PGIM ESG TOTAL RETURN BOND FUND | |||
A: PAIWX |
C: PAIYX |
Z: PAIZX |
R6: PAJBX |
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
(“PIMS”), member SIPC. PGIM Fixed Income
is a unit of PGIM, Inc. (“PGIM”), a registered
investment adviser. PIMS and PGIM are
Prudential Financial companies. © 2023
Prudential Financial, Inc. and its related
entities. The Prudential logo 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 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 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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Acquired Fund fees and expenses |
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Total annual Fund operating expenses |
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Fee waiver and/or expense reimbursement |
( |
( |
( |
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Total annual Fund operating expenses after fee waiver and/or expense reimbursement(2) |
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Share Class |
1 Year |
3 Years |
5 Years |
10 Years |
Class A |
$ |
$ |
$ |
$ |
Class C |
$ |
$ |
$ |
$ |
Class Z |
$ |
$ |
$ |
$ |
Class R6 |
$ |
$ |
$ |
$ |
Share Class |
1 Year |
3 Years |
5 Years |
10 Years |
Class A |
$ |
$ |
$ |
$ |
Class C |
$ |
$ |
$ |
$ |
Class Z |
$ |
$ |
$ |
$ |
Class R6 |
$ |
$ |
$ |
$ |
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Return Before Taxes |
One Year |
Since
Inception |
Inception
Date |
Class A Shares |
- |
- |
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Class C Shares |
- |
- |
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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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Return After Taxes on Distributions |
- |
- |
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Return After Taxes on Distributions and Sale of Fund Shares |
- |
- |
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Index % (reflects no deduction for fees, expenses or taxes) (as of 12-31-22) | |||
Bloomberg US Aggregate Bond Index |
- |
- |
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Investment Manager |
Subadvisers |
Portfolio Managers |
Title |
Service Date |
PGIM Investments LLC |
PGIM Fixed Income*
PGIM Limited |
Gregory Peters |
Managing Director
and Co-Chief
Investment Officer |
September 2021 |
Investment Manager |
Subadvisers |
Portfolio Managers |
Title |
Service Date |
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Robert Tipp, CFA |
Managing Director,
Chief Investment
Strategist and Head of
Global Bonds |
September 2021 |
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Richard Piccirillo |
Managing Director
and Senior Portfolio
Manager |
September 2021 |
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Matthew Angelucci,
CFA |
Principal and Portfolio
Manager |
September 2023 |
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Tyler Thorn |
Principal and Portfolio
Manager |
September 2023 |
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Class A* |
Class C* |
Class Z* |
Class R6 |
Minimum initial investment |
$1,000 |
$1,000 |
None |
None |
Minimum subsequent investment |
$100 |
$100 |
None |
None |
Principal Strategies: Investment Limits |
■Bonds that, at the time of investment, are included in the investable universe based on the subadviser’s ESG methodology:
At least 80% of investable assets ■Mortgage-related securities: Percentage varies ■High Yield Debt Securities (“Junk Bonds”): Up to 30% of investable assets ■Asset-Backed Securities: Up to 35% of investable assets |
Principal Strategies: Investment Limits |
■Foreign Debt Securities: Up to 30% of investable assets |
Certain Non-Principal Strategies: Investment Limits |
■Derivatives (including swaps): Up to 25% of net assets (subject to the Fund's operation under the requirements of Rule
18f-4 under the Investment Company Act of 1940) ■Bank Loan Investments: Up to 10% of net assets ■Money market instruments: Up to 20% of investable assets under normal market conditions, up to 100% of investable
assets on a temporary basis ■Short Sales: Up to 25% of net assets (not including short sales against the box) ■Zero coupon bonds, PIK and deferred payment securities: Percentage varies ■Illiquid Investments: Up to 15% of net assets ■When-issued and delayed-delivery securities: Percentage varies ■Convertible Securities, Preferred Stock, and Credit Linked Securities: Percentage varies ■Municipal Securities: Up to 5% of net assets ■Other Unregistered Structured Products: Up to 5% of total assets ■Credit-linked securities: Up to 15% of investable assets |
