Term |
Definition |
1933 Act | Securities Act of 1933, as amended |
1934 Act | Securities Exchange Act of 1934, as amended |
1940 Act | Investment Company Act of 1940, as amended |
1940 Act Laws, Interpretations and Exemptions | Exemptive order, SEC release, no-action letter or similar relief or interpretations, collectively |
ADR | American Depositary Receipt |
ADS | American Depositary Share |
Board | Fund’s Board of Directors or Trustees |
Board Member | A trustee or director of the Fund’s Board |
CEA | Commodity Exchange Act, as amended |
CFTC | US Commodity Futures Trading Commission |
Code | Internal Revenue Code of 1986, as amended |
CMO | Collateralized Mortgage Obligation |
ETF | Exchange-Traded Fund |
EDR | European Depositary Receipt |
Exchange | NYSE Arca, Inc. |
Fannie Mae | Federal National Mortgage Association |
FDIC | Federal Deposit Insurance Corporation |
Fitch | Fitch Ratings, Inc. |
Freddie Mac | Federal Home Loan Mortgage Corporation |
GDR | Global Depositary Receipt |
Ginnie Mae | Government National Mortgage Association |
IPO | Initial Public Offering |
IRS | Internal Revenue Service |
LIBOR | London Interbank Offered Rate |
Manager or PGIM Investments | PGIM Investments LLC |
Moody’s | Moody’s Investors Service, Inc. |
NASDAQ | National Association of Securities Dealers Automated Quotations |
NAV | Net Asset Value |
NRSRO | Nationally Recognized Statistical Rating Organization |
NYSE | New York Stock Exchange |
OTC | Over the Counter |
Prudential | Prudential Financial, Inc. |
PMFS | Prudential Mutual Fund Services LLC |
QPTP | “Qualified publicly traded partnership” as the term is used in the Internal Revenue Code of 1986, as amended |
Term |
Definition |
REIT | Real Estate Investment Trust |
RIC | Regulated Investment Company, as the term is used in the Internal Revenue Code of 1986, as amended |
S&P | S&P Global Ratings |
SEC | US Securities and Exchange Commission |
World Bank | International Bank for Reconstruction and Development |
■ | Junk bonds are issued by less creditworthy issuers. These securities are vulnerable to adverse changes in the issuer's economic condition and to general economic conditions. Issuers of junk bonds may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments or the unavailability of additional financing. |
■ | The issuers of junk bonds may have a larger amount of outstanding debt relative to their assets than issuers of investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations. |
■ | Junk bonds are frequently ranked junior to claims by other creditors. If the issuer cannot meet its obligations, the senior obligations are generally paid off before the junior obligations. |
■ | Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund before it matures. If an issuer redeems the junk bonds, a Fund may have to invest the proceeds in bonds with lower yields and may lose income. |
■ | Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a greater impact on the prices of junk bonds than on other higher rated fixed income securities. |
■ | Junk bonds may be more illiquid than higher rated fixed income securities even under normal economic conditions. There are fewer dealers in the junk bond market, and there may be significant differences in the prices quoted for junk bonds by the dealers. Because they are less liquid, judgment may play a greater role in valuing certain of a Fund’s portfolio securities than in the case of securities trading in a more liquid market. |
■ | A Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
Independent Board Members
|
|||
Name Year of Birth Position(s) Portfolios Overseen |
Principal
Occupation(s) During Past Five Years |
Other
Directorships Held During Past Five Years |
Length of Board Service |
Ellen
S. Alberding 1958 Board Member Portfolios Overseen: 95 |
President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); Vice Chair, City Colleges of Chicago (community college system) (2011-2015); Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); Trustee, Economic Club of Chicago (2009-2016); Trustee, Loyola University (since 2018). | None. | Since September 2013 |
Kevin
J. Bannon 1952 Board Member Portfolios Overseen: 95 |
Retired; Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds. | Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008). | Since July 2008 |
Linda
W. Bynoe 1952 Board Member Portfolios Overseen: 95 |
President
and Chief Executive Officer (since March 1995) and formerly Chief
Operating Officer (December 1989-February 1995) of Telemat Limited LLC
, ) |
Director of Anixter International, Inc. (communication products distributor) (since January 2006–June 2020); Director of Northern Trust Corporation (financial services) (since April 2006); Trustee of Equity Residential (residential real estate) (since December 2009). | Since March 2005 |
Barry
H. Evans 1960 Board Member Portfolios Overseen: 94 |
Retired; formerly President (2005 – 2016), Global Chief Operating Officer (2014– 2016), Chief Investment Officer – Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management U.S. | Formerly Director, Manulife Trust Company (2011-2018); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016). | Since September 2017 |
Independent Board Members
|
|||
Name Year of Birth Position(s) Portfolios Overseen |
Principal
Occupation(s) During Past Five Years |
Other
Directorships Held During Past Five Years |
Length of Board Service |
Keith
F. Hartstein 1956 Board Member & Independent Chair Portfolios Overseen: 95 |
Executive Committee of the IDC Board of Governors (since October 2019); Retired; Member (since November 2014) of the Governing Council of the Independent Directors Council (IDC) (organization of independent mutual fund directors); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008). | None. | Since September 2013 |
Laurie
Simon Hodrick 1962 Board Member Portfolios Overseen: 94 |
A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Professor of Law, Stanford Law School (since 2015); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008). | Independent Director, Synnex Corporation (since April 2019) (information technology); Independent Director, Kabbage, Inc. (June 2018-October 2020) (financial services); Independent Director, Corporate Capital Trust (2017-2018) (a business development company). | Since September 2017 |
Michael
S. Hyland, CFA 1945 Board Member Portfolios Overseen: 95 |
Retired (since February 2005); formerly Senior Managing Director (July 2001-February 2005) of Bear Stearns & Co, Inc.; Global Partner, INVESCO (1999-2001); Managing Director and President of Salomon Brothers Asset Management (1989-1999). | None. | Since July 2008 |
Brian
K. Reid 1961 Board Member Portfolios Overseen: 94 |
Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); Director, ICI Mutual Insurance Company (2012-2017). | None. | Since March 2018 |
Grace
C. Torres 1959 Board Member Portfolios Overseen: 94 |
Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc. | Formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank; Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank. | Since November 2014 |
Interested Board Members
| |||
Name Year of Birth Position(s) Portfolios Overseen |
Principal
Occupation(s) During Past Five Years |
Other
Directorships Held During Past Five Years |
Length of Board Service |
Stuart
S. Parker 1962 Board Member & President Portfolios Overseen: 96 |
President of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); Executive Vice President of Prudential Investment Management Services LLC (since December 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011). | None. | Since January 2012 |
