PGIM
SHORT DURATION MULTI-SECTOR BOND FUND | |||
A:
SDMAX |
C:
SDMCX |
Z:
SDMZX |
R6:
SDMQX |
The
Securities and Exchange Commission
(“SEC”)
has not approved or disapproved the
Fund's
shares, nor has the SEC determined
that
this prospectus is complete or accurate.
It
is a criminal offense to state otherwise. Mutual
funds are distributed by Prudential
Investment
Management Services LLC
(“PIMS”),
member SIPC. PGIM Fixed Income
is
a unit of PGIM, Inc. (“PGIM”), a registered
investment
adviser. PIMS and PGIM are
Prudential
Financial companies. © 2023
Prudential
Financial, Inc. and its related
entities.
The Prudential logo and the Rock
symbol
are service marks of Prudential
Financial,
Inc. and its related entities,
registered
in many jurisdictions worldwide. |
|
|
Class
A
|
Class
C
|
Class
Z
|
Class
R6 |
Maximum
sales charge (load) imposed on purchases (as a percentage of offering
price)
|
|
|
|
|
Maximum
deferred sales charge (load) (as a percentage of the lower of the original
purchase price or the net asset value at
redemption)
|
|
|
|
|
Maximum
sales charge (load) imposed on reinvested dividends and other
distributions
|
|
|
|
|
Redemption
fee |
|
|
|
|
Exchange
fee
|
|
|
|
|
Maximum
account fee (accounts under $10,000)
|
$ |
$ |
|
|
|
Class
A |
Class
C |
Class
Z |
Class
R6 |
Management
fee |
|
|
|
|
Distribution
and service (12b-1) fees |
|
|
|
|
Other
expenses |
|
|
|
|
Acquired
Fund fees and expenses |
|
|
|
|
Total
annual Fund operating expenses |
|
|
|
|
Fee
waiver and/or expense reimbursement |
( |
( |
( |
( |
Total
annual Fund operating expenses after fee waiver and/or expense
reimbursement(1) |
|
|
|
|
Share
Class
|
1
Year
|
3
Years
|
5
Years |
10
Years |
Class
A |
$ |
$ |
$ |
$ |
Class
C |
$ |
$ |
$ |
$ |
Class
Z |
$ |
$ |
$ |
$ |
Class
R6 |
$ |
$ |
$ |
$ |
Share
Class
|
1
Year
|
3
Years
|
5
Years
|
10
Years |
Class
A |
$ |
$ |
$ |
$ |
Class
C |
$ |
$ |
$ |
$ |
Class
Z |
$ |
$ |
$ |
$ |
Class
R6 |
$ |
$ |
$ |
$ |
|
|
| ||
|
|
|
|
|
|
|
|
Return
Before Taxes |
One
Year |
Five
Years
|
Since
Inception |
Inception
Date |
Class
A Shares |
- |
|
|
|
Class
C Shares |
- |
|
|
|
Class
R6 Shares |
- |
|
|
|
Class
Z Shares % (as of 12-31-22) | ||||
Return
Before Taxes |
- |
|
|
|
Return
After Taxes on Distributions |
- |
- |
|
|
Return
After Taxes on Distributions and Sale of Fund Shares |
- |
|
|
|
Index
% (reflects no deduction for fees, expenses or taxes) (as of
12-31-22) | ||||
Bloomberg
US Government/Credit 1-3 Year Index |
- |
|
|
|
Investment
Manager
|
Subadviser
|
Portfolio
Managers
|
Title
|
Service
Date
|
PGIM
Investments LLC
|
PGIM
Fixed Income*
|
Gregory
Peters |
Managing
Director
and
Co-Chief
Investment
Officer |
March
2014 |
|
|
Richard
Piccirillo
|
Managing
Director
and
Senior Portfolio
Manager |
December
2013
|
|
|
Robert
Tipp, CFA
|
Managing
Director,
Chief
Investment
Strategist
and Head of
Global
Bonds |
December
2013 |
|
|
Matthew
Angelucci,
CFA |
Principal
and Portfolio
Manager |
September
2023 |
|
|
Tyler
Thorn |
Principal
and Portfolio
Manager |
September
2023 |
|
Class
A* |
Class
C* |
Class
Z* |
Class
R6 |
Minimum
initial investment |
