PGIM INCOME BUILDER FUND | ||||
A: PCGAX |
C: PCCFX |
R: PCLRX |
Z: PDCZX |
R6: PCGQX |
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 LLC, is a wholly owned
subsidiary of PGIM and a registered
investment adviser. ©2024 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(1) |
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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(2,3) |
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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 12-31-23) | |||||
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 12-31-23) | |||||
S&P 500 Index |
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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 |
Rory Cummings, CFA |
Principal and Portfolio
Manager |
September 2014 |
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Peter Vaiciunas, CFA |
Principal and Portfolio
Manager |
February 2018 |
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Marco Aiolfi, PhD |
Managing Director,
Head of Multi-Asset
team and Portfolio
Manager |
September 2022 |
|
Jennison Associates LLC |
Ubong “Bobby”
Edemeka |
Managing Director |
September 2014 |
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|
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 |
PGIM Quant Solutions International Equity
Fund(2) |
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(2) |
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. |
Real Estate |
PGIM US Real Estate Fund(3) |
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(3) |
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(3) |
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(4) |
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 Core Ultra Short Bond Fund(4) |
The investment objective of the Fund is current income consistent with the
preservation of capital and the maintenance of liquidity. The Fund invests in a
diversified portfolio of short-term debt obligations issued by the U.S. Government,
its agencies and instrumentalities, as well as commercial paper, 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 foreign banks, companies or foreign governments,
and municipal bonds and notes. The Fund seeks to invest in securities that present
minimal credit risk. |
Underlying Funds | ||
Market Segment/ Strategy |
Name of Underlying Fund |
Investment Objective and Investment Strategies of Underlying Fund |
Fixed Income |
PGIM Emerging Markets Debt Local
Currency Fund(5) |
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(5) |
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(4) |
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(4) |
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. |
Fixed Income |
PGIM Active Aggregate Bond ETF(5) |
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. |
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 (subject to the Fund's operation under the requirements of Rule 18f-4 under the
Investment Company Act of 1940) ■Illiquid Investments: Up to 15% of net assets ■Money Market Instruments: Up to 100% of investable 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 ■Preferred Stock: 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, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Per Share Operating Performance(a): | |||||
Net Asset Value, Beginning of Year |
$8.58 |
$10.54 |
$8.99 |
$9.69 |
$9.12 |
Income (loss) from investment operations: | |||||
Net investment income (loss) |
0.45 |
0.37 |
0.31 |
0.33 |
0.36 |
Net realized and unrealized gain (loss) on investment and foreign currency
transactions |
(0.11) |
(1.79) |
1.59 |
(0.67) |
0.62 |
Total from investment operations |
0.34 |
(1.42) |
1.90 |
(0.34) |
0.98 |
Less Dividends and Distributions: | |||||
Dividends from net investment income |
(0.43) |
(0.53) |
(0.32) |
(0.36) |
(0.40) |
Tax return of capital distributions |
- |
(0.01) |
(0.03) |
- |
(0.01) |
Total dividends and distributions |
(0.43) |
(0.54) |
(0.35) |
(0.36) |
(0.41) |
Net asset value, end of Year |
$8.49 |
$8.58 |
$10.54 |
$8.99 |
$9.69 |
Total Return(b): |
3.84% |
(14.00)% |
21.34% |
(3.44)% |
11.01% |
| |||||
Ratios/Supplemental Data: | |||||
Net assets, end of Year (000) |
$114,553 |
$117,163 |
$146,331 |
$130,648 |
$156,683 |
