PGIM INCOME BUILDER FUND | ||||
A: PCGAX |
C: PCCFX |
R: PCLRX |
Z: PDCZX |
R6: PCGQX |
To enroll in e-delivery, go to pgim.com/investments/resource/edelivery |
The Securities and Exchange Commission (“SEC”)
has not approved or disapproved the Fund's
shares, nor has the SEC determined that this
prospectus is complete or accurate. It is a criminal
offense to state otherwise.
Mutual funds are distributed by Prudential Investment
Management Services LLC, a Prudential Financial company,
member SIPC. Jennison Associates LLC and PGIM, Inc. (“PGIM”)
are registered investment advisers and Prudential Financial
companies. PGIM Quantitative Solutions is the primary business
name of PGIM Quantitative Solutions LLC, a wholly owned
subsidiary of PGIM. ©2022 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. |
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Class A |
Class C |
Class R |
Class Z |
Class R6 |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) |
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Maximum deferred sales charge (load) (as a percentage of the lower of the original purchase price or the net
asset value at redemption) |
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Maximum sales charge (load) imposed on reinvested dividends and other distributions |
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Redemption fee |
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Exchange fee |
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Maximum account fee (accounts under $10,000) |
$ |
$ |
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Class A |
Class C |
Class R |
Class Z |
Class R6 |
Management fee |
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Distribution and service (12b-1) fees |
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Other expenses |
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Acquired Fund fees and expenses |
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Total annual Fund operating expenses |
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Fee waiver and/or expense reimbursement |
( |
( |
( |
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Total annual Fund operating expenses after fee waiver and/or expense reimbursement(1,2) |
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Share Class |
1 Year |
3 Years |
5 Years |
10 Years |
Class A |
$ |
$ |
$ |
$ |
Class C |
$ |
$ |
$ |
$ |
Class R |
$ |
$ |
$ |
$ |
Class Z |
$ |
$ |
$ |
$ |
Class R6 |
$ |
$ |
$ |
$ |
Share Class |
1 Year |
3 Years |
5 Years |
10 Years |
Class A |
$ |
$ |
$ |
$ |
Class C |
$ |
$ |
$ |
$ |
Class R |
$ |
$ |
$ |
$ |
Class Z |
$ |
$ |
$ |
$ |
Class R6 |
$ |
$ |
$ |
$ |
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Return Before Taxes |
One Year |
Five Years |
Ten Years |
Since
Inception |
Inception
Date |
Class A shares |
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- |
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Class C shares |
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- |
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Class R shares |
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- |
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Class R6 shares |
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Class Z Shares % (as of 12-31-21) | |||||
Return Before Taxes |
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- |
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Return After Taxes on Distributions |
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- |
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Return After Taxes on Distributions and Sale of Fund Shares |
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- |
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Index % (reflects no deduction for fees, expenses or taxes) (as of 12-31-21) | |||||
S&P 500 Index |
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- |
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Bloomberg US Aggregate Bond Index |
- |
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Investment Manager |
Subadvisers |
Portfolio Managers |
Title |
Service Date |
PGIM Investments LLC |
PGIM Quantitative Solutions LLC |
Edward L. Campbell,
CFA |
Managing Director
and Portfolio Manager |
September 2014 |
|
|
Rory Cummings, CFA |
Vice President and
Portfolio Manager |
September 2014 |
|
|
Peter Vaiciunas, CFA |
Vice President and
Portfolio Manager |
February 2018 |
Investment Manager |
Subadvisers |
Portfolio Managers |
Title |
Service Date |
|
Jennison Associates LLC |
Ubong “Bobby”
Edemeka |
Managing Director |
September 2014 |
|
|
Shaun Hong, CFA |
Managing Director |
September 2014 |
|
Class A* |
Class C* |
Class Z* |
Class R* |
Class R6 |
Minimum initial investment |
$1,000 |
$1,000 |
None |
None |
None |
Minimum subsequent investment |
$100 |
$100 |
None |
None |
None |
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). |
Equity |
PGIM Jennison Utility Fund(1)
|
The Fund seeks total return through a combination of capital appreciation and
current income.The Fund normally invests at least 80% of its investable assets in
equity and equity-related and investment-grade debt securities of utility
companies. |
Equity |
PGIM Jennison Global Infrastructure
Fund(1)
|
The Fund seeks total return. The Fund normally invests at least 80% of its
investable assets in securities of U.S. and foreign (non-U.S. based) infrastructure
companies. |
Equity |
Invesco Preferred ETF(2)
|
The Fund seeks to track the investment results that generally correspond to the
investment results (before fees and expenses) of the ICE BofA Core Plus Fixed Rate
Preferred Securities Index (the “Underlying Index”). The Fund generally will invest at
least the components of the Underlying Index. The Underlying Index is a market
capitalization-weighted index designed to measure the total return performance of
the fixed rate U.S. dollar-denominated preferred securities market. |
Equity |
iShares Preferred and Income Securities
ETF(3)
|
The Fund seeks to track the investment results of an index composed of U.S.
dollar-denominated preferred and hybrid securities. The Fund seeks to track the
investment results of the ICE Exchange-Listed Preferred & Hybrid Securities Index
(the “Underlying Index”), which measures the performance of a select group of
exchange-listed, U.S. dollar-denominated preferred securities, hybrid securities and
convertible preferred securities listed on the New York Stock Exchange (“NYSE”) or
the NASDAQ Capital Market. |
Equity |
SPDR ICE Preferred Securities ETF (4)
|
The SPDR ICE Preferred Securities ETF 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.
Under normal market conditions, the Fund generally invests substantially all, but at
least 80%, of its total assets in the securities comprising the Index. |
Equity |
PGIM Quant Solutions Strategic Alpha
International Equity ETF(5)
|
The Fund’s investment objective is to seek long-term growth of capital. Under
normal circumstances, the Fund invests at least 80% of its investable assets in
equity and equity-related securities of non-U.S. companies. The Fund is an actively
managed ETF and, thus, does not seek to replicate the performance of a specified
index. |
Equity |
PGIM Quant Solutions International Equity
Fund(5)
|
The Fund’s investment objective is to seek long-term growth of capital. 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. |
Equity |
PGIM Quant Solutions 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. |
Underlying Funds | ||
Market Segment/ Strategy |
Name of Underlying Fund |
Investment Objective and Investment Strategies of Underlying Fund |
Real Estate |
PGIM US Real Estate Fund(6)
|
The Fund’s investment objective is to seek capital appreciation and 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 operating in the United States, principally REITs and other real
estate securities. |
Real Estate |
PGIM Global Real Estate Fund(6)
|
The Fund’s investment objective is to seek capital appreciation and 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 REITs, and other real estate securities. |
Real Estate |
PGIM Real Estate Income Fund(6)
|
The Fund seeks to achieve its investment objective of seeking income and capital
appreciation by investing primarily in real estate securities that the subadviser
believes offer the potential for income. The Fund normally invests at least 80% of
its investable assets in equity and equity-related securities of real estate
companies, principally REITs, and other real estate securities. |
Fixed Income |
PGIM Short-Term Corporate Bond Fund(7)
|
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. The effective duration of
the Fund’s portfolio is generally less than three years. |
Fixed Income |
PGIM Floating Rate Income Fund(7)
|
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 invests 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. |
Fixed Income |
SPDR® Bloomberg Convertible Securities
ETF(4)
|
The Fund seeks to provide investment results that, before fees and expenses,
correspond generally to the price and yield performance of an index that tracks U.S.
