PGIM QMA SMALL-CAP VALUE FUND | ||||||
A: TSVAX | C: TRACX | R: TSVRX | Z: TASVX | R2: PSVDX | R4: PSVKX | R6: TSVQX |
IMPORTANT INFORMATION |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (www.pgiminvestments.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. |
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-225-1852 or by sending an e-mail request to PGIM Investments at [email protected]. |
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary or follow instructions included with this notice to elect to continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-225-1852 or send an email request to [email protected] to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund. |
To enroll in e-delivery, go to pgiminvestments.com/edelivery | |
As with all mutual funds, the Securities and Exchange Commission 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, member SIPC. QMA is the primary business name of Quantitative Management Associates LLC, a wholly owned subsidiary of PGIM, Inc. (PGIM), a Prudential Financial company. © 2019 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. |
Shareholder Fees (fees paid directly from your investment) | |||||||
Class A | Class C | Class R | Class Z | Class R2 | Class R4 | Class R6† | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.50% | None | None | None | None | None | None |
Maximum deferred sales charge (load) (as a percentage of the lower of original purchase price or net asset value at redemption) | 1.00% | 1.00% | None | None | None | None | None |
Maximum sales charge (load) imposed on reinvested dividends and other distributions | None | None | None | None | None | None | None |
Redemption fee | None | None | None | None | None | None | None |
Exchange fee | None | None | None | None | None | None | None |
Maximum account fee (accounts under $10,000) | $15 | $15 | None | None* | None | None | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||||||
Class A | Class C | Class R | Class Z | Class R2 | Class R4 | Class R6(1) | |
Management fees | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Distribution or distribution and service (12b-1) fees | 0.30% | 1.00% | 0.75% | None | 0.25% | None | None |
Other expenses: | 0.18% | 0.22% | 0.17% | 0.10% | 187.11% | 269.72% | 0.03% |
Shareholder service fee | 0.00% | 0.00% | 0.00% | 0.00% | 0.10%(2) | 0.10%(2) | 0.00% |
Remainder of other expenses | 0.18% | 0.22% | 0.17% | 0.10% | 187.01% | 269.62% | 0.03% |
Total annual Fund operating expenses | 1.08% | 1.82% | 1.52% | 0.70% | 187.96% | 270.32% | 0.63% |
Fee waiver and/or expense reimbursement | (0.06)% | (0.01)% | (0.26)% | (0.01)% | (186.82)% | (269.43)% | None |
Total annual Fund operating expenses after fee waiver and/or expense reimbursement(3,4) | 1.02% | 1.81% | 1.26% | 0.69% | 1.14% | 0.89% | 0.63% |
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If Shares Are Redeemed | If Shares Are Not Redeemed | |||||||
Share Class | 1 Year | 3 Years | 5 Years | 10 Years | 1 Year | 3 Years | 5 Years | 10 Years |
Class A | $648 | $869 | $1,107 | $1,790 | $648 | $869 | $1,107 | $1,790 |
Class C | $284 | $572 | $984 | $2,136 | $184 | $572 | $984 | $2,136 |
Class R | $128 | $455 | $804 | $1,790 | $128 | $455 | $804 | $1,790 |
Class Z | $70 | $223 | $389 | $870 | $70 | $223 | $389 | $870 |
Class R2 | $116 | $10,502 | $10,502 | $10,502 | $116 | $10,502 | $10,502 | $10,502 |
Class R4 | $91 | $10,502 | $10,502 | $10,502 | $91 | $10,502 | $10,502 | $10,502 |
Class R6† | $64 | $202 | $351 | $786 | $64 | $202 | $351 | $786 |
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Average Annual Total Returns % (including sales charges) (as of 12-31-2017) | ||||
Return Before Taxes | One Year | Five Years | Ten Years | Since Inception |
Class A Shares | 0.17% | N/A | N/A | 7.84% (2-14-14) |
Class C Shares | 4.27% | N/A | N/A | 9.27% (6-19-15) |
Class R Shares | 5.74% | 13.18% | 8.87% | N/A |
Class R2 Shares* | N/A | N/A | N/A | N/A |
Class R4 Shares* | N/A | N/A | N/A | N/A |
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Average Annual Total Returns % (including sales charges) (as of 12-31-2017) | ||||
Return Before Taxes | One Year | Five Years | Ten Years | Since Inception |
Class R6 Shares† | 6.43% | N/A | N/A | 11.18% (9-25-14) |
Class Z Shares % | ||||