Average net assets (000) |
$119,398 |
$131,832 |
$144,478 |
$141,977 |
$153,066 |
Ratios to average net assets(c): | |||||
Expenses after waivers and/or expense reimbursement |
0.39% |
0.43% |
0.43% |
0.80% |
0.85% |
Expenses before waivers and/or expense reimbursement |
1.25% |
1.24% |
1.22% |
1.28% |
1.28% |
Net investment income (loss) |
5.10% |
3.85% |
3.04% |
3.61% |
3.82% |
Portfolio turnover rate(d) |
28% |
59% |
53% |
84% |
110% |
(a) |
Calculated based on average shares outstanding during the year. |
(b) |
Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year
reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. |
(c) |
Does not include expenses of the underlying funds in which the Fund invests. |
(d) |
The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives
and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher. |
Class C Shares | |||||
|
Year Ended October 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Per Share Operating Performance(a): | |||||
Net Asset Value, Beginning of Year |
$8.38 |
$10.30 |
$8.79 |
$9.49 |
$8.94 |
Income (loss) from investment operations: | |||||
Net investment income (loss) |
0.39 |
0.29 |
0.23 |
0.26 |
0.28 |
Net realized and unrealized gain (loss) on investment and foreign currency
transactions |
(0.13) |
(1.74) |
1.55 |
(0.66) |
0.61 |
Total from investment operations |
0.26 |
(1.45) |
1.78 |
(0.40) |
0.89 |
Less Dividends and Distributions: | |||||
Dividends from net investment income |
(0.36) |
(0.46) |
(0.24) |
(0.30) |
(0.33) |
Tax return of capital distributions |
- |
(0.01) |
(0.03) |
- |
(0.01) |
Total dividends and distributions |
(0.36) |
(0.47) |
(0.27) |
(0.30) |
(0.34) |
Net asset value, end of Year |
$8.28 |
$8.38 |
$10.30 |
$8.79 |
$9.49 |
Total Return(b): |
3.02% |
(14.60)% |
20.47% |
(4.22)% |
10.32% |
| |||||
Ratios/Supplemental Data: | |||||
Net assets, end of Year (000) |
$32,712 |
$48,573 |
$72,376 |
$75,284 |
$100,653 |
Average net assets (000) |
$42,612 |
$61,083 |
$76,740 |
$87,849 |
$103,441 |
Ratios to average net assets(c): | |||||
Expenses after waivers and/or expense reimbursement |
1.14% |
1.18% |
1.18% |
1.55% |
1.60% |
Expenses before waivers and/or expense reimbursement |
1.94% |
1.92% |
1.89% |
1.96% |
1.96% |
Net investment income (loss) |
4.51% |
3.13% |
2.32% |
2.88% |
3.09% |
Portfolio turnover rate(d) |
28% |
59% |
53% |
84% |
110% |
(a) |
Calculated based on average shares outstanding during the year. |
(b) |
Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year
reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. |
(c) |
Does not include expenses of the underlying funds in which the Fund invests. |
(d) |
The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives
and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher. |
Class R Shares | |||||
|
Year Ended October 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Per Share Operating Performance(a): | |||||
Net Asset Value, Beginning of Year |
$8.57 |
$10.52 |
$8.97 |
$9.68 |
$9.10 |
Income (loss) from investment operations: | |||||
Net investment income (loss) |
0.43 |
0.36 |
0.28 |
0.31 |
0.34 |
Net realized and unrealized gain (loss) on investment and foreign currency
transactions |
(0.13) |
(1.80) |
1.59 |
(0.68) |
0.63 |
Total from investment operations |
0.30 |
(1.44) |
1.87 |
(0.37) |
0.97 |
Less Dividends and Distributions: | |||||
Dividends from net investment income |
(0.40) |
(0.50) |
(0.29) |
(0.34) |
(0.38) |
Tax return of capital distributions |
- |
(0.01) |
(0.03) |
- |
(0.01) |
Total dividends and distributions |
(0.40) |
(0.51) |
(0.32) |
(0.34) |
(0.39) |
Net asset value, end of Year |
$8.47 |
$8.57 |
$10.52 |
$8.97 |
$9.68 |
Total Return(b): |
3.46% |
(14.15)% |
21.09% |
(3.79)% |
10.88% |
| |||||
Ratios/Supplemental Data: | |||||
Net assets, end of Year (000) |
$920 |
$923 |
$1,465 |
$1,369 |
$1,762 |
Average net assets (000) |
$945 |
$1,144 |
$1,505 |
$1,532 |
$1,787 |
Ratios to average net assets(c): | |||||
Expenses after waivers and/or expense reimbursement |
0.64% |
0.68% |
0.68% |
1.05% |
1.10% |
Expenses before waivers and/or expense reimbursement |
2.52% |
2.68% |
2.33% |
2.81% |
2.48% |
Net investment income (loss) |
4.85% |
3.75% |
2.80% |
3.37% |
3.57% |
Portfolio turnover rate(d) |
28% |