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. |
Fixed Income |
iShares Convertible Bond ETF(3)
|
The Fund seeks to track the investment results of the Bloomberg U.S. Convertible
Cash Pay Bond ˃ $250MM Index (the “Underlying Index”). The Underlying Index is a
subset of the Bloomberg U.S. Convertibles: Cash Pay Bonds Index, which is one of
the four classes of the Bloomberg U.S. Convertibles Index (the “Parent Index”) (i.e.,
cash pay, zero coupon, preferred and mandatory convertible bonds) and measures
the performance of the U.S. dollar denominated convertibles market. |
Fixed Income |
PGIM Emerging Markets Debt Local
Currency Fund(8)
|
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. |
Fixed Income |
PGIM Active High Yield Bond ETF(8)
|
The Fund’s investment objective is to seek total return, through a combination of
current income and capital appreciation. 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 Fund is an actively managed
ETF and, thus, does not seek to replicate the performance of a specified index. |
Fixed Income |
PGIM Emerging Markets Debt Hard
Currency Fund(7)
|
The Fund’s investment objective is 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
fixed-income instruments that are economically tied to emerging market countries
and that are denominated in hard currencies. The Fund defines “hard currencies”
as the U.S. dollar or any currency of a nation in the G-7 (U.S., Japan, Germany, Italy,
the United Kingdom, France and Canada). |
Fixed Income |
PGIM Core Conservative Bond Fund(7)
|
The Fund’s investment objective is to outperform the Bloomberg U.S. Aggregate
Bond Index (the “Index”) over full market cycles. The Fund invests at least 80% of
its investable assets in bonds under normal circumstances. In pursuit of this policy,
the Fund may invest a large percentage of its investable assets in securities
included in the Index. |
Underlying Funds | ||
Market Segment/ Strategy |
Name of Underlying Fund |
Investment Objective and Investment Strategies of Underlying Fund |
Fixed Income |
PGIM Active Aggregate Bond ETF(8)
|
The investment objective of the Fund is to seek total return, through a combination
of current income and capital appreciation. The Fund invests, under normal
circumstances, at least 80% of its investable assets in bonds. In pursuit of this
policy, the Fund may invest a large percentage of its investable assets in securities
included in the Bloomberg US Aggregate Bond Index. |
Fixed Income |
iShares 0-5 Year High Yield Corporate
Bond ETF (3)
|
The Fund seeks to track the investment results of the Markit iBoxx USD Liquid High
Yield 0-5 Index, which is designed to reflect the performance of U.S.
dollar-denominated high yield corporate debt, with remaining maturities of less
than 5 years. |
Fixed Income |
SPDR Bloomberg Short Term High Yield
Bond ETF(4)
|
The Fund seeks to provide investment results that, before fees and expenses,
correspond generally to the price and yield performance of the Bloomberg US High
Yield 350mn Cash Pay 0-5 Yr 2% Capped Index. The Fund employs a sampling
strategy; the Fund is not required to purchase all of the securities of the Index. |
Principal Strategies: Investment Limits |
■Exposure to Equity and Equity-Related Securities: May range between 20% to 80% of total assets ■Exposure to Fixed Income Instruments: May range between 20% to 80% of total assets |
Certain Non-Principal Strategies: Investment Limits |
■Derivatives: Up to 25% of total assets ■Illiquid Investments: 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 ■Foreign Equity-Related Securities: Up to 20% of investable assets ■REITs: Up to 15% of investable assets ■Convertible Securities: Up to 15% of investable assets |
Certain Non-Principal Strategies: Investment Limits |
■Preferred Securities: Up to 15% of investable assets |
Expected Distribution Schedule* |
|
Net Investment Income |
Monthly |
Short-Term Capital Gains |
Annually |
Long-Term Capital Gains |
Annually |
Share Class |
Eligibility |
Class A* |
Retail investors |
Class C* |
Retail investors |
Class 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* |
Class C* |
Class Z* |
Class R* |
Class R6 |
Minimum purchase amount |
$1,000 |
$1,000 |
None |
None |
None |
Minimum amount for subsequent purchases |
$100 |
$100 |
None |
None |
None |
Maximum initial sales charge |
4.50% of the public
offering price |
None |
None |
None |
None |
Contingent Deferred Sales Charge (CDSC)
(as a percentage of the lower of the original
purchase price or the net asset value at
redemption) |
1.00% on sales of $1
million or more made
within 12 months of
purchase |
1.00% on sales made
within 12 months of
purchase |
None |
None |
None |
Annual distribution and service (12b-1) fees
(shown as a percentage of average daily net
assets) |
0.30%
(0.25% currently) |
1.00% |
None |
0.75%
(0.50% currently) |
None |
|
Class A |
Class C |
Class Z |
Class R |
Existing Investors (Group Retirement Plans,
IRAs, and all other investors) |
No Change |
No Change |
No Change |
No Change |
New Group Retirement Plans |
Closed to group retirement plans wishing to add the share classes as new additions to plan menus on June 1, 2018,
subject to certain exceptions below | |||
New IRAs |
No Change |
No Change |
No Change |
Closed to all new
investors on June 1, 2018,
subject to certain
exceptions below |
All Other New Investors |
No Change |
No Change |
No Change |
Amount of Purchase |
Sales Charge as a % of
Offering Price* |
Sales Charge as a % of
Amount Invested* |
Dealer Reallowance*** |
Less than $50,000 |
4.50% |
4.71% |
4.00% |
$50,000 to $99,999 |
4.00% |
4.17% |
3.50% |
$100,000 to $249,999 |
3.50% |
3.63% |
3.00% |
$250,000 to $499,999 |
2.50% |
2.56% |
2.00% |
$500,000 to $999,999 |
2.00% |
2.04% |
1.75% |
$1 million to $4,999,999** |
None |
None |
1.00% |
$5 million to $9,999,999** |
None |
None |
0.50% |
$10 million and over** |
None |
None |
0.25% |
Class A Shares | ||||||||||
|
Year Ended October 31, | |||||||||
|
2021 |
2020 |
2019 |
2018 |
2017 | |||||
Per Share Operating Performance(a): | ||||||||||
Net Asset Value, Beginning of Year |
$8.99 |
$9.69 |
$9.12 |
$9.62 |
$9.36 | |||||
Income (loss) from investment operations: | ||||||||||
Net investment income (loss) |
0.31 |
0.33 |
0.36 |
0.35 |
0.35 | |||||
Net realized and unrealized gain (loss) on investment and foreign currency
