PGIM FLOATING RATE INCOME FUND | |||
A: FRFAX |
C: FRFCX |
Z: FRFZX |
R6: PFRIX |
The Securities and Exchange Commission
(“SEC”) has not approved or disapproved the
Fund's shares, nor has the SEC determined
that this prospectus is complete or accurate.
It is a criminal offense to state otherwise. Mutual funds are distributed by Prudential
Investment Management Services LLC
(“PIMS”), member SIPC. PGIM Fixed Income
is a unit of PGIM, Inc. (“PGIM”), a registered
investment adviser. PIMS and PGIM are
Prudential Financial companies. © 2024
Prudential Financial, Inc. and its related
entities. The Prudential logo and the Rock
symbol are service marks of Prudential
Financial, Inc. and its related entities,
registered in many jurisdictions worldwide. |
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3 |
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3 |
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3 |
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4 |
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10 |
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10 |
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11 |
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11 |
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12 |
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12 |
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15 |
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22 |
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22 |
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22 |
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23 |
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24 |
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24 |
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25 |
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28 |
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28 |
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28 |
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30 |
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31 |
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31 |
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42 |
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45 |
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48 |
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53 |
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54 |
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Class A |
Class C |
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 Z |
Class R6 |
Management fee |
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Distribution and service (12b-1) fees |
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Other expenses(1) |
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Total annual Fund operating expenses |
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Fee waiver and/or expense reimbursement |
( |
( |
( |
( |
Total annual Fund operating expenses after fee waiver and/or expense reimbursement(2) |
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|
Share Class |
1 Year |
3 Years |
5 Years |
10 Years |
Class A |
$ |
$ |
$ |
$ |
Class C |
$ |
$ |
$ |
$ |
Class Z |
$ |
$ |
$ |
$ |
Class R6 |
$ |
$ |
$ |
$ |
Share Class |
1 Year |
3 Years |
5 Years |
10 Years |
Class A |
$ |
$ |
$ |
$ |
Class C |
$ |
$ |
$ |
$ |
Class Z |
$ |
$ |
$ |
$ |
Class R6 |
$ |
$ |
$ |
$ |
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| ||
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Return Before Taxes |
One Year |
Five Years |
Ten Years |
Since
Inception |
Inception
Date |
Class A Shares |
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|
- |
|
Class C Shares |
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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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|
- |
|
Return After Taxes on Distributions and Sale of Fund Shares |
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- |
|
Index % (reflects no deduction for fees, expenses or taxes) (as of 12-31-23) | |||||
Credit Suisse Leveraged Loan Index |
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Investment Manager |
Subadvisers |
Portfolio Managers |
Title |
Service Date |
PGIM Investments LLC |
PGIM Fixed Income*
PGIM Limited |
Robert Cignarella, CFA |
Managing Director,
Head of U.S. High
Yield and Co-Head of
the Global High Yield
Strategy |
March 2014 |
|
|
Brian Juliano |
Managing Director
and Head of U.S.