59% |
53% |
84% |
110% |
(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) |
Does not include expenses of the underlying funds in which the Fund invests. |
(d) |
The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives
and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher. |
Class Z Shares | |||||
|
Year Ended October 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Per Share Operating Performance(a): | |||||
Net Asset Value, Beginning of Year |
$8.65 |
$10.63 |
$9.06 |
$9.76 |
$9.18 |
Income (loss) from investment operations: | |||||
Net investment income (loss) |
0.48 |
0.40 |
0.34 |
0.36 |
0.39 |
Net realized and unrealized gain (loss) on investment and foreign currency
transactions |
(0.12) |
(1.82) |
1.61 |
(0.68) |
0.63 |
Total from investment operations |
0.36 |
(1.42) |
1.95 |
(0.32) |
1.02 |
Less Dividends and Distributions: | |||||
Dividends from net investment income |
(0.45) |
(0.55) |
(0.35) |
(0.38) |
(0.42) |
Tax return of capital distributions |
- |
(0.01) |
(0.03) |
- |
(0.02) |
Total dividends and distributions |
(0.45) |
(0.56) |
(0.38) |
(0.38) |
(0.44) |
Net asset value, end of Year |
$8.56 |
$8.65 |
$10.63 |
$9.06 |
$9.76 |
Total Return(b): |
4.07% |
(13.85)% |
21.71% |
(3.28)% |
11.44% |
| |||||
Ratios/Supplemental Data: | |||||
Net assets, end of Year (000) |
$70,272 |
$81,362 |
$114,491 |
$102,220 |
$147,834 |
Average net assets (000) |
$78,954 |
$97,972 |
$111,577 |
$126,142 |
$135,434 |
Ratios to average net assets(c): | |||||
Expenses after waivers and/or expense reimbursement |
0.14% |
0.18% |
0.18% |
0.55% |
0.60% |
Expenses before waivers and/or expense reimbursement |
0.92% |
0.92% |
0.91% |
0.97% |
0.97% |
Net investment income (loss) |
5.40% |
4.13% |
3.29% |
3.90% |
4.06% |
Portfolio turnover rate(d) |
28% |
59% |
53% |
84% |
110% |
(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) |
Does not include expenses of the underlying funds in which the Fund invests. |
(d) |
The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives
and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher. |
Class R6 Shares | |||||
|
Year Ended October 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Per Share Operating Performance(a): | |||||
Net Asset Value, Beginning of Year |
$8.65 |
$10.62 |
$9.05 |
$9.76 |
$9.18 |
Income (loss) from investment operations: | |||||
Net investment income (loss) |
0.48 |
0.39 |
0.34 |
0.35 |
0.38 |
Net realized and unrealized gain (loss) on investment and foreign currency
transactions |
(0.12) |
(1.80) |
1.61 |
(0.68) |
0.64 |
Total from investment operations |
0.36 |
(1.41) |
1.95 |
(0.33) |
1.02 |
Less Dividends and Distributions: | |||||
Dividends from net investment income |
(0.45) |
(0.55) |
(0.35) |
(0.38) |
(0.42) |
Tax return of capital distributions |
- |
(0.01) |
(0.03) |
- |
(0.02) |
Total dividends and distributions |
(0.45) |
(0.56) |
(0.38) |
(0.38) |
(0.44) |
Net asset value, end of Year |
$8.56 |
$8.65 |
$10.62 |
$9.05 |
$9.76 |
Total Return(b): |
4.07% |
(13.76)% |
21.73% |
(3.28)% |
11.33% |
| |||||
Ratios/Supplemental Data: | |||||
Net assets, end of Year (000) |
$5,020 |
$5,441 |
$5,695 |
$4,552 |
$4,840 |
Average net assets (000) |
$5,690 |
$5,639 |
$5,261 |
$4,769 |
$4,163 |
Ratios to average net assets(c): | |||||
Expenses after waivers and/or expense reimbursement |
0.14% |
0.18% |
0.18% |
0.54% |
0.60% |
Expenses before waivers and/or expense reimbursement |
0.98% |
1.07% |
0.99% |
1.21% |
1.05% |
Net investment income (loss) |
5.40% |
4.05% |
3.28% |
3.85% |
4.04% |
Portfolio turnover rate(d) |
28% |
59% |
53% |
84% |
110% |
(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) |
Does not include expenses of the underlying funds in which the Fund invests. |
(d) |
The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives
and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher. |
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
P.O. Box 534432
Pittsburgh, PA 15253-4432 ■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
(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 |
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 |
RIC |
Regulated Investment Company, as the term is used in the Internal Revenue Code of 1986, as amended |
S&P |
S&P Global Ratings |