$1,000
|
$1,000
|
None |
None |
Minimum
subsequent investment |
$100 |
$100 |
None |
None |
Principal
Strategies: Investment Limits |
■Fixed
income instruments: At least 80% of investable assets ■Portfolio
duration and maturity: Weighted average duration of three years or less
and weighted average maturity of five years
or
less ■Mortgage-related
securities: Percentage varies ■High
yield fixed income instruments (“junk
bonds”): Up to 50% of investable assets (the Fund generally expects to
invest
up
to approximately 30% in such investments, although may be higher from time
to time) ■Investment
grade instruments: Up to 100% of investable assets ■Asset-backed
securities: Up to 50% of investable assets ■Foreign
fixed income instruments (including emerging markets): Up to 40% of
investable assets |
Certain
Non-Principal Strategies: Investment Limits |
■Derivatives:
Up to 25% of net assets (subject to the Fund's operation under the
requirements of Rule 18f-4 under the
Investment
Company Act of 1940) ■Money
market instruments: Up to 20% of investable assets under normal market
conditions, up to 100% of investable
assets
on a temporary basis ■Loan
participations and assignments: Up to 30% of net assets ■Short
Sales: Up to 25% of net assets (excluding short sales
against-the-box) ■Municipal
securities: Up to 10% of net assets ■Zero
coupon bonds, PIK and deferred payment securities: Percentage
varies ■When-issued
and delayed-delivery securities: Percentage varies ■Illiquid
investments: Up to 15% of net assets ■Other
Unregistered Structured Products: Up to 5% of total
assets |
Expected
Distribution Schedule*
|
|
Net
Investment Income
|
Monthly |
Short-Term
Capital Gains
|
Annually |
Long-Term
Capital Gains
|
Annually |
Share
Class |
Eligibility |
Class
A* |
Retail
investors |
Class
C* |
Retail
investors |
Class
Z* |
Certain
group retirement plans, institutional investors and certain other
investors |
Class
R6 |
Certain
group retirement plans, institutional investors and certain other
investors |
|
Class
A* |
Class
C* |
Class
Z* |
Class
R6 |
Minimum
purchase amount
|
$1,000
|
$1,000
|
None |
None |
Minimum
amount for
subsequent
purchases |
$100
|
$100
|
None
|
None
|
Maximum
initial sales charge
|
2.25%
of the
public
offering
price |
None
|
None
|
None
|
Contingent
Deferred Sales Charge (“CDSC”) (as a
percentage
of the lower of the original purchase
price
or the net asset value at redemption) |
For
purchases prior to May
1,
2023: 1.00% on sales
of
$500,000 or more made
within
12 months of
purchase
For
purchases on or after
May
1, 2023: 1.00% on
sales
of $250,000 or more
made
within 18 months of
purchase |
1.00%
on sales
made
within 12 months of
purchase |
None
|
None
|
|
Class
A* |
Class
C* |
Class
Z* |
Class
R6 |
Annual
distribution and service (12b-1) fees (shown
as
a percentage of average daily net assets) |
0.25% |
1.00%
|
None
|
None |
|
Class
A |
Class
C |
Class
Z |
Class
R |
Existing
Investors
(Group Retirement Plans,
IRAs,
and all other investors) |
No
Change |
No
Change |
No
Change |
No
Change |
New
Group Retirement Plans |
Closed