Return Before Taxes | 6.31% | 13.75% | 9.41% | N/A |
Return After Taxes on Distributions | 2.46% | 9.93% | 7.35% | N/A |
Return After Taxes on Distributions and Sale of Fund Shares | 5.23% | 10.02% | 7.20% | N/A |
Index % (reflects no deduction for fees, expenses or taxes) | ||||
Russell 2000 Value Index | 7.84% | 13.01% | 8.17% | N/A |
Russell 2000 Index | 14.65% | 14.12% | 8.71% | N/A |
Lipper Average % (reflects no deduction for sales charges or taxes) | ||||
Lipper Small-Cap Value Funds Average | 8.97% | 11.99% | 7.98% | N/A |
Investment Manager | Subadviser | Portfolio Managers | Title | Service Date |
PGIM Investments LLC | Quantitative Management Associates LLC | Mitchell Stern, PhD | Managing Director & Senior Portfolio Manager | January 2015 |
Stephen Courtney, CFA | Managing Director & Senior Portfolio Manager | January 2015 |
Class A* | Class C* | Class R* | Class Z* | Class R2 | Class R4 | Class R6** | |
Minimum initial investment | $2,500 | $2,500 | None | Institutions:
$5 million Group Retirement Plans: None |
None | None | Institutions:
$5 million Group Retirement Plans: None |
Minimum subsequent investment | $100 | $100 | None | None | None | None | None |
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Principal Strategies: Investment Limits |
■ Equity and equity-related securities of small capitalization companies: At least 80% of investable assets |
Non-Principal Strategies: Investment Limits |
■ Exchange-Traded Funds (ETFs): Up to 10% of total assets ■ Derivatives: Up to 25% of net assets ■ Borrowing: Up to 20% of total assets ■ Illiquid Securities: Up to 15% of net assets ■ Money market instruments: Up to 100% of investable assets on a temporary defensive basis ■ Foreign Securities: Up to 20% of its investable assets |
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Annualized Returns | |||
As of December 31, 2017 | Gross Return | Net Return | Russell
2000® Value Index |
1 Year | 6.99% | 6.19% | 7.84% |
3 Year | 10.75% | 9.93% | 9.55% |
5 Year | 15.22% | 14.37% | 13.01% |
Since Inception (2/1/2007) | 8.13% | 7.33% | 6.31% |
Calendar Year Returns | |||
Year | Gross Return | Net Return | Russell 2000® Value Index |
2007* | -9.75% | -10.37% | -11.11% |
2008 | -25.57% | -26.14% | -28.92% |
2009 | 19.14% | 18.26% | 20.58% |
2010 | 26.49% | 25.57% | 24.50% |
2011 | 0.38% | -0.37% | -5.50% |
2012 | 13.76% | 12.92% | 18.05% |
2013 | 35.91% | 34.92% | 34.52% |
2014 | 10.00% | 9.19% | 4.22% |
2015 | -5.71% | -6.42% | -7.47% |
2016 | 34.67% | 33.69% | 31.74% |
2017 | 6.99% | 6.19% | 7.84% |
Expected Fund Distribution Schedule* | |
Dividends | Annually |
Short-Term Capital Gains | Annually |
Long-Term Capital Gains | Annually |
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Share Class | Eligibility |
Class A* | Individual investors |
Class C* | Individual investors |
Class R* | Certain group retirement plans |
Class Z* | Certain group retirement plans, institutional investors and certain other investors |
Class R2 | Certain group retirement plans and certain other investors |
Class R4 | Certain group retirement plans and certain other investors |
Class R6** | Certain group retirement plans, institutional investors and certain other investors |
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■ | Class A shares purchased in amounts of less than $1 million require you to pay a sales charge at the time of purchase, but the operating expenses of Class A shares are lower than the operating expenses of Class C shares. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are also subject to a contingent deferred sales charge (CDSC) of 1.00%. The CDSC is waived for certain retirement and/or benefit plans. |
■ | Class C shares do not require you to pay a sales charge at the time of purchase, but do require you to pay a contingent deferred sales charge (CDSC) if you sell your shares within 12 months of purchase. The operating expenses of Class C shares are higher than the operating expenses of Class A shares. |
■ | The amount of your investment and any previous or planned future investments, which may qualify you for reduced sales charges for Class A shares under Rights of Accumulation or a Letter of Intent. |