Scott
E. Benjamin 1973 Board Member & Vice President Portfolios Overseen: 96 |
Executive Vice President (since June 2009) of PGIM Investments LLC; Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006). | None. | Since March 2010 |
Fund Officers
(a)
|
||
Name Year of Birth Fund Position |
Principal Occupation(s)
During Past Five Years |
Length of Service as Fund Officer |
Claudia
DiGiacomo 1974 Chief Legal Officer |
Chief Legal Officer of PGIM Investments LLC (since August 2020); Chief Legal Officer of Prudential Mutual Fund Services LLC (since August 2020); Chief Legal Officer of PIFM Holdco, LLC (since August 2020); Vice President and Corporate Counsel (since January 2005) of Prudential; and Corporate Counsel of AST Investment Services, Inc. (since August 2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004). | Since December 2005 |
Dino
Capasso 1974 Chief Compliance Officer |
Chief Compliance Officer (July 2019-Present) of PGIM Investments LLC; Chief Compliance Officer (July 2019-Present) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM High Yield Bond Fund, Inc.; Vice President and Deputy Chief Compliance Officer (June 2017-2019) of PGIM Investments LLC; formerly, Senior Vice President and Senior Counsel (January 2016-June 2017), and Vice President and Counsel (February 2012-December 2015) of Pacific Investment Management Company LLC. | Since March 2018 |
Andrew
R. French 1962 Secretary |
Vice President (since December 2018 - present) of PGIM Investments LLC; Formerly, Vice President and Corporate Counsel (2010-2018) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC. | Since October 2006 |
Diana
N. Huffman 1982 Assistant Secretary |
Vice President and Corporate Counsel (since September 2015) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; formerly Associate at Willkie Farr & Gallagher LLP (2009-2015). | Since March 2019 |
Melissa
Gonzalez 1980 Assistant Secretary |
Vice President and Corporate Counsel (since September 2018) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; formerly Director and Corporate Counsel (March 2014-September 2018) of Prudential. | Since March 2020 |
Patrick
E. McGuinness 1986 Assistant Secretary |
Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Director and Corporate Counsel (since February 2017) of Prudential; and Corporate Counsel (2012 – 2017) of IIL, Inc. | Since June 2020 |
Kelly
A. Coyne 1968 Assistant Secretary |
Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010). | Since March 2015 |
Christian
J. Kelly 1975 Treasurer and Principal Financial and Accounting Officer |
Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018); formerly, Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007). | Since January 2019 |
Fund Officers
(a)
|
||
Name Year of Birth Fund Position |
Principal Occupation(s)
During Past Five Years |
Length of Service as Fund Officer |
Lana
Lomuti 1967 Assistant Treasurer |
Vice President (since 2007) and Director (2005-2007), within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc. | Since April 2014 |
Russ
Shupak 1973 Assistant Treasurer |
Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration. | Since October 2019 |
Deborah
Conway 1969 Assistant Treasurer |
Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration. | Since October 2019 |
Elyse
M. McLaughlin 1974 Assistant Treasurer |
Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration. | Since October 2019 |
Charles
H. Smith 1973 Anti-Money Laundering Compliance Officer |
Vice President, Corporate Compliance, Anti-Money Laundering Unit (since January 2015) of Prudential; committee member of the American Council of Life Insurers Anti-Money Laundering and Critical Infrastructure Committee (since January 2016); formerly Global Head of Economic Sanctions Compliance at AIG Property Casualty (February 2007-December 2014); Assistant Attorney General at the New York State Attorney General's Office, Division of Public Advocacy. (August 1998-January 2007). | Since January 2017 |
■ | Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC. |
■ | Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410. |
■ | There is no set term of office for Board Members or Officers. The Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 75. |
■ | “Other Directorships Held” includes all directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other investment companies registered under the 1940 Act. |
■ | “Portfolios Overseen” includes all investment companies managed by PGIM Investments LLC. The investment companies for which PGIM Investments LLC serves as manager include the PGIM Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., The Prudential Series Fund, Prudential's Gibraltar Fund, Inc. and the Advanced Series Trust. |
■ | As used in the Fund Officers table “Prudential” means The Prudential Insurance Company of America. |
Name |
Aggregate Fiscal
Year Compensation from Funds |
Pension or Retirement
Benefits Accrued as Part of Fund Expenses |
Estimated Annual
Benefits Upon Retirement |
Total Compensation from
Funds and Fund Complex for Most Recent Calendar Year |
Compensation Received by
Independent Board Members | ||||
Ellen S. Alberding** | $27,267 | None | None | $300,500 (32/95)* |
Kevin J. Bannon | $27,990 | None | None | $322,000 (32/95)* |
Linda W. Bynoe | $29,067 | None | None | $316,000 (32/95)* |
Barry H. Evans** | $28,403 | None | None | $305,000 (31/94)* |
Keith F. Hartstein | $38,137 | None | None | $384,000 (32/95)* |
Laurie Simon Hodrick** | $27,773 | None | None | $311,000 (31/94)* |
Michael S. Hyland** | $27,767 | None | None | $316,000 (32/95)* |
Brian K. Reid | $27,773 | None | None | $311,000 (31/94)* |
Grace C. Torres | $26,747 | None | None | $267,000 (31/94)* |
Board Committee Meetings
(for most recently completed fiscal year) | ||
Audit Committee |
Nominating &
Governance Committee |
Dryden & Gibraltar
Investment Committees |
6 | 4 | 4 |
Name |
Dollar Range of
Equity Securities in each Fund |
Aggregate Dollar Range
of Equity Securities in All Registered Investment Companies Overseen by Board Member in Fund Complex |
Board Member Share
Ownership: Independent Board Members | ||
Ellen S. Alberding | None | Over $100,000 |
Kevin J. Bannon | PGIM Short Duration High Yield Income Fund: Over $100,000 | Over $100,000 |
Linda W. Bynoe | None | Over $100,000 |
Barry H. Evans | None | Over $100,000 |
Keith F. Hartstein | None | Over $100,000 |
Laurie Simon Hodrick | PGIM High Yield Fund: $50,001-$100,000 | Over $100,000 |
Michael S. Hyland | None | Over $100,000 |
Brian K. Reid | PGIM High Yield Fund: $50,001-$100,000 | Over $100,000 |
Grace C. Torres | PGIM High Yield Fund: $50,001-$100,000 | Over $100,000 |
Board Member Share
Ownership: Interested Board Members | ||
Stuart S. Parker | None | Over $100,000 |
Scott E. Benjamin | PGIM High Yield Fund: $1-$10,000 | Over $100,000 |
■ | the salaries and expenses of all of its and the Funds personnel except the fees and expenses of Independent Board Members; |
■ | all expenses incurred by the Manager or the Funds in connection with managing the ordinary course of a Fund’s business, other than those assumed by the Funds as described below; and |
■ | the fees, costs and expenses payable to any subadviser pursuant to a subadvisory agreement between PGIM Investments and such subadviser. |
■ | the fees and expenses incurred by the Funds in connection with the management of the investment and reinvestment of the Funds assets payable to the Manager; |
■ | the fees and expenses of Independent Board Members; |
