PGIM INCOME BUILDER FUND | |||||
A: PCGAX | B: PBCFX | C: PCCFX | R: PCLRX | Z: PDCZX | R6: PCGQX |
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 shareholderreports@pgim.com. |
Beginning on January 1, 2019, 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 shareholderreports@pgim.com 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. Jennison Associates LLC and PGIM, Inc. (PGIM) are registered investment advisers and Prudential Financial companies. QMA LLC is a wholly owned subsidiary of PGIM. PGIM Fixed Income and PGIM Real Estate Investors are units of PGIM. © 2019 Prudential Financial, Inc. and its related entities. Jennison Associates, Jennison, 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 B | Class C | Class R | Class Z | Class R6† | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 4.50% | 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% | 5.00% | 1.00% | None | None | None |
Maximum sales charge (load) imposed on reinvested dividends and other distributions | None | None | None | None | None | None |
Redemption fee | None | None | None | None | None | None |
Exchange fee | None | None | None | None | None | None |
Maximum account fee (accounts under $10,000) | $15 | $15 | $15 | 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 B | Class C | Class R | Class Z | Class R6(1) | |
Management fees | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
Distribution and service (12b-1) fees | 0.30% | 1.00% | 1.00% | 0.75% | None | None |
Other expenses | 0.25% | 1.26% | 0.24% | 1.57% | 0.26% | 0.62% |
Acquired Fund fees and expenses | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Total annual Fund operating expenses | 1.35% | 3.06% | 2.04% | 3.12% | 1.06% | 1.42% |
Fee waiver and/or expense reimbursement | (0.40)% | (1.36)% | (0.34)% | (1.92)% | (0.36)% | (0.72)% |
Total annual Fund operating expenses after fee waiver and/or expense reimbursement(2,3) | 0.95% | 1.70% | 1.70% | 1.20% | 0.70% | 0.70% |
Visit our website at www.pgiminvestments.com | 3 |
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 | $821 | $1,120 | $1,968 | $543 | $821 | $1,120 | $1,968 |
Class B | $673 | $1,117 | $1,587 | $2,679 | $173 | $817 | $1,487 | $2,679 |
Class C | $273 | $607 | $1,067 | $2,342 | $173 | $607 | $1,067 | $2,342 |
Class R | $122 | $782 | $1,467 | $3,296 | $122 | $782 | $1,467 | $3,296 |
Class Z | $72 | $301 | $550 | $1,262 | $72 | $301 | $550 | $1,262 |
Class R6† | $72 | $378 | $708 | $1,640 | $72 | $378 | $708 | $1,640 |
4 | PGIM Income Builder Fund |
Visit our website at www.pgiminvestments.com | 5 |
6 | PGIM Income Builder Fund |
Visit our website at www.pgiminvestments.com | 7 |
■ | 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 | PGIM Income Builder Fund |
Visit our website at www.pgiminvestments.com | 9 |
Average Annual Total Returns % (including sales charges) (as of 12-31-17) | ||||
Return Before Taxes | One Year | Five Years | Ten Years | Since Inception |
Class A shares | 2.99% | 4.40% | 4.03% | - |
Class B shares | 2.08% | 4.45% | 3.74% | - |
Class C shares | 6.08% | 4.60% | 3.74% | - |
Class R shares | 7.58% | 5.11% | 4.26% | - |
Class R6 shares† | 8.21% | N/A | N/A | 8.17% (12-30-16) |
Class Z Shares % | ||||
Return Before Taxes | 8.16% | 5.63% | 4.78% | - |
Return After Taxes on Distributions | 6.49% | 3.32% | 3.19% | - |
Return After Taxes on Distributions and Sale of Fund Shares | 4.81% | 3.75% | 3.30% | - |
Index % (reflects no deduction for fees, expenses or taxes) | ||||
S&P 500 Index | 21.82% | 15.78% | 8.49% | - |
Bloomberg Barclays US Aggregate Bond Index | 3.54% | 2.10% | 4.01% | - |
Lipper Average % (reflects no deduction for sales charges or taxes) | ||||
Lipper Flexible Portfolio Funds Average | 12.70% | 6.14% | 4.43% | - |
Investment Manager | Subadviser | Portfolio Managers | Title | Service Date |
PGIM Investments LLC | QMA LLC | Edward L. Campbell, MBA, CFA | Managing Director and Portfolio Manager | September 2014 |
Rory Cummings, MBA, CFA | Vice President and Portfolio Manager | September 2014 | ||
Peter Vaiciunas, MBA, CFA | Senior Investment Associate and Portfolio Manager | February 2018 | ||
Jennison Associates LLC | Ubong “Bobby” Edemeka | Managing Director | September 2014 | |
Shaun Hong, CFA | Managing Director | September 2014 | ||
Stephen J. Maresca, CFA | Managing Director | July 2016 |
10 | PGIM Income Builder Fund |
Investment Manager | Subadviser | Portfolio Managers | Title | Service Date |
PGIM Fixed Income | David Bessey | Managing Director and Co-Head of PGIM Fixed Income's Emerging Markets Debt Team | September 2014 | |
Cathy L. Hepworth, CFA | Managing Director and Co-Head of PGIM Fixed Income's Emerging Markets Debt Team | September 2014 | ||
Mariusz Banasiak, CFA | Principal and Head of PGIM Fixed Income’s Foreign Exchange Team | June 2017 | ||
Robert Cignarella, CFA | Managing Director and Head of PGIM Fixed Income’s Leveraged Finance Team | September 2014 | ||
Brian Clapp, CFA | Principal and a high yield portfolio manager | September 2014 | ||
Robert Spano, CFA, CPA | Principal and a high yield portfolio manager | September 2014 | ||
Daniel Thorogood, CFA | Vice President and a high yield portfolio manager | September 2014 | ||
Ryan Kelly, CFA | Principal and a high yield portfolio manager | September 2014 | ||
PGIM Real Estate | Rick J. Romano, CFA | Managing Director and Head of Global Real Estate Securities | September 2014 | |
Daniel Cooney, CFA | Vice President & Portfolio Manager: North American Real Estate Securities | June 2018 | ||
Kwok Wing Cheong, CFA | Executive Director and Portfolio Manager: Asian Real Estate Securities | May 2015 | ||
PGIM Limited | Michael Gallagher | Executive Director and Portfolio Manager: European Real Estate Securities | September 2014 |
Class A** | Class C** | Class R** | Class Z** | Class R6† | |
Minimum initial investment* | $2,500 | $2,500 | None | None | None |
Minimum subsequent investment* | $100 | $100 | None | None | None |
Visit our website at www.pgiminvestments.com | 11 |
12 | PGIM Income Builder Fund |
Visit our website at www.pgiminvestments.com | 13 |
14 | PGIM Income Builder Fund |
Visit our website at www.pgiminvestments.com | 15 |
Underlying Funds | ||
Market Segment/ Strategy | Name of Underlying Fund | Investment Objective and Investment Strategies of Underlying Fund |