■ | The length of time you expect to hold the shares and the impact of varying distribution fees. Over time, these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. For this reason, Class C shares are generally appropriate only for investors who plan to hold their shares for no more than 3 years. |
■ | The different sales charges that apply to each share class—Class A's front-end sales charge (and, in certain instances, CDSC) vs. Class C's CDSC. |
■ | Class C shares purchased in single amounts greater than $1 million are generally less advantageous than purchasing Class A shares. Purchase orders for Class C shares above this amount generally will not be accepted. |
■ | Because Class Z, Class R and Class R6 shares have lower operating expenses than Class A or Class C shares, as applicable, you should consider whether you are eligible to purchase such share classes. |
Class A* | Class C* | Class R* | Class Z* | Class R2 | Class R4 | Class R6† | |
Minimum purchase amount | $2,500 | $2,500 | None | Institutions:
$5 million Group Retirement Plans: None |
None | None | Institutions:
$5 million Group Retirement Plans: None |
Minimum
amount for subsequent purchases |
$100 | $100 | None | None | None | None | None |
Maximum initial sales charge | 5.50%
of the public offering price |
None | None | None | None | None | None |
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Class A* | Class C* | Class R* | Class Z* | Class R2 | Class R4 | Class R6† | |
Contingent Deferred Sales Charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption) | 1.00% on sales of $1 million or more made within 12 months of purchase | 1.00%
on sales made within 12 months of purchase |
None | None | None | None | None |
Annual
distribution or distribution and service (12b-1) fees (shown as a percentage of average daily net assets) |
0.30% (0.25% currently) | 1.00% | 0.75% (0.50% currently) | None | 0.25% | None | None |
Shareholder service fees | None | None | None | None | 0.10% | 0.10% | None |
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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 |
■ | Eligible group retirement plans who are exercising their one-time 90-day repurchase privilege in the Fund will be permitted to purchase such share classes. |
■ | Plan participants in a group retirement plan that offers Class A, Class C, Class R or Class Z shares of the Fund, as applicable, as of the Effective Date will be permitted to purchase such share classes of the Fund, even if the plan participant did not own shares of that class of the Fund as of the Effective Date. |
■ | Certain new group retirement plans will be permitted to offer such share classes of the Fund after the Effective Date, provided that the plan has or is actively negotiating a contractual agreement with the Fund’s distributor or service provider to offer such share classes of the Fund prior to or on the Effective Date. |
■ | New group retirement plans that combine with, replace or are otherwise affiliated with a current plan that invests in such share classes prior to or on the Effective Date will be permitted to purchase such share classes. |
■ | The Fund also reserves the right to refuse any purchase order that might disrupt management of the Fund or to otherwise modify the closure policy at any time on a case-by-case basis. |
■ | Shareholders owning Class C shares may continue to hold their Class C shares until the shares automatically convert to Class A shares under the conversion schedule, or until the shareholder redeems their Class C shares. |
Amount of Purchase | Sales Charge as a % of Offering Price * | Sales Charge as a % of Amount Invested * | Dealer Reallowance *** |
Less than $25,000 | 5.50% | 5.82% | 5.00% |
$25,000 to $49,999 | 5.00% | 5.26% | 4.50% |
$50,000 to $99,999 | 4.50% | 4.71% | 4.00% |
$100,000 to $249,999 | 3.75% | 3.90% | 3.25% |
$250,000 to $499,999 | 2.75% | 2.83% | 2.50% |
$500,000 to $999,999 | 2.00% | 2.04% | 1.75% |
$1 million to $4,999,999** | None | None | 1.00% |
$5 million to $9,999,999** | None | None | 0.50% |
$10 million and over** | None | None | 0.25% |
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■ | Use your Rights of Accumulation, which allow you or an eligible group of related investors to combine (1) the current value of Class A, Class B and Class C PGIM Fund shares you or the group already own, (2) the value of money market shares (other than Direct Purchase money market shares) you or an eligible group of related investors have received for shares of other PGIM Funds in an exchange transaction, and (3) the value of the shares you or an eligible group of related investors are purchasing; or |