■ | the fees and certain expenses of the Custodian and transfer and dividend disbursing agent, including the cost of providing records to the Manager in connection with its obligation of maintaining required records of the Funds and of pricing the Funds shares; |
■ | the charges and expenses of the Funds legal counsel and independent auditors and of legal counsel to the Independent Board Members; |
■ | brokerage commissions and any issue or transfer taxes chargeable to the Funds in connection with securities (and futures, if applicable) transactions; |
■ | all taxes and corporate fees payable by the Funds to governmental agencies; |
■ | the fees of any trade associations of which the Funds may be a member; |
■ | the cost of share certificates representing, and/or non-negotiable share deposit receipts evidencing, shares of the Funds; |
■ | the cost of fidelity, directors and officers and errors and omissions insurance; |
■ | the fees and expenses involved in registering and maintaining registration of the Funds and of Fund shares with the SEC and paying notice filing fees under state securities laws, including the preparation and printing of the Funds registration statements and prospectuses for such purposes; allocable communications expenses with respect to investor services and all expenses of shareholders' and Board meetings and of preparing, printing and mailing reports and notices to shareholders; and |
■ | litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Funds business and distribution and service (12b-1) fees. |
Management Fees Paid by
PGIM High Yield Fund |
|||
2020 |
2019 |
2018 | |
Gross Fee | $48,925,203 | $31,565,113 | $26,502,303 |
Amount Waived/Reimbursed by PGIM Investments | $(36,821) | $(38,093) | $(32,839) |
Net Fee | $48,888,382 | $31,527,020 | $26,469,464 |
Management Fees Paid by
PGIM Short Duration High Yield Income Fund |
|||
2020 |
2019 |
2018 | |
Gross Fee | $20,987,949 | $17,909,404 | $15,757,709 |
Amount Waived/Reimbursed by PGIM Investments | $(2,161,875) | $(1,854,601) | $(1,703,553) |
Net Fee | $18,826,074 | $16,054,803 | $14,054,156 |
Subadvisory Fees Paid by
PGIM Investments: PGIM High Yield Fund* | |||
2020 |
2019 |
2018 | |
$24,470,099 | $15,790,102 | $13,258,624 |
Subadvisory Fees Paid by
PGIM Investments: PGIM Short Duration High Yield Income Fund**
| |||
2020 |
2019 |
2018 | |
$10,773,381 | $9,177,098 | $8,061,093 |
Other Funds and Investment
Accounts Managed by the Portfolio Managers | |||||
Fund |
Subadviser |
Portfolio Managers
|
Registered
Investment Companies/Total Assets |
Other Pooled Investment Vehicles/ Total Assets |
Other Accounts/ Total Assets |
PGIM High Yield Fund | PGIM
Fixed Income* PGIM Limited |
Robert Cignarella, CFA | 29/$14,178,395,706 | 30/$8,001,912,964 | 114/$15,448,965,222 8/$1,491,439,868 |
Other Funds and Investment
Accounts Managed by the Portfolio Managers | |||||
Fund |
Subadviser |
Portfolio Managers
|
Registered
Investment Companies/Total Assets |
Other Pooled Investment Vehicles/ Total Assets |
Other Accounts/ Total Assets |
Robert Spano, CFA, CPA | 29/$13,897,089,499 | 30/$8,001,912,964 | 114/$15,448,965,22 8/$1,491,439,868 | ||
Ryan Kelly, CFA | 29/$13,897,089,499 | 30/$8,001,912,964 | 114/$15,448,965,22 8/$1,491,439,868 | ||
Brian Clapp, CFA | 29/$13,897,089,499 | 30/$8,001,912,964 | 114/$15,448,965,22 8/$1,491,439,868 | ||
Daniel Thorogood, CFA | 29/$13,897,089,499 | 30/$8,001,912,964 | 114/$15,448,965,22 8/$1,491,439,868 | ||
PGIM Short Duration High Yield Income Fund | PGIM
Fixed Income |
Robert Cignarella, CFA | 29/$30,277,698,941 | 30/$8,001,912,964 | 114/$15,448,965,222 8/$1,491,439,868 |
Robert Spano, CFA, CPA | 29/$29,996,392,734 | 30/$8,001,912,964 | 114/$15,448,965,222 $1,491,439,868 | ||
Ryan Kelly, CFA | 29/$29,996,392,734 | 30/$8,001,912,964 | 114/$15,448,965,222 $1,491,439,868 | ||
Brian Clapp, CFA | 29/$29,996,392,734 | 30/$8,001,912,964 | 114/$15,448,965,222 $1,491,439,868 | ||
Daniel Thorogood, CFA | 29/$29,996,392,734 | 30/$8,001,912,964 | 114/$15,448,965,222 $1,491,439,868 |
Personal Investments and
Financial Interests of the Portfolio Managers | ||
Subadviser |
Portfolio Managers
|
Investments and Other
Financial Interests in the Funds and Similar Strategies* |
PGIM Fixed Income | Robert Cignarella, CFA | Over $1,000,000 |
Robert Spano, CFA, CPA | $100,001 - $500,000 | |
Ryan Kelly, CFA | $100,001 - $500,000 | |
Brian Clapp, CFA | $100,001 - $500,000 | |
Daniel Thorogood, CFA | $100,001 - $500,000 |
1. | business initiatives; |
2. | the number of investment professionals receiving a bonus and related peer group compensation; |
3. | financial metrics of the business relative to those of appropriate peer groups; and |
4. | investment performance of portfolios: (i) relative to appropriate peer groups; and/or (ii) as measured against relevant investment indices. |
■ | elimination of the conflict; |
■ | disclosure of the conflict; or |
■ | management of the conflict through the adoption of appropriate policies, procedures or other mitigants. |
■ | Performance Fees - PGIM Fixed Income manages accounts with asset-based fees alongside accounts with performance-based fees. This side-by-side management may be deemed to create an incentive for PGIM Fixed Income and its investment professionals to favor one account over another. Specifically, PGIM Fixed Income or its affiliates could be considered to have the incentive to favor accounts for which PGIM Fixed Income or an affiliate receives performance fees, and possibly take greater investment risks in those accounts, in order to bolster performance and increase its fees. |
■ | Affiliated accounts - PGIM Fixed Income manages accounts on behalf of its affiliates as well as unaffiliated accounts. PGIM Fixed Income could be considered to have an incentive to favor accounts of affiliates over others. |
■ | Large accounts/higher fee strategies - large accounts and clients typically generate more revenue than do smaller accounts or clients and certain of PGIM Fixed Income’s strategies have higher fees than others. As a result, a portfolio manager could be considered to have an incentive when allocating scarce investment opportunities to favor accounts that pay a higher fee or generate more income for PGIM Fixed Income. |
■ | Long only and long/short accounts - PGIM Fixed Income manages accounts that only allow it to hold securities long as well as accounts that permit short selling. PGIM Fixed Income may, therefore, sell, and has at times sold, a security short in some client accounts while holding the same security long in other client accounts. These short sales could reduce the value of the securities held in the long only accounts. In addition, purchases for long only accounts could have a negative impact on the short positions. |
■ | Securities of the same kind or class - PGIM Fixed Income sometimes buys or sells, or direct or recommend that a client buy or sell, securities of the same kind or class that are purchased or sold for another client at prices that may be different. Although such pricing differences could appear as preferences for one client over another, PGIM Fixed Income’s trade execution in each case is driven by its consideration of a variety of factors as PGIM Fixed Income seeks the most advantageous terms reasonably attainable in the circumstances. PGIM Fixed Income may also, at any time, execute, and has at times executed, trades of securities of the same kind or class in one direction for an account and in the opposite direction for another account, or not trade such securities in any other account. While such trades (or a decision not to trade) could appear as inconsistencies in how PGIM Fixed Income views a security for one client versus another, opposite way trades are generally due to differences in investment strategy, portfolio composition or client direction. |