Equity | PGIM 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 | PGIM 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 invests at least 80% of the Fund's investable assets in equity and equity-related and investment-grade debt securities of utility companies. This means the Fund concentrates its investments in utility companies, including electric utilities, gas utilities, water utilities, multi-utilities, independent power producers, diversified telecommunication services, wireless telecommunication services and oil & gas storage & transportation. 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. |
16 | PGIM Income Builder Fund |
Underlying Funds | ||
Market Segment/ Strategy | Name of Underlying Fund | Investment Objective and Investment Strategies of Underlying Fund |
Equity | PGIM 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 Global Industry Classification Standard (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, and the following infrastructure-related real estate investment trusts (REITs) identified under the GIC Sub-Industry classifications: Industrial REITs, Health Care REITs, and Specialized REIT. 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. |
Equity | iShares U.S. Preferred Stock ETF(4) | The Fund seeks to track the investment results of an index composed of U.S. preferred stocks. The Fund seeks to track the investment results of the S&P U.S. Preferred Stock IndexTM (the “Underlying Index”), which measures the performance of a select group of preferred stocks listed on the New York Stock Exchange (“NYSE”), NYSE Arca, Inc. (“NYSE Arca”), NYSE Amex, NASDAQ Global Select Market, NASDAQ Select Market or NASDAQ Capital Market. The Underlying Index does not seek to directly reflect the performance of the companies issuing the preferred stock. The Underlying Index includes preferred stocks with a market capitalization over $100 million that meet minimum price, liquidity, trading volume, maturity and other requirements determined by S&P Dow Jones Indices LLC (the “Index Provider” or “SPDJI”), a subsidiary of S&P Global, Inc. The Underlying Index excludes certain issues of preferred stock, such as those that are issued by special ventures (e.g., toll roads or dam operators) or structured products and brand name products issued by financial institutions that are packaged securities linked to indices or other stocks. |
Equity | SPDR Wells Fargo Preferred Stock ETF(3) | The SPDR Wells Fargo Preferred Stock ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon Preferred Securities. In seeking to track the performance of Wells Fargo Hybrid and Preferred Securities Aggregate Index (the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. |
Visit our website at www.pgiminvestments.com | 17 |
Underlying Funds | ||
Market Segment/ Strategy | Name of Underlying Fund | Investment Objective and Investment Strategies of Underlying Fund |
Equity | PGIM QMA Strategic Alpha International Equity ETF(5) | The Fund’s investment objective is to seek long-term growth of capital. The Fund seeks investments that will appreciate over time. The Fund’s goal is to outperform the returns of the MSCI EAFE Index over the long term. Under normal circumstances, the Fund invests at least 80% of its investable assets in equity and equity-related securities of non-US companies. The Fund is an actively managed ETF and, thus, does not seek to replicate the performance of a specified index. The Fund may invest anywhere in the world, but generally not in US companies. The Fund may invest a large portion of its assets in a single country or region. The Fund will primarily invest in developed markets. The Fund may invest in securities of the issuers of any market capitalization size. |
Equity | PGIM QMA Strategic Alpha Large-Cap Core ETF(5) | The Fund’s investment objective is to seek long-term growth of capital. The Fund seeks investments that will appreciate over time. The Fund’s goal is to outperform the returns of the S&P 500 Index over the long term. The Fund normally invests at least 80% of its investable assets in equity and equity-related securities of US large-capitalization companies. The Fund is an actively managed ETF and, thus, does not seek to replicate the performance of a specified index. |
Equity | PGIM QMA Strategic Alpha Small-Cap Growth ETF(5) | The Fund’s investment objective is to seek long-term growth of capital. The Fund seeks investments that will appreciate over time. The Fund’s goal is to outperform the returns of the Russell 2000 Growth Index over the long term. The Fund normally invests at least 80% of its investable assets in equity and equity-related securities of US small-capitalization companies. The Fund is an actively managed ETF and, thus, does not seek to replicate the performance of a specified index. |
Equity | PGIM QMA Strategic Alpha Small-Cap Value ETF(5) | The Fund’s investment objective is to seek long-term growth of capital. The Fund seeks investments that will appreciate over time. The Fund’s goal is to outperform the returns of the Russell 2000 Value Index over the long term. The Fund normally invests at least 80% of its investable assets in equity and equity-related securities of US small-capitalization companies. The Fund is an actively managed ETF and, thus, does not seek to replicate the performance of a specified index. |
Equity | PGIM QMA International Equity Fund(5) | The Fund’s investment objective is to seek long-term growth of capital. The subadviser looks for investments that it thinks will increase in value over time. The subadviser seeks to achieve the Fund’s objective through investment in equity and equity-related securities of foreign (non-US based) companies. Under normal circumstances, the Fund invests at least 80% of its investable assets (net assets plus borrowings made for investment purposes) in common stock and preferred stock of foreign companies. The Fund may invest anywhere in the world, including North America, Western Europe, the United Kingdom and the Pacific Basin, but generally does not invest in the US. The Fund may invest in securities of the issuers of any market capitalization size. The Fund may invest a large portion of its assets in a single country or region. The Fund may invest in emerging markets. |