■ | Sign a Letter of Intent, stating in writing that you or an eligible group of related investors will purchase a certain amount of shares in the Fund and other PGIM Funds within 13 months. |
■ | Purchases made prior to the effective date of the Letter of Intent will be applied toward the satisfaction of the Letter of Intent to determine the level of sales charge that will be paid pursuant to the Letter of Intent, but will not result in any reduction in the amount of any previously paid sales charge. |
■ | All accounts held in your name (alone or with other account holders) and taxpayer identification number (“TIN”); |
■ | Accounts held in your spouse's name (alone or with other account holders) and TIN (see definition of spouse below); |
■ | Accounts for your children or your spouse's children, including children for whom you and/or your spouse are legal guardian(s) (e.g., UGMAs and UTMAs); |
■ | Accounts in the name and TINs of your parents; |
■ | Trusts with you, your spouse, your children, your spouse's children and/or your parents as the beneficiaries; |
■ | With limited exclusions, accounts with the same address (exclusions include, but are not limited to, addresses for brokerage firms and other intermediaries and Post Office boxes); and |
■ | Accounts held in the name of a company controlled by you (a person, entity or group that holds 25% or more of the outstanding voting securities of a company will be deemed to control the company, and a partnership will be deemed to be controlled by each of its general partners), including employee benefit plans of the company where the accounts are held in the plan's TIN. |
■ | The person to whom you are legally married. We also consider your spouse to include the following: |
■ | An individual of the same gender with whom you have been joined in a civil union, or legal contract similar to marriage; |
■ | A domestic partner, who is an individual (including one of the same gender) with whom you have shared a primary residence for at least six months, in a relationship as a couple where you, your domestic partner or both provide for the personal or financial welfare of the other without a fee, to whom you are not related by blood; or |
■ | An individual with whom you have a common law marriage, which is a marriage in a state where such marriages are recognized between a man and a woman arising from the fact that the two live together and hold themselves out as being married. |
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■ | Mutual fund “wrap” or asset allocation programs, where the sponsor places fund trades, links its clients' accounts to a master account in the sponsor's name and charges its clients a management, consulting or other fee for its services; or |
■ | Mutual fund “supermarket” programs, where the sponsor links its clients' accounts to a master account in the sponsor's name and the sponsor charges a fee for its services. |
■ | Certain directors, officers, current employees (including their spouses, children and parents) and former employees (including their spouses, children and parents) of Prudential and its affiliates, the PGIM Funds, and the subadvisers of the PGIM Funds; former employees must have an existing investment in the Fund; |
■ | Persons who have retired directly from active service with Prudential or one of its subsidiaries; |
■ | Registered representatives and employees of broker-dealers (including their spouses, children and parents) that offer Class A shares; |
■ | Investors in IRAs, provided that: (a) the purchase is made either from a directed rollover to such IRA or with the proceeds of a tax-free rollover of assets from a Benefit Plan for which Prudential Retirement (the institutional Benefit Plan recordkeeping entity of Prudential) provides administrative or recordkeeping services, in each case provided that such purchase is made within 60 days of receipt of the Benefit Plan distribution, and (b) the IRA is established through Prudential Retirement as part of its “Rollover IRA” program (regardless of whether or not the purchase consists of proceeds of a tax-free rollover of assets from a Benefit Plan described above); and |