■ | Investment at different levels of an issuer’s capital structure - PGIM Fixed Income may invest, and has at times invested, client assets in the same issuer, but at different levels in the issuer’s capital structure. For instance, PGIM Fixed Income may invest, and has at times invested, client assets in private securities or loans of an issuer and invest the assets of other clients in publicly traded securities of the same issuer. In addition, PGIM Fixed Income may invest, and has at times invested, client assets in a class or tranche of securities of a securitized finance vehicle (such as a collateralized loan obligation, asset-backed security or mortgage-backed security) where PGIM Fixed Income also, at the same or different time, invests the assets of another client (including affiliated clients) in a different class or tranche of securities of the same vehicle. These different securities may have different voting rights, dividend or repayment priorities, rights in bankruptcy or other features that conflict with one another. For some of these securities (particularly private securitized product investments for which clients own all or a significant portion of the outstanding securities or obligations), PGIM Fixed Income may have, and has had, input regarding the characteristics and the relative rights and priorities of the various classes or tranches. |
■ | When PGIM Fixed Income invests client assets in different levels of an issuer’s capital structure, it is permitted to take actions with respect to the assets held by one client (including affiliated clients) that are potentially adverse to other clients, for example, by foreclosing on loans or by putting an issuer into default. In negotiating the terms and conditions of any such investments, or any subsequent amendments or waivers, PGIM Fixed Income may find that the interests of a client and the interests of one or more other clients (including affiliated clients) could conflict. In these situations, decisions over proxy voting, corporate reorganizations, how to exit an investment, bankruptcy matters (including, for example, whether to trigger an event of default or the terms of any workout) or other actions or inactions may result in conflicts of interest. Similarly, if an issuer in which a client and one or more other clients directly or indirectly hold different classes of securities encounters financial problems, decisions over the terms of any workout will raise conflicts of interest (including potential conflicts over proposed waivers and amendments to debt covenants). For example, a senior bond holder may prefer a liquidation of the issuer in which it may be paid in full, whereas an equity or junior bond holder might prefer a reorganization that holds the potential to create value for the equity holders or junior bond holders. In some cases, PGIM Fixed Income may refrain, and has at times refrained, from taking certain actions or making investments on behalf of certain clients or PGIM Fixed Income may sell, and has at times sold, investments for certain clients, in each case in order to mitigate conflicts of interest or legal, regulatory or other risks to PGIM Fixed Income. This could potentially disadvantage the clients on whose behalf the actions are not taken, investments are not made, or investments are sold. Conversely, in other cases, PGIM Fixed Income will not refrain, and has at times not refrained, from taking actions or making investments on behalf of some clients (including affiliated clients), which could potentially disadvantage other clients. Any of the foregoing conflicts of interest will be resolved on a case-by-case basis. Any such resolution will take into consideration the interests of the relevant clients, the circumstances giving rise to the conflict and applicable laws. |
■ | Financial interests of investment professionals - PGIM Fixed Income investment professionals from time to time invest in certain investment vehicles that it manages, including ETFs, mutual funds and collective investment trusts. Also, certain of these investment vehicles are options under the 401(k) and deferred compensation plans offered by Prudential Financial, Inc. In addition, the value of grants under PGIM Fixed Income’s long-term incentive plan and targeted long-term incentive plan is affected by the performance of certain client accounts. As a result, PGIM Fixed Income investment professionals have financial interests in accounts managed by PGIM Fixed Income or that are related to the performance of certain client accounts. |
■ | Non-discretionary/limited discretion accounts - PGIM Fixed Income provides non-discretionary investment advice to some clients and manages others on a discretionary basis. Trades in non-discretionary accounts or accounts where discretion is limited could occur before, in concert with, or after PGIM Fixed Income executes similar trades in its discretionary accounts. The non-discretionary/limited discretion clients may be disadvantaged if PGIM Fixed Income delivers investment advice to them after it initiates trading for the discretionary clients, or vice versa. |
■ | In keeping with PGIM Fixed Income’s fiduciary obligations, its policy with respect to trade aggregation and allocation is to treat all of its client accounts fairly and equitably over time. PGIM Fixed Income’s trade management oversight committee, which generally meets quarterly, is responsible for providing oversight with respect to trade aggregation and allocation. Its compliance group periodically reviews a sampling of new issue allocations and related documentation to confirm compliance with the trade aggregation and allocation procedures. In addition, the compliance and investment risk management groups review forensic reports regarding new issue and secondary trade activity on a quarterly basis. This forensic analysis includes such data as the: (i) number of new issues allocated in the strategy; (ii) size of new issue allocations to each portfolio in the strategy; (iii) profitability of new issue transactions; (iv) portfolio turnover; and (v) metrics related to large and block trade activity. The results of these analyses are reviewed and discussed at PGIM Fixed Income’s trade management oversight committee meetings. The procedures above are designed to detect patterns and anomalies in PGIM Fixed Income’s side-by-side management and trading so that it may assess and improve its processes. |
■ | PGIM Fixed Income has procedures that specifically address its side-by-side management of certain long/short and long only portfolios. These procedures address potential conflicts that could arise from differing positions between long/short and long only portfolios. In addition, lending opportunities with respect to securities for which the market is demanding a slight premium rate over normal market rates are allocated to long only accounts prior to allocating the opportunities to long/short accounts. |
■ |
Conflicts Related to
Investment of Client Assets in Affiliated Funds
.
PGIM Fixed Income invests, and may in the future invest, client assets in
funds that it manages or subadvises for an affiliate. PGIM Fixed Income
also invests cash collateral from securities lending transactions in these
funds. These investments benefit both PGIM Fixed Income and its
affiliate. |
■ |
Insurance Affiliate
General Accounts
.
