Shareholder Fees (fees paid directly from your investment) | |||||
Class A | Class B | Class C | Class R | Class Z | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 4.50% | 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% | 5% | 1% | None | None |
Maximum sales charge (load) imposed on reinvested dividends and other distributions | None | None | None | None | None |
Redemption fee | None | None | None | None | None |
Exchange fee | None | None | None | None | None |
Maximum account fee (accounts under $10,000) | $15 | $15 | $15 | None | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||||
Class A | Class B | Class C | Class R | Class Z | |
Management fees | .70% | .70% | .70% | .70% | .70% |
+ Distribution and service (12b-1) fees | .30% | 1.00% | 1.00% | .75% | None |
+ Other expenses | .37% | .39% | .35% | .37% | .33% |
+ Acquired Fund Fees and Expenses | .11% | .11% | .11% | .11% | .11% |
= Total annual Fund operating expenses | 1.48% | 2.20% | 2.16% | 1.93% | 1.14% |
– Fee waiver and/or expense reimbursement | (.53)% | (.50)% | (.46)% | (.73)% | (.44)% |
= Total annual Fund operating expenses after fee waiver and/or expense reimbursement(1)(2) | .95% | 1.70% | 1.70% | 1.20% | .70% |
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 | $543 | $847 | $1,174 | $2,096 | $543 | $847 | $1,174 | $2,096 |
Class B | $673 | $940 | $1,234 | $2,226 | $173 | $640 | $1,134 | $2,226 |
Class C | $273 | $632 | $1,117 | $2,457 | $173 | $632 | $1,117 | $2,457 |
Class R | $122 | $535 | $974 | $2,195 | $122 | $535 | $974 | $2,195 |
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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 Z | $72 | $319 | $585 | $1,347 | $72 | $319 | $585 | $1,347 |
4 | Prudential Income Builder Fund |
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6 | Prudential Income Builder Fund |
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■ | regulation by various government authorities; |
■ | government regulation of rates charged to customers; |
■ | service interruption due to environmental, operational or other mishaps as well as political and social unrest; |
■ | the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards; and |
■ | general changes in market sentiment towards the assets of infrastructure companies. |
8 | Prudential Income Builder Fund |
Average Annual Total Returns % (including sales charges) (as of 12-31-14) | |||
Return Before Taxes | One Year | Five Years | Ten Years |
Class B shares | -1.57 | 6.62 | 4.40 |
Class C shares | 1.95 | 6.78 | 4.40 |
Class R shares | 3.26 | 7.30 | 4.92 |
Class Z shares | 3.85 | 7.86 | 5.45 |
Class A Shares % (including sales charges) | |||
Return Before Taxes | -2.17 | 6.37 | 4.59 |
Return After Taxes on Distributions | -6.45 | 4.88 | 3.02 |
Return After Taxes on Distribution and Sale of Fund Shares | 1.53 | 4.83 | 3.30 |
Index % (reflects no deduction for fees, expenses or taxes) | |||
S&P 500 Index | 13.66 | 15.44 | 7.67 |
Barclays US Aggregate Bond Index | 5.97 | 4.45 | 4.71 |
Lipper Average % (reflects no deduction for sales charges or taxes) | |||
Lipper Flexible Portfolio Funds Average | 2.91 | 8.12 | 5.70 |
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Investment Manager | Subadviser | Portfolio Managers | Title | Service Date |
Prudential Investments LLC | Quantitative Management Associates LLC | Ted Lockwood | Managing Director | September 2014 |
Edward L. Campbell, CFA | Principal and Portfolio Manager | September 2014 | ||
Rory Cummings | Portfolio Manager | September 2014 | ||
Jennison Associates LLC | Ubong “Bobby” Edemeka | Managing Director | September 2014 | |
Shaun Hong, CFA | Managing Director | September 2014 | ||
PGIM, Inc. – Prudential Fixed Income | David Bessey | Managing Director and Head of Prudential Fixed Income’s Emerging Markets Debt Team | September 2014 | |
Robert Cignarella, CFA | Managing Director and Head of Prudential Fixed Income’s Leveraged Finance Team | September 2014 | ||
Brian Clapp, CFA | Principal | September 2014 | ||
Michael J. Collins, CFA | Managing Director and Senior Investment Officer of Prudential Fixed Income | September 2014 | ||
Cathy L. Hepworth, CFA | Managing Director and an Emerging Market Sovereign Strategist/Portfolio Manager of Prudential Fixed Income’s Emerging Markets Debt Team | September 2014 | ||
Terence Wheat, CFA | Principal | September 2014 | ||
Robert Spano, CFA, CPA | Principal | September 2014 | ||
Daniel Thorogood, CFA | Vice-President of Prudential Fixed Income’s Leveraged Finance Team | September 2014 | ||
Ryan Kelly, CFA | Principal | September 2014 | ||
PGIM, Inc. - Prudential Real Estate Investors | Marc R. Halle | Managing Director and Head of Global Real Estate Securities | September 2014 | |