■ | Clients of financial intermediaries, who (i) offer Class A shares through a no-load network or platform, (ii) charge clients an ongoing fee for advisory, investment, consulting or similar services, or (iii) offer self-directed brokerage accounts or other similar types of accounts that may or may not charge transaction fees to customers. |
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■ | Mutual fund “wrap” or asset allocation programs where the sponsor places fund trades, links its clients' accounts to a master account in the sponsor's name and charges its clients a management, consulting or other fee for its services; or |
■ | Mutual fund “supermarket” programs where the sponsor links its clients' accounts to a master account in the sponsor's name and the sponsor charges a fee for its services. |
■ | Certain participants in the MEDLEY Program (group variable annuity contracts) sponsored by Prudential for whom Class Z shares of the PGIM Funds are an available option; |
■ | Current and former Directors/Trustees of mutual funds managed by PGIM Investments or any other affiliate of Prudential; |
■ | Current and former employees (including their spouses, children and parents) of Prudential and its affiliates; former employees must have an existing investment in the Fund; |
■ | Prudential (including any program or account sponsored by Prudential or an affiliate that includes the Fund as an available option); |
■ | PGIM Funds, including PGIM funds-of-funds; |
■ | Qualified state tuition programs (529 plans); and |
■ | Investors working with fee-based consultants for investment selection and allocations. |
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■ | You are selling more than $100,000 of shares; |
■ | You want the redemption proceeds made payable to someone that is not in the Transfer Agent’s records; |
■ | You want the redemption proceeds sent to an address that is not in the Transfer Agent’s records; |
■ | You are a business or a trust; or |
■ | You are redeeming due to the death of the shareholder or on behalf of the shareholder. |
■ | Amounts representing shares you purchased with reinvested dividends and distributions, |
■ | Amounts representing the increase in NAV above the total amount of payments for shares made during the past 12 months for Class A shares (in certain cases) and 12 months for Class C shares, and |
■ | Amounts representing the cost of shares held beyond the CDSC period (12 months for Class A shares (in certain cases) and 12 months for Class C shares). |
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■ | After a shareholder is deceased or permanently disabled (or, in the case of a trust account, after the death or permanent 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. |
■ | After a shareholder is deceased or permanently disabled (or, in the case of a trust account, after the death or permanent 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. |
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Class A Shares | |||||
Year Ended July 31, | February 14, 2014(a) through July 31, 2014(b) | ||||
2018 | 2017 | 2016 | 2015 | ||
Per Share Operating Performance(c): | |||||
Net Asset Value, Beginning of Period | $21.32 | $18.16 | $25.21 | $26.70 | $26.26 |
Income (loss) from investment operations: | |||||
Net investment income (loss) | 0.26 | 0.26 | 0.32 | 0.46 | 0.09 |
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.04 | 3.25 | (0.07) | 0.78 | 0.35 |
Total from investment operations: | 2.30 | 3.51 | 0.25 | 1.24 | 0.44 |
Less Dividends and Distributions: | |||||
Dividends from net investment income | (0.31) | (0.30) | (0.55) | (0.19) | – |
Distributions from net realized gains | (2.36) | (0.05) | (6.75) | (2.54) | – |
Total dividends and distributions | (2.67) | (0.35) | (7.30) | (2.73) | – |
Net asset value, end of period | $20.95 | $21.32 | $18.16 | $25.21 | $26.70 |
Total Return(d): | 11.31% | 19.29% | 3.98% | 4.53% | 1.68% |
Ratios/Supplemental Data: | |||||
Net assets, end of period (000) | $136,533 | $132,512 | $116,997 | $138,855 | $13 |
Average net assets (000) | $133,270 | $129,902 | $121,788 | $16,282 | $12 |
Ratios to average net assets(e): | |||||
