |
(17.58)% |
17.82% |
4.77% |
1.62% |
| |||||
Ratios/Supplemental Data: | |||||
Net assets, end of Year (000) |
$56,162 |
$65,656 |
$93,656 |
$95,166 |
$108,958 |
Average net assets (000) |
$63,635 |
$85,096 |
$96,972 |
$102,396 |
$92,047 |
Ratios to average net assets(c): | |||||
Expenses after waivers and/or expense reimbursement |
1.82% |
1.79% |
1.78% |
1.77% |
1.73% |
Expenses before waivers and/or expense reimbursement |
1.88% |
1.84% |
1.82% |
1.84% |
1.84% |
Net investment income (loss) |
1.30% |
0.65% |
0.50% |
0.75% |
0.87% |
Portfolio turnover rate(d)(e) |
141% |
109% |
85% |
108% |
128% |
(a) |
Calculated based on average shares outstanding during the year. |
(b) |
Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year
reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. |
(c) |
Does not include expenses of the underlying funds in which the Fund invests. |
(d) |
The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate. |
(e) |
The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives
and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher. |
Class R Shares | |||||
|
Year Ended September 30, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Per Share Operating Performance(a): | |||||
Net Asset Value, Beginning of Year |
$13.75 |
$18.70 |
$15.97 |
$15.64 |
$16.38 |
Income (loss) from investment operations: | |||||
Net investment income (loss) |
0.25 |
0.16 |
0.14 |
0.16 |
0.17 |
Net realized and unrealized gain (loss) on investment and foreign currency
transactions |
1.45 |
(3.02) |
2.75 |
0.64 |
0.05 |
Total from investment operations |
1.70 |
(2.86) |
2.89 |
0.80 |
0.22 |
Less Dividends and Distributions: | |||||
Dividends from net investment income |
(0.26) |
(0.21) |
(0.12) |
(0.19) |
(0.16) |
Distributions from net realized gains |
- |
(1.88) |
(0.04) |
(0.28) |
(0.80) |
Total dividends and distributions |
(0.26) |
(2.09) |
(0.16) |
(0.47) |
(0.96) |
Net asset value, end of Year |
$15.19 |
$13.75 |
$18.70 |
$15.97 |
$15.64 |
Total Return(b): |
12.37% |
(17.36)% |
18.15% |
5.16% |
1.85% |
| |||||
Ratios/Supplemental Data: | |||||
Net assets, end of Year (000) |
$31 |
$209 |
$427 |
$1,135 |
$2,047 |
Average net assets (000) |
$120 |
$402 |
$675 |
$1,439 |
$1,959 |
Ratios to average net assets(c): | |||||
Expenses after waivers and/or expense reimbursement |
1.47% |
1.47% |
1.47% |
1.47% |
1.45% |
Expenses before waivers and/or expense reimbursement |
7.12% |
3.39% |
2.72% |
2.61% |
2.16% |
Net investment income (loss) |
1.66% |
0.97% |
0.80% |
1.04% |
1.14% |
Portfolio turnover rate(d)(e) |
141% |
109% |
85% |
108% |
128% |
(a) |
Calculated based on average shares outstanding during the year. |
(b) |
Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and
distributions, if any. Total returns may reflect adjustments to conform to GAAP. |
(c) |
Does not include expenses of the underlying funds in which the Fund invests. |
(d) |
The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate. |
(e) |
The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives
and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher. |
Class Z Shares | |||||
|
Year Ended September 30, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Per Share Operating Performance(a): | |||||
Net Asset Value, Beginning of Year |
$13.87 |
$18.85 |
$16.09 |
$15.73 |
$16.49 |
Income (loss) from investment operations: | |||||
Net investment income (loss) |
0.35 |
0.28 |
0.27 |
0.27 |
0.29 |
Net realized and unrealized gain (loss) on investment and foreign currency
transactions |
1.46 |
(3.05) |
2.77 |
0.65 |
0.04 |
Total from investment operations |
1.81 |
(2.77) |
3.04 |
0.92 |
0.33 |
Less Dividends and Distributions: | |||||
Dividends from net investment income |
(0.36) |
(0.33) |
(0.24) |
(0.28) |
(0.29) |
Distributions from net realized gains |
- |
(1.88) |
(0.04) |
(0.28) |
(0.80) |
Total dividends and distributions |
(0.36) |
(2.21) |
(0.28) |
(0.56) |
(1.09) |
Net asset value, end of Year |
$15.32 |
$13.87 |
$18.85 |
$16.09 |
$15.73 |
Total Return(b): |
13.02% |
(16.74)% |
18.99% |
5.90% |
2.59% |
| |||||
Ratios/Supplemental Data: | |||||
Net assets, end of Year (000) |
$112,934 |
$113,095 |
$171,776 |
$147,635 |
$174,033 |
Average net assets (000) |
$115,259 |
$146,908 |
$165,225 |
$156,846 |
$172,091 |
Ratios to average net assets(c): | |||||
Expenses after waivers and/or expense reimbursement |
0.79% |
0.78% |
0.77% |
0.78% |
0.75% |
Expenses before waivers and/or expense reimbursement |