to group retirement plans wishing to add the share classes as new
additions to plan menus on June 1, 2018,
subject
to certain exceptions below | |||
New
IRAs |
No
Change |
No
Change |
No
Change |
Closed
to all new
investors
on June 1, 2018,
subject
to certain
exceptions
below |
All
Other New Investors |
No
Change |
No
Change |
No
Change |
Amount
of Purchase
|
Sales
Charge as a % of
Offering
Price* |
Sales
Charge as a % of
Amount
Invested* |
Dealer
Reallowance***
|
Less
than $100,000
|
2.25%
|
2.30%
|
2.00%
|
$100,000
to $249,999
|
2.00%
|
2.04%
|
1.75%
|
$250,000
to $499,999
|
1.25%
|
1.27%
|
1.25%
|
$500,000
to $4,999,999** |
None
|
None
|
1.00%
|
$5,000,000
to $9,999,999** |
None |
None |
0.50% |
$10,000,000
and over** |
None |
None |
0.25% |
Amount
of Purchase
|
Sales
Charge as a % of
Offering
Price* |
Sales
Charge as a % of
Amount
Invested* |
Dealer
Reallowance***
|
Less
than $100,000
|
2.25%
|
2.30%
|
2.00%
|
$100,000
to $249,999
|
2.00%
|
2.04%
|
1.75%
|
$250,000
to $4,999,999
|
None |
None |
1.00% |
$5,000,000
to $9,999,999** |
None
|
None
|
0.50% |
$10,000,000
and over** |
None |
None |
0.25% |
Class
A Shares
| |||||
|
Year
Ended October 31,
| ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Per
Share Operating Performance(a):
| |||||
Net
Asset Value, Beginning of Year
|
$8.53
|
$9.45
|
$9.51
|
$9.72
|
$9.50
|
Income
(loss) from investment operations:
| |||||
Net
investment income (loss)
|
0.37
|
0.20
|
0.17
|
0.22
|
0.28
|
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions
|
0.08
|
(0.85)
|
(0.01)
|
(0.01)
|
0.28
|
Total
from investment operations
|
0.45
|
(0.65)
|
0.16
|
0.21
|
0.56
|
Less
Dividends and Distributions:
| |||||
Dividends
from net investment income
|
(0.41)
|
(0.27)
|
(0.22)
|
(0.28)
|
(0.34)
|
Tax
return of capital distributions
|
-
|
-
|
-
|
(0.02)
|
-
|
Distributions
from net realized gains
|
-
|
-
|
-
|
(0.12)
|
-
|
Total
dividends and distributions
|
(0.41)
|
(0.27)
|
(0.22)
|
(0.42)
|
(0.34)
|
Net
asset value, end of Year
|
$8.57
|
$8.53
|
$9.45
|
$9.51
|
$9.72
|
Total
Return(b):
|
5.32%
|
(6.98)%
|
1.73%
|
2.22%
|
6.01%
|
| |||||
Ratios/Supplemental
Data:
| |||||
Net
assets, end of Year
(000)
|
$271,456
|
$246,197
|
$268,235
|
$207,475
|
$125,539
|
Average
net assets (000)
|
$257,907
|
$258,305
|
$253,168
|
$171,581
|
$89,724
|
Ratios
to average net assets(c):
| |||||
Expenses
after waivers and/or expense reimbursement
|
0.65%
|
0.65%
|
0.65%
|
0.67%
|
0.77%
|
Expenses
before waivers and/or expense reimbursement
|
0.67%
|
0.67%
|
0.67%
|
0.71%
|
0.82%
|
Net
investment income (loss)
|
4.33%
|
2.23%
|
1.76%
|
2.32%
|
2.86%
|
Portfolio
turnover rate(d)
|
48%
|
33%
|
49%
|
40%
|
67% |
(a)
|
Calculated
based on average shares outstanding during the year.
|
(b)
|
Total
return does not consider the effects of sales loads. Total return is
calculated assuming a purchase of a share on the first day and a sale on
the last day of each year
reported
and includes reinvestment of dividends and distributions, if any. Total
returns may reflect adjustments to conform to GAAP.
|
(c)
|
Does
not include expenses of the underlying funds in which the Fund
invests.