transactions |
1.59 |
(0.67) |
0.62 |
(0.46) |
0.32 | |||||
Total from investment operations |
1.90 |
(0.34) |
0.98 |
(0.11) |
0.67 | |||||
Less Dividends and Distributions: |
|
|
|
|
| |||||
Dividends from net investment income |
(0.32) |
(0.36) |
(0.40) |
(0.33) |
(0.36) | |||||
Tax return of capital distributions |
(0.03) |
- |
(0.01) |
(0.06) |
(0.05) | |||||
Total dividends and distributions |
(0.35) |
(0.36) |
(0.41) |
(0.39) |
(0.41) | |||||
Net asset value, end of Year |
$10.54 |
$8.99 |
$9.69 |
$9.12 |
$9.62 | |||||
Total Return(b): |
21.34% |
(3.44)% |
11.01% |
(1.22)% |
7.34% | |||||
| ||||||||||
Ratios/Supplemental Data: |
|
|
|
|
| |||||
Net assets, end of Year (000) |
$146,331 |
$130,648 |
$156,683 |
$153,762 |
$171,047 | |||||
Average net assets (000) |
$144,478 |
$141,977 |
$153,066 |
$169,651 |
$167,079 | |||||
Ratios to average net assets(c)(d): | ||||||||||
Expenses after waivers and/or expense reimbursement |
0.43% |
0.80% |
0.85% |
0.85% |
0.85% | |||||
Expenses before waivers and/or expense reimbursement |
1.22% |
1.28% |
1.28% |
1.25% |
1.27% | |||||
Net investment income (loss) |
3.04% |
3.61% |
3.82% |
3.63% |
3.69% | |||||
Portfolio turnover rate(e)(f) |
53% |
84% |
110% |
114% |
102% |
(a) |
Calculated based on average shares outstanding during the year. |
(b) |
Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year
reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. |
(c) |
Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class. |
(d) |
Does not include expenses of the underlying funds in which the Fund invests. |
(e) |
The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain
derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. |
(f) |
Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions (if any). |
Class C Shares | ||||||||||
|
Year Ended October 31, | |||||||||
|
2021 |
2020 |
2019 |
2018 |
2017 | |||||
Per Share Operating Performance(a): | ||||||||||
Net Asset Value, Beginning of Year |
$8.79 |
$9.49 |
$8.94 |
$9.44 |
$9.18 | |||||
Income (loss) from investment operations: | ||||||||||
Net investment income (loss) |
0.23 |
0.26 |
0.28 |
0.27 |
0.27 | |||||
Net realized and unrealized gain (loss) on investment and foreign currency
transactions |
1.55 |
(0.66) |
0.61 |
(0.45) |
0.34 | |||||
Total from investment operations |
1.78 |
(0.40) |
0.89 |
(0.18) |
0.61 | |||||
Less Dividends and Distributions: |
|
|
|
|
| |||||
Dividends from net investment income |
(0.24) |
(0.30) |
(0.33) |
(0.27) |
(0.31) | |||||
Tax return of capital distributions |
(0.03) |
- |
(0.01) |
(0.05) |
(0.04) | |||||
Total dividends and distributions |
(0.27) |
(0.30) |
(0.34) |
(0.32) |
(0.35) | |||||
Net asset value, end of Year |
$10.30 |
$8.79 |
$9.49 |
$8.94 |
$9.44 | |||||
Total Return(b): |
20.47% |
(4.22)% |
10.32% |
(1.98)% |
6.69% | |||||
| ||||||||||
Ratios/Supplemental Data: |
|
|
|
|
| |||||
Net assets, end of Year (000) |
$72,376 |
$75,284 |
$100,653 |
$109,767 |
$129,397 | |||||
Average net assets (000) |
$76,740 |
$87,849 |
$103,441 |
$123,584 |
$122,174 | |||||
Ratios to average net assets(c)(d): | ||||||||||
Expenses after waivers and/or expense reimbursement |
1.18% |
1.55% |
1.60% |
1.60% |
1.60% | |||||
Expenses before waivers and/or expense reimbursement |
1.89% |
1.96% |
1.96% |
1.94% |
1.98% | |||||
Net investment income (loss) |
2.32% |
2.88% |
3.09% |
2.88% |
2.93% | |||||
Portfolio turnover rate(e)(f) |
53% |
84% |
110% |
114% |
102% |
(a) |
Calculated based on average shares outstanding during the year. |
(b) |
Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year
reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. |
(c) |
Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class. |
(d) |
Does not include expenses of the underlying funds in which the Fund invests. |
(e) |
The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain
derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. |
(f) |
Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions (if any). |
Class R Shares | ||||||||||
|
Year Ended October 31, | |||||||||
|
2021 |
2020 |
2019 |
2018 |
2017 | |||||
Per Share Operating Performance(a): | ||||||||||
Net Asset Value, Beginning of Year |
$8.97 |
$9.68 |
$9.10 |
$9.61 |
$9.34 | |||||
Income (loss) from investment operations: | ||||||||||
Net investment income (loss) |
0.28 |
0.31 |
0.34 |
0.31 |
0.33 | |||||
Net realized and unrealized gain (loss) on investment and foreign currency
transactions |
1.59 |
(0.68) |
0.63 |
(0.45) |
0.33 | |||||
Total from investment operations |
1.87 |
(0.37) |
0.97 |
(0.14) |
0.66 | |||||
Less Dividends and Distributions: |
|
|
|
|
| |||||
Dividends from net investment income |
(0.29) |
(0.34) |
(0.38) |
(0.31) |
(0.34) | |||||
Tax return of capital distributions |
(0.03) |
- |
(0.01) |
(0.06) |
(0.05) | |||||
Total dividends and distributions |
(0.32) |
(0.34) |
(0.39) |
(0.37) |
(0.39) | |||||
Net asset value, end of Year |
$10.52 |
$8.97 |
$9.68 |
$9.10 |
$9.61 | |||||
Total Return(b): |
21.09% |
(3.79)% |
10.88% |
(1.58)% |
7.20% | |||||
| ||||||||||
Ratios/Supplemental Data: |
|
|
|
|
| |||||
Net assets, end of Year (000) |
$1,465 |
$1,369 |
$1,762 |
$1,768 |
$610 | |||||
Average net assets (000) |
$1,505 |
$1,532 |
$1,787 |
$1,196 |
$579 | |||||
Ratios to average net assets(c)(d): | ||||||||||
Expenses after waivers and/or expense reimbursement |
0.68% |
1.05% |
1.10% |
1.10% |
1.10% | |||||
Expenses before waivers and/or expense reimbursement |
2.33% |
2.81% |
2.48% |
3.02% |
1.73% | |||||
Net investment income (loss) |
2.80% |
3.37% |
3.57% |
3.25% |
3.41% | |||||
Portfolio turnover rate(e)(f) |
53% |
84% |
110% |
114% |
102% |
(a) |
Calculated based on average shares outstanding during the year. |
(b) |
Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and
distributions, if any. Total returns may reflect adjustments to conform to GAAP. |
(c) |
Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class. |
(d) |
Does not include expenses of the underlying funds in which the Fund invests. |
(e) |
The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain
derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. |
(f) |
Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions (if any). |
Class Z Shares | ||||||||||
|
Year Ended October 31, | |||||||||
|
2021 |
2020 |
2019 |
2018 |
2017 | |||||
Per Share Operating Performance(a): | ||||||||||