Rick J. Romano | Portfolio Manager: North American Real Estate Securities | September 2014 | ||
Gek Lang Lee, CFA | Portfolio Manager: Asia Real Estate Securities | September 2014 | ||
Michael Gallagher | Portfolio Manager: European Real Estate Securities | September 2014 | ||
Kwok Wing Cheong, CFA | Portfolio Manager: South Asia and Australasia | May 2015 |
10 | Prudential Income Builder Fund |
Minimum Initial Investment | Minimum Subsequent Investment | |
Fund shares (most cases)* | $2,500 | $100 |
Retirement accounts and custodial accounts for minors | $1,000 | $100 |
Automatic Investment Plan (AIP) | $50 | $50 |
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12 | Prudential Income Builder Fund |
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Underlying Funds | ||
Market Segment/ Strategy | Name of Underlying Fund | Investment Objective and Investment Strategies of Underlying Fund |
Equity | Prudential Jennison MLP Fund(1) | The Fund seeks to provide total return through a combination of current income and capital appreciation. The Fund normally invests at least 80% of its investable assets in MLPs and MLP related investments (together, MLP investments). The Fund’s investments may be of any capitalization size. The Fund’s MLP investments may include, but are not limited to: MLPs structured as LPs or LLCs; MLPs that are taxed as “C” corporations; I-Units issued by MLP affiliates; parent companies of MLPs; shares of companies owning MLP general partnership interests and other securities representing indirect beneficial interest ownership interests in MLP common units, “C” corporations that hold significant interests in MLPs; and other equity and fixed income securities and derivative instruments, including pooled investment vehicles and ETPs, that provide exposure to MLP investments. MLPs generally own and operate assets that are used in the energy sector, including assets used in exploring, developing, producing, generating, transporting (including marine), transmitting, terminal operation, storing, gathering, processing, refining, distributing, mining or marketing of natural gas, natural gas liquids, crude oil, refined products, coal or electricity, or that provide energy related equipment or services. Many of the MLPs in which the Fund invests operate oil, gas or petroleum facilities, or other facilities within the energy sector. The Fund intends to concentrate its investments in the energy sector. In deciding which stocks to buy, the investment subadviser relies on proprietary fundamental research, focused on the discovery of quality companies with predictable and sustainable cash flows. In narrowing the investment universe, the investment team compares prospective candidates’ competitive positioning, including strategically located assets; distribution coverage ratios; organic growth opportunities; expected dividend or distribution growth; the quality of the management team; balance sheet strength; and the support of the general partner. Valuation and the investment’s degree of liquidity factor into the portfolio managers’ decision calculus, as well. The team also monitors wider industry dynamics and interacts continually with the investment subadviser’s Natural Resources investment professionals to gain insights into emerging trends, such as the anticipation of an acceleration or reduction in production of particular oil and gas plays or a shift in regulatory or tax policy, which could affect potential or current positions. |
Equity | Prudential Jennison Utility Fund(1) | The Fund seeks total return through a combination of capital appreciation and current income. The Fund seeks investments whose prices will increase as well as pay the Fund dividends and other income. The Fund normally invest at least 80% of the Fund's investable assets in equity and equity-related and investment-grade debt securities of utility companies. Utility companies, based on the Global Industry Classification Standard (GICS) industry classifications, as they may be amended from time to time, include electric utilities, gas utilities, water utilities, multi-utilities, independent power producers, diversified telecommunication services, wireless telecommunication services, transportation infrastructure, energy equipment and services and oil, gas and consumable fuels. The Fund may invest more than 5% of the Fund's assets in any one issuer. The Fund may invest up to 50% of its investable assets in foreign securities. |
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Underlying Funds | ||
Market Segment/ Strategy | Name of Underlying Fund | Investment Objective and Investment Strategies of Underlying Fund |