Equity | PGIM QMA Emerging Markets Equity Fund(5) | The Fund’s investment objective is to seek to provide returns in excess of the Morgan Stanley Capital International Emerging Markets Index over full market cycles. The Fund seeks to achieve its investment objective by investing, under normal conditions, at least 80% of its investable assets (net assets plus any borrowings for investment purposes) in the equity and equity-related securities of companies located in or otherwise economically tied to emerging markets countries. The Fund may invest in securities of issuers of any market capitalization size. The Fund may invest a large portion of its assets in a single country or region. The Fund is not sponsored by or affiliated with Morgan Stanley Capital International (MSCI). The Fund may invest in equity and equity-related securities (which include but are not limited to, common and preferred stock, exchange-traded funds (ETFs), securities convertible into common stock, structured securities including participation notes (P-Notes) and structured notes (S-Notes), depositary receipts, and other instruments whose value is based on common stock, such as rights and warrants) and derivatives. |
18 | PGIM Income Builder Fund |
Underlying Funds | ||
Market Segment/ Strategy | Name of Underlying Fund | Investment Objective and Investment Strategies of Underlying Fund |
Fixed Income | PGIM Short-Term Corporate Bond Fund(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 fundamental credit research as well as analysis of market conditions, interest rates and general economic factors. |
Fixed Income | PGIM 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 (commonly referred to as junk bonds) with varying maturities and other investments (including derivatives) with similar economic characteristics. The term “below investment grade” refers to instruments either rated Ba1 or lower by Moody’s, BB+ or lower by S&P 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 | PGIM 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. |
Fixed Income | PGIM 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 | PGIM 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. The Fund may invest up to 50% of its total assets in debt securities that are rated below investment grade (which are sometimes referred to as junk bonds) or, if unrated, of comparable quality at the time of purchase as determined by the Fund’s investment subadviser. |
Visit our website at www.pgiminvestments.com | 19 |
Underlying Funds | ||
Market Segment/ Strategy | Name of Underlying Fund | Investment Objective and Investment Strategies of Underlying Fund |
Fixed Income | SPDR® Bloomberg Barclays Convertible Securities ETF(6) | 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. 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 | PGIM 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 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. The Fund may also invest in derivatives, including futures, swaps, and options, for purposes of hedging and/or improving the Fund’s returns. 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 S&P or 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. |
Fixed Income | PGIM 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 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 speculative 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. |
Fixed Income | PGIM Global Total Return Fund(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 generally invests in global developed market sovereign, corporate, mortgage related, and asset-backed debt securities. The Fund may also invest in the debt securities of emerging market sovereign, quasi-sovereign, and corporate issuers. 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 may invest in debt securities that are denominated in US dollars or foreign currencies. The Fund may invest up to 35% of its total assets in speculative lower-rated securities, also known as “junk” bonds, and unrated securities that the investment subadviser determines are of comparable quality to investment grade securities. |
20 | PGIM Income Builder Fund |
Underlying Funds | ||
Market Segment/ Strategy | Name of Underlying Fund | Investment Objective and Investment Strategies of Underlying Fund |
Fixed Income | iShares Convertible Bond ETF(4) | The Fund seeks to track the investment results of the Bloomberg Barclays U.S. Convertible Cash Pay Bond > $250MM Index (the “Underlying Index”). The Underlying Index is a subset of the Bloomberg Barclays U.S. Convertibles: Cash Pay Bonds Index, which is one of the four classes of the Bloomberg Barclays U.S. Convertibles Index (the “Parent Index”) (i.e., cash pay, zero coupon, preferred and mandatory convertible bonds) and measures the performance of the US dollar denominated convertibles market. The Underlying Index is market capitalization-weighted and consists of only cash pay convertible bonds. Cash pay convertible bonds allow the holder of the bond the option to convert into a pre-specified number of shares of the issuer’s common stock, but do not require conversion. |
Fixed Income | PGIM Emerging Markets Debt Local Currency Fund(2) | The Fund’s investment objective is to seek total return, through a combination of current income and capital appreciation. The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its investable assets in currencies of, and fixed-income instruments denominated in local currencies of, emerging market countries. The Fund may invest in derivatives, such as forward contracts, options, futures contracts or swap agreements, denominated in any currency. Such investments will be included under the 80% of assets policy noted above so long as the underlying asset of such derivative is a currency or fixed-income instrument denominated in the currency of an emerging market country and such investments are subject to the Fund's limit of investing up to 25% of its net assets in derivatives. The Fund may invest to a lesser extent in lesser-developed emerging market countries that are not included in standard emerging market benchmarks and are not widely followed by investors (commonly referred to as “frontier countries”). The Fund's investments may be highly concentrated in a geographic region or country and under normal circumstances the Fund will invest in at least three different countries, without limit as to the amount of Fund assets that may be invested in any single country. The Fund's fixed-income instruments may include bonds, debt securities and derivatives issued by various US and non-US public or private sector entities. The Fund may invest up to 50% of its net assets in junk bonds. The Fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund. |