Term |
Definition |
SEC |
U.S. Securities and Exchange Commission |
SOFR |
Secured Overnight Financing Rate |
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: 100 |
Chief Executive Officer and President, The Joyce
Foundation (charitable foundation) (since
2002); formerly Vice Chair, City Colleges of
Chicago (community college system)
(2011-2015); formerly Trustee, National Park
Foundation (charitable foundation for national
park system) (2009-2018); formerly Trustee,
Economic Club of Chicago (2009-2016);
Trustee, Loyola University (since 2018). |
None. |
Since September 2013 |
Kevin J. Bannon
1952
Board Member
Portfolios Overseen: 101 |
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; formerly President
(May 2003-May 2007) of BNY Hamilton Family
of Mutual Funds. |
Director of Urstadt Biddle Properties (equity real
estate investment trust) (September
2008-August 2023). |
Since July 2008 |
Linda W. Bynoe
1952
Board Member
Portfolios Overseen: 98 |
President and Chief Executive Officer (since
March 1995) and formerly Chief Operating
Officer (December 1989-February 1995) of
Telemat Limited LLC (formerlyTelemat 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: 101 |
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: 101 |
Retired; formerly Member (November
2014-September 2022) 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);
formerly 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: 98 |
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 January
2022) (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: 101 |
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); formerly
Director, ICI Mutual Insurance Company
(2012-2017). |
None. |
Since March 2018 |
Grace C. Torres
1959
Board Member
Portfolios Overseen: 101 |
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 & Principal
Executive Officer
Portfolios Overseen: 101 |
President, Chief Executive Officer and Officer in
Charge of PGIM Investments LLC (formerly
known as Prudential Investments LLC) (since
January 2012); President and Principal
Executive Officer (“PEO”) (since September
2023) of the PGIM Credit Income Fund and the
PGIM Rock ETF Trust; President and PEO (since
September 2022) of the PGIM Private Credit
Fund; President and PEO (since March 2022) of
the PGIM Private Real Estate Fund, Inc.;
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: 128 |
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); Vice
President (since September 2023) of the PGIM
Credit Income Fund and the PGIM Rock ETF
Trust; Vice President (since September 2022) of
the PGIM Private Credit Fund; Vice President
(since March 2022) of the PGIM Private Real
Estate Fund, Inc.; 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 (since September 2023) of the PGIM Credit Income Fund and the PGIM Rock ETF Trust; Chief
Legal Officer (since September 2022) of the PGIM Private Credit Fund; Chief Legal Officer (since July 2022) of
the PGIM Private Real Estate Fund, Inc.; 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 |
Andrew Donohue
1972
Chief Compliance Officer |
Chief Compliance Officer (since May 2023) of the PGIM Funds, Target Funds, PGIM ETF Trust, PGIM Global High
Yield Fund, Inc., PGIM High Yield Bond Fund, Inc., PGIM Short Duration High Yield Opportunities Fund,
Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Private Credit Fund,
PGIM Private Real Estate Fund, Inc.; Chief Compliance Officer of AST Investment Services, Inc. (since October
2022); Vice President, Chief Compliance Officer of PGIM Investments LLC (since September 2022); Chief
Compliance Officer (since September 2023) of the PGIM Credit Income Fund and the PGIM Rock ETF Trust;
formerly various senior compliance roles within Principal Global Investors, LLC., global asset management for
Principal Financial (2011-2022), most recently as Global Chief Compliance Officer (2016-2022). |
Since May 2023 |
Andrew R. French
1962
Secretary |
Vice President (since December 2018) of PGIM Investments LLC; Secretary (since September 2023) of the PGIM
Credit Income Fund and the PGIM Rock ETF Trust; Secretary (since September 2022) of the PGIM Private Credit
Fund; Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.; 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 |