|
(d)
|
The
Fund's portfolio turnover rate is calculated in accordance with regulatory
requirements, without regard to transactions involving short-term
investments, certain derivatives
and
in-kind transactions (if any). If such transactions were included, the
Fund's portfolio turnover rate may be
higher. |
Class
C Shares
| |||||
|
Year
Ended October 31,
| ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Per
Share Operating Performance(a):
| |||||
Net
Asset Value, Beginning of Year
|
$8.54
|
$9.46
|
$9.52
|
$9.73
|
$9.50
|
Income
(loss) from investment operations:
| |||||
Net
investment income (loss)
|
0.30
|
0.12
|
0.09
|
0.14
|
0.20
|
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions
|
0.06
|
(0.85)
|
-(b)
|
(0.01)
|
0.29
|
Total
from investment operations
|
0.36
|
(0.73)
|
0.09
|
0.13
|
0.49
|
Less
Dividends and Distributions:
| |||||
Dividends
from net investment income
|
(0.33)
|
(0.19)
|
(0.15)
|
(0.20)
|
(0.26)
|
Tax
return of capital distributions
|
-
|
-
|
-
|
(0.02)
|
-
|
Distributions
from net realized gains
|
-
|
-
|
-
|
(0.12)
|
-
|
Total
dividends and distributions
|
(0.33)
|
(0.19)
|
(0.15)
|
(0.34)
|
(0.26)
|
Net
asset value, end of Year
|
$8.57
|
$8.54
|
$9.46
|
$9.52
|
$9.73
|
Total
Return(c):
|
4.30%
|
(7.77)%
|
0.91%
|
1.34%
|
5.24%
|
| |||||
Ratios/Supplemental
Data:
| |||||
Net
assets, end of Year
(000)
|
$25,175
|
$24,563
|
$34,006
|
$33,364
|
$27,197
|
Average
net assets (000)
|
$25,880
|
$28,904
|
$35,068
|
$31,505
|
$22,711
|
Ratios
to average net assets(d):
| |||||
Expenses
after waivers and/or expense reimbursement
|
1.51%
|
1.50%
|
1.47%
|
1.55%
|
1.60%
|
Expenses
before waivers and/or expense reimbursement
|
1.53%
|
1.52%
|
1.49%
|
1.59%
|
1.68%
|
Net
investment income (loss)
|
3.47%
|
1.34%
|
0.96%
|
1.47%
|
2.05%
|
Portfolio
turnover rate(e)
|
48%
|
33%
|
49%
|
40%
|
67% |
(a)
|
Calculated
based on average shares outstanding during the year.
|
(b)
|
Amount
rounds to zero.
|
(c)
|
Total
return does not consider the effects of sales loads. Total return is
calculated assuming a purchase of a share on the first day and a sale on
the last day of each year
reported
and includes reinvestment of dividends and distributions, if any. Total
returns may reflect adjustments to conform to GAAP.
|
(d)
|
Does
not include expenses of the underlying funds in which the Fund
invests.
|
(e)
|
The
Fund's portfolio turnover rate is calculated in accordance with regulatory
requirements, without regard to transactions involving short-term
investments, certain derivatives
and
in-kind transactions (if any). If such transactions were included, the
Fund's portfolio turnover rate may be
higher. |
Class
Z Shares
| |||||
|
Year
Ended October 31,
| ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Per
Share Operating Performance(a):
| |||||
Net
Asset Value, Beginning of Year
|
$8.56
|
$9.49
|
$9.55
|
$9.76
|
$9.53
|
Income
(loss) from investment operations:
| |||||
Net
investment income (loss)
|
0.39
|
0.22
|
0.19
|
0.25
|
0.30
|
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions
|
0.08
|
(0.86)
|
-(b)
|
(0.01)
|
0.30
|
Total
from investment operations
|
0.47
|
(0.64)
|
0.19
|
0.24
|
0.60
|
Less
Dividends and Distributions:
| |||||
Dividends
from net investment income
|
(0.43)
|
(0.29)
|
(0.25)
|
(0.31)
|
(0.37)
|
Tax
return of capital distributions
|
-
|
-
|
-
|
(0.02)
|
-
|
Distributions
from net realized gains
|
-
|
-
|
-
|
(0.12)
|
-
|
Total
dividends and distributions
|
(0.43)
|
(0.29)
|
(0.25)
|
(0.45)
|
(0.37)
|
Net
asset value, end of Year
|
$8.60
|
$8.56
|
$9.49
|
$9.55
|
$9.76
|
Total
Return(c):
|
5.58%
|
(6.81)%
|
2.00%
|
2.50%
|
6.39%
|
| |||||
Ratios/Supplemental
Data:
| |||||
Net
assets, end of Year
(000)
|
$1,407,587
|
$1,368,302
|
$1,633,850
|
$1,214,725
|
$737,632
|
Average
net assets (000)
|
$1,313,260
|
$1,499,104
|
$1,435,782
|
$960,154
|
$552,598
|
Ratios
to average net assets(d):
| |||||
Expenses
after waivers and/or expense reimbursement
|
0.39%
|
0.39%
|
0.39%
|
0.40%
|
0.50%
|
Expenses
before waivers and/or expense reimbursement
|
0.46%
|
0.47%
|
0.46%
|
0.48%
|
0.56%
|
Net
investment income (loss)
|
4.58%
|
2.47%
|
2.02%
|
2.59%
|
3.14%
|
Portfolio
turnover rate(e)
|
48%
|
33%
|
49%
|
40%
|
67% |
(a)
|
Calculated
based on average shares outstanding during the year.