Fixed Income | PGIM Corporate Bond Fund(2) | The Fund’s investment objective is to seek total return. The Fund normally invests 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, adjustable rate securities and floating rate securities, other than preferred stock, and corporations include all private issuers. Although the Fund may invest in bonds of any maturity, under normal market conditions the Fund generally will maintain an effective duration approximately equal to the duration of the Fund’s benchmark, the Bloomberg Barclays US Credit Bond Index, plus or minus one year. The Fund may invest in asset-backed securities and mortgage-related securities, dollar-denominated obligations issued in the US by foreign corporations and governments, including those in emerging markets (Yankee obligations), and debt obligations issued by the US Government and government-related entities. The Fund may also invest up to 20% of its investable assets in below investment grade debt obligations (“junk bonds”) rated BB or lower by S&P, Ba or lower by Moody’s, or the equivalent by another NRSRO. The Fund may invest in unrated debt obligations that it determines are of comparable quality to the rated debt obligations that are permissible investments. The Fund engages in active trading in order to take advantage of new investment opportunities or yield differentials. |
Visit our website at www.pgiminvestments.com | 21 |
Underlying Funds | ||
Market Segment/ Strategy | Name of Underlying Fund | Investment Objective and Investment Strategies of Underlying Fund |
Fixed Income | PGIM Ultra Short Bond ETF(2) | The Fund’s investment objective is to seek total return through a combination of current income and capital appreciation, consistent with preservation of capital. The Fund seeks to achieve its investment objective by investing primarily in a portfolio of investment grade, U.S. dollar denominated short-term fixed, variable and floating rate debt instruments. Under normal market conditions, the Fund invests at least 80% of its investable assets in bonds with varying maturities. For purposes of this policy, bonds include fixed income instruments issued by the US Government, its agencies and instrumentalities, as well as commercial paper, money market instruments, asset-backed securities, funding agreements, variable rate demand notes, bills, notes and other obligations issued by banks, corporations and other companies (including trust structures), obligations issued by non-U.S. banks, companies or non-US governments, and municipal bonds and notes. The Fund is an actively managed exchange traded fund (ETF) and, thus, does not seek to replicate the performance of a specified index. 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 one year or less and a weighted average maturity of three years or less. |
Fixed Income | PGIM Active High Yield Bond ETF(2) | The Fund’s investment objective is to seek total return, through a combination of current income and capital appreciation. The Fund seeks to achieve its investment objective by investing primarily in a portfolio of high yield bonds (commonly referred to as junk bonds) of companies or governments. Under normal market conditions, the Fund invests at least 80% of its investable assets in a diversified portfolio of high yield bonds that are below investment grade and other investments (including derivatives) with similar economic characteristics. The term “bonds” includes fixed income instruments issued by the US Government, its agencies and instrumentalities, commercial paper, asset-backed securities, mortgage-backed securities, variable and floating rate instruments, bills, notes and other obligations issued by banks, corporations and other companies (including trust structures), convertible and non-convertible securities (including preferred stocks), loan participations and assignments, obligations issued by non-U.S. banks, companies or non-U.S. governments, and municipal bonds and notes.The Fund is an actively managed exchange traded fund (ETF) and, thus, does not seek to replicate the performance of a specified index. |
Real Estate | PGIM US Real Estate Fund(6) | The Fund’s investment objective is to seek capital appreciation and income. The Fund seeks to achieve its objective by investing in investments whose price will increase over time and which will pay the Fund dividends and other income, such as capital gains. The Fund normally invests at least 80% of its investable assets (net assets plus any borrowings made for investment purposes) in the equity-related securities of real estate companies operating in the United States, principally real estate investment trusts (REITs) and other real estate securities. The Fund may invest up to 20% of its investable assets in other securities, including equity-related securities of foreign real estate companies. The Fund is non-diversified, meaning that it may invest more than 5% of its total assets in any one issuer. The Fund concentrates its investments (i.e., invests at least 25% of its total assets) in the real estate sector. |
Real Estate | PGIM Global Real Estate Fund(6) | The Fund’s investment objective is to seek capital appreciation and income. The Fund seeks investments whose price will increase over time and which will pay the Fund dividends and other income. The Fund normally invests at least 80% of its investable assets (net assets plus any borrowings made for investment purposes) in the equity-related securities of real estate companies, principally real estate investment trusts (REITs), and other real estate securities. Equity-related securities may also include common stock, convertible securities, nonconvertible preferred stock, American Depositary Receipts (ADRs), warrants and other rights that can be exercised to obtain stock, investments in various types of business ventures and similar securities. The Fund invests globally in real estate investments. Under normal circumstances, the Fund invests in at least three different countries and at least 40% of its total assets in foreign securities, including emerging markets. There is no limit on the amount of Fund assets that may be invested in the securities of foreign real estate companies. The Fund concentrates its investments in real estate securities, including REITs. The Fund is non-diversified, meaning that it may invest more than 5% of its total assets in any one issuer. |