Equity | Prudential Jennison Global Infrastructure Fund(1) | The Fund seeks total return. The Fund normally will invest at least 80% of its investable assets in securities of US and foreign (non-US based) infrastructure companies. The Fund will consider a company an infrastructure company if the company is categorized, based on the GICS industry classifications, as they may be amended from time to time, within the following industries: Aerospace and Defense, Air Freight and Logistics, Airlines, Building Products, Commercial Services and Supplies, Communications Equipment, Construction and Engineering, Construction Equipment, Diversified Telecommunication Services, Electrical Equipment, Electric Utilities, Energy Equipment and Services, Gas Utilities, Health Care Providers and Services, Independent Power Producers and Energy Traders, Industrial Conglomerates, Machinery, Marine, Metals and Mining, Multi-Utilities, Oil, Gas and Consumable Fuels, Rail and Road, Transportation Infrastructure, Water Utilities and Wireless Telecommunication Services. Examples of assets held by infrastructure companies include toll roads, airports, rail track, shipping ports, telecom infrastructure, hospitals, schools, utilities such as electricity, gas distribution networks and water, and oil and gas pipelines. |
Equity | PowerShares Preferred Portfolio(3) | The Fund seeks investment results that generally correspond to the price and yield (before fees and expenses) of The BofA Merrill Lynch Core Plus Fixed Rate Preferred Securities Index (the “Index”). The Fund normally will invest at least 80% of its total assets in fixed rate US dollar-denominated preferred securities that comprise the Index. The Index tracks the performance of fixed rate US dollar-denominated preferred securities issued in the US domestic market. Securities must be rated at least B3, based on an average of three leading ratings agencies: Moody’s, S&P and Fitch, Inc. (Fitch) and must have an investment-grade country risk profile (based on an average of Moody’s, S&P and Fitch foreign currency long-term sovereign debt ratings). The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in securities of issuers in any one industry or sector only to the extent that the Index reflects a concentration in that industry or sector. |
Fixed Income | Prudential Short-Term Corporate Bond Fund, Inc.(2) | The Fund seeks high current income consistent with the preservation of principal. The Fund invests, under normal circumstances, at least 80% of its investable assets in bonds of corporations with varying maturities. For purposes of this policy, bonds include all fixed-income securities, other than preferred stock, and corporations include all private issuers. The effective duration of the Fund's portfolio will generally be less than three years. The Fund will buy and sell securities to take advantage of investment opportunities based on the subadviser's analysis of market conditions, interest rates and general economic factors. |
Fixed Income | Prudential Short Duration High Yield Income Fund(2) | The Funds seeks to provide a high level of current income. The Fund will seek to achieve its investment objective by investing primarily in a diversified portfolio of high yield fixed income instruments that are rated below investment grade by a NRSRO or, if unrated, are considered by the investment subadviser to be of comparable quality. Under normal market conditions, the Fund will invest at least 80% of its investable assets in a diversified portfolio of high yield fixed income instruments that are below investment grade with varying maturities and other investments (including derivatives) with similar economic characteristics. The term “below investment grade” in this prospectus refers to instruments either rated Ba1 or lower by Moody’s, BB+ or lower by Standard & Poor’s or Fitch, or comparably rated by another NRSRO, or, if unrated, are considered by the investment subadviser to be of comparable quality. Although the Fund may invest in instruments of any duration or maturity, the Fund normally will seek to maintain a weighted average portfolio duration of three years or less and a weighted average maturity of five years or less. |
Fixed Income | Prudential Floating Rate Income Fund(2) | The Fund seeks to maximize current income. In addition the Fund seeks capital appreciation as a secondary investment objective, but only when consistent with the Fund's primary investment objective of seeking to maximize current income. Under normal market conditions, the Fund will invest at least 80% of its investable assets (net assets plus borrowings for investment purposes, if any) in floating rate loans and other floating rate debt securities. Floating rate loans are debt obligations that have interest rates which adjust or “float” periodically (normally on a monthly or quarterly basis) based on a generally recognized base rate such as the London Interbank Offered Rate (LIBOR) or the prime rate offered by one or more major US banks. |