Expected Distribution Schedule* |
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Net Investment Income |
Monthly |
Short-Term Capital Gains |
Annually |
Long-Term Capital Gains |
Annually |
Share Class |
Eligibility |
Class A* |
Retail investors |
Class C* |
Retail investors |
Class Z* |
Certain group retirement plans, institutional investors and certain other investors |
Class R6 |
Certain group retirement plans, institutional investors and certain other investors |
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Class A* |
Class C* |
Class Z* |
Class R6 |
Minimum purchase amount |
$1,000 |
$1,000 |
None |
None |
Minimum amount for subsequent purchases |
$100 |
$100 |
None |
None |
Maximum initial sales charge |
3.25% of the public
offering price |
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 |
Annual distribution and service (12b-1) fees (shown
as a percentage of average daily net assets) |
0.25% |
1.00% |
None |
None |
Shareholder service fees |
None |
None |
None |
None |
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 October 31, |
September 30,
2021(a)
through
October 31, 2021 | |
|
2023 |
2022 | |
Per Share Operating Performance(b): | |||
Net Asset Value, Beginning of Period |
$7.97 |
$10.00 |
$10.00 |
Income (loss) from investment operations: | |||
Net investment income (loss) |
0.30 |
0.19 |
0.01 |
Net realized and unrealized gain (loss) on investment and foreign currency transactions |
(0.15) |
(1.97) |
-(c) |
Total from investment operations |
0.15 |
(1.78) |
0.01 |
Less Dividends and Distributions: | |||
Dividends from net investment income |
(0.45) |
(0.24) |
(0.01) |
Distributions from net realized gains |
- |
(0.01) |
- |
Total dividends and distributions |
(0.45) |
(0.25) |
(0.01) |
Net asset value, end of Period |
$7.67 |
$7.97 |
$10.00 |
Total Return(d): |
1.73% |
(18.02)% |
0.14% |
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Ratios/Supplemental Data: | |||
Net assets, end of Period (000) |
$126 |
$100 |
$14 |
Average net assets (000) |
$136 |
$241 |
$11 |
Ratios to average net assets(e): | |||
Expenses after waivers and/or expense reimbursement |
0.78%(f) |
0.76% |
0.76%(g) |
Expenses before waivers and/or expense reimbursement |
13.27% |
16.15% |
197.84%(g) |
Net investment income (loss) |
3.74% |
2.20% |
1.28%(g) |
Portfolio turnover rate(h) |
140% |
152% |
77% |
(a) |
Commencement of operations. |
(b) |
Calculated based on average shares outstanding during the period. |
(c) |
Amount rounds to zero. |
(d) |
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 period
reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full
year are not annualized. |
(e) |
Does not include expenses of the underlying funds in which the Fund invests. |
(f) |
Includes certain non-recurring expenses of 0.02% which are being excluded from the Fund's contractual waiver for the year ended October 31, 2023. |
(g) |
Annualized, with the exception of certain non-recurring expenses. |
(h) |
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 October 31, |
September 30,
2021(a)
through
October 31, 2021 | |
|
2023 |
2022 | |
Per Share Operating Performance(b): | |||
Net Asset Value, Beginning of Period |
$7.97 |
$10.00 |
$10.00 |
Income (loss) from investment operations: | |||
Net investment income (loss) |
0.25 |
0.15 |
-(c) |
Net realized and unrealized gain (loss) on investment and foreign currency transactions |
(0.16) |
(2.00) |
0.01 |
Total from investment operations |
0.09 |
(1.85) |
0.01 |
Less Dividends and Distributions: | |||
Dividends from net investment income |
(0.39) |
(0.17) |
(0.01) |
Distributions from net realized gains |
- |
(0.01) |
- |
Total dividends and distributions |
(0.39) |
(0.18) |
(0.01) |
Net asset value, end of Period |
$7.67 |
$7.97 |
$10.00 |
Total Return(d): |
0.97% |
(18.64)% |
0.07% |
| |||
Ratios/Supplemental Data: | |||
Net assets, end of Period (000) |
$37 |
$22 |
$10 |
Average net assets (000) |
$26 |
$15 |
$10 |
Ratios to average net assets(e): | |||
Expenses after waivers and/or expense reimbursement |
1.52%(f) |
1.51% |
1.51%(g) |
Expenses before waivers and/or expense reimbursement |
58.98% |
231.24% |
210.89%(g) |
Net investment income (loss) |
3.05% |
1.64% |
0.55%(g) |
Portfolio turnover rate(h) |
140% |
152% |
77% |
(a) |
Commencement of operations. |