22 | PGIM Income Builder Fund |
Visit our website at www.pgiminvestments.com | 23 |
24 | PGIM Income Builder Fund |
Visit our website at www.pgiminvestments.com | 25 |
26 | PGIM Income Builder Fund |
Principal Strategies: Investment Limits |
■ 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 |
Non-Principal Strategies: Investment Limits |
■ 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 |
Visit our website at www.pgiminvestments.com | 27 |
28 | PGIM Income Builder Fund |
Visit our website at www.pgiminvestments.com | 29 |
■ | 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. |
30 | PGIM Income Builder Fund |
Visit our website at www.pgiminvestments.com | 31 |
32 | PGIM Income Builder Fund |
Visit our website at www.pgiminvestments.com | 33 |
34 | PGIM Income Builder Fund |
Visit our website at www.pgiminvestments.com | 35 |
36 | PGIM Income Builder Fund |
Visit our website at www.pgiminvestments.com | 37 |
38 | PGIM Income Builder Fund |
Visit our website at www.pgiminvestments.com | 39 |
40 | PGIM Income Builder Fund |
Expected Distribution Schedule* | |
Dividends | Monthly |
Short-Term Capital Gains | Annually |
Long-Term Capital Gains | Annually |
Visit our website at www.pgiminvestments.com | 41 |
42 | PGIM Income Builder Fund |
Visit our website at www.pgiminvestments.com | 43 |
Share Class | Eligibility |
Class A** | Retail investors |
Class B* | Retail investors |
Class C** | Retail investors |
Class R** | Certain group retirement plans |
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 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. |
44 | PGIM Income Builder Fund |
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. |
■ | If you purchase Class Z shares through a broker acting solely as an agent on behalf of its customers pursuant to an agreement with PIMS, the broker may charge you a commission in an amount determined and separately disclosed to you by the broker. |
■ | Because Class Z 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 B* | Class C** | Class Z** | Class R** | Class R6† | |
Minimum purchase amount | $2,500 | $2,500 | $2,500 | None | None | None |
Minimum amount for subsequent purchases | $100 | $100 | $100 | None | None | None |
Maximum initial sales charge | 4.50% of the public offering price | None | 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) | 1.00% on sales of $1 million or more made within 12 months of purchase | 5.00%(Year 1) 4.00%(Year 2) 3.00%(Year 3) 2.00%(Year 4) 1.00%(Years 5/6) 0.00%(Year 7) | 1.00% on sales made within 12 months of purchase | None | None | None |
Visit our website at www.pgiminvestments.com | 45 |
Class A** | Class B* | Class C** | Class Z** | Class R** | Class R6† | |
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets) | 0.30% (0.25% currently) | 1.00% | 1.00% | None | 0.75% (0.50% currently) | None |
46 | PGIM Income Builder Fund |
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 or other agent had or was 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 $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% |
Visit our website at www.pgiminvestments.com | 47 |
Amount of Purchase | Sales Charge as a % of Offering Price* | Sales Charge as a % of Amount Invested* | Dealer Reallowance*** |
$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% |
■ | 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. |
48 | PGIM Income Builder Fund |
■ | 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; |
Visit our website at www.pgiminvestments.com | 49 |
■ | 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. |
50 | PGIM Income Builder Fund |
Visit our website at www.pgiminvestments.com | 51 |
■ | 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; |
■ | 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; or |
■ | Fee- or commission-based retail brokerage programs of certain financial intermediaries that offer Class Z shares through such programs and that have agreements with PIMS to offer such shares when acting solely on an agency basis for their customers for the purchase or sale of such shares. If you transact in Class Z shares of the Fund through one of these programs, you may be required to pay a commission and/or other forms of compensation to the broker or financial intermediary for effecting such transaction. Because the Fund is not a party to any commission arrangement between you and your broker, any transactions in Class Z shares will be made by the Fund at net asset value (before imposition of the commission). Any such fee is paid by you, not by the Fund, and the imposition of any such fee or commission by your broker or financial intermediary does not impact the net asset value for such Fund shares. Shares of the Fund are available in other share classes that have different fees and expenses. |
■ | 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. |
52 | PGIM Income Builder Fund |
Visit our website at www.pgiminvestments.com | 53 |
54 | PGIM Income Builder Fund |
Visit our website at www.pgiminvestments.com | 55 |
56 | PGIM Income Builder Fund |
Visit our website at www.pgiminvestments.com | 57 |
■ | 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. |
58 | PGIM Income Builder Fund |
■ | 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. |
Visit our website at www.pgiminvestments.com | 59 |
■ | 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. |
60 | PGIM Income Builder Fund |
Visit our website at www.pgiminvestments.com | 61 |
62 | PGIM Income Builder Fund |
Visit our website at www.pgiminvestments.com | 63 |
64 | PGIM Income Builder Fund |
Class A Shares | ||||||||
Year Ended October 31, | Three Months Ended October 31, 2014(a) | Year Ended July 31, 2014 | ||||||
2018 | 2017 | 2016 | 2015 | |||||
Per Share Operating Performance(b): | ||||||||
Net Asset Value, Beginning of Period | $9.62 | $9.36 | $9.39 | $11.90 | $11.78 | $11.55 | ||