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; Assistant Secretary (since September 2023) of the
PGIM Credit Income Fund and the PGIM Rock ETF Trust; Assistant Secretary (since September 2022) of the
PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.;
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; Assistant Secretary (since September 2023) of the PGIM Credit
Income Fund and the PGIM Rock ETF Trust; Assistant Secretary (since September 2022) of the PGIM Private
Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc. |
Since June 2020 |
Debra Rubano
1975
Assistant Secretary |
Vice President and Corporate Counsel (since November 2020) of Prudential; Assistant Secretary (since
September 2023) of the PGIM Credit Income Fund and the PGIM Rock ETF Trust; Assistant Secretary (since
September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private
Real Estate Fund, Inc; 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 |
Fund Officers(a) |
|
|
Name
Year of Birth
Fund Position |
Principal Occupation(s) During Past Five Years |
Length of
Service as Fund Officer |
George Hoyt
1965
Assistant Secretary |
Vice President and Corporate Counsel of Prudential (since September 2023); Assistant Secretary (since
September 2023) of the PGIM Rock ETF Trust, PGIM Credit Income Fund, PGIM Private Credit Fund and PGIM
Private Real Estate Fund, Inc.; formerly Associate General Counsel of Franklin Templeton and Secretary and
Chief Legal Officer of certain funds in the Franklin Templeton complex (2020-2023) and Managing Director
(2016-2020) and Associate General Counsel for Legg Mason, Inc. and its predecessors (2004-2020). |
Since December 2023 |
Devan Goolsby
1991
Assistant Secretary |
Vice President and Corporate Counsel of Prudential (since May 2023); Assistant Secretary (since September
2023) of the PGIM Rock ETF Trust, PGIM Credit Income Fund, PGIM Private Credit Fund and PGIM Private Real
Estate Fund, Inc.; formerly Associate at Eversheds Sutherland (US) LLP (2021-2023); Compliance Officer at
Bloomberg LP (2019-2021); and an Examiner at the Financial Industry Regulatory Authority (2015-2019). |
Since December 2023 |
Kelly A. Coyne
1968
Assistant Secretary |
Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010); Assistant Secretary
(since September 2023) of the PGIM Credit Income Fund; Assistant Secretary (since September 2022) of the
PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc. |
Since March 2015 |
Christian J. Kelly
1975
Chief Financial Officer |
Vice President, Global Head of Fund Administration of PGIM Investments LLC (since November 2018); Chief
Financial Officer (since March 2023) of PGIM Investments mutual funds, closed end funds and ETFs, Advanced
Series Trust Portfolios, Prudential Series Funds and Prudential Gibraltar Fund; Chief Financial Officer (since
September 2023) of the PGIM Credit Income Fund and the PGIM Rock ETF Trust; Chief Financial Officer of PGIM
Private Credit Fund (since September 2022); Chief Financial Officer of PGIM Private Real Estate Fund, Inc.
(since July 2022); formerly Treasurer and Principal Financial Officer (January 2019- March 2023) of PGIM
Investments mutual funds, closed end funds and ETFs, Advanced Series Trust Portfolios, Prudential Series
Funds and Prudential Gibraltar Fund; formerly Treasurer and Principal Financial Officer (March 2022 – July
2022) of the PGIM Private Real Estate Fund, Inc.; 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 |
Russ Shupak
1973
Treasurer and Principal Accounting
Officer |
Vice President (since 2017) within PGIM Investments Fund Administration; Treasurer and Principal Accounting
Officer of PGIM Investments mutual funds, closed end funds and ETFs (since March 2023); Treasurer and
Principal Accounting Officer (since September 2023) of the PGIM Credit Income Fund; Treasurer and Principal
Accounting Officer (since July 2022) of the PGIM Private Real Estate Fund, Inc.; Assistant Treasurer (since
September 2023) of the PGIM Rock ETF Trust; Assistant Treasurer (since September 2022) of the PGIM Private
Credit Fund; formerly Assistant Treasurer (March 2022 – July 2022) of the PGIM Private Real Estate Fund, Inc.;