(b) |
Calculated based on average shares outstanding during the period. |
(c) |
Amount rounds to zero. |
(d) |
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 period
reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full
year are not annualized. |
(e) |
Does not include expenses of the underlying funds in which the Fund invests. |
(f) |
Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver for the year ended October 31, 2023. |
(g) |
Annualized, with the exception of certain non-recurring expenses. |
(h) |
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 October 31, |
September 30,
2021(a)
through
October 31, 2021 | |
|
2023 |
2022 | |
Per Share Operating Performance(b): | |||
Net Asset Value, Beginning of Period |
$7.97 |
$10.00 |
$10.00 |
Income (loss) from investment operations: | |||
Net investment income (loss) |
0.33 |
0.23 |
0.01 |
Net realized and unrealized gain (loss) on investment and foreign currency transactions |
(0.16) |
(1.99) |
0.01 |
Total from investment operations |
0.17 |
(1.76) |
0.02 |
Less Dividends and Distributions: | |||
Dividends from net investment income |
(0.47) |
(0.26) |
(0.02) |
Distributions from net realized gains |
- |
(0.01) |
- |
Total dividends and distributions |
(0.47) |
(0.27) |
(0.02) |
Net asset value, end of Period |
$7.67 |
$7.97 |
$10.00 |
Total Return(c): |
2.00% |
(17.81)% |
0.16% |
| |||
Ratios/Supplemental Data: | |||
Net assets, end of Period (000) |
$571 |
$385 |
$10 |
Average net assets (000) |
$515 |
$266 |
$10 |
Ratios to average net assets(d): | |||
Expenses after waivers and/or expense reimbursement |
0.50%(e) |
0.49% |
0.49%(f) |
Expenses before waivers and/or expense reimbursement |
4.21% |
14.67% |
205.91%(f) |
Net investment income (loss) |
4.03% |
2.62% |
1.57%(f) |
Portfolio turnover rate(g) |
140% |
152% |
77% |
(a) |
Commencement of operations. |
(b) |
Calculated based on average shares outstanding during the period. |
(c) |
Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and
distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized. |
(d) |
Does not include expenses of the underlying funds in which the Fund invests. |
(e) |
Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver for the year ended October 31, 2023. |
(f) |
Annualized, with the exception of certain non-recurring expenses. |
(g) |
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 October 31, |
September 30,
2021(a)
through
October 31, 2021 | |
|
2023 |
2022 | |
Per Share Operating Performance(b): | |||
Net Asset Value, Beginning of Period |
$7.97 |
$10.00 |
$10.00 |
Income (loss) from investment operations: | |||
Net investment income (loss) |
0.33 |
0.23 |
0.02 |
Net realized and unrealized gain (loss) on investment and foreign currency transactions |
(0.15) |
(1.97) |
-(c) |
Total from investment operations |
0.18 |
(1.74) |
0.02 |
Less Dividends and Distributions: | |||
Dividends from net investment income |
(0.48) |
(0.28) |
(0.02) |
Distributions from net realized gains |
- |
(0.01) |
- |
Total dividends and distributions |
(0.48) |
(0.29) |
(0.02) |
Net asset value, end of Period |
$7.67 |
$7.97 |
$10.00 |
Total Return(d): |
2.10% |
(17.71)% |
0.17% |
| |||
Ratios/Supplemental Data: | |||
Net assets, end of Period (000) |
$21,043 |
$20,621 |
$25,051 |
Average net assets (000) |
$21,698 |
$23,001 |
$24,942 |
Ratios to average net assets(e): | |||
Expenses after waivers and/or expense reimbursement |
0.41%(f) |
0.39% |
0.39%(g) |
Expenses before waivers and/or expense reimbursement |
1.38% |
1.56% |
1.69%(g) |
Net investment income (loss) |
4.11% |
2.56% |
1.67%(g) |
Portfolio turnover rate(h) |
140% |
152% |
77% |
(a) |
Commencement of operations. |
(b) |
Calculated based on average shares outstanding during the period. |
(c) |
Amount rounds to zero. |
(d) |
Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and
distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized. |
(e) |
Does not include expenses of the underlying funds in which the Fund invests. |
(f) |
Includes certain non-recurring expenses of 0.02% which are being excluded from the Fund's contractual waiver for the year ended October 31, 2023. |
(g) |
Annualized, with the exception of certain non-recurring expenses. |
(h) |
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 ESG Total Return Bond Fund | ||||
Share Class |
A |
C |
Z |
R6 |
NASDAQ |
PAIWX |
PAIYX |
PAIZX |
PAJBX |
CUSIP |
74440B785 |
74440B777 |
74440B769 |
74440B751 |