Income (loss) from investment operations: | ||||||||
Net investment income (loss) | 0.35 | 0.35 | 0.37 | 0.39 | 0.05 | 0.05 | ||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.46) | 0.32 | 0.06 | (0.70) | 0.14 | 0.89 | ||
Total from investment operations | (0.11) | 0.67 | 0.43 | (0.31) | 0.19 | 0.94 | ||
Less Dividends and Distributions | ||||||||
Dividends from net investment income | (0.33) | (0.36) | (0.40) | (0.44) | (0.07) | (0.12) | ||
Tax return of capital distributions | (0.06) | (0.05) | (0.06) | - | - | - | ||
Distributions from net realized gains | - | - | - | (1.76) | - | (0.59) | ||
Total dividends and distributions | (0.39) | (0.41) | (0.46) | (2.20) | (0.07) | (0.71) | ||
Net asset value, end of period | $9.12 | $9.62 | $9.36 | $9.39 | $11.90 | $11.78 | ||
Total Return(c): | (1.22)% | 7.34% | 4.76% | (2.59)% | 1.63% | 8.37% | ||
Ratios/Supplemental Data: | ||||||||
Net assets, end of period (000) | $153,762 | $171,047 | $165,090 | $141,432 | $84,863 | $85,292 | ||
Average net assets (000) | $169,651 | $167,079 | $143,159 | $109,965 | $84,889 | $86,591 | ||
Ratios to average net assets(d): | ||||||||
Expenses after waivers and/or expense reimbursement | 0.85% | 0.85% | 0.83% | 0.78% | 1.03%(e) | 1.51% | ||
Expenses before waivers and/or expense reimbursement | 1.25%(f) | 1.27% | 1.30% | 1.37% | 1.92%(e) | 1.56% | ||
Net investment income (loss) | 3.63% | 3.69% | 4.05% | 3.96% | 1.58%(e) | 0.43% | ||
Portfolio turnover rate(g) | 114% | 102% | 90% | 93% | 140% | 478% |
(a) | For the three month period ended October 31, 2014. The Fund changed its fiscal year end from July 31 to October 31, effective October 31, 2014. |
(b) | Calculated based on average shares outstanding during the period. |
(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 period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized. |
(d) | Does not include expenses of the underlying funds in which the Fund invests. |
(e) | Annualized. |
(f) | Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class. |
(g) | The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. |
Visit our website at www.pgiminvestments.com | 65 |
Class B Shares | ||||||||
Year Ended October 31, | Three Months Ended October 31, 2014(a) | Year Ended July 31, 2014 | ||||||
2018 | 2017 | 2016 | 2015 | |||||
Per Share Operating Performance(b): | ||||||||
Net Asset Value, Beginning of Period | $9.45 | $9.19 | $9.23 | $11.74 | $11.59 | $11.38 | ||
Income (loss) from investment operations: | ||||||||
Net investment income (loss) | 0.27 | 0.28 | 0.30 | 0.32 | 0.02 | (0.04) | ||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.46) | 0.33 | 0.05 | (0.70) | 0.15 | 0.88 | ||
Total from investment operations | (0.19) | 0.61 | 0.35 | (0.38) | 0.17 | 0.84 | ||
Less Dividends and Distributions | ||||||||
Dividends from net investment income | (0.27) | (0.31) | (0.34) | (0.37) | (0.02) | (0.04) | ||
Tax return of capital distributions | (0.05) | (0.04) | (0.05) | - | - | - | ||
Distributions from net realized gains | - | - | - | (1.76) | - | (0.59) | ||
Total dividends and distributions | (0.32) | (0.35) | (0.39) | (2.13) | (0.02) | (0.63) | ||
Net asset value, end of period | $8.94 | $9.45 | $9.19 | $9.23 | $11.74 | $11.59 | ||
Total Return(c): | (2.08)% | 6.69% | 3.97% | (3.35)% | 1.47% | 7.52% | ||
Ratios/Supplemental Data: | ||||||||
Net assets, end of period (000) | $1,720 | $2,332 | $2,575 | $3,083 | $4,810 | $5,180 | ||
Average net assets (000) | $2,080 | $2,532 | $2,762 | $3,824 | $5,005 | $5,826 | ||
Ratios to average net assets(d): | ||||||||
Expenses after waivers and/or expense reimbursement | 1.60% | 1.60% | 1.58% | 1.51% | 1.78%(e) | 2.26% | ||
Expenses before waivers and/or expense reimbursement | 2.96%(f) | 1.97% | 2.00% | 2.09% | 2.59%(e) | 2.26% | ||
Net investment income (loss) | 2.88% | 2.95% | 3.34% | 3.24% | 0.80%(e) | (0.31)% | ||
Portfolio turnover rate(g) | 114% | 102% | 90% | 93% | 140% | 478% |
(a) | For the three month period ended October 31, 2014. The Fund changed its fiscal year end from July 31 to October 31, effective October 31, 2014. |
(b) | Calculated based on average shares outstanding during the period. |
(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 period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized. |
(d) | Does not include expenses of the underlying funds in which the Fund invests. |
(e) | Annualized. |
(f) | Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class. |
(g) | The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. |
66 | PGIM Income Builder Fund |
Class C Shares | ||||||||
Year Ended October 31, | Three Months Ended October 31, 2014(a) | Year Ended July 31, 2014 | ||||||
2018 | 2017 | 2016 | 2015 | |||||
Per Share Operating Performance(b): | ||||||||
Net Asset Value, Beginning of Period | $9.44 | $9.18 | $9.23 | $11.74 | $11.59 | $11.38 | ||
Income (loss) from investment operations: | ||||||||
Net investment income (loss) | 0.27 | 0.27 | 0.30 | 0.31 | 0.02 | (0.04) | ||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.45) | 0.34 | 0.04 | (0.69) | 0.15 | 0.88 | ||
Total from investment operations | (0.18) | 0.61 | 0.34 | (0.38) | 0.17 | 0.84 | ||
Less Dividends and Distributions | ||||||||
Dividends from net investment income | (0.27) | (0.31) | (0.34) | (0.37) | (0.02) | (0.04) | ||
Tax return of capital distributions | (0.05) | (0.04) | (0.05) | - | - | - | ||
Distributions from net realized gains | - | - | - | (1.76) | - | (0.59) | ||
Total dividends and distributions | (0.32) | (0.35) | (0.39) | (2.13) | (0.02) | (0.63) | ||
Net asset value, end of period | $8.94 | $9.44 | $9.18 | $9.23 | $11.74 | $11.59 | ||
Total Return(c): | (1.98)% | 6.69% | 3.86% | (3.35)% | 1.47% | 7.53% | ||
Ratios/Supplemental Data: | ||||||||
Net assets, end of period (000) | $109,767 | $129,397 | $108,543 | $75,622 | $17,474 | $17,887 | ||
Average net assets (000) | $123,584 | $122,174 | $88,099 | $44,389 | $17,513 | $17,793 | ||
Ratios to average net assets(d): | ||||||||
Expenses after waivers and/or expense reimbursement | 1.60% | 1.60% | 1.58% | 1.55% | 1.78%(e) | 2.26% | ||
Expenses before waivers and/or expense reimbursement | 1.94%(f) | 1.98% | 2.00% | 2.05% | 2.61%(e) | 2.26% | ||
Net investment income (loss) | 2.88% | 2.93% | 3.27% | 3.19% | 0.82%(e) | (0.32)% | ||
Portfolio turnover rate(g) | 114% | 102% | 90% | 93% | 140% | 478% |