Net Asset Value, Beginning of Year |
$9.06 |
$9.76 |
$9.18 |
$9.69 |
$9.42 | |||||
Income (loss) from investment operations: | ||||||||||
Net investment income (loss) |
0.34 |
0.36 |
0.39 |
0.37 |
0.38 | |||||
Net realized and unrealized gain (loss) on investment and foreign currency
transactions |
1.61 |
(0.68) |
0.63 |
(0.46) |
0.33 | |||||
Total from investment operations |
1.95 |
(0.32) |
1.02 |
(0.09) |
0.71 | |||||
Less Dividends and Distributions: |
|
|
|
|
| |||||
Dividends from net investment income |
(0.35) |
(0.38) |
(0.42) |
(0.36) |
(0.39) | |||||
Tax return of capital distributions |
(0.03) |
- |
(0.02) |
(0.06) |
(0.05) | |||||
Total dividends and distributions |
(0.38) |
(0.38) |
(0.44) |
(0.42) |
(0.44) | |||||
Net asset value, end of Year |
$10.63 |
$9.06 |
$9.76 |
$9.18 |
$9.69 | |||||
Total Return(b): |
21.71% |
(3.28)% |
11.44% |
(1.08)% |
7.67% | |||||
| ||||||||||
Ratios/Supplemental Data: |
|
|
|
|
| |||||
Net assets, end of Year (000) |
$114,491 |
$102,220 |
$147,834 |
$133,029 |
$142,478 | |||||
Average net assets (000) |
$111,577 |
$126,142 |
$135,434 |
$141,463 |
$119,795 | |||||
Ratios to average net assets(c)(d): | ||||||||||
Expenses after waivers and/or expense reimbursement |
0.18% |
0.55% |
0.60% |
0.60% |
0.60% | |||||
Expenses before waivers and/or expense reimbursement |
0.91% |
0.97% |
0.97% |
0.96% |
0.98% | |||||
Net investment income (loss) |
3.29% |
3.90% |
4.06% |
3.87% |
3.90% | |||||
Portfolio turnover rate(e)(f) |
53% |
84% |
110% |
114% |
102% |
(a) |
Calculated based on average shares outstanding during the year. |
(b) |
Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and
distributions, if any. Total returns may reflect adjustments to conform to GAAP. |
(c) |
Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class. |
(d) |
Does not include expenses of the underlying funds in which the Fund invests. |
(e) |
The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain
derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. |
(f) |
Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions (if any). |
Class R6 Shares | ||||||||||
|
Year Ended October 31, |
December 30,
2016(a)
through
October 31, 2017 | ||||||||
|
2021 |
2020 |
2019 |
2018 | ||||||
Per Share Operating Performance(b): | ||||||||||
Net Asset Value, Beginning of Period |
$9.05 |
$9.76 |
$9.18 |
$9.69 |
$9.44 | |||||
Income (loss) from investment operations: | ||||||||||
Net investment income (loss) |
0.34 |
0.35 |
0.38 |
0.37 |
0.30 | |||||
Net realized and unrealized gain (loss) on investment and foreign currency
transactions |
1.61 |
(0.68) |
0.64 |
(0.46) |
0.31 | |||||
Total from investment operations |
1.95 |
(0.33) |
1.02 |
(0.09) |
0.61 | |||||
Less Dividends and Distributions: |
|
|
|
|
| |||||
Dividends from net investment income |
(0.35) |
(0.38) |
(0.42) |
(0.36) |
(0.31) | |||||
Tax return of capital distributions |
(0.03) |
- |
(0.02) |
(0.06) |
(0.05) | |||||
Total dividends and distributions |
(0.38) |
(0.38) |
(0.44) |
(0.42) |
(0.36) | |||||
Net asset value, end of Period |
$10.62 |
$9.05 |
$9.76 |
$9.18 |
$9.69 | |||||
Total Return(c): |
21.73% |
(3.28)% |
11.33% |
(1.07)% |
6.58% | |||||
| ||||||||||
Ratios/Supplemental Data: |
|
|
|
|
| |||||
Net assets, end of Period (000) |
$5,695 |
$4,552 |
$4,840 |
$3,343 |
$2,622 | |||||
Average net assets (000) |
$5,261 |
$4,769 |
$4,163 |
$3,088 |
$1,384 | |||||
Ratios to average net assets(d)(e): | ||||||||||
Expenses after waivers and/or expense reimbursement |
0.18% |
0.54% |
0.60% |
0.60% |
0.60%(f)
| |||||
Expenses before waivers and/or expense reimbursement |
0.99% |
1.21% |
1.05% |
1.32% |
0.90%(f)
| |||||
Net investment income (loss) |
3.28% |
3.85% |
4.04% |
3.85% |
3.74%(f)
| |||||
Portfolio turnover rate(g)(h) |
53% |
84% |
110% |
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 GAAP. Total returns for periods less than one full year are not annualized. |
(d) |
Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class. |
(e) |
Does not include expenses of the underlying funds in which the Fund invests. |
(f) |
Annualized. |
(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. |
(h) |
Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions (if any). |
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.pgim.com/investments |
■TELEPHONE
(800) 225-1852
(973) 367-3529
(from outside the U.S.) |
■E-DELIVERY
To receive your mutual fund documents on-line, go to pgim.com/investments/resource/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 SEC 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 |
C |
R |
Z |
R6 |
NASDAQ |
PCGAX |
PCCFX |
PCLRX |
PDCZX |
PCGQX |
CUSIP |
74442X108 |
74442X306 |
74442X405 |
74442X504 |
74442X769 |
PGIM INCOME BUILDER FUND | ||||
A:
PCGAX |
C:
PCCFX |
R:
PCLRX |
Z:
PDCZX |
R6:
PCGQX |
Term |
Definition |
1933 Act |
Securities Act of 1933, as amended |
1934 Act |
Securities Exchange Act of 1934, as amended |
1940 Act |
Investment Company Act of 1940, as amended |
1940 Act Laws, Interpretations and Exemptions |
Exemptive order, SEC release, no-action letter or similar relief or interpretations, collectively |
ADR |
American Depositary Receipt |
ADS |
American Depositary Share |
Board |
Fund’s Board of Directors or Trustees |
Board Member |
A trustee or director of the Fund’s Board |
CEA |
Commodity Exchange Act, as amended |
CFTC |
U.S. Commodity Futures Trading Commission |
Code |
Internal Revenue Code of 1986, as amended |
CMO |
Collateralized Mortgage Obligation |
ETF |
Exchange-Traded Fund |
EDR |
European Depositary Receipt |
Exchange |
NYSE Arca, Inc. |
Fannie Mae |
Federal National Mortgage Association |
FDIC |
Federal Deposit Insurance Corporation |
Fitch |
Fitch Ratings, Inc. |
Freddie Mac |
Federal Home Loan Mortgage Corporation |
GDR |
Global Depositary Receipt |
Ginnie Mae |
Government National Mortgage Association |
IPO |
Initial Public Offering |
IRS |
Internal Revenue Service |
LIBOR |
London Interbank Offered Rate |
Manager or PGIM Investments |
PGIM Investments LLC |
Moody’s |
Moody’s Investors Service, Inc. |
NASDAQ |
National Association of Securities Dealers Automated Quotations |
NAV |
Net Asset Value |
NRSRO |
Nationally Recognized Statistical Rating Organization |
NYSE |
New York Stock Exchange |
OTC |
Over the Counter |
Prudential |
Prudential Financial, Inc. |
PMFS |
Prudential Mutual Fund Services LLC |