Expenses after waivers and/or expense reimbursement | 1.02% | 0.96% | 0.98% | 1.14% | 0.93%(f) |
Expenses before waivers and/or expense reimbursement | 1.08%(g) | 1.02% | 1.04% | 1.20% | 0.98%(f) |
Net investment income (loss) | 1.27% | 1.27% | 1.67% | 1.76% | 0.74%(f) |
Portfolio turnover rate(h) | 70% | 95% | 72% | 111% | 42%(i) |
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Class C Shares | ||||
Year Ended July 31, | June 19, 2015(a) through July 31, 2015 | |||
2018 | 2017 | 2016 | ||
Per Share Operating Performance(b): | ||||
Net Asset Value, Beginning of Period | $21.32 | $18.18 | $25.19 | $26.36 |
Income (loss) from investment operations: | ||||
Net investment income (loss) | 0.10 | 0.10 | 0.17 | 0.02 |
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.03 | 3.26 | (0.06) | (1.19) |
Total from investment operations: | 2.13 | 3.36 | 0.11 | (1.17) |
Less Dividends and Distributions: | ||||
Dividends from net investment income | (0.14) | (0.17) | (0.37) | – |
Distributions from net realized gains | (2.36) | (0.05) | (6.75) | – |
Total dividends and distributions | (2.50) | (0.22) | (7.12) | – |
Net asset value, end of period | $20.95 | $21.32 | $18.18 | $25.19 |
Total Return(c): | 10.44% | 18.43% | 3.19% | (4.44)% |
Ratios/Supplemental Data: | ||||
Net assets, end of period (000) | $36,638 | $40,476 | $30,257 | $35,293 |
Average net assets (000) | $38,734 | $41,745 | $30,498 | $33,702 |
Ratios to average net assets(d): | ||||
Expenses after waivers and/or expense reimbursement | 1.81% | 1.71% | 1.73% | 1.90%(e) |
Expenses before waivers and/or expense reimbursement | 1.82%(f) | 1.72% | 1.74% | 1.91%(e) |
Net investment income (loss) | 0.49% | 0.49% | 0.92% | 0.75%(e) |
Portfolio turnover rate(g) | 70% | 95% | 72% | 111%(h) |
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Class R Shares | ||||||
Year Ended July 31, | Nine Months Ended July 31, 2014(a) |
Year Ended October 31, 2013 | ||||
2018 | 2017 | 2016 | 2015 | |||
Per Share Operating Performance(b): | ||||||
Net Asset Value, Beginning of Period | $21.06 | $17.95 | $25.00 | $26.51 | $27.48 | $21.21 |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.21 | 0.21 | 0.26 | 0.26 | 0.11 | 0.20 |
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.01 | 3.21 | (0.07) | 0.91 | 0.98 | 6.87 |
Total from investment operations: | 2.22 | 3.42 | 0.19 | 1.17 | 1.09 | 7.07 |
Less Dividends and Distributions: | ||||||
Dividends from net investment income | (0.26) | (0.26) | (0.49) | (0.14) | (0.15) | (0.19) |
Distributions from net realized gains | (2.36) | (0.05) | (6.75) | (2.54) | (1.91) | (0.61) |
Total dividends and distributions | (2.62) | (0.31) | (7.24) | (2.68) | (2.06) | (0.80) |
Net asset value, end of period | $20.66 | $21.06 | $17.95 | $25.00 | $26.51 | $27.48 |
Total Return(c): | 11.05% | 19.00% | 3.70% | 4.29% | 4.17% | 34.55% |
Ratios/Supplemental Data: | ||||||
Net assets, end of period (000) | $162,502 | $164,019 | $152,186 | $150,536 | $143,655 | $119,047 |
Average net assets (000) | $165,270 | $159,240 | $145,703 | $152,743 | $134,383 | $99,668 |
Ratios to average net assets(d): | ||||||
Expenses after waivers and/or expense reimbursement | 1.26% | 1.21% | 1.23% | 1.22% | 1.18%(e) | 1.17% |
Expenses before waivers and/or expense reimbursement | 1.52%(f) | 1.47% | 1.49% | 1.48% | 1.43%(e) | 1.42% |
Net investment income (loss) | 1.04% | 1.03% | 1.42% | 0.99% | 0.54%(e) | 0.83% |
Portfolio turnover rate(g) | 70% | 95% | 72% | 111% | 42%(h) | 40% |
Visit our website at www.pgiminvestments.com | 45 |
Class Z Shares | ||||||
Year Ended July 31, | Nine Months Ended July 31, 2014(a) |
Year Ended October 31, 2013 | ||||
2018 | 2017 | 2016 | 2015 | |||
Per Share Operating Performance(b): | ||||||
Net Asset Value, Beginning of Period | $21.32 | $18.14 | $25.22 | $26.73 | $27.71 | $21.39 |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.34 | 0.31 | 0.37 | 0.39 | 0.21 | 0.32 |
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.02 | 3.27 | (0.08) | 0.92 | 1.00 | 6.91 |
Total from investment operations: | 2.36 | 3.58 | 0.29 | 1.31 | 1.21 | 7.23 |
Less Dividends and Distributions: | ||||||
Dividends from net investment income | (0.37) | (0.35) | (0.62) | (0.28) | (0.28) | (0.30) |
Distributions from net realized gains | (2.36) | (0.05) | (6.75) | (2.54) | (1.91) | (0.61) |