Because of the substantial size of the general accounts of PGIM Fixed
Income’s affiliated insurance companies (the “Insurance Affiliates”),
trading by these general accounts, including PGIM Fixed Income’s trades on
behalf of the accounts, may affect the market prices or limit the
availability of the securities or instruments transacted. Although PGIM
Fixed Income does not expect that the general accounts of affiliated
insurers will execute transactions that will move a market frequently, and
generally only in response to unusual market or issuer events, the
execution of these transactions could have an adverse effect on
transactions for or positions held by other
clients. |
■ | PGIM Fixed Income invests in the securities of one or more clients for the accounts of other clients. |
■ | PGIM Fixed Income’s affiliates sell various products and/or services to certain companies whose securities PGIM Fixed Income purchases and sells for PGIM Fixed Income clients. |
■ | PGIM Fixed Income invests in the debt securities of companies whose equity is held by its affiliates. |
■ | PGIM Fixed Income’s affiliates hold public and private debt and equity securities of a large number of issuers. PGIM Fixed Income invests in some of the same issuers for other client accounts but at different levels in the capital structure. For example: |
■ | Affiliated
accounts have held and can in the future hold the senior debt of an issuer
whose subordinated debt is held by PGIM Fixed Income’s clients or hold
secured debt of an issuer whose public unsecured debt is held in client
accounts. See “
Investment at different
levels of an issuer’s capital structure |
■ | it provides advisory services to the proprietary accounts of investment consultants and/or their affiliates, and advisory services to funds offered by investment consultants and/or their affiliates; |
■ | it invites investment consultants to events or other entertainment hosted by PGIM Fixed Income; |
■ | it purchases software applications, market data, access to databases, technology services and other products or services from certain investment consultants; and |
■ | it may pay for the opportunity to participate in conferences organized by investment consultants. |
Securities Lending
Activities | ||
PGIM High Yield Fund
|
PGIM Short
Duration High Yield Income Fund | |
Gross income from securities lending activities | $26,916,222 | $5,944,966 |
Securities Lending
Activities | ||
PGIM High Yield Fund
|
PGIM Short
Duration High Yield Income Fund | |
Fees and/or compensation for securities lending activities and related services | ||
Fees paid to securities lending agent from a revenue split | ($ 776,680) | ($ 115,029) |
Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) | ($ 1,502,102) | ($ 281,675) |
Administrative fees not included in revenue split | $ - | $ - |
Indemnification fee not included in revenue split | $ - | $ - |
Rebate (paid to borrower) | ($15,729,206) | ($4,230,497) |
Other fees not included in revenue split (specify) | $ - | $ - |
Aggregate fees/compensation for securities lending activities | ($18,007,988) | ($4,627,201) |
Net income from securities lending activities | $ 8,908,234 | $1,317,765 |
Fees Paid to PMFS
| |
Fund Name |
Amount |
PGIM High Yield Fund | $971,747 |
PGIM Short Duration High Yield Income Fund | $136,061 |
Payments Received by the
Distributor: PGIM High Yield Fund |
|
CLASS A CONTINGENT DEFERRED SALES CHARGES (CDSC) | $33,533 |
CLASS A DISTRIBUTION AND SERVICE (12B-1) FEES | $4,099,701 |
CLASS A INITIAL SALES CHARGES | $2,638,339 |
CLASS B CONTINGENT DEFERRED SALES CHARGES (CDSC) | $- |
CLASS B DISTRIBUTION AND SERVICE (12B-1) FEES | $380,528 |
CLASS C CONTINGENT DEFERRED SALES CHARGES (CDSC) | $45,061 |
CLASS C DISTRIBUTION AND SERVICE (12B-1) FEES | $2,406,744 |
CLASS R DISTRIBUTION AND SERVICE (12B-1) FEES | $365,198 |
CLASS R2 DISTRIBUTION (12B-1) FEES | $22,341 |
Payments Received by the
Distributor: PGIM Short Duration High Yield Income Fund |
|
CLASS A CONTINGENT DEFERRED SALES CHARGES (CDSC) | $19,086 |
CLASS A DISTRIBUTION AND SERVICE (12B-1) FEES | $725,547 |
CLASS A INITIAL SALES CHARGES | $422,635 |
CLASS C CONTINGENT DEFERRED SALES CHARGES (CDSC) | $50,535 |
CLASS C DISTRIBUTION AND SERVICE (12B-1) FEES | $3,157,270 |
Amounts Spent by the
Distributor: PGIM High Yield Fund | ||||
Share Class |
Printing &
Mailing Prospectuses to Other than Current Shareholders |
Compensation to
Broker/Dealers for Commissions to Representatives and Other Expenses* |
Overhead Costs** |
Total Amount Spent |
CLASS A | $- | $3,966,720 | $476,472 | $4,443,192 |
CLASS B | $- | $125,909 | $12 | $125,921 |
CLASS C | $- | $2,560,452 | $82,924 | $2,643,376 |
CLASS R | $- | $355,231 | $7,952 | $363,183 |
Amounts Spent by the
Distributor: PGIM High Yield Fund | ||||
Share Class |
Printing &
Mailing Prospectuses to Other than Current Shareholders |
Compensation to
Broker/Dealers for Commissions to Representatives and Other Expenses* |
Overhead Costs** |
Total Amount Spent |
CLASS R2 | $- | $22,834 | $2,884 | $25,718 |
CLASS R4 | $- | $- | $13,210 | $13,210 |
Amounts Spent by the
Distributor: PGIM Short Duration High Yield Income Fund | ||||
Share Class |
Printing &
Mailing Prospectuses to Other than Current Shareholders |
Compensation to
Broker/Dealers for Commissions to Representatives and Other Expenses* |
Overhead Costs** |
Total Amount Spent |
CLASS A | $- | $640,217 | $229,193 | $869,410 |
CLASS C | $- | $2,944,407 | $69,523 | $3,013,930 |
■ | Ameriprise Financial, Inc. |
■ | Wells Fargo Advisors, LLC |
■ | Prudential Retirement |
■ | Charles Schwab & Co, Inc. |
■ | Morgan Stanley Smith Barney |
■ | Raymond James Financial |
■ | National Financial Services |
■ | Merrill Lynch Pierce Fenner & Smith Inc. |
■ | LPL Financial LLC |
■ | UBS |
■ | Edward Jones |
■ | Commonwealth Financial Network |
■ | Matrix Financial Group |
■ | Empower Retirement |
■ | Cetera Advisor Networks |
■ | Principal Securities Inc. |
■ | PNC |
■ | AIG Advisor Group |
■ | Voya Financial |
■ | ADP Broker Dealer, Inc. |
■ | John Hancock |
■ | American United Life Insurance Co. |
■ | Nationwide Investment Services Co. |
■ | TIAA |
■ | Massachusetts Mutual |
■ | Midatlantic Capital Group |
■ | Standard Insurance Company |
■ | Ascensus, LLC. |
■ | Northwestern Mutual |
■ | Securities America, Inc. |
■ | Talcott Resolution Life |