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Underlying Funds | ||
Market Segment/ Strategy | Name of Underlying Fund | Investment Objective and Investment Strategies of Underlying Fund |
Fixed Income | Prudential Short Duration Multi-Sector Bond Fund(2) | The Fund seeks total return. The Fund seeks to achieve its objective by investing in fixed-income instruments, whereby issuers borrow money from investors in return for either a fixed or variable rate of interest and eventual repayment of the amount borrowed. The Fund invests, under normal circumstances, at least 80% of the Fund's investable assets in fixed income instruments with varying maturities. The Fund has the flexibility to allocate its investments across different sectors of the fixed income securities markets. The Fund's investment subadviser allocates assets among different sectors of the fixed income markets, including (but not limited to) US Government securities, mortgage-related and asset-backed securities, corporate debt securities, foreign debt securities and loan participations and assignments. The Fund is not obligated to invest in all of these sectors at a given time and, at times, may invest all of its assets in only one sector. Although the Fund may invest in instruments of any duration or maturity, the Fund normally will seek to maintain a weighted average portfolio duration of three years or less and a weighted average maturity of five years or less. The Fund's weighted average portfolio duration, however, may be longer at any time or from time to time depending on market conditions. |
Fixed Income | Prudential Absolute Return Bond Fund(2) | The Fund seeks positive returns over the long term, regardless of market conditions. The Fund has a flexible investment strategy and will invest in a variety of securities and instruments. The Fund will also use a variety of investment techniques in pursuing its investment objective, which may include managing duration, credit quality, yield curve positioning and currency exposure, as well as sector and security selection. Under normal market conditions, the Fund will invest at least 80% of its investable assets in debt securities and/or investments that provide exposure to bonds. |
Fixed Income | SPDR® Barclays Convertible Securities ETF(4) | The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks US convertible securities markets with outstanding issue sizes greater than $500 million. The Fund purchases the underlying securities of the index in order to gain exposure to US convertible bonds with outstanding issue sizes greater than $500 million.Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index or in securities that are determined to have economic characteristics that are substantially identical to the economic characteristics of the securities that comprise the Index. In addition, the Fund may invest in debt securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds. |
Fixed Income | Prudential Government Income Fund(2) | The investment objective of the Fund is to seek high current return. The Fund invests, under normal circumstances, at least 80% of its investable assets (net assets plus borrowings for investment purposes, if any) in US Government securities, including US Treasury bills, notes, bonds, strips and other debt securities issued by the US Treasury, and obligations, including mortgage-related securities, issued or guaranteed by US Government agencies or instrumentalities. Some (but not all) of the US Government securities and mortgage-related securities in which the Fund will invest are backed by the full faith and credit of the US Government, which means that payment of interest and principal is guaranteed, but yield and market value are not. Most, if not all, of the Fund's debt securities are “investment-grade.” This means major rating services, like Standard & Poor's Ratings Services (S&P) or Moody's Investors Service, Inc. (Moody's), have rated the securities within one of their four highest quality grades. Debt obligations in the fourth highest grade are regarded as investment-grade, but have speculative characteristics and are riskier than higher rated securities. |
16 | Prudential Income Builder Fund |
Underlying Funds | ||
Market Segment/ Strategy | Name of Underlying Fund | Investment Objective and Investment Strategies of Underlying Fund |