(a) | For the three month period ended October 31, 2014. The Fund changed its fiscal year end from July 31 to October 31, effective October 31, 2014. |
(b) | Calculated based on average shares outstanding during the period. |
(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 period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized. |
(d) | Does not include expenses of the underlying funds in which the Fund invests. |
(e) | Annualized. |
(f) | Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class. |
(g) | The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. |
Visit our website at www.pgiminvestments.com | 67 |
Class R Shares | ||||||||
Year Ended October 31, | Three Months Ended October 31, 2014(a) | Year Ended July 31, 2014 | ||||||
2018 | 2017 | 2016 | 2015 | |||||
Per Share Operating Performance(b): | ||||||||
Net Asset Value, Beginning of Period | $9.61 | $9.34 | $9.38 | $11.89 | $11.75 | $11.52 | ||
Income (loss) from investment operations: | ||||||||
Net investment income (loss) | 0.31 | 0.33 | 0.35 | 0.36 | 0.04 | 0.02 | ||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.45) | 0.33 | 0.05 | (0.69) | 0.15 | 0.89 | ||
Total from investment operations | (0.14) | 0.66 | 0.40 | (0.33) | 0.19 | 0.91 | ||
Less Dividends and Distributions | ||||||||
Dividends from net investment income | (0.31) | (0.34) | (0.38) | (0.42) | (0.05) | (0.09) | ||
Tax return of capital distributions | (0.06) | (0.05) | (0.06) | - | - | - | ||
Distributions from net realized gains | - | - | - | (1.76) | - | (0.59) | ||
Total dividends and distributions | (0.37) | (0.39) | (0.44) | (2.18) | (0.05) | (0.68) | ||
Net asset value, end of period | $9.10 | $9.61 | $9.34 | $9.38 | $11.89 | $11.75 | ||
Total Return(c): | (1.58)% | 7.20% | 4.40% | (2.83)% | 1.60% | 8.13% | ||
Ratios/Supplemental Data: | ||||||||
Net assets, end of period (000) | $1,768 | $610 | $561 | $359 | $393 | $288 | ||
Average net assets (000) | $1,196 | $579 | $404 | $427 | $347 | $275 | ||
Ratios to average net assets(d): | ||||||||
Expenses after waivers and/or expense reimbursement | 1.10% | 1.10% | 1.08% | 1.03% | 1.25%(e) | 1.76% | ||
Expenses before waivers and/or expense reimbursement | 3.02%(f) | 1.73% | 1.75% | 1.82% | 2.45%(e) | 2.01% | ||
Net investment income (loss) | 3.25% | 3.41% | 3.76% | 3.69% | 1.45%(e) | 0.19% | ||
Portfolio turnover rate(g) | 114% | 102% | 90% | 93% | 140% | 478% |
(a) | For the three month period ended October 31, 2014. The Fund changed its fiscal year end from July 31 to October 31, effective October 31, 2014. |
(b) | Calculated based on average shares outstanding during the period. |
(c) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized. |
(d) | Does not include expenses of the underlying funds in which the Fund invests. |
(e) | Annualized. |
(f) | Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class. |
(g) | The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. |
68 | PGIM Income Builder Fund |
Class Z Shares | ||||||||
Year Ended October 31, | Three Months Ended October 31, 2014(a) | Year Ended July 31, 2014 | ||||||
2018 | 2017 | 2016 | 2015 | |||||
Per Share Operating Performance(b): | ||||||||
Net Asset Value, Beginning of Period | $9.69 | $9.42 | $9.45 | $11.96 | $11.85 | $11.62 | ||
Income (loss) from investment operations: | ||||||||
Net investment income (loss) | 0.37 | 0.38 | 0.40 | 0.41 | 0.06 | 0.08 | ||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.46) | 0.33 | 0.05 | (0.69) | 0.15 | 0.89 | ||
Total from investment operations | (0.09) | 0.71 | 0.45 | (0.28) | 0.21 | 0.97 | ||
Less Dividends and Distributions | ||||||||
Dividends from net investment income | (0.36) | (0.39) | (0.42) | (0.47) | (0.10) | (0.15) | ||
Tax return of capital distributions | (0.06) | (0.05) | (0.06) | - | - | - | ||
Distributions from net realized gains | - | - | - | (1.76) | - | (0.59) | ||
Total dividends and distributions | (0.42) | (0.44) | (0.48) | (2.23) | (0.10) | (0.74) | ||
Net asset value, end of period | $9.18 | $9.69 | $9.42 | $9.45 | $11.96 | $11.85 | ||
Total Return(c): | (1.08)% | 7.67% | 4.98% | (2.33)% | 1.74% | 8.59% | ||
Ratios/Supplemental Data: | ||||||||
Net assets, end of period (000) | $133,029 | $142,478 | $84,046 | $74,114 | $5,965 | $5,287 | ||
Average net assets (000) | $141,463 | $119,795 | $64,595 | $45,082 | $5,426 | $4,306 | ||
Ratios to average net assets(d): | ||||||||
Expenses after waivers and/or expense reimbursement | 0.60% | 0.60% | 0.58% | 0.56% | 0.77%(e) | 1.26% | ||
Expenses before waivers and/or expense reimbursement | 0.96%(f) | 0.98% | 1.00% | 1.03% | 1.64%(e) | 1.26% | ||
Net investment income (loss) | 3.87% | 3.90% | 4.35% | 4.15% | 1.87%(e) | 0.69% | ||
Portfolio turnover rate(g) | 114% | 102% | 90% | 93% | 140% | 478% |
(a) | For the three month period ended October 31, 2014. The Fund changed its fiscal year end from July 31 to October 31, effective October 31, 2014. |
(b) | Calculated based on average shares outstanding during the period. |
(c) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized. |
(d) | Does not include expenses of the underlying funds in which the Fund invests. |
(e) | Annualized. |
(f) | Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class. |
(g) | The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. |
Visit our website at www.pgiminvestments.com | 69 |
Class R6 Shares | |||||
Year Ended October 31, 2018 | December 30, 2016(a) through October 31, 2017 | ||||
Per Share Operating Performance(b): | |||||
Net Asset Value, Beginning of Period | $9.69 | $9.44 | |||
Income (loss) from investment operations: | |||||
Net investment income (loss) | 0.37 | 0.30 | |||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.46) | 0.31 | |||
Total from investment operations | (0.09) | 0.61 | |||
Less Dividends and Distributions | |||||
Dividends from net investment income | (0.36) | (0.31) | |||
Tax return of capital distributions | (0.06) | (0.05) | |||
Total dividends and distributions | (0.42) | (0.36) | |||
Net asset value, end of period | $9.18 | $9.69 | |||
Total Return(c): | (1.07)% | 6.58% | |||
Ratios/Supplemental Data: | |||||
Net assets, end of period (000) | $3,343 | $2,622 | |||
Average net assets (000) | $3,088 | $1,384 | |||
Ratios to average net assets(d): | |||||
Expenses after waivers and/or expense reimbursement | 0.60% | 0.60%(e) | |||