Assistant Treasurer of Advanced Series Trust Portfolios, Prudential Series Funds and Prudential Gibraltar Fund
(since October 2019); formerly Director (2013-2017) within PGIM Investments Fund Administration. |
Since October 2019 |
Lana Lomuti
1967
Assistant Treasurer |
Vice President (since 2007) within PGIM Investments Fund Administration; formerly Assistant Treasurer
(December 2007-February 2014) of The Greater China Fund, Inc.; formerly Director (2005-2007) within PGIM
Investments Fund Administration. |
Since April 2014 |
Deborah Conway
1969
Assistant Treasurer |
Vice President (since 2017) within PGIM Investments Fund Administration; formerly Director (2007-2017)
within PGIM Investments Fund Administration. |
Since October
2019 |
Elyse M. McLaughlin
1974
Assistant Treasurer |
Vice President (since 2017) within PGIM Investments Fund Administration; Treasurer and Principal Accounting
Officer of the Advanced Series Trust, the Prudential Series Fund and the Prudential Gibraltar Fund (since
March 2023); Treasurer and Principal Accounting Officer (since September 2023) of the PGIM Rock ETF Trust;
Assistant Treasurer (since September 2023) of the PGIM Credit Income Fund; Treasurer and Principal
Accounting Officer (since September 2022) of the PGIM Private Credit Fund; Assistant Treasurer (since March
2022) of the PGIM Private Real Estate Fund, Inc.; Assistant Treasurer of PGIM Investments mutual funds,
closed end funds and ETFs (since October 2019); formerly Director (2011-2017) within PGIM Investments Fund
Administration. |
Since October 2019 |
Robert W. McCormack
1973
Assistant Treasurer |
Vice President (since 2019) within PGIM Investments Fund Administration; Assistant Treasurer (since March
2023) of PGIM Investments mutual funds, closed end funds, ETFs, Advanced Series Trust Portfolios, Prudential
Series Funds and Prudential Gibraltar Fund; Assistant Treasurer (since September 2023) of the PGIM Credit
Income Fund and the PGIM Rock ETF Trust; Assistant Treasurer (since September 2022) of the PGIM Private
Credit Fund; Assistant Treasurer (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly
Director (2016-2019) within PGIM Investments Fund Administration; formerly Vice President within Goldman,
Sachs & Co. Investment Management Controllers (2008-2016), Assistant Treasurer of Goldman Sachs Family
of Funds (2015-2016). |
Since March 2023 |
Fund Officers(a) |
|
|
Name
Year of Birth
Fund Position |
Principal Occupation(s) During Past Five Years |
Length of
Service as Fund Officer |
Kelly Florio
1978
Anti-Money Laundering Compliance
Officer |
Vice President, Corporate Compliance, Global Compliance Programs and Compliance Risk Management (since
December 2021) of Prudential; formerly Head of Fraud Risk Management (October 2019-December 2021) at
New York Life Insurance Company; formerly Head of Key Risk Area Operations (November 2018-October 2019),
Director of the US Anti-Money Laundering Compliance Unit (2009-2018) and Bank Loss Prevention Associate
(2006-2009) at MetLife. |
Since June 2022 |
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*** |
$1,573 |
None |
None |
$314,000* (30/100)** |
Kevin J. Bannon |
$1,580 |
None |
None |
$336,000* (31/101)** |
Linda W. Bynoe |
$1,573 |
None |
None |
$316,000* (29/98)** |
Barry Evans*** |
$1,667 |
None |
None |
$375,000* (31/101)** |
Keith F. Hartstein |
$1,740 |
None |
None |
$413,000* (31/101)** |
Laurie Simon Hodrick*** |
$1,597 |
None |
None |
$337,000* (29/98)** |
Brian Reid |
$1,667 |
None |
None |
$376,000* (31/101)** |
Grace C. Torres |
$1,663 |
None |
None |
$372,000* (31/101)** |
Board Committee Meetings (for most recently completed fiscal year) |
| ||
Audit Committee |
Nominating & Governance Committee |
Dryden & Gibraltar Investment
Committees |
Compliance Committee |
4 |
4 |
4 |
4 |
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 Received by PGIM Investments from the Fund |
|
|
|
|
2023 |
2022 |
2021 |
Gross Fee |
$1,733,185 |
$2,083,689 |
$2,376,924 |
Amount Waived/ Reimbursed by PGIM Investments |
$(1,989,254) |
$(2,260,812) |
$(2,492,934) |
Net Fee |
$(256,069) |
$(177,123) |
$(116,010) |
Subadvisory Fee Rates & Subadvisory Fees Paid | ||||
Subadviser |
Fee Rate |
2023 |
2022 |
2021 |
PGIM Quantitative Solutions LLC (PGIM Quantitative Solutions)* |
0.175% |
$433,296 |