Leveraged Loan Team |
March 2011 |
|
|
Parag Pandya, CFA |
Principal and Portfolio
Manager |
April 2018 |
|
|
Ian F. Johnston |
Principal and Portfolio
Manager |
April 2021 |
|
|
Robert W. Meyer, CFA |
Principal |
April 2021 |
|
Class A* |
Class C* |
Class Z* |
Class R6 |
Minimum initial investment |
$1,000 |
$1,000 |
None |
None |
Minimum subsequent investment |
$100 |
$100 |
None |
None |
Principal Strategies: Investment Limits |
■Floating rate loans and other floating rate debt securities: at least 80% of investable assets under normal market conditions ■Senior loans rated below investment grade: the Fund may invest primarily in such loans ■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) |
Certain Non-Principal Strategies: Investment Limits |
■Senior loans not secured by specific collateral: Up to 20% of total assets ■Foreign securities, including senior loans to foreign-domiciled borrowers and securities of issuers located in emerging
market countries, which may be denominated in U.S. dollars or non-U.S. currencies: 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 ■Other types of debt securities, equity and equity related securities (principally preferred stocks and convertible securities),
and money market instruments: Up to 20% of investable assets |
|
PGIM Fixed Income
US Senior Secured Loans
(Unconstrained) Composite |
Bank Loan Fund |
Credit Suisse
Leveraged
Loan Index* |
Morningstar
Bank Loan
Fund Category
Average | ||
Annualized Returns as of 2/29/2024 |
Net |
Gross |
Net |
Gross |
|
|
1 Year |
10.31% |
12.26% |
11.38% |
12.05% |
11.37% |
10.30% |
3 Year |
3.84% |
5.67% |
5.11% |
5.74% |
5.55% |
4.39% |
5 Year |
3.92% |
5.76% |
4.86% |
5.49% |
5.10% |
3.83% |
10 Year |
3.29% |
5.11% |
4.38% |
5.01% |
4.51% |
3.39% |
|
PGIM Fixed Income
US Senior Secured Loans
(Unconstrained) Composite |
Bank Loan Fund |
Credit Suisse
Leveraged
Loan Index* |
Morningstar
Bank Loan
Fund Category
Average | ||
Annualized Returns as of 2/29/2024 |
Net |
Gross |
Net |
Gross |
|
|
Since Inception (5/1/2007) |
3.38% |
5.21% |
4.72% |
5.35% |
4.78% |
3.42% |
|
PGIM Fixed Income
US Senior Secured Loans
(Unconstrained) Composite |
Bank Loan Fund |
Credit Suisse
Leveraged
Loan Index* |
Morningstar
Bank Loan
Fund Category
Average | ||
Calendar Year Returns |
Net |
Gross |
Net |
Gross |
|
|
2023 |
12.25% |
14.23% |
13.15% |
13.84% |
13.04% |
12.19% |
2022 |
-4.46% |
-2.78% |
-3.42% |
-2.83% |
-1.06% |
-2.49% |
2021 |
4.79% |
6.64% |
6.48% |
7.12% |
5.40% |
5.40% |
2020 |
2.94% |
4.76% |
3.17% |
3.79% |
2.78% |
1.16% |
2019 |
6.69% |
8.57% |
7.50% |
8.15% |
8.17% |
7.45% |
2018 |
-0.99% |
0.75% |
0.22% |
0.83% |
1.14% |
-0.26% |
2017 |
3.51% |
5.34% |
4.72% |
5.35% |
4.25% |
3.48% |
2016 |
8.05% |
9.96% |
10.09% |
10.75% |
9.88% |
9.25% |
2015 |
-0.47% |
1.29% |
0.37% |
0.98% |
-0.38% |
-1.25% |
2014 |
0.24% |
2.01% |
1.20% |
1.81% |
2.06% |
0.60% |
2013 |
4.16% |
6.00% |
5.19% |
5.82% |
6.15% |
5.48% |
2012 |
7.68% |
9.58% |
8.60% |
9.25% |
9.43% |
9.12% |
2011 |
1.93% |
3.73% |
2.97% |
3.59% |
1.82% |
1.74% |
2010 |
7.85% |
9.76% |
9.10% |
9.76% |
9.71% |
9.44% |
2009 |
36.31% |
38.72% |
37.95% |
38.78% |
53.84% |
41.81% |
2008 |
-24.33% |
-22.99% |
-20.40% |
-19.92% |
-29.48% |
-29.72% |
2007(5/1/2007 - 12/31/2007) |
-1.16% |
0.00% |
-0.26% |
0.14% |
-0.62% |
-1.50% |
Expected Distribution Schedule* |
|
Dividends |
Monthly |
Short-Term Capital Gains |
Annually |
Long-Term Capital Gains |
Annually |
Share Class |
Eligibility |
Class A* |
Retail investors |
Class C* |
Retail investors |
Class Z* |
Certain group retirement plans, institutional investors and certain other investors |
Class R6 |
Certain group retirement plans, institutional investors and certain other investors |
|
Class A* |
Class C* |
Class Z* |
Class R6 |
Minimum purchase amount |
$1,000 |
$1,000 |
None |
None |
Minimum amount for subsequent purchases |
$100 |
$100 |
None |
None |
Maximum initial sales charge |
2.25% of the public
offering price |
None |
None |
None |
Contingent Deferred Sales Charge (CDSC