■ | Reliance Trust Company |
■ | Alight Solutions LLC |
■ | RBC Capital Markets, LLC |
■ | T. Rowe Price |
■ | Cambridge Investment Research |
■ | The Vanguard Group, Inc. |
■ | Conduent, Inc. |
■ | TD Ameritrade |
■ | Sammons Retirement Solutions |
■ | Lincoln Financial Group |
■ | Valic Financial Advisors Inc. |
■ | Citigroup Inc. |
■ | Security Benefit |
■ | Janney Montgomery Scott, LLC |
■ | Newport Group, Inc. |
■ | Securities Service Network, LLC |
■ | KMS Financial Services Inc |
■ | Triad Advisors, LLC |
■ | Northern Trust |
■ | Oppenheimer & Co, Inc. |
■ | Investacorp |
Offering Price Per Share
|
||
PGIM High Yield Fund |
PGIM Short Duration High
Yield Income Fund | |
Class A |
||
NAV and redemption price per Class A share | $5.36 | $8.75 |
Maximum initial sales charge (3.25% and 2.25% of offering price for each of PGIM High Yield Fund and PGIM Short Duration High Yield Income Fund, respectively) | $0.18 | $0.20 |
Maximum offering price to public | $5.54 | $8.95 |
Class C |
||
NAV, offering price and redemption price per Class C share | $5.35 | $8.75 |
Class R (PGIM High Yield
Fund only) |
||
NAV, offering price and redemption price per Class R share | $5.36 | N/A |
Class Z |
Offering Price Per Share
|
||
PGIM High Yield Fund |
PGIM Short Duration High
Yield Income Fund | |
NAV, offering price and redemption price per Class Z share | $5.37 | $8.75 |
Class R2 (PGIM High Yield
Fund only) |
||
NAV, offering price and redemption price per Class R2 share | $5.37 | N/A |
Class R4 (PGIM High Yield
Fund only) |
||
NAV, offering price and redemption price per Class R4 share | $5.36 | N/A |
Class R6 |
||
NAV, offering price and redemption price per Class R6 share | $5.36 | $8.76 |
Brokerage Commissions Paid
by PGIM High Yield Fund ($) |
|||
2020 |
2019 |
2018 | |
Total brokerage commissions paid by the Fund | $830,346 | $87,700 | $75,429 |
Total brokerage commissions paid to affiliated brokers | None | None | None |
Percentage of total brokerage commissions paid to affiliated brokers | 0% | 0% | 0% |
Percentage of the aggregate dollar amount of portfolio transactions involving the payment of commissions to affiliated brokers | 0% | 0% | 0% |
Brokerage Commissions Paid
by PGIM Short Duration High Yield Income Fund ($) |
|||
2020 |
2019 |
2018 | |
Total brokerage commissions paid by the Fund | $71,610 | $25,309 | $19,655 |
Total brokerage commissions paid to affiliated brokers | None | None | None |
Percentage of total brokerage commissions paid to affiliated brokers | 0% | 0% | 0% |
Percentage of the aggregate dollar amount of portfolio transactions involving the payment of commissions to affiliated brokers | 0% | 0% | 0% |
Broker-Dealer Securities
Holdings ($) (as of most recently completed fiscal year) | ||
Equity or Debt |
Amount | |
PGIM High Yield Fund
|
||
CIT CAPITAL SECURITIES, LLC | Debt | $50,761,880 |
GOLDMAN SACHS & CO. | Equity | $2,425,560 |
PGIM Short Duration High
Yield Income Fund |
||
CIT CAPITAL SECURITIES, LLC | Debt | $7,938,973 |
Portfolio Turnover Rate
|
||
Fund name |
2020 |
2019 |
High Yield | 45% | 43% |
Short Duration High Yield Income | 65% | 49% |
PGIM Short Duration High
Yield Income Fund |
|
Class A Common Stock | 160,000,000 |
Class C Common Stock | 100,000,000 |
Class R6 Common Stock | 150,000,000 |
Class Z Common Stock | 700,000,000 |
Class T Common Stock | 75,000,000 |
PGIM High Yield Fund
|
|
Class A Common Stock | 665,000,000 |
Class B Common Stock | 50,000,000 |
Class C Common Stock | 200,000,000 |
Class R6 Common Stock | 1,000,000,000 |
Class R Common Stock | 150,000,000 |
Class Z Common Stock | 2,250,000,000 |
Class T Common Stock | 300,000,000 |
Class R2 Common Stock | 100,000,000 |
Class R4 Common Stock | 100,000,000 |
Principal Fund
Shareholders (as of October 9, 2020) | |||
Fund Name and Share Class
|
Shareholder Name and
Address |
No. of Shares |
% of Class |
PGIM SHORT DUR HIGH YIELD INC CL A | MERRILL
LYNC,PIERC,FENNER&SMITH FOR THE SOLE BENEFIT OF ITS CUST 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 |
6,063,310.475 | 16.46% |
PGIM SHORT DUR HIGH YIELD INC CL A | WELLS
FARGO CLEARING SVCS LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
4,503,773.275 | 12.23% |
PGIM SHORT DUR HIGH YIELD INC CL A | MORGAN
STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS 1 NEW YORK PLAZA FL 12 NEW YORK NY 10004-1901 |
3,803,880.252 | 10.33% |
PGIM SHORT DUR HIGH YIELD INC CL A | NATIONAL
FINANCIAL SERVICES LLC FOR EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT - 4TH FLOOR 499 WASHINGTON BLVD JERSEY CITY NJ 07310 |
3,625,056.403 | 9.84% |
Principal Fund
Shareholders (as of October 9, 2020) | |||
Fund Name and Share Class
|
Shareholder Name and
Address |
No. of Shares |
% of Class |
PGIM SHORT DUR HIGH YIELD INC CL A | EDWARD
D JONES & CO ATTN: MUTUAL FUND SHAREHOLDER ACCOUNTING 201 PROGRESS PKWY MARYLAND HTS MO 63043-3003 |
3,578,650.436 | 9.71% |
PGIM SHORT DUR HIGH YIELD INC CL A | PERSHING
LLC 1 PERSHING PLAZA JERSEY CITY NJ 07399-0002 |
2,597,512.707 | 7.05% |
PGIM SHORT DUR HIGH YIELD INC CL A | UBS
WM USA 0O0 11011 6100 SPEC CDY A/C EXL BEN CUSTOMERS OF UBSFSI 1000 HARBOR BLVD WEEHAWKEN, NJ 07086 |
2,093,215.439 | 5.68% |
PGIM SHORT DUR HIGH YIELD INC CL A | AMERICAN
ENTERPRISE INVESTMENT SVC (FBO) 41999970 707 2ND AVE SOUTH MINNEAPOLIS MN 55402-2405 |
1,945,506.037 | 5.28% |
PGIM SHORT DUR HIGH YIELD INC CL C | WELLS
FARGO CLEARING SVCS LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
8,379,150.722 | 24.79% |
PGIM SHORT DUR HIGH YIELD INC CL C | AMERICAN
ENTERPRISE INVESTMENT SVC (FBO) 41999970 707 2ND AVE SOUTH MINNEAPOLIS MN 55402-2405 |
4,921,433.242 | 14.56% |
PGIM SHORT DUR HIGH YIELD INC CL C | RAYMOND
JAMES OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716 |
3,501,377.096 | 10.36% |
PGIM SHORT DUR HIGH YIELD INC CL C | MERRILL
LYNC,PIERC,FENNER&SMITH FOR THE SOLE BENEFIT OF ITS CUST 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 |
3,009,599.342 | 8.90% |
PGIM SHORT DUR HIGH YIELD INC CL C | LPL
FINANCIAL A/C 1000-0005 4707 EXECUTIVE DRIVE SAN DIEGO CA 92121-3091 |
2,436,465.355 | 7.21% |
PGIM SHORT DUR HIGH YIELD INC CL C | MORGAN
STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS 1 NEW YORK PLAZA FL 12 NEW YORK NY 10004-1901 |
2,299,137.830 | 6.80% |
PGIM SHORT DUR HIGH YIELD INC CL C | NATIONAL