Fixed Income | Prudential Total Return Bond Fund(2) | The investment objective of the Fund is total return. The Fund will seek to achieve its objective through a mix of current income and capital appreciation as determined by the Fund's investment subadviser. The Fund invests, under normal circumstances, at least 80% of the Fund's investable assets (net assets plus borrowings for investment purposes, if any) in bonds. For purposes of this policy, bonds include all fixed-income securities, other than preferred stock, with a maturity at date of issue of greater than one year. The Fund's investment subadviser allocates assets among different debt securities, including (but not limited to) US Government securities, mortgage-related and asset-backed securities, corporate debt securities and foreign securities. The Fund may invest up to 30% of its investable assets in high risk, below investment-grade securities having a rating of not lower than CCC. These securities are also known as high-yield debt securities or junk bonds. The Fund may invest up to 30% of its investable assets in foreign debt securities. Some (but not all) of the US Government securities and mortgage-related securities in which the Fund will invest are backed by the full faith and credit of the US Government, which means that payment of interest and principal is guaranteed, but yield and market value are not. |
Fixed Income | Prudential Global Total Return Fund, Inc.(2) | The Fund's investment objective is to seek total return, made up of current income and capital appreciation. The Fund seeks investments that will increase in value, as well as pay the Fund interest and other income. The Fund may invest in countries anywhere in the world, and normally invests at least 65% of its total assets in income-producing debt securities of US and foreign corporations and governments, supranational organizations, semi-governmental entities or government agencies, authorities or instrumentalities, investment-grade US or foreign mortgages and mortgage-related securities and US or foreign short-term and long-term bank debt securities or bank deposits. The Fund invests in securities of emerging market countries. The Fund may invest in debt securities that are denominated in US dollars or foreign currencies. The Fund invests up to 50% of its total assets in lower-rated securities, also known as “junk” bonds. |
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18 | Prudential Income Builder Fund |
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Principal & Non-Principal Strategies |
■ Equity and Equity-Related Securities: May range between 20% to 80% of total assets■ Fixed Income Instruments: May range between 20% to 80% of total assets■ MLPs: Up to 25% of total assets ■ Derivatives: Up to 25% of total assets ■ Illiquid Securities: Up to 15% of net assets ■ Money Market Instruments: Up to 100% of total assets on a temporary basis ■ Short Sales (excluding Short Sales “against the box”): Up to 25% of net assets■ ETFs: Percentages vary |
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22 | Prudential Income Builder Fund |
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■ | regulation by various government authorities; |
■ | government regulation of rates charged to customers; |
■ | service interruption due to environmental, operational or other mishaps as well as political and social unrest; |
■ | the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards; and |
■ | general changes in market sentiment towards the assets of infrastructure companies. |
24 | Prudential Income Builder Fund |
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26 | Prudential Income Builder Fund |
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28 | Prudential Income Builder Fund |
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30 | Prudential Income Builder Fund |
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32 | Prudential Income Builder Fund |
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34 | Prudential Income Builder Fund |
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Expected Distribution Schedule* | |
Dividends | Monthly |
Short-Term Capital Gains | Annually |
Long-Term Capital Gains | Annually |
36 | Prudential Income Builder Fund |
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Share Class | Eligibility |
Class A | Individual investors |
Class B | 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 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%. The CDSC is waived for certain retirement and/or benefit plans. |
38 | Prudential Income Builder Fund |
■ | Class C shares do not require you to pay a sales charge at the time of purchase, but do require you to pay a sales charge 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 shares have lower operating expenses than Class A or Class C shares, as applicable, you should consider whether you are eligible to purchase Class Z shares. |
Class A | Class B* | Class C | Class R | Class Z | |