|
(b)
|
Amount
rounds to zero.
|
(c)
|
Total
return is calculated assuming a purchase of a share on the first day and a
sale on the last day of each year reported and includes reinvestment of
dividends and
distributions,
if any. Total returns may reflect adjustments to conform to
GAAP.
|
(d)
|
Does
not include expenses of the underlying funds in which the Fund
invests.
|
(e)
|
The
Fund's portfolio turnover rate is calculated in accordance with regulatory
requirements, without regard to transactions involving short-term
investments, certain derivatives
and
in-kind transactions (if any). If such transactions were included, the
Fund's portfolio turnover rate may be
higher. |
Class
R6 Shares
| |||||
|
Year
Ended October 31,
| ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Per
Share Operating Performance(a):
| |||||
Net
Asset Value, Beginning of Year
|
$8.54
|
$9.46
|
$9.52
|
$9.73
|
$9.50
|
Income
(loss) from investment operations:
| |||||
Net
investment income (loss)
|
0.40
|
0.23
|
0.20
|
0.26
|
0.31
|
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions
|
0.06
|
(0.85)
|
-(b)
|
(0.02)
|
0.30
|
Total
from investment operations
|
0.46
|
(0.62)
|
0.20
|
0.24
|
0.61
|
Less
Dividends and Distributions:
| |||||
Dividends
from net investment income
|
(0.43)
|
(0.30)
|
(0.26)
|
(0.31)
|
(0.38)
|
Tax
return of capital distributions
|
-
|
-
|
-
|
(0.02)
|
-
|
Distributions
from net realized gains
|
-
|
-
|
-
|
(0.12)
|
-
|
Total
dividends and distributions
|
(0.43)
|
(0.30)
|
(0.26)
|
(0.45)
|
(0.38)
|
Net
asset value, end of Year
|
$8.57
|
$8.54
|
$9.46
|
$9.52
|
$9.73
|
Total
Return(c):
|
5.54%
|
(6.67)%
|
2.07%
|
2.57%
|
6.52%
|
| |||||
Ratios/Supplemental
Data:
| |||||
Net
assets, end of Year
(000)
|
$1,358,949
|
$1,452,006
|
$1,306,914
|
$838,198
|
$747,059
|
Average
net assets (000)
|
$1,387,391
|
$1,426,498
|
$1,054,215
|
$786,082
|
$682,527
|
Ratios
to average net assets(d):
| |||||
Expenses
after waivers and/or expense reimbursement
|
0.32%
|
0.32%
|
0.32%
|
0.33%
|
0.39%
|
Expenses
before waivers and/or expense reimbursement
|
0.35%
|
0.35%
|
0.35%
|
0.38%
|
0.45%
|
Net
investment income (loss)
|
4.64%
|
2.59%
|
2.07%
|
2.71%
|
3.26%
|
Portfolio
turnover rate(e)
|
48%
|
33% |