QPTP |
“Qualified publicly traded partnership” as the term is used in the Internal Revenue Code of 1986, as amended |
REIT |
Real Estate Investment Trust |
Term |
Definition |
RIC |
Regulated Investment Company, as the term is used in the Internal Revenue Code of 1986, as amended |
S&P |
S&P Global Ratings |
SEC |
U.S. Securities and Exchange Commission |
World Bank |
International Bank for Reconstruction and Development |
Independent Board Members |
|
| |
Name
Year of Birth
Position(s)
Portfolios Overseen |
Principal Occupation(s)
During Past Five Years |
Other Directorships
Held During
Past Five Years |
Length of
Board Service |
Ellen S. Alberding
1958
Board Member
Portfolios Overseen: 95 |
President and Board Member, The Joyce
Foundation (charitable foundation) (since
2002); formerly Vice Chair, City Colleges of
Chicago (community college system)
(2011-2015); Trustee, National Park Foundation
(charitable foundation for national park system)
(2009-2018); Trustee, Economic Club of
Chicago (2009-2016); Trustee, Loyola University
(since 2018). |
None. |
Since September 2013 |
Kevin J. Bannon
1952
Board Member
Portfolios Overseen: 95 |
Retired; formerly Managing Director (April
2008-May 2015) and Chief Investment Officer
(October 2008-November 2013) of Highmount
Capital LLC (registered investment adviser);
formerly Executive Vice President and Chief
Investment Officer (April 1993-August 2007) of
Bank of New York Company; President (May
2003-May 2007) of BNY Hamilton Family of
Mutual Funds. |
Director of Urstadt Biddle Properties (equity real
estate investment trust) (since September
2008). |
Since July 2008 |
Linda W. Bynoe
1952
Board Member
Portfolios Overseen: 92 |
President and Chief Executive Officer (since
March 1995) and formerly Chief Operating
Officer (December 1989-February 1995) of
Telemat Limited LLC (formerly Telemat Ltd)
(management consulting); formerly Vice
President (January 1985-June 1989) at Morgan
Stanley & Co. (broker-dealer). |
Trustee of Equity Residential (residential real
estate) (since December 2009); Director of
Northern Trust Corporation (financial services)
(since April 2006); formerly Director of Anixter
International, Inc. (communication products
distributor) (January 2006-June 2020). |
Since March 2005 |
Barry H. Evans
1960
Board Member
Portfolios Overseen: 94 |
Retired; formerly President (2005-2016), Global
Chief Operating Officer (2014-2016), Chief
Investment Officer - Global Head of Fixed
Income (1998-2014), and various portfolio
manager roles (1986-2006), Manulife Asset
Management (asset management). |
Formerly Director, Manulife Trust Company
(2011-2018); formerly Director, Manulife Asset
Management Limited (2015-2017); formerly
Chairman of the Board of Directors of Manulife
Asset Management U.S. (2005-2016); formerly
Chairman of the Board, Declaration Investment
Management and Research (2008-2016). |
Since September 2017 |
Keith F. Hartstein
1956
Board Member &
Independent Chair
Portfolios Overseen: 95 |
Retired; Member (since November 2014) of the
Governing Council of the Independent Directors
Council (IDC) (organization of independent
mutual fund directors); formerly Executive
Committee of the IDC Board of Governors
(October 2019-December 2021); formerly
President and Chief Executive Officer
(2005-2012), Senior Vice President
(2004-2005), Senior Vice President of Sales and
Marketing (1997-2004), and various executive
management positions (1990-1997), John
Hancock Funds, LLC (asset management);
Chairman, Investment Company Institute’s
Sales Force Marketing Committee (2003-2008). |
None. |
Since September 2013 |
Independent Board Members |
|
| |
Name
Year of Birth
Position(s)
Portfolios Overseen |
Principal Occupation(s)
During Past Five Years |
Other Directorships
Held During
Past Five Years |
Length of
Board Service |
Laurie Simon Hodrick
1962
Board Member
Portfolios Overseen: 91 |
A. Barton Hepburn Professor Emerita of
Economics in the Faculty of Business, Columbia
Business School (since 2018); Visiting Fellow at
the Hoover Institution, Stanford University
(since 2015); Sole Member, ReidCourt LLC
(since 2008) (a consulting firm); formerly
Visiting Professor of Law, Stanford Law School
(2015-2021); formerly A. Barton Hepburn
Professor of Economics in the Faculty of
Business, Columbia Business School
(1996-2017); formerly Managing Director,
Global Head of Alternative Investment
Strategies, Deutsche Bank (2006-2008). |
Independent Director, Andela (since December
2021) (global talent network); Independent
Director, Roku (since December 2020)
(communication services); formerly Independent
Director, Synnex Corporation (2019-2021)
(information technology); formerly Independent
Director, Kabbage, Inc. (2018-2020) (financial
services); formerly Independent Director,
Corporate Capital Trust (2017-2018) (a
business development company). |
Since September 2017 |
Brian K. Reid
1961
Board Member
Portfolios Overseen: 94 |
Retired; formerly Chief Economist for the
Investment Company Institute (ICI)
(2005-2017); formerly Senior Economist and
Director of Industry and Financial Analysis at
the ICI (1998-2004); formerly Senior Economist,
Industry and Financial Analysis at the ICI
(1996-1998); formerly Staff Economist at the
Federal Reserve Board (1989-1996); Director,
ICI Mutual Insurance Company (2012-2017). |
None. |
Since March 2018 |
Grace C. Torres
1959
Board Member
Portfolios Overseen: 94 |
Retired; formerly Treasurer and Principal
Financial and Accounting Officer of the PGIM
Funds, Target Funds, Advanced Series Trust,
Prudential Variable Contract Accounts and The
Prudential Series Fund (1998-June 2014);
Assistant Treasurer (March 1999-June 2014)
and Senior Vice President (September
1999-June 2014) of PGIM Investments LLC;
Assistant Treasurer (May 2003-June 2014) and
Vice President (June 2005-June 2014) of AST
Investment Services, Inc.; Senior Vice President
and Assistant Treasurer (May 2003-June 2014)
of Prudential Annuities Advisory Services, Inc. |
Director (since January 2018) of OceanFirst
Financial Corp. and OceanFirst Bank; formerly
Director (July 2015-January 2018) of Sun
Bancorp, Inc. N.A. and Sun National Bank. |
Since November 2014 |
Interested Board Members | |||
Name
Year of Birth
Position(s)
Portfolios Overseen |
Principal Occupation(s)
During Past Five Years |
Other Directorships
Held During
Past Five Years |
Length of