0.85% |
0.83% |
0.81% |
0.85% |
0.86% |
Net investment income (loss) |
2.33% |
1.65% |
1.50% |
1.74% |
1.86% |
Portfolio turnover rate(d)(e) |
141% |
109% |
85% |
108% |
128% |
(a) |
Calculated based on average shares outstanding during the year. |
(b) |
Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and
distributions, if any. Total returns may reflect adjustments to conform to GAAP. |
(c) |
Does not include expenses of the underlying funds in which the Fund invests. |
(d) |
The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate. |
(e) |
The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives
and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher. |
Class R6 Shares | |||||
|
Year Ended September 30, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Per Share Operating Performance(a): | |||||
Net Asset Value, Beginning of Year |
$13.88 |
$18.86 |
$16.10 |
$15.74 |
$16.50 |
Income (loss) from investment operations: | |||||
Net investment income (loss) |
0.38 |
0.30 |
0.30 |
0.29 |
0.30 |
Net realized and unrealized gain (loss) on investment and foreign currency
transactions |
1.45 |
(3.05) |
2.76 |
0.65 |
0.05 |
Total from investment operations |
1.83 |
(2.75) |
3.06 |
0.94 |
0.35 |
Less Dividends and Distributions: | |||||
Dividends from net investment income |
(0.38) |
(0.35) |
(0.26) |
(0.30) |
(0.31) |
Distributions from net realized gains |
- |
(1.88) |
(0.04) |
(0.28) |
(0.80) |
Total dividends and distributions |
(0.38) |
(2.23) |
(0.30) |
(0.58) |
(1.11) |
Net asset value, end of Year |
$15.33 |
$13.88 |
$18.86 |
$16.10 |
$15.74 |
Total Return(b): |
13.24% |
(16.66)% |
19.12% |
6.01% |
2.69% |
| |||||
Ratios/Supplemental Data: | |||||
Net assets, end of Year (000) |
$87,387 |
$78,207 |
$85,533 |
$54,613 |
$34,369 |
Average net assets (000) |
$85,614 |
$88,957 |
$71,970 |
$44,247 |
$16,501 |
Ratios to average net assets(c): | |||||
Expenses after waivers and/or expense reimbursement |
0.65% |
0.65% |
0.65% |
0.65% |
0.65% |
Expenses before waivers and/or expense reimbursement |
0.73% |
0.72% |
0.72% |
0.74% |
0.83% |
Net investment income (loss) |
2.48% |
1.82% |
1.63% |
1.88% |
1.96% |
Portfolio turnover rate(d)(e) |
141% |
109% |
85% |
108% |
128% |
(a) |
Calculated based on average shares outstanding during the year. |
(b) |
Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and
distributions, if any. Total returns may reflect adjustments to conform to GAAP. |
(c) |
Does not include expenses of the underlying funds in which the Fund invests. |
(d) |
The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate. |
(e) |
The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives
and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher. |
FOR MORE INFORMATION
Please read this Prospectus before you invest in the Fund and keep it for future reference.
For information or shareholder questions contact: | |
■MAIL
Prudential Mutual Fund Services LLC
P.O. Box 534432
Pittsburgh, PA 15253-4432 ■WEBSITE
www.pgim.com/investments |
■TELEPHONE
(800) 225-1852
(973) 367-3529
(from outside the U.S.) |
■E-DELIVERY
To receive your mutual fund documents on-line, go to pgim.com/investments/resource/edelivery and enroll.
Instead of receiving printed documents by mail, you will receive notification via email when new materials are
available. You can cancel your enrollment or change your email address at any time by visiting the website address
above. |
The Annual and Semi-Annual Reports and the SAI contain additional information about the Fund. Shareholders may
obtain free copies of the SAI, Annual Report and Semi-Annual Report as well as other information about the Fund
and may make other shareholder inquiries through the telephone number, address and website listed above. | |
■STATEMENT OF ADDITIONAL INFORMATION
(incorporated by reference into this Prospectus) ■SEMI-ANNUAL REPORT |
■ANNUAL REPORT
(contains a discussion of the market conditions and
investment strategies that significantly affected the
Fund's performance during the last fiscal year) |
You can also obtain copies of Fund documents, including the SAI, from the SEC as follows (the SEC charges a fee to
copy documents): | |
■ELECTRONIC REQUEST
publicinfo@sec.gov |
■VIA THE INTERNET
on the EDGAR Database at www.sec.gov |
PGIM Balanced Fund | |||||
Share Class |
A |
C |
R |
Z |
R6 |
NASDAQ |
PIBAX |
PABCX |
PALRX |
PABFX |
PIBQX |
CUSIP |
74437E883 |
74437E867 |
74437E636 |
74437E859 |
74437E461 |