Expenses before waivers and/or expense reimbursement | 1.32%(f) | 0.90%(e) | |||
Net investment income (loss) | 3.85% | 3.74%(e) | |||
Portfolio turnover rate(g) | 114% | 102% |
(a) | Commencement of offering. |
(b) | Calculated based on average shares outstanding during the period. |
(c) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized. |
(d) | Does not include expenses of the underlying funds in which the Fund invests. |
(e) | Annualized. |
(f) | Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class. |
(g) | The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. |
70 | PGIM Income Builder Fund |
Visit our website at www.pgiminvestments.com | 71 |
■ | 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 publicinfo@sec.gov | ■ VIA THE INTERNET on the EDGAR Database at www.sec.gov |
PGIM Income Builder Fund | ||||||
Share Class | A | B | C | R | Z | R6 |
NASDAQ | PCGAX | PBCFX | PCCFX | PCLRX | PDCZX | PCGQX |
CUSIP | 74442X108 | 74442X207 | 74442X306 | 74442X405 | 74442X504 | 74442X769 |
MFSP504STAT | The Fund's Investment Company Act File No. 811-08915 |
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end
NJ\*:5I^D:+Y>DW?VC3YYI+F A@417.[:F
M.-H.<5FZWXK;0?$,EIK=FW]A7%L/(NHK9Y?WF2&CDVYZC&..],^&MI+:^';L
M_9IK6QGU">:PMYE*M';L05R!G<0/0_C0([&BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@#AO&GAI4N)_%>G07+ZM#:-!BVV^9M)P
M70'^,(7 ]F]0 ?%Y/%GAM8+T1Z7?17LD?V:VF.PBRAZ;8U)^\1NRY.26)ZDU
M]0UPWBSX4^'?%4[W;1O8W[\M/;8 <^K*>"??@^] SP'0K[P?IFHK=:CI^HZF
MB3RPM+:BW\P;0-Z1C[JDC@8'0\
M5YK+I$T^D1^=ITDC1>#OW>^ DI+]K/3(X;!/O@T >_C4K MM%[;%O.,&/-7/
MF#JG7[WMUID>L:7-!//%J5F\-O\ ZZ19U*Q_[QSQ^->5?\([J$GQ%N+6*VD^
MQ+:2:I%Q@&=X%AP#TSNR?_U5@Z%HD
A-:<-Y8>+?#4KV%V'M;V!XO,3[R M;EPF>$/\ A$+;0K2T^RVT\4.M1WR88[6*%(Q\RL6(&X]. M30!ZW6; E6[SX?^/=4T&:UU*6>X9O#Y M@2)KX-_I(N_,1&^;#-Y8"ESQVR: /=00RAE(((R".]9=CXDTG4/#[:[!=J-, M42$W$@* "-F5B=V" "IKR]O!_C&V\6Z>;>+4I--@N[!XISJN$@MD ,\3QE\N MQ;G.&SC@]JWK3P-J=Q\%)_"5RT=KJ,JSXR^Y03*F2O8C;GTS^% '0^'/'W MA_Q5?26>E7$[RK$9E\VVDC62,$ LI8 $99?SK9OM6L=-N+*"[G$4M[-Y%NI4 MG>^TMC@<< ]:\BDT/XGZC=7DL,-SHP&EM;I#_:<;P&8*J@P*O,8(7/S'@MG/ M%2Z-X4\;1R0EH=0M+9-3CE$%QJ@G981 RME@YR#( ;_#WPOXG MT'5HIM7N[R:WETE$N5N+TS 78E;[HR<#R]O(]Z](H **** "BBB@ H) !). M.] -#:QVR'!F)+'V M';_/I0 S6= 6DREHWB+ L <=& /4&@#M[6]MKU"UO*K M@=0.H^HJQ6'X8A@CLY2DL;W&_;,JL"8SV5AV.#G!]:W* "BN-^(_B^\\':); MW=C!!+-/-Y7[[)"_*3G (STKQ'5/B5XMU;*RZO+!&?X+4"(?FO/YF@#Z4O\ M5M.TJ/S-0O[:U7&09Y53/TR>:XW5/C#X4T_ K6E6#:KK%EIR.(WNKB.! M789"EF"Y/YU4I59D8,I*L#D$'!!H ^D?#/@2/PUX-UC1[[5$DBO4D,TRIY8A M5H]I.23T'.3BO(/$.E:3H/BO2(?"5_\ VI*&C<-YJR S>9\JY4 .FT+PCK&A_8/M#ZD) T[3;=F]-F<8.3U/45RMI=W%A>17=K*T-Q"P>.13RI M'>@#Z'CAL_&\%Z/%?A"33)K6'#7<^!QR3LDP#@=>XKYUBBDFE2*)&>1V"JBC M)8G@ #UKK-9^(NMZ[X:CTF^N97D\TO+.K!!*F!A"JJ 0#SD]:]#^$W@#[#'' MXCU:$BZ<9M(7'^K4_P 9'J>WH/KP =)\._"/_"%>')9;Z8_:[@":Y&[*1 X M4#U SD_X5+I_CN$):KK,$EK)-8?V@SI!(8XT9OD0D @MM*@D'!;@#) KKY(U MEC>-UW(X*L#W!KE(/!2RZ;;6]]>2>=!9?81) 1\R)(&ADY'#C8I/49)X(Q0! M<;QMX?0M]HNY;9HW*$75I+"0X0/M^=1\Q4Y ZMSC.#2W/C70K-IOM%U+&D0? M=(UM($+(A=T#;<%PH)*CG@C&00*LO@6UO6N'U'4[^Y>>87!(9(MLJHJ(Z[%' MS)MROH3DY(&&1> ;"&^N;J*[E62 V 30?.F:!W:0.H5#&Q?>"BJ JA6P0 ,< M=^:BG\%6%Z&?49Y[RX:[BNGF?:I)C&T+A0!M*E@1W#'- %F?Q?HD#%/M4DS@ M9VV]O)*<;% %%==W^L M "[MI4XSWZ "SQ'L,RKMSG9N . < ] =HEC=HWVYYV[E)'L1UK4K,\/Z9)I.C0VL\B27):2:X= 0K2R.TCD9[ M;F./;%:= !1110 4444 >#Z1X \;:/?&_AM/,F==0CM0]S'_ ,2V67[EPGS8 M(88!')'7':J5]X1\=V^B1RW::FT7VF'[1:/J*^8ZA#O*2>8^T%L9!89QT'2O M1/#OQ9T'5EO9K[4;"RB6[>WM5,I+2*N<.3C W#D ?KFN@?QIX5FEO[1M:L9' MLHW>ZCWYV*OWB?7'?&<4 >+6NF>+;;Q5I][$][#:P?9S'_I@?R5 _>+)\PWD M\Y.UL@CD5GF3Q8]SI^D^=J:ZQ!H\921-2*K#+]J "M5O8;;2O$MD;FXD,44"RA]S>@[_0]^U 3SGD]:\\TKQIIFF:K= M6"W\$EVL,C?9=_)=4+@>QP#70:)X_P!'OM,T1M1O[2SU+5+:.9+3S.07Z#\3 MP,]: .8^.J9\,Z:^>EYC'U1O\*\'KWOXZ?\ (J:?_P!?P_\ 0'KP2@ HI0"Q MP 2?05:BTR[EZ0E1ZOQ0!4HK8BT$]9I@/9!_6MC2[:RTRX$QL+:\(_ANU+K^ M0(H Y:ULKJ^F$-G;37$IZ)#&78_@*Z[2_A1XNU/!.GK9QG^.[D"?^.C+?I7H MVC_$VSLHE@ET..VB'_/EA1_WS@?SKK+'Q[X=OL 7X@<_PW"E,?CT_6@#@M+^ M!,"[6U;69'/>.UC"_P#CS9_E7;:7\-?"6DE6BTB*>0?QW1,I_)N/TKJ(;B&Y MC$D$T G MK7LW2L;1?$-MJUWJ%DH$=U97$D3QY^\H8@,/KW]ZV: "N2U/XF>$M'UQM(O= M66.Z1@DI$3M'$QZ!W VJ?J>.^*ZVO&=0\*^+K.Q\4^%K'0+6^LM=OI;J/57N MD41+(03YBGYBRXX([].E 'H-U\0/"]EXA;0;G5!%J*R1QM&T,FP-(H9 9-NS MD$8YKI:\.U#X;>)8?%=_J%O;O?:;!-I96R-PD8U)((0CD_,-K(PR V ^TZYEN6N4L MK^[OA%+$I5VG&,'V4\CZ5PVL_#JUBO9[)=6N)+2-+E+>,Q*# 9SE\MU?';-> MWU2OM*M-0&9H_G[.O#4 >/VWA.W@OHKIKB1GCU&SU 84+DVR%%3Z$'FK?C?2 M;OQM<*L^J/:V&Q4>T2%7#88G<&;E6YQD5VNH^'%L[26Y2Y+*@SM9.?SS3=#T M6#4(&N)W?:KE=B\9X!Z_C0!Q6A?#(7FO2WR:G-%9K-+<>3Y0;]Y+'Y;?-U/' M/M^-;=I\(;.RU33[R'5)&2VBM8YHIK=7$WD?=()/RD@8Z''48->BPP16\0BA M0(B] *DH \W^,MH+WPY81E]H%X&SC/\ W^->/Q:/:1_>5I#_M'_ KZ=U#3 M+'5;<07]M'<1@[@''0^H]*Y2^^&&AW.6M7N+1NP5]Z_DW/ZT >,QQ1Q#$:*@ M_P!D8I]=[??"K5( %==TW)N=,N HZNB[U_-F:]M\/:]:^(=+ M2\MSAONRQD\QMW'^% W;B.4C +8Y';YCFO.?# M7B&X\.:HMU%EX6^6:+/#K_B.QH ^@*J3ZKIUM>1V<]_:Q74F-D,DRJ[YZ84G M)IVGW]MJ=C%>6D@D@E7*L/Y'T->-Z9'HFG>+M8M?%_AV]O?$%UK1FLKL6K2[ MXBR^48Y!]U5[\C &.<8 ![;2%E4J"P!8X )ZUX.OQ*\:QV^IW%PP22#39[F2 MW?3RBV !)XR\::)X.T41WTY9M/EG$LVGO M-)+<+(%^SN3D@@9;<>3GTQ7H/PQ%VUQXHN+V&2*:?4Q*=Z% -@RGG'!%25X+X0\97FB?"*PT;2K>\BUFT=C=/)I\CK;P M/ )- :[Z@ HHHH M **** "BBB@"*YMX[NW>"7.QQ@X.*CLK&'3X3% &"EMQW'/. /Z59HH **** M "BBB@ HHHH H7VBZ7J0/VVPMYR?XGC&[\^M $]>T[)N-,N-HZO&N]?S7-? M0%% 'S,002",$=15BQ%J;^W%ZSK:^8/-*#)VYYQ7T'?:/INI B]L;><_WGC! M/Y]:YJ^^&6@W63;_ &BT;MY;[E_)L_SH -)GT?1-*N+O^WS=:+*"D-M-\Q0X MR47/)X.-N*\=2)[FY6*WB9GD;:D:C))/0>]:5Q8WQU:;P_:R37(BNWCBC'0L M"5W8Z#@!_#EWX>TIUO+AFEG8. M8 #7+.87LCR+!;VMP; >Q!H E\5>)M"'V_0]3@CNX!; M127$1G5=WFN5C0 D$DE *;=> ]1FFOQ!+:06DEVM MU':K(V)")6 H/0_ M3KCGI5HW=L+H6IN(A<%=PB+C>1ZXZXKEO#_@[^Q]9MM0,-H"+:9) KM(R2/* M7!5F&3PS ]/88.*JWW@[4)M5FGC-GY;Z@U[]L#,+H*83'Y8&W'R[L@[NP&!U MH [%=0LG\[;=V[>3GS<2 ^7CKNYX_&H/[8M#=0Q+('CEB>43JZF,!2HP3GJ= MXQ7FFE>&[W5Y8EBTJWLX=.M;6+;-;2P17CQRARK*\:G&%SD!P"5Y;FM>?P!? M7<5P':Q@$ZW8,,3,43SI;9P =HR (&!X'44 =T=1L5C60WMN$:3R@QE7!?\ MNYSU]JCT[5]/U=)FL+N.X$,C12;#]UE)!'Y@\]#VKC]6\"74EW=S:2+"V\VX M\Z#J@A/DI&24"E7!* ,#Y ME+$ 9["@#>34;*2*66.\MVCA_P!:ZRJ0G^\<\?C40U:T:Z2%9 R/$95G#J8_ MO!<9SU)85YWH^@7FKW<]Q'I%K:0VL>GJD$UO+!#=- ;C<"LD:L/]:A!VL 0O M+8K0/@"\GMY(YS8(DK2EX(]QC >[CGVCY1D;4*]!R10!T/B#QCIGAVQM[^Y+ MS64SF(3VX\P!QT7CUPW_ 'S17->)_">K?8KVRT*SM66[U,7L:9\N.&-;>.(J M?]HN&;CCDGK10!Z-1110 4444 %%%% !1110 4444 %%%% !1110 4444 86 M@:+965QJ&H1Q9NKJ[F9Y&Y('F-P/05NT44 %%%% !1110 4444 %%%% !111 ,0 4444 %%%% '__9 end