Total dividends and distributions | (2.73) | (0.40) | (7.37) | (2.82) | (2.19) | (0.91) |
Net asset value, end of period | $20.95 | $21.32 | $18.14 | $25.22 | $26.73 | $27.71 |
Total Return(c): | 11.65% | 19.66% | 4.20% | 4.79% | 4.60% | 35.16% |
Ratios/Supplemental Data: | ||||||
Net assets, end of period (000) | $824,748 | $981,061 | $829,360 | $1,077,790 | $1,781,471 | $1,622,779 |
Average net assets (000) | $862,416 | $940,720 | $811,529 | $1,828,713 | $1,782,968 | $1,342,995 |
Ratios to average net assets(d): | ||||||
Expenses after waivers and/or expense reimbursement | 0.69% | 0.71% | 0.73% | 0.72% | 0.68%(e) | 0.67% |
Expenses before waivers and/or expense reimbursement | 0.70%(f) | 0.72% | 0.74% | 0.72% | 0.68%(e) | 0.67% |
Net investment income (loss) | 1.62% | 1.51% | 1.93% | 1.48% | 1.05%(e) | 1.32% |
Portfolio turnover rate(g) | 70% | 95% | 72% | 111% | 42%(h) | 40% |
46 | PGIM QMA Small-Cap Value Fund |
Class R2 Shares | |
December
28, 2017(a) through July 31, 2018 | |
Per Share Operating Performance(b): | |
Net Asset Value, Beginning of Period | $20.44 |
Income (loss) from investment operations: | |
Net investment income (loss) | 0.09 |
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.38 |
Total from investment operations: | 0.47 |
Net asset value, end of period | $20.91 |
Total Return(c): | 2.30% |
Ratios/Supplemental Data: | |
Net assets, end of period (000) | $18 |
Average net assets (000) | $14 |
Ratios to average net assets(d): | |
Expenses after waivers and/or expense reimbursement | 1.14%(e) |
Expenses before waivers and/or expense reimbursement | 187.96%(e)(f) |
Net investment income (loss) | 0.72%(e) |
Portfolio turnover rate(g) | 70%(h) |
Visit our website at www.pgiminvestments.com | 47 |
Class R4 Shares | |
December
28, 2017(a) through July 31, 2018 | |
Per Share Operating Performance(b): | |
Net Asset Value, Beginning of Period | $20.44 |
Income (loss) from investment operations: | |
Net investment income (loss) | 0.11 |
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.39 |
Total from investment operations: | 0.50 |
Net asset value, end of period | $20.94 |
Total Return(c): | 2.45% |
Ratios/Supplemental Data: | |
Net assets, end of period (000) | $10 |
Average net assets (000) | $10 |
Ratios to average net assets(d): | |
Expenses after waivers and/or expense reimbursement | 0.89%(e) |
Expenses before waivers and/or expense reimbursement | 270.32%(e)(f) |
Net investment income (loss) | 0.95%(e) |
Portfolio turnover rate(g) | 70%(h) |
48 | PGIM QMA Small-Cap Value Fund |
Class R6 Shares | ||||
Year Ended July 31, | September 25, 2014(a) through July 31, 2015 | |||
2018 | 2017 | 2016 | ||
Per Share Operating Performance(b): | ||||
Net Asset Value, Beginning of Period | $21.34 | $18.15 | $25.23 | $26.68 |
Income (loss) from investment operations: | ||||
Net investment income (loss) | 0.34 | 0.32 | 0.36 | 0.36 |
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.04 | 3.28 | (0.05) | 1.01 |
Total from investment operations: | 2.38 | 3.60 | 0.31 | 1.37 |
Less Dividends and Distributions: | ||||
Dividends from net investment income | (0.39) | (0.36) | (0.64) | (0.28) |
Distributions from net realized gains | (2.36) | (0.05) | (6.75) | (2.54) |
Total dividends and distributions | (2.75) | (0.41) | (7.39) | (2.82) |
Net asset value, end of period | $20.97 | $21.34 | $18.15 | $25.23 |
Total Return(c): | 11.72% | 19.77% | 4.29% | 5.04% |
Ratios/Supplemental Data: | ||||
Net assets, end of period (000) | $414,892 | $268,695 | $231,801 | $121,283 |
Average net assets (000) | $361,244 | $263,763 | $187,644 | $36,516 |
Ratios to average net assets(d): | ||||
Expenses after waivers and/or expense reimbursement | 0.63% | 0.64% | 0.66% | 0.70%(e) |
Expenses before waivers and/or expense reimbursement | 0.63%(f) | 0.64% | 0.66% | 0.70%(e) |
Net investment income (loss) | 1.64% | 1.58% | 1.96% | 1.67%(e) |
Portfolio turnover rate(g) | 70% | 95% | 72% | 111%(h) |
Visit our website at www.pgiminvestments.com | 49 |
50 | PGIM QMA Small-Cap Value Fund |
■ | Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan |
■ | Shares purchased by or through a 529 Plan, if applicable |
■ | Shares purchased through a Merrill Lynch affiliated investment advisory program |
■ | Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform |
■ | Shares of funds purchased through the Merrill Edge Self-Directed platform |
■ | Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family) |
■ | Shares exchanged from Class C (i.e. level-load) shares of the same fund in the month of or following the 10-year anniversary of the purchase date |
■ | Employees and registered representatives of Merrill Lynch or its affiliates and their family members |
■ | Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in this prospectus |
■ | Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement) |
■ | Death or disability of the shareholder |
■ | Shares sold as part of a systematic withdrawal plan as described in this prospectus |
■ | Return of excess contributions from an IRA Account |
■ | Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70 1⁄2 |
■ | Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch |
■ | Shares acquired through a Right of Reinstatement |
■ | Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to Class A and C shares only) |
■ | Breakpoints as described in this prospectus |
■ | Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets |
■ | Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable) |
■ | Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans |
■ | Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules |
■ | Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund |
■ | Shares purchased through a Morgan Stanley self-directed brokerage account |
■ | Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management’s share class conversion program |
■ | Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge. |
■ | Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs. |
■ | Shares purchased through an Ameriprise Financial investment advisory program (if an Advisory or similar share class for such investment advisory program is not available). |
■ | Shares purchased by third party investment advisors on behalf of their advisory clients through Ameriprise Financial’s platform (if an Advisory or similar share class for such investment advisory program is not available). |
■ | Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family). |
■ | Shares exchanged from Class C shares of the same fund in the month of or following the 10-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges. |
■ | Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members. |
■ | Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, |
grandmother, grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant. | |
■ | Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement). |
■ | Shares purchased in an investment advisory program. |
■ | Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family). |
■ | Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James. |
■ | Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement). |
■ | A shareholder in the Fund’s Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James. |
■ | Death or disability of the shareholder. |
■ | Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus. |
■ | Return of excess contributions from an IRA Account. |
■ | Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70 1⁄2 as described in the fund’s prospectus. |
■ | Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James. |
■ | Shares acquired through a right of reinstatement. |
■ | Breakpoints as described in this prospectus. |
■ | Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets. |
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 PO Box 9658 Providence, RI 02940 ■ WEBSITE www.pgiminvestments.com |
■ TELEPHONE (800) 225-1852 (973) 367-3529 (from outside the US) |
■ E-DELIVERY To receive your mutual fund documents on-line, go to www.pgiminvestments.com/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 (SAI) (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 Securities and Exchange Commission as follows (the SEC charges a fee to copy documents): | |
■ ELECTRONIC
REQUEST [email protected] |
■ VIA THE INTERNET on the EDGAR Database at www.sec.gov |
PGIM QMA Small-Cap Value Fund | |||||||
Share Class | A | C | R | Z | R2 | R4 | R6 |
NASDAQ | TSVAX | TRACX | TSVRX | TASVX | PSVDX | PSVKX | TSVQX |
CUSIP | 875921785 | 875921710 | 875921843 | 875921306 | 875921611 | 875921595 | 875921777 |
MF232STAT | The Fund's Investment Company Act File No. 811-07064 |