Board Service |
Stuart S. Parker
1962
Board Member &
President
Portfolios Overseen: 94 |
President, Chief Executive Officer, Chief
Operating Officer and Officer in Charge of PGIM
Investments LLC (formerly known as Prudential
Investments LLC) (since January 2012); formerly
Executive Vice President of Jennison Associates
LLC and Head of Retail Distribution of PGIM
Investments LLC (June 2005-December 2011);
Investment Company Institute - Board of
Governors (since May 2012). |
None. |
Since January 2012 |
Interested Board Members | |||
Name
Year of Birth
Position(s)
Portfolios Overseen |
Principal Occupation(s)
During Past Five Years |
Other Directorships
Held During
Past Five Years |
Length of
Board Service |
Scott E. Benjamin
1973
Board Member & Vice
President
Portfolios Overseen: 95 |
Executive Vice President (since May 2009) of
PGIM Investments LLC; Vice President (since
June 2012) of Prudential Investment
Management Services LLC; Executive Vice
President (since September 2009) of AST
Investment Services, Inc.; Senior Vice President
of Product Development and Marketing, PGIM
Investments (since February 2006); formerly
Vice President of Product Development and
Product Management, PGIM Investments LLC
(2003-2006). |
None. |
Since March 2010 |
Fund Officers(a)
|
|
|
Name
Year of Birth
Fund Position |
Principal Occupation(s) During Past Five Years |
Length of
Service as Fund Officer |
Claudia DiGiacomo
1974
Chief Legal Officer |
Chief Legal Officer, Executive Vice President and Secretary of PGIM Investments LLC (since August 2020); Chief
Legal Officer of Prudential Mutual Fund Services LLC (since August 2020); Chief Legal Officer of PIFM Holdco,
LLC (since August 2020); Vice President and Corporate Counsel (since January 2005) of Prudential; and
Corporate Counsel of AST Investment Services, Inc. (since August 2020); formerly Vice President and Assistant
Secretary of PGIM Investments LLC (2005-2020); formerly Associate at Sidley Austin Brown & Wood LLP
(1999-2004). |
Since December 2005 |
Dino Capasso
1974
Chief Compliance Officer |
Chief Compliance Officer (since July 2019) of PGIM Investments LLC; Chief Compliance Officer (since July
2019) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s
Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM High Yield Bond Fund, Inc., and PGIM Short
Duration High Yield Opportunities Fund; Vice President and Deputy Chief Compliance Officer (June 2017-2019)
of PGIM Investments LLC; formerly Senior Vice President and Senior Counsel (January 2016-June 2017), and
Vice President and Counsel (February 2012-December 2015) of Pacific Investment Management Company LLC. |
Since March 2018 |
Andrew R. French
1962
Secretary |
Vice President (since December 2018) of PGIM Investments LLC; formerly Vice President and Corporate Counsel
(2010-2018) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President
and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary
(since January 2007) of Prudential Mutual Fund Services LLC. |
Since October 2006 |
Diana N. Huffman
1982
Assistant Secretary |
Vice President and Corporate Counsel (since September 2015) of Prudential; Vice President and Assistant
Secretary (since August 2020) of PGIM Investments LLC; formerly Associate at Willkie Farr & Gallagher LLP
(2009-2015). |
Since March 2019 |
Melissa Gonzalez
1980
Assistant Secretary |
Vice President and Corporate Counsel (since September 2018) of Prudential; Vice President and Assistant
Secretary (since August 2020) of PGIM Investments LLC; formerly Director and Corporate Counsel (March
2014-September 2018) of Prudential. |
Since March 2020 |
Patrick E. McGuinness
1986
Assistant Secretary |
Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Director and Corporate
Counsel (since February 2017) of Prudential; and Corporate Counsel (2012-2017) of IIL, Inc. |
Since June 2020 |
Debra Rubano
1975
Assistant Secretary |
Vice President and Corporate Counsel (since November 2020) of Prudential; formerly Director and Senior
Counsel of Allianz Global Investors U.S. Holdings LLC (2010-2020) and Assistant Secretary of numerous funds
in the Allianz fund complex (2015-2020). |
Since December 2020 |
Kelly A. Coyne
1968
Assistant Secretary |
Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010). |
Since March 2015 |
Christian J. Kelly
1975
Treasurer and Principal Financial
and Accounting Officer |
Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018); formerly Director
of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of
the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009);
Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007). |
Since January 2019 |
Lana Lomuti
1967
Assistant Treasurer |
Vice President (since 2007) and Director (2005-2007), within PGIM Investments Fund Administration; formerly
Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc. |
Since April 2014 |
Fund Officers(a) |
|
|
Name
Year of Birth
Fund Position |
Principal Occupation(s) During Past Five Years |
Length of
Service as Fund Officer |
Russ Shupak
1973
Assistant Treasurer |
Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration. |
Since October 2019 |
Deborah Conway
1969
Assistant Treasurer |
Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration. |
Since October
2019 |
Elyse M. McLaughlin
1974
Assistant Treasurer |
Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration. |
Since October 2019 |
Jonathan Corbett
1983
Anti-Money Laundering Compliance
Officer |
Vice President, Corporate Compliance, Global Compliance Programs and Compliance Risk Management (since
August 2019) of Prudential; formerly Vice President and Head of Key Risk Areas Compliance (March 2016 to
July 2019), Chief Privacy Officer (March 2016 to July 2019) and Head of Global Financial Crimes Unit (April
2014 to March 2016) at MetLife. |
Since October 2021 |
Name |
Aggregate Fiscal Year
Compensation from the Fund |
Pension or Retirement Benefits
Accrued as Part of Fund Expenses |
Estimated Annual Benefits
Upon Retirement |
Total Compensation from Fund
and Fund Complex for Most
Recent Calendar Year |
Compensation Received by Independent Board Members | ||||
Ellen S. Alberding |
$1,613 |
None |
None |
$332,000 (33/95)* |
Kevin J. Bannon |
$1,577 |
None |
None |
$312,000 (33/95)* |
Linda W. Bynoe |
$1,623 |
None |
None |
$332,000 (30/92)* |
Compensation Received by Independent Board Members | ||||