FINANCIAL SERVICES LLC FOR EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT - 4TH FLOOR 499 WASHINGTON BLVD JERSEY CITY NJ 07310 |
2,268,953.542 | 6.71% |
PGIM SHORT DUR HIGH YIELD INC CL C | PERSHING
LLC 1 PERSHING PLAZA JERSEY CITY NJ 07399-0002 |
1,874,212.283 | 5.54% |
PGIM SHORT DUR HIGH YIELD INC CL Z | MORGAN
STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS 1 NEW YORK PLAZA FL 12 NEW YORK NY 10004-1901 |
50,420,559.305 | 19.81% |
Principal Fund
Shareholders (as of October 9, 2020) | |||
Fund Name and Share Class
|
Shareholder Name and
Address |
No. of Shares |
% of Class |
PGIM SHORT DUR HIGH YIELD INC CL Z | AMERICAN
ENTERPRISE INVESTMENT SVC (FBO) 41999970 707 2ND AVE SOUTH MINNEAPOLIS MN 55402-2405 |
40,757,294.330 | 16.02% |
PGIM SHORT DUR HIGH YIELD INC CL Z | NATIONAL
FINANCIAL SERVICES LLC FOR EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT 4TH FLOOR 499 WASHINGTON BLVD JERSEY CITY NJ 07310 |
28,000,495.892 | 11.00% |
PGIM SHORT DUR HIGH YIELD INC CL Z | MERRILL
LYNC,PIERC,FENNER&SMITH FOR THE SOLE BENEFIT OF ITS CUST 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 |
24,372,762.135 | 9.58% |
PGIM SHORT DUR HIGH YIELD INC CL Z | WELLS
FARGO CLEARING SVCS LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
22,935,583.917 | 9.01% |
PGIM SHORT DUR HIGH YIELD INC CL Z | LPL
FINANCIAL A/C 1000-0005 4707 EXECUTIVE DRIVE SAN DIEGO CA 92121-3091 |
18,092,926.846 | 7.11% |
PGIM SHORT DUR HIGH YIELD INC CL Z | CHARLES
SCHWAB CO 211 MAIN ST SAN FRANCISCO CA 94105-1901 |
14,897,677.805 | 5.85% |
PGIM SHORT DUR HIGH YIELD INC CL Z | UBS
WM USA 0O0 11011 6100 SPEC CDY A/C EXL BEN CUSTOMERS OF UBSFSI 1000 HARBOR BLVD WEEHAWKEN, NJ 07086 |
13,543,979.351 | 5.32% |
PGIM SHORT DUR HIGH YIELD INC CL R6 | J
P MORGAN SECURITIES LLC OMNIBUS ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CENTER 3RD FLOOR MUTUAL FUND DEPARTMENT BROOKLYN NY 11245 |
24,266,884.667 | 41.38% |
PGIM SHORT DUR HIGH YIELD INC CL R6 | EDWARD
D JONES & CO ATTN: MUTUAL FUND SHAREHOLDER ACCOUNTING 201 PROGRESS PKWY MARYLAND HTS MO 63043-3003 |
8,671,753.041 | 14.79% |
PGIM SHORT DUR HIGH YIELD INC CL R6 | BAND
& CO C/O US BANK NA PO BOX 1787 MILWAUKEE WI 53201-1787 |
8,649,045.795 | 14.75% |
PGIM SHORT DUR HIGH YIELD INC CL R6 | SAXON
& CO FBO 20350026934439 P.O. BOX 94597 CLEVELAND OH 44101 |
4,712,922.419 | 8.04% |
PGIM SHORT DUR HIGH YIELD INC CL R6 | WELLS
FARGO BANK NA FBO CHES CTY MUTUAL FUND 1546009128 PO BOX 1533 MINNEAPOLIS, MN 55480 |
3,425,234.574 | 5.84% |
Principal Fund
Shareholders (as of October 9, 2020) | |||
Fund Name and Share Class
|
Shareholder Name and
Address |
No. of Shares |
% of Class |
PGIM SHORT DUR HIGH YIELD INC CL R6 | PRUDENTIAL
INVESTMENT PORTFOLIO 16 PGIM INCOME BUILDER FUND ATTN RITA TUCCI VICE PRESIDENT-OPS 2 GATEWAY CTR FL 6 NEWARK NJ 07102-5008 |
2,936,289.465 | 5.01% |
Principal Fund
Shareholders (as of October 9, 2020) | |||
Fund Name and Share Class
|
Shareholder Name and
Address |
No. of Shares |
% of Class |
PGIM HIGH YIELD CL A | NATIONAL
FINANCIAL SERVICES LLC FOR EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT - 4TH FLOOR 499 WASHINGTON BLVD JERSEY CITY NJ 07310 |
55,793,725.005 | 17.05% |
PGIM HIGH YIELD CL A | WELLS
FARGO CLEARING SVCS LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
33,729,511.995 | 10.31% |
PGIM HIGH YIELD CL A | EDWARD
D JONES & CO ATTN: MUTUAL FUND SHAREHOLDER ACCOUNTING 201 PROGRESS PKWY MARYLAND HTS MO 63043-3003 |
32,691,890.661 | 9.99% |
PGIM HIGH YIELD CL A | CHARLES
SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105 |
24,120,920.263 | 7.37% |
PGIM HIGH YIELD CL C | WELLS
FARGO CLEARING SVCS LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
9,738,907.193 | 19.43% |
PGIM HIGH YIELD CL C | NATIONAL
FINANCIAL SERVICES LLC FOR EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT - 4TH FLOOR 499 WASHINGTON BLVD JERSEY CITY NJ 07310 |
6,801,993.665 | 13.57% |
PGIM HIGH YIELD CL C | MORGAN
STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS 1 NEW YORK PLAZA FL 12 NEW YORK NY 10004-1901 |
5,070,787.604 | 10.12% |
PGIM HIGH YIELD CL C | PERSHING
LLC 1 PERSHING PLAZA JERSEY CITY NJ 07399-0002 |
4,988,799.674 | 9.95% |
PGIM HIGH YIELD CL C | AMERICAN
ENTERPRISE INVESTMENT SVC (FBO) 41999970 707 2ND AVE SOUTH MINNEAPOLIS MN 55402-2405 |
3,861,483.797 | 7.70% |
PGIM HIGH YIELD CL C | EDWARD
D JONES & CO ATTN: MUTUAL FUND SHAREHOLDER ACCOUNTING 201 PROGRESS PKWY MARYLAND HTS MO 63043-3003 |
3,489,704.015 | 6.96% |
Principal Fund
Shareholders (as of October 9, 2020) | |||
Fund Name and Share Class
|
Shareholder Name and
Address |
No. of Shares |
% of Class |
PGIM HIGH YIELD CL C | MERRILL
LYNC,PIERC,FENNER&SMITH FOR THE SOLE BENEFIT OF ITS CUST 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 |
3,006,811.756 | 6.00% |
PGIM HIGH YIELD CL C | RAYMOND
JAMES OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716 |
2,602,679.013 | 5.19% |
PGIM HIGH YIELD CL C | CHARLES
SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105 |
2,561,250.358 | 5.11% |
PGIM HIGH YIELD CL R | VOYA
INSTITUTIONAL TRUST COMPANY ONE ORANGE WAY WINDSOR CT 06095-4774 |
4,764,110.883 | 33.99% |
PGIM HIGH YIELD CL R | STATE
STREET BANK AND TRUST TTEE AND/OR CUSTODIAN (FBO) ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901 |
3,806,321.109 | 27.16% |
PGIM HIGH YIELD CL R | DCGT
AS TTEE AND/OR CUST FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS ATTN NPIO TRADE DESK 711 HIGH STREET DES MOINES, IA 50392 |
2,040,112.623 | 14.56% |
PGIM HIGH YIELD CL Z | CHARLES
SCHWAB CO 211 MAIN ST SAN FRANCISCO CA 94105-1901 |
384,788,433.227 | 22.29% |
PGIM HIGH YIELD CL Z | MORGAN
STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS 1 NEW YORK PLAZA FL 12 NEW YORK NY 10004-1901 |
242,828,179.047 | 14.07% |
PGIM HIGH YIELD CL Z | WELLS
FARGO CLEARING SVCS LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
225,843,061.403 | 13.08% |
PGIM HIGH YIELD CL Z | RAYMOND
JAMES OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716 |
195,919,210.740 | 11.35% |
PGIM HIGH YIELD CL Z | NATIONAL
FINANCIAL SERVICES LLC FOR EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT 4TH FLOOR 499 WASHINGTON BLVD JERSEY CITY NJ 07310 |
154,857,288.723 | 8.97% |
PGIM HIGH YIELD CL Z | AMERICAN
ENTERPRISE INVESTMENT SVC (FBO) 41999970 707 2ND AVE SOUTH MINNEAPOLIS MN 55402-2405 |
140,389,776.320 | 8.13% |
Principal Fund
Shareholders (as of October 9, 2020) | |||