Minimum purchase amount | $2,500 | $2,500 | $2,500 | None | None |
Minimum amount for subsequent purchases | $100 | $100 | $100 | None | None |
Maximum initial sales charge | 4.50% of the public offering price | None | None | None | None |
Contingent Deferred Sales Charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption) | 1% on sales of $1 million or more made within 12 months of purchase | 5%(Year 1) 4%(Year 2) 3%(Year 3) 2%(Year 4) 1%(Years 5/6) 0%(Year 7) | 1% on sales made within 12 months of purchase | None | None |
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets) | .30% (.25% currently) | 1% | 1% | .75% (.50% currently) | None |
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Amount of Purchase | Sales Charge as a % of Offering Price* | Sales Charge as a % of Amount Invested* | Dealer Reallowance |
Less than $50,000 | 4.50% | 4.71% | 4.00% |
$50,000 to $99,999 | 4.00% | 4.17% | 3.50% |
$100,000 to $249,999 | 3.50% | 3.63% | 3.00% |
$250,000 to $499,999 | 2.50% | 2.56% | 2.00% |
$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% |
40 | Prudential Income Builder Fund |
■ | 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 Prudential Investments mutual 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 Prudential Investments mutual 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 Prudential Investments mutual funds within 13 months. |
■ | 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 Prudential Investments mutual funds, and the investment subadvisers of the Prudential Investments mutual 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 have entered into dealer agreements with the Distributor; |
■ | 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 |
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■ | Clients of financial intermediaries, who (i) have entered into an agreement with the principal underwriter to 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 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 Prudential mutual funds are an available option; |
■ | Current and former Directors/Trustees of mutual funds managed by PI 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; |
■ | Prudential funds, including Prudential funds-of-funds; |
■ | Qualified state tuition programs (529 plans); and |
■ | Investors working with fee-based consultants for investment selection and allocations. |
44 | Prudential Income Builder Fund |
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46 | Prudential Income Builder Fund |
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48 | Prudential Income Builder Fund |
■ | You are selling more than $100,000 of shares; |
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■ | You want the redemption proceeds made payable to someone that is not in our records; |
■ | You want the redemption proceeds sent to some place that is not in our 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), six years for Class B shares, 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), six years for Class B shares, and 12 months for Class C shares). |
■ | 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. |
50 | Prudential Income Builder Fund |
■ | 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; |
■ | To withdraw excess contributions from a qualified or tax-deferred retirement plan, IRA or Section 403(b) custodial account; and |
■ | On certain redemptions effected through a Systematic Withdrawal Plan. |
■ | 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 October 31, 2015(b) | Three Months Ended October 31, 2014(b)(f) | Year Ended July 31, | ||||
2014(b) | 2013(b) | 2012(b) | 2011(b) | |||
Per Share Operating Performance: | ||||||
Net Asset Value, Beginning Of Period | $11.90 | $11.78 | $11.55 | $10.69 | $10.30 | $9.53 |
Income (loss) from investment operations: | ||||||
Net investment income | .39 | .05 | .05 | .14 | .17 | .16 |
Net realized and unrealized gain (loss) on investments | (.70) | .14 | .89 | .86 | .38 | .79 |
Total from investment operations | (.31) | .19 | .94 | 1.00 | .55 | .95 |
Less Dividends and Distributions: | ||||||
Dividends from net investment income | (.44) | (.07) | (.12) | (.14) | (.16) | (.18) |
Distributions from net realized gains | (1.76) | – | (.59) | – | – | – |
Total dividends and distributions | (2.20) | (.07) | (.71) | (.14) | (.16) | (.18) |
Net asset value, end of period | $9.39 | $11.90 | $11.78 | $11.55 | $10.69 | $10.30 |
Total Return(a) | (2.59)% | 1.63% | 8.37% | 9.41% | 5.53% | 10.04% |
Ratios/Supplemental Data: | ||||||
Net assets, end of period (000) | $141,432 | $84,863 | $85,292 | $86,386 | $86,352 | $86,746 |
Average net assets (000) | $109,965 | $84,889 | $86,591 | $85,636 | $84,243 | $83,395 |
Ratios to average net assets(c): | ||||||