Barry Evans |
$1,620 |
None |
None |
$341,500 (32/94)* |
Keith F. Hartstein |
$1,763 |
None |
None |
$406,000 (33/95)* |
Laurie Simon Hodrick |
$1,593 |
None |
None |
$316,000 (29/91)* |
Michael S. Hyland |
$320 |
None |
None |
(/)* |
Brian Reid |
$1,603 |
None |
None |
$330,500 (32/94)* |
Grace C. Torres |
$1,630 |
None |
None |
$345,500 (32/94)* |
Board Committee Meetings (for most recently completed fiscal year) |
| ||
Audit Committee |
Nominating & Governance Committee |
Dryden & Gibraltar Investment
Committees |
Compliance Committee* |
4 |
3 |
4 |
None |
Name |
Dollar Range of Equity
Securities in the Fund |
Aggregate Dollar Range of
Equity Securities in All
Registered Investment
Companies Overseen by
Board Member in Fund Complex |
Board Member Share Ownership: Independent Board Members | ||
Ellen S. Alberding |
None |
Over $100,000 |
Kevin J. Bannon |
None |
Over $100,000 |
Linda W. Bynoe |
None |
Over $100,000 |
Barry H. Evans |
None |
Over $100,000 |
Keith F. Hartstein |
None |
Over $100,000 |
Laurie Simon Hodrick |
None |
Over $100,000 |
Brian K. Reid |
None |
Over $100,000 |
Grace C. Torres |
None |
Over $100,000 |
Board Member Share Ownership: Interested Board Members | ||
Stuart S. Parker |
None |
Over $100,000 |
Scott E. Benjamin |
None |
Over $100,000 |
Management Fees Paid by the Fund |
|
|
|
|
2021 |
2020 |
2019 |
Gross Fee |
$2,376,924 |
$2,539,751 |
$2,795,153 |
Amount Waived/Reimbursed by PGIM Investments |
$(2,492,934) |
$(1,583,273) |
$(1,519,627) |
Net Fee |
$(116,010) |
$956,478 |
$1,275,526 |
Subadvisory Fee Rates & Subadvisory Fees Paid | ||||
Subadviser |
Fee Rate |
2021 |
2020 |
2019 |
PGIM Quantitative Solutions LLC (PGIM Quantitative Solutions)* |
0.175% |
$594,231 |
$634,938 |
$698,789 |
Jennison Associates LLC (Jennison) (Non-MLP investments) |
0.425% to $500 million;
0.40% over $500 million to $1 billion;
0.375% over $1 billion |
$297,182 |
$290,067 |
$355,966 |
Jennison (MLPs)** |
Fee for direct investments in MLPs:
0.60% of average daily net assets to $300 million;
and 0.50% of daily net assets
over $300 million*** |
$0 |
$141,977 |
$271,577 |
PGIM Fixed Income/PGIM Limited (Broad Market High Yield strategy)**** |
0.25% |
$0 |
$136,276 |
$176,646 |
PGIM Fixed Income/PGIM Limited (Emerging Markets Debt strategy)**** |
0.45% to $200 million;
0.40% over $200 million |
$0 |
$284,811 |
$300,237 |
PGIM Real Estate/PGIM Real Estate (UK) Limited***** |
0.40% |
$0 |
$125,768 |
$191,267 |
Other Funds and Investment Accounts Managed by the Portfolio Managers | ||||
Subadviser |
Portfolio Managers |
Registered Investment
Companies/Total Assets |
Other Pooled
Investment Vehicles/
Total Assets |
Other Accounts/
Total Assets |
PGIM Quantitative Solutions LLC* |
Edward L. Campbell, CFA |
29/$71,196,488,400 |
3/$2,230,101,250 |
10/$759,436,452 |
|
Rory Cummings, CFA |
29/$71,196,488,400 |
3/$2,230,101,250 |
10/$759,436,452 |
|
Peter Vaiciunas, CFA |
29/$71,196,488,400 |
3/$2,230,101,250 |
10/$759,436,452 |
Jennison Associates LLC |
Ubong “Bobby” Edemeka |
9/$5,711,435,000 |
1/$165,533,000 |
None |
|
Shaun Hong, CFA |
9/$5,711,435,000 |
1/$165,533,000 |
None |
Personal Investments and Financial Interests of the Portfolio Managers | ||
Subadviser |
Portfolio Managers |
Investments and Other Financial Interests
in the Fund and Similar Strategies* |
PGIM Quantitative Solutions LLC |
Edward L. Campbell, CFA |
$10,001 - $50,000 |
|
Rory Cummings, CFA |
$1 - $10,000 |
|
Peter Vaiciunas, CFA |
$1 - $10,000 |
Jennison Associates LLC |
Ubong “Bobby” Edemeka |
$10,001 - $50,000 |
|
Shaun Hong, CFA |
$500,001- $1,000,000 |
Securities Lending Activities: | |
Gross Income from securities lending activities |
$8,335 |
Fees and/or compensation for securities lending activities and related services |
|
Fees paid to securities lending agent from a revenue split |
$(404) |
Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral investment vehicle) |
$(3,340) |
Administrative fees not included in revenue split |
$— |
Indemnification fee not included in revenue split |
$— |
Rebate (paid to borrower) |
$(716) |
Other fees not included in revenue split (specify) |
$— |
Aggregate fees/compensation for securities lending activities |
$(4,460) |
Net Income from securities lending activities |
$3,875 |
Fees Paid to PMFS |
Amount |
PGIM Income Builder Fund |
$73,144 |
Payments Received by the Distributor |
|
Class A Distribution and Service (12b-1) fees |
$361,196 |
Class A Initial Sales Charges |
$141,107 |
Class A Contingent Deferred Sales Charges (“CDSC”) |
$155 |
Class C Distribution and Service (12b-1) fees |
$767,399 |
Class C Contingent Deferred Sales Charges (“CDSC”) |
$1,308 |
Class R Distribution and Service (12b-1) fees |
$7,525 |
Amounts Spent by the Distributor | |||||
Fund |
Share Class |
Printing & Mailing
Prospectuses to
Other than Current
Shareholders |
Compensation to
Broker/Dealers for
Commissions to
Representatives and
Other Expenses* |
Overhead Costs ** |
Total Amount
Spent by Distributor |
PGIM Income Builder Fund |
|
|
|
|
|
|
Class A |
$0 |
$338,331 |
$32,249 |
$370,580 |
|
Class C |
$0 |
$736,141 |
$3,396 |
$739,537 |
|
Class R |
$0 |
$6,980 |
$87 |
$7,067 |
Offering Price Per Share | |
|
|
Class A |
|
NAV and redemption price per Class A share |
$10.54 |
Maximum initial sales charge (4.50% of the public offering price) |
$0.50 |
Maximum offering price to public |
$11.04 |
Class C |
|
NAV and redemption price per Class C share |
$10.30 |
Class R |
|
NAV and redemption price per Class R share |
$10.52 |
Class Z |
|
NAV and redemption price per Class Z share |
$10.63 |
Class R6 |
|
NAV and redemption price per Class R6 share |
$10.62 |
Brokerage Commissions Paid by the Fund |
2021 |
2020 |
2019 |
Total brokerage commissions paid by the Fund |
$39,333 |
$263,668 |
$400,378 |
Total brokerage commissions paid to affiliated brokers |
None |
None |
None |
Percentage of total brokerage commissions paid to affiliated brokers |
None |
None |
None |
Percentage of the aggregate dollar amount of portfolio transactions involving the payment of commissions to affiliated brokers |
None |
None |
None |
Broker-Dealer Securities Holdings | ||
Broker/Dealer Name |
Equity/Debt |
Amount |
JPMorgan Chase & Co. |
Equity |
$1,930,630 |
Portfolio Turnover Rate |
|
|
Fund Name |
2021 |
2020 |
PGIM Income Builder Fund |
53% |
84% |