Fund Name and Share Class
|
Shareholder Name and
Address |
No. of Shares |
% of Class |
PGIM HIGH YIELD CL R2 | DCGT
AS TTEE AND/OR CUST FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS ATTN NPIO TRADE DESK 711 HIGH STREET DES MOINES, IA 50392 |
1,216,519.157 | 45.33% |
PGIM HIGH YIELD CL R2 | GREAT-WEST
TRUST COMPANY LLC TTEE F EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111 |
308,064.578 | 11.48% |
PGIM HIGH YIELD CL R2 | STATE
STREET BANK AND TRUST TTEE AND/OR CUSTODIAN (FBO) ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901 |
200,474.549 | 7.47% |
PGIM HIGH YIELD CL R2 | FIIOC
FBO CALVARY AUTOMATION 100 MAGELLAN WAY #KW1C COVINGTON KY 41015-1987 |
160,515.419 | 5.98% |
PGIM HIGH YIELD CL R4 | MERRILL
LYNC,PIERC,FENNER&SMITH FOR THE SOLE BENEFIT OF ITS CUST 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 |
1,439,644.902 | 41.76% |
PGIM HIGH YIELD CL R4 | DCGT
AS TTEE AND/OR CUST FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS ATTN NPIO TRADE DESK 711 HIGH STREET DES MOINES, IA 50392 |
364,317.582 | 10.57% |
PGIM HIGH YIELD CL R4 | NATIONAL
FINANCIAL SERVICES LLC 499 WASHINGTON BLVD JERSEY CITY, NJ 07310 |
307,349.771 | 8.92% |
PGIM HIGH YIELD CL R4 | GREAT-WEST
TRUST COMPANY LLC TTEE F EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111 |
246,459.247 | 7.15% |
PGIM HIGH YIELD CL R4 | STATE
STREET BANK AND TRUST TTEE AND/OR CUSTODIAN (FBO) ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901 |
218,541.570 | 6.34% |
PGIM HIGH YIELD CL R6 | EDWARD
D JONES & CO ATTN: MUTUAL FUND SHAREHOLDER ACCOUNTING 201 PROGRESS PKWY MARYLAND HTS MO 63043-3003 |
526,182,270.154 | 33.29% |
PGIM HIGH YIELD CL R6 | J
P MORGAN SECURITIES LLC OMNIBUS ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CENTER 3RD FLOOR MUTUAL FUND DEPARTMENT BROOKLYN NY 11245 |
403,028,458.159 | 25.50% |
PGIM HIGH YIELD CL R6 | WELLS
FARGO BANK NA FBO OMNIBUS CASH CASH XXXX0 PO BOX 1533 MINNEAPOLIS, MN 55480 |
140,669,837.680 | 8.90% |
■ | After a shareholder is deceased or permanently disabled (or, in the case of a trust account, after the death or disability of the grantor). This waiver applies to individual shareholders as well as shares held in joint tenancy, provided the shares were purchased before the death or permanent disability, |
■ | To provide for certain distributions—made without IRS penalty—from a qualified or tax-deferred retirement plan, benefit plan, IRA or Section 403(b) custodial account, and |
■ | To withdraw excess contributions from a qualified or tax-deferred retirement plan, IRA or Section 403(b) custodial account. |
■ | A request for release of portfolio holdings shall be prepared setting forth a legitimate business purpose for such release which shall specify the Fund(s), the terms of such release, and frequency (e.g., level of detail, staleness). Such request shall address whether there are any conflicts of interest between the Fund and the investment adviser, subadviser, principal underwriter or any affiliated person thereof and how such conflicts shall be dealt with to demonstrate that the disclosure is in the best interest of the shareholders of the Fund(s). |
■ | The request shall be forwarded to PGIM Investments’ Product Development Group and to the Chief Compliance Officer or his delegate for review and approval. |
■ | A confidentiality agreement in the form approved by a Fund officer must be executed by the recipient of the portfolio holdings. |
■ | A Fund officer shall approve the release and the agreement. Copies of the release and agreement shall be sent to PGIM Investments’ Law Department. |
■ | Written notification of the approval shall be sent by such officer to PGIM Investments’ Fund Administration Group to arrange the release of portfolio holdings. |
■ | PGIM Investments’ Fund Administration Group shall arrange the release by the Custodian Bank. |
■ | Full holdings on a daily basis to Institutional Shareholder Services (ISS), Broadridge and Glass, Lewis & Co. (proxy voting administrator/agents) at the end of each day; |
■ | Full holdings on a daily basis to ISS (securities class action claims administrator) at the end of each day; |
■ | Full holdings on a daily basis to a Fund's subadviser(s), Custodian Bank, sub-custodian (if any) and accounting agents (which includes the Custodian Bank and any other accounting agent that may be appointed) at the end of each day. When a Fund has more than one subadviser, each subadviser receives holdings information only with respect to the “sleeve” or segment of the Fund for which the subadviser has responsibility; |
■ | Full holdings to a Fund's independent registered public accounting firm as soon as practicable following the Fund's fiscal year-end or on an as-needed basis; |
■ | Full holdings to a Fund’s counsel on an as-needed basis; |
■ | Full holdings to counsel of a Fund’s independent board members on an as-needed basis; and |
■ | Full holdings to financial printers as soon as practicable following the end of a Fund's quarterly, semi-annual and annual period-ends. |
■ | Fund trades on a quarterly basis to Abel/Noser Corp. (an agency-only broker and transaction cost analysis company) as soon as practicable following a Fund's fiscal quarter-end; |
■ | Full holdings on a daily basis to FactSet Research Systems, Inc. (investment research provider) at the end of each day; |
■ | Full holdings on a daily basis to FT Interactive Data (a fair value information service) at the end of each day; |
■ | Full holdings on a quarterly basis to Frank Russell Company (investment research provider) when made available; |
■ | Full holdings on a monthly basis to Fidelity Advisors (wrap program provider) approximately five days after the end of each month (PGIM Jennison Growth Fund and certain other selected PGIM Funds only); |
■ | Full holdings on a daily basis to ICE (InterContinental Exchange), IHS Markit and Thompson Reuters (securities valuation); |
■ | Full holdings on a daily basis to Standard & Poor’s Corporation (securities valuation); |
■ | Full holdings on a monthly basis to FX Transparency (foreign exchange/transaction analysis) when made available. |
■ | Amortization schedule-the longer the final maturity relative to other maturities the more likely it will be treated as a note. |
■ | Source of payment-the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note. |