Expenses after waivers and/or expense reimbursement | .78% | 1.03%(d) | 1.51% | 1.52% | 1.54% | 1.52% |
Expenses before waivers and/or expense reimbursement | 1.37% | 1.92%(d) | 1.56% | 1.57% | 1.59% | 1.57% |
Net investment income | 3.96% | 1.58%(d) | .43% | 1.25% | 1.64% | 1.59% |
Portfolio turnover rate | 93% | 140%(e) | 478% | 210% | 248% | 188% |
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Class B Shares | ||||||
Year Ended October 31, 2015(b) | Three Months Ended October 31, 2014(b)(f) | Year Ended July 31, | ||||
2014(b) | 2013(b) | 2012(b) | 2011(b) | |||
Per Share Operating Performance: | ||||||
Net Asset Value, Beginning Of Period | $11.74 | $11.59 | $11.38 | $10.54 | $10.15 | $9.41 |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | .32 | .02 | (.04) | .06 | .09 | .08 |
Net realized and unrealized gain (loss) on investments | (.70) | .15 | .88 | .84 | .39 | .78 |
Total from investment operations | (.38) | .17 | .84 | .90 | .48 | .86 |
Less Dividends and Distributions: | ||||||
Dividends from net investment income | (.37) | (.02) | (.04) | (.06) | (.09) | (.12) |
Distributions from net realized gains | (1.76) | – | (.59) | – | – | – |
Total dividends and distributions | (2.13) | (.02) | (.63) | (.06) | (.09) | (.12) |
Net asset value, end of period | $9.23 | $11.74 | $11.59 | $11.38 | $10.54 | $10.15 |
Total Return(a) | (3.35)% | 1.47% | 7.52% | 8.57% | 4.86% | 9.20% |
Ratios/Supplemental Data: | ||||||
Net assets, end of period (000) | $3,083 | $4,810 | $5,180 | $6,012 | $7,856 | $13,995 |
Average net assets (000) | $3,824 | $5,005 | $5,826 | $6,958 | $10,840 | $18,900 |
Ratios to average net assets(c): | ||||||
Expenses after waivers and/or expense reimbursement | 1.51% | 1.78%(d) | 2.26% | 2.27% | 2.29% | 2.27% |
Expenses before waivers and/or expense reimbursement | 2.09% | 2.59%(d) | 2.26% | 2.27% | 2.29% | 2.27% |
Net investment income (loss) | 3.24% | .80%(d) | (.31)% | .52% | .93% | .82% |
Portfolio turnover rate | 93% | 140%(e) | 478% | 210% | 248% | 188% |
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Class C Shares | ||||||
Year Ended October 31, 2015(b) | Three Months Ended October 31, 2014(b)(f) | Year Ended July 31, | ||||
2014(b) | 2013(b) | 2012(b) | 2011(b) | |||
Per Share Operating Performance: | ||||||
Net Asset Value, Beginning Of Period | $11.74 | $11.59 | $11.38 | $10.54 | $10.15 | $9.41 |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | .31 | .02 | (.04) | .06 | .09 | .08 |
Net realized and unrealized gain (loss) on investments | (.69) | .15 | .88 | .84 | .39 | .78 |
Total from investment operations | (.38) | .17 | .84 | .90 | .48 | .86 |
Less Dividends and Distributions: | ||||||
Dividends from net investment income | (.37) | (.02) | (.04) | (.06) | (.09) | (.12) |
Distributions from net realized gains | (1.76) | – | (.59) | – | – | – |
Total dividends and distributions | (2.13) | (.02) | (.63) | (.06) | (.09) | (.12) |
Net asset value, end of period | $9.23 | $11.74 | $11.59 | $11.38 | $10.54 | $10.15 |
Total Return(a) | (3.35)% | 1.47% | 7.53% | 8.57% | 4.86% | 9.20% |
Ratios/Supplemental Data: | ||||||
Net assets, end of period (000) | $75,622 | $17,474 | $17,887 | $17,217 | $17,307 | $19,133 |
Average net assets (000) | $44,389 | $17,513 | $17,793 | $17,251 | $17,651 | $20,208 |
Ratios to average net assets(c): | ||||||
Expenses after waivers and/or expense reimbursement | 1.55% | 1.78%(d) | 2.26% | 2.27% | 2.29% | 2.27% |
Expenses before waivers and/or expense reimbursement | 2.05% | 2.61%(d) | 2.26% | 2.27% | 2.29% | 2.27% |
Net investment income (loss) | 3.19% | .82%(d) | (.32)% | .51% | .89% | .83% |
Portfolio turnover rate | 93% | 140%(e) | 478% | 210% | 248% | 188% |
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Class R Shares | ||||||
Year Ended October 31, 2015(b) | Three Months Ended October 31, 2014(b)(f) | Year Ended July 31, | ||||
2014(b) | 2013(b) | 2012(b) | 2011(b) | |||
Per Share Operating Performance: | ||||||
Net Asset Value, Beginning Of Period | $11.89 | $11.75 | $11.52 | $10.67 | $10.28 | $9.51 |
Income (loss) from investment operations: | ||||||
Net investment income | .36 | .04 | .02 | .11 | .14 | .13 |
Net realized and unrealized gain (loss) on investments | (.69) | .15 | .89 | .85 | .39 | .80 |
Total from investment operations | (.33) | .19 | .91 | .96 | .53 | .93 |
Less Dividends and Distributions: | ||||||
Dividends from net investment income | (.42) | (.05) | (.09) | (.11) | (.14) | (.16) |
Distributions from net realized gains | (1.76) | – | (.59) | – | – | – |
Total dividends and distributions | (2.18) | (.05) | (.68) | (.11) | (.14) | (.16) |
Net asset value, end of period | $9.38 | $11.89 | $11.75 | $11.52 | $10.67 | $10.28 |
Total Return(a) | (2.83)% | 1.60% | 8.13% | 9.07% | 5.29% | 9.84% |