Principal Fund Shareholders (as of January 19, 2022) | |||
Fund Name and Share Class |
Shareholder Name and Address |
No. of Shares |
% of Class |
PGIM Income Builder Fund – Class A |
WELLS FARGO CLEARING SVCS LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523 |
2,164,746.671 |
15.34% |
|
NATIONAL FINANCIAL SERVICES LLC
FOR EXCLUSIVE BENEFIT OF
OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT - 4TH FLOOR
499 WASHINGTON BLVD
JERSEY CITY NJ 07310 |
2,116,003.177 |
15.00% |
|
EDWARD D JONES & CO
ATTN: MUTUAL FUND SHAREHOLDER
ACCOUNTING
201 PROGRESS PKWY
MARYLAND HTS MO 63043-3003 |
1,737,025.472 |
12.31% |
Principal Fund Shareholders (as of January 19, 2022) | |||
Fund Name and Share Class |
Shareholder Name and Address |
No. of Shares |
% of Class |
PGIM Income Builder Fund – Class C |
WELLS FARGO CLEARING SVCS LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523 |
1,168,022.648 |
16.75% |
|
RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN COURTNEY WALLER
880 CARILLON PARKWAY
ST PETERSBURG FL 33716 |
845,394.151 |
12.12% |
|
LPL FINANCIAL
A/C 1000-0005
4707 EXECUTIVE DRIVE
SAN DIEGO CA 92121-3091 |
725,183.234 |
10.40% |
|
CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCT FBO CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105 |
696,395.699 |
9.98% |
|
AMERICAN ENTERPRISE INVESTMENT SVC
(FBO) 41999970
707 2ND AVE SOUTH
MINNEAPOLIS MN 55402-2405 |
674,822.531 |
9.68% |
|
MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS
CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY 10004-1901 |
631,389.771 |
9.05% |
|
NATIONAL FINANCIAL SERVICES LLC
FOR EXCLUSIVE BENEFIT OF
OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT - 4TH FLOOR
499 WASHINGTON BLVD
JERSEY CITY NJ 07310 |
579,184.038 |
8.30% |
|
PERSHING LLC
1 PERSHING PLAZA
JERSEY CITY NJ 07399-0002 |
508,022.418 |
7.28% |
PGIM Income Builder Fund – Class R |
NATIONAL FINANCIAL SERVICES LLC
FOR EXCLUSIVE BENEFIT OF
OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FLOOR
499 WASHINGTON BLVD
JERSEY CITY NJ 07310 |
100,130.381 |
70.10% |
|
ASCENSUS TRUST COMPANY FBO
COSCO, INC. 401(K) PROFIT SHARING P
222785
ASCENSUS TRUST COMPANY
PO BOX 10577
FARGO, ND 58106 |
38,334.311 |
26.84% |
PGIM Income Builder Fund – Class Z |
LPL FINANCIAL
A/C 1000-0005
4707 EXECUTIVE DRIVE
SAN DIEGO CA 92121-3091 |
1,877,875.241 |
17.44% |
|
MERRILL LYNC,PIERC,FENNER&SMITH
FOR THE SOLE BENEFIT OF ITS CUST
4800 DEER LAKE DR E
JACKSONVILLE FL 32246-6484 |
1,397,844.464 |
12.98% |
Principal Fund Shareholders (as of January 19, 2022) | |||
Fund Name and Share Class |
Shareholder Name and Address |
No. of Shares |
% of Class |
|
MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS
CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY 10004-1901 |
1,273,557.458 |
11.83% |
|
RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN COURTNEY WALLER
880 CARILLON PARKWAY
ST PETERSBURG FL 33716 |
1,151,716.923 |
10.69% |
|
AMERICAN ENTERPRISE INVESTMENT SVC
(FBO) 41999970
707 2ND AVE SOUTH
MINNEAPOLIS MN 55402-2405 |
1,064,684.592 |
9.89% |
|
WELLS FARGO CLEARING SVCS LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523 |
1,040,756.915 |
9.66% |
|
PERSHING LLC
1 PERSHING PLAZA
JERSEY CITY NJ 07399-0002 |
832,978.985 |
7.73% |
|
NATIONAL FINANCIAL SERVICES LLC
FOR EXCLUSIVE BENEFIT OF
OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FLOOR
499 WASHINGTON BLVD
JERSEY CITY NJ 07310 |
652,025.525 |
6.05% |
PGIM Income Builder Fund – Class R6 |
EDWARD D JONES & CO
ATTN: MUTUAL FUND SHAREHOLDER
ACCOUNTING
201 PROGRESS PKWY
MARYLAND HTS MO 63043-3003 |
558,331.923 |
99.98% |
Name and Principal Business Address |
Positions and Offices with Underwriter |
Positions and Offices with Registrant |
Adam Scaramella (1)
|
President |
N/A |
Monica Oswald (3)
|
Executive Vice President |
N/A |
Stuart S. Parker (2)
|
Executive Vice President |
Board Member and
President |
Scott E. Benjamin (2)
|
Vice President |
Board Member and
Vice President |
Francine Boucher (1)
|
Senior Vice President, Chief
Legal Officer and Secretary |
N/A |
Name and Principal Business Address |
Positions and Offices with Underwriter |
Positions and Offices with Registrant |
Peter J. Boland (2)
|
Senior Vice President
and Chief Administrative Officer |
N/A |
John N. Christolini (3)
|
Senior Vice President and
Co-Chief Compliance Officer |
N/A |
Robert Smit (2)
|
Senior Vice President, Comptroller
and Chief Financial Officer |
N/A |
Hansjerg Schlenker (2)
|
Senior Vice President and
Chief Operations Officer |
N/A |
Lenore J Paoli (3)
|
Senior Vice President and
Chief Risk Officer |
N/A |
Peter Puzio (3)
|
Senior Vice President |
N/A |
Kevin Chaillet (1)
|
Treasurer |
N/A |
Jonathan Corbett (4)
|
Vice President and Anti-Money
Laundering Officer |
Anti-Money Laundering
Compliance Officer |
Prudential Investment Portfolios 16 |
* |
Stuart S. Parker, President |
Signature |
Title |
Date |
*
Ellen S. Alberding |
Trustee |
|
*
Kevin J. Bannon |
Trustee |
|
*
Scott E. Benjamin |
Trustee |
|
*
Linda W. Bynoe |
Trustee |
|
*
Barry H. Evans |
Trustee |
|
*
Keith F. Hartstein |
Trustee |
|
*
Laurie Simon Hodrick |
Trustee |
|
*
Stuart S. Parker |
Trustee and President, Principal Executive Officer |
|
*
Brian K. Reid |
Trustee |
|
*
Grace C. Torres |
Trustee |
|
*
Christian J. Kelly |
Treasurer, Principal Financial and Accounting
Officer |
|
*By: /s/ Patrick McGuinness
Patrick McGuinness |
Attorney-in-Fact |
February 15, 2022 |
|
|
/s/ Ellen S. Alberding
Ellen S. Alberding |
/s/ Laurie Simon Hodrick
Laurie Simon Hodrick |
/s/ Kevin J. Bannon
Kevin J. Bannon |
/s/ Christian J. Kelly
Christian J. Kelly |
/s/ Scott E. Benjamin
Scott E. Benjamin |
/s/ Stuart S. Parker
Stuart S. Parker |
/s/ Linda W. Bynoe
Linda W. Bynoe |
/s/ Brian K. Reid
Brian K. Reid |
/s/ Barry H. Evans
Barry H. Evans |
/s/ Grace C. Torres
Grace C. Torres |
/s/ Keith F. Hartstein
Keith F. Hartstein |
|
|
|
Dated: December 13, 2021 |
|
Item 28
Exhibit No. |
Description |
(d)(3) |
Expense cap for PGIM Income Builder Fund. |
(h)(5) |
Fund of Funds Investment Agreement dated January 19, 2022. |
(h)(6) |
Fund of Funds Investment Agreement dated January 19, 2022. |
(h)(7) |
Fund of Funds Investment Agreement dated January 19, 2022. |
(j)(1) |
Consent of independent registered public accounting firm. |
(m)(5) |
Rule 12b-1 fee waiver for Class A shares and Class R shares of PGIM Income Builder Fund. |