$520,922 |
$594,231 |
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 |
$148,610 |
$238,619 |
$297,182 |
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 |
$0 |
$0 |
PGIM Fixed Income/PGIM Limited (Broad Market High Yield strategy)**** |
0.25% |
N/A |
N/A |
$0 |
PGIM Fixed Income/PGIM Limited (Emerging Markets Debt strategy)**** |
0.45% to $200 million;
0.40% over $200 million |
N/A |
N/A |
$0 |
PGIM Real Estate/PGIM Real Estate (UK) Limited***** |
0.40% |
N/A |
N/A |
$0 |
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* |
Rory Cummings, CFA |
23/$31,072,495,463 |
1/$2,724,990 |
10/$609,154,811 |
|
Peter Vaiciunas, CFA |
23/$31,072,495,463 |
1/$2,724,990 |
10/$609,154,811 |
|
Marco Aiolfi, PhD |
29/$31,395,896,635 |
None |
1/$262,965,611 |
Jennison Associates LLC |
Ubong “Bobby” Edemeka |
9/$4,382,331,341 |
3/$133,790,906
2/$117,014,256 |
1/$4,103,663 |
|
Shaun Hong, CFA |
9/$4,382,331,341 |
2/$117,014,256 |
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 |
Rory Cummings, CFA |
$1 - $10,000 |
Personal Investments and Financial Interests of the Portfolio Managers | ||
Subadviser |
Portfolio Managers |
Investments and Other Financial Interests in the Fund and Similar
Strategies* |
|
Peter Vaiciunas, CFA |
$1 - $10,000 |
|
Marco Aiolfi, PhD |
None |
Jennison Associates LLC |
Ubong “Bobby” Edemeka |
$100,001 - $500,000 |
|
Shaun Hong, CFA |
$500,001- $1,000,000 |
Securities Lending Activities: | |
Gross Income from securities lending activities |
$389,190 |
Securities Lending Activities: | |
Fees and/or compensation for securities lending activities and related services |
|
Fees paid to securities lending agent from a revenue split |
$(6,592) |
Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral investment vehicle) |
$(6,013) |
Administrative fees not included in revenue split |
$— |
Indemnification fee not included in revenue split |
$— |
Rebate (paid to borrower) |
$(316,962) |
Other fees not included in revenue split (specify) |
$— |
Aggregate fees/compensation for securities lending activities |
$(329,567) |
Net Income from securities lending activities |
$59,623 |
Fees Paid to PMFS |
|
Fund Name |
Amount |
PGIM Income Builder Fund |
$88,455 |
Payments Received by the Distributor |
|
CLASS A CONTINGENT DEFERRED SALES CHARGES (CDSC) |
$3 |
CLASS A DISTRIBUTION AND SERVICE (12B-1) FEES |
$298,495 |
CLASS A INITIAL SALES CHARGES |
$66,837 |
CLASS C CONTINGENT DEFERRED SALES CHARGES (CDSC) |
$434 |
CLASS C DISTRIBUTION AND SERVICE (12B-1) FEES |
$426,115 |
CLASS R DISTRIBUTION AND SERVICE (12B-1) FEES |
$4,724 |
Amounts Spent by Distributor | ||||
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 the Distributor |
Class A |
$- |
$279,888 |
$22,697 |
$302,585 |
Class C |
$- |
$408,977 |
$2,673 |
$411,650 |
Class R |
$- |
$4,680 |
$78 |
$4,758 |
Offering Price Per Share | |
|
|
Class A |
|
NAV and redemption price per Class A share |
$8.49 |
Maximum initial sales charge (4.50% of the public offering price) |
$0.40 |
Maximum offering price to public |
$8.89 |
Class C |
|
NAV and redemption price per Class C share |
$8.28 |
Class R |
|
NAV and redemption price per Class R share |
$8.47 |
Class Z |
|
NAV and redemption price per Class Z share |
$8.56 |
Class R6 |
|
NAV and redemption price per Class R6 share |
$8.56 |
Brokerage Commissions Paid by the Fund | |||
|
2023 |
2022 |
2021 |
Total brokerage commissions paid by the Fund |
$14,148 |
$45,098 |
$39,333 |
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 | |||
Fund Name |
Broker-Dealer |
Equity or Debt |
Amount |
PGIM Income Builder Fund |
None |
None |
None |
Portfolio Turnover Rate |
|
|
Fund Name |
2023 |
2022 |
PGIM Income Builder Fund |
28% |
59% |
Principal Fund Shareholders (as of February 2, 2024) | |||
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 |
2,133,995.757 |
15.66% |
PGIM Income Builder Fund Class A |
NATIONAL FINANCIAL SERVICES LLC
FOR EXCLUSIVE BENEFIT OF
OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT - 4TH FLOOR
499 WASHINGTON BLVD
JERSEY CITY NJ 07310 |
1,912,062.502 |
14.03% |
PGIM Income Builder Fund Class A |
EDWARD D JONES & CO
ATTN: MUTUAL FUND SHAREHOLDER
ACCOUNTING
201 PROGRESS PKWY
MARYLAND HTS MO 63043-3003 |
1,700,138.020 |
12.48% |