Ratios/Supplemental Data: | ||||||
Net assets, end of period (000) | $359 | $393 | $288 | $167 | $231 | $232 |
Average net assets (000) | $427 | $347 | $275 | $196 | $219 | $669 |
Ratios to average net assets(c): | ||||||
Expenses after waivers and/or expense reimbursement | 1.03% | 1.25%(d) | 1.76% | 1.77% | 1.79% | 1.77% |
Expenses before waivers and/or expense reimbursement | 1.82% | 2.45%(d) | 2.01% | 2.02% | 2.04% | 2.02% |
Net investment income | 3.69% | 1.45%(d) | .19% | 1.04% | 1.39% | 1.29% |
Portfolio turnover rate | 93% | 140%(e) | 478% | 210% | 248% | 188% |
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Class X Shares | |||||
Period Ended April 11, 2014(b)(d) | Year Ended July 31, | ||||
2013(b) | 2012(b) | 2011(b) | 2010(b) | ||
Per Share Operating Performance: | |||||
Net Asset Value, Beginning Of Period | $11.38 | $10.54 | $10.16 | $9.41 | $8.43 |
Income (loss) from investment operations: | |||||
Net investment income (loss) | (.03) | .06 | .09 | .08 | .12 |
Net realized and unrealized gain on investments | .55 | .84 | .38 | .79 | .88 |
Total from investment operations | .52 | .90 | .47 | .87 | 1.00 |
Less Dividends and Distributions: | |||||
Dividends from net investment income | (.04) | (.06) | (.09) | (.12) | (.02) |
Distributions from net realized gains | (.59) | – | – | – | – |
Total dividends and distributions | (.63) | (.06) | (.09) | (.12) | (.02) |
Net asset value, end of period | $11.27 | $11.38 | $10.54 | $10.16 | $9.41 |
Total Return(a) | 4.56% | 8.57% | 4.75% | 9.31% | 11.82% |
Ratios/Supplemental Data: | |||||
Net assets, end of period (000) | $3 | $28 | $93 | $123 | $769 |
Average net assets (000) | $15 | $69 | $108 | $391 | $863 |
Ratios to average net assets(c): | |||||
Expenses after waivers and/or expense reimbursement | 2.24%(f) | 2.27% | 2.29% | 2.27% | 2.27% |
Expenses before waivers and/or expense reimbursement | 2.24%(f) | 2.27% | 2.29% | 2.27% | 2.27% |
Net investment income (loss) | (.35)%(f) | .57% | .90% | .78% | 1.26% |
Portfolio turnover rate | 478%(e) | 210% | 248% | 188% | 200% |
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Class Z Shares | ||||||
Year Ended October 31, 2015(b) | Three Months Ended October 31, 2014(b)(f) | Year Ended July 31, | ||||
2014(b) | 2013(b) | 2012(b) | 2011(b) | |||
Per Share Operating Performance: | ||||||
Net Asset Value, Beginning Of Period | $11.96 | $11.85 | $11.62 | $10.75 | $10.35 | $9.57 |
Income (loss) from investment operations: | ||||||
Net investment income | .41 | .06 | .08 | .17 | .20 | .19 |
Net realized and unrealized gain (loss) on investments | (.69) | .15 | .89 | .87 | .39 | .79 |
Total from investment operations | (.28) | .21 | .97 | 1.04 | .59 | .98 |
Less Dividends and Distributions: | ||||||
Dividends from net investment income | (.47) | (.10) | (.15) | (.17) | (.19) | (.20) |
Distributions from net realized gains | (1.76) | – | (.59) | – | – | – |
Total dividends and distributions | (2.23) | (.10) | (.74) | (.17) | (.19) | (.20) |
Net asset value, end of period | $9.45 | $11.96 | $11.85 | $11.62 | $10.75 | $10.35 |
Total Return(a) | (2.33)% | 1.74% | 8.59% | 9.72% | 5.85% | 10.31% |
Ratios/Supplemental Data: | ||||||
Net assets, end of period (000) | $74,114 | $5,965 | $5,287 | $3,178 | $3,717 | $3,921 |
Average net assets (000) | $45,082 | $5,426 | $4,306 | $3,181 | $4,379 | $3,567 |
Ratios to average net assets(c): | ||||||
Expenses after waivers and/or expense reimbursement | .56% | .77%(d) | 1.26% | 1.27% | 1.29% | 1.27% |
Expenses before waivers and/or expense reimbursement | 1.03% | 1.64%(d) | 1.26% | 1.27% | 1.29% | 1.27% |
Net investment income | 4.15% | 1.87%(d) | .69% | 1.51% | 1.90% | 1.84% |
Portfolio turnover rate | 93% | 140%(e) | 478% | 210% | 248% | 188% |
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62 | Prudential Income Builder Fund |
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.prudentialfunds.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.prudentialfunds.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 from the Securities and Exchange Commission as follows (the SEC charges a fee to copy documents): | |
■ MAIL Securities and Exchange Commission Public Reference Section 100 F Street, NE Washington, DC 20549-1520■ ELECTRONIC REQUEST publicinfo@sec.gov | ■ IN PERSON Public Reference Room located at 100 F Street, NE in Washington, DC For hours of operation, call (202) 551-8090■ VIA THE INTERNET on the EDGAR Database at www.sec.gov |
Prudential Income Builder Fund | |||||
Share Class | A | B | C | R | Z |
NASDAQ | PCGAX | PBCFX | PCCFX | PCLRX | PDCZX |
CUSIP | 74442X108 | 74442X207 | 74442X306 | 74442X405 | 74442X504 |
MFSP504STAT | The Fund's Investment Company Act File No. 811-08915 |
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