PGIM Income Builder Fund Class A |
LPL FINANCIAL
A/C 1000-0005
4707 EXECUTIVE DRIVE
SAN DIEGO CA 92121-3091 |
774,937.703 |
5.69% |
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 |
554,962.938 |
15.56% |
PGIM Income Builder Fund Class C |
RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN COURTNEY WALLER
880 CARILLON PARKWAY
ST PETERSBURG FL 33716 |
535,643.376 |
15.02% |
PGIM Income Builder Fund Class C |
LPL FINANCIAL
A/C 1000-0005
4707 EXECUTIVE DRIVE
SAN DIEGO CA 92121-3091 |
363,653.423 |
10.19% |
PGIM Income Builder Fund Class C |
CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCT FBO CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105 |
361,511.077 |
10.13% |
PGIM Income Builder Fund Class C |
AMERICAN ENTERPRISE INVESTMENT SVC
(FBO) 41999970
707 2ND AVE SOUTH
MINNEAPOLIS MN 55402-2405 |
320,486.162 |
8.98% |
PGIM Income Builder Fund Class C |
NATIONAL FINANCIAL SERVICES LLC
FOR EXCLUSIVE BENEFIT OF
OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT - 4TH FLOOR
499 WASHINGTON BLVD
JERSEY CITY NJ 07310 |
305,594.972 |
8.57% |
PGIM Income Builder Fund Class C |
PERSHING LLC
1 PERSHING PLAZA
JERSEY CITY NJ 07399-0002 |
263,816.295 |
7.40% |
PGIM Income Builder Fund Class C |
MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS
CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY 10004-1901 |
225,302.108 |
6.32% |
Principal Fund Shareholders (as of February 2, 2024) | |||
Fund Name and Share Class |
Shareholder Name and Address |
No. of Shares |
% of Class |
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 |
97,015.043 |
89.26% |
PGIM Income Builder Fund Class Z |
RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN COURTNEY WALLER
880 CARILLON PARKWAY
ST PETERSBURG FL 33716 |
1,202,075.080 |
14.98% |
PGIM Income Builder Fund Class Z |
LPL FINANCIAL
A/C 1000-0005
4707 EXECUTIVE DRIVE
SAN DIEGO CA 92121-3091 |
1,196,141.827 |
14.90% |
PGIM Income Builder Fund Class Z |
MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS
CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY 10004-1901 |
923,017.364 |
11.50% |
PGIM Income Builder Fund Class Z |
MERRILL LYNC,PIERC,FENNER&SMITH
FOR THE SOLE BENEFIT OF ITS CUST
4800 DEER LAKE DR E
JACKSONVILLE FL 32246-6484 |
831,484.479 |
10.36% |
PGIM Income Builder Fund Class Z |
WELLS FARGO CLEARING SVCS LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523 |
706,504.295 |
8.80% |
PGIM Income Builder Fund Class Z |
AMERICAN ENTERPRISE INVESTMENT SVC
(FBO) 41999970
707 2ND AVE SOUTH
MINNEAPOLIS MN 55402-2405 |
705,765.160 |
8.79% |
PGIM Income Builder Fund Class Z |
PERSHING LLC
1 PERSHING PLAZA
JERSEY CITY NJ 07399-0002 |
681,316.791 |
8.49% |
PGIM Income Builder Fund Class Z |
CHARLES SCHWAB CO
211 MAIN ST
SAN FRANCISCO CA 94105-1901 |
514,908.827 |
6.42% |
PGIM Income Builder Fund Class R6 |
EDWARD D JONES & CO
ATTN: MUTUAL FUND SHAREHOLDER
ACCOUNTING
201 PROGRESS PKWY
MARYLAND HTS MO 63043-3003 |
546,959.659 |
97.29% |
Capital Loss Carryforward |
Capital Loss Carryforward Utilized |
$25,578,000 |
$— |
Name and Principal Business Address |
Positions and Offices with Underwriter |
Positions and Offices with Registrant |
Andre T. Carrier (2) |
President |
N/A |
Scott E. Benjamin (2)
|
Vice President |
Board Member and
Vice President |
H. Soo Lee (1)
|
Senior Vice President, Chief
Legal Officer and Secretary |
N/A |
John N. Christolini (3)
|
Senior Vice President and
Chief Compliance Officer |
N/A |
Karen Leibowitz (2)
|
Senior Vice President and Chief
Administrative Officer |
N/A |
Robert Smit (4)
|
Senior Vice President, Controller
and Chief Financial Officer |
N/A |
Hansjerg Schlenker (2)
|
Senior Vice President and
Chief Operations Officer |
N/A |
Peter Puzio (3)
|
Senior Vice President |
N/A |
Kevin Chaillet (3)
|
Treasurer |
N/A |
Kelly Florio (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 |
Chief Financial Officer (Principal Financial Officer) |
|
*
Russ Shupak |
Treasurer and Principal Accounting Officer |
|
*By: /s/ Patrick McGuinness
Patrick McGuinness |
Attorney-in-Fact |
February 15, 2024 |
|
|
/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/ Russ Shupak
Russ Shupak |
/s/ Keith F. Hartstein
Keith F. Hartstein |
/s/ Grace C. Torres
Grace C. Torres |
|
|
Dated: December 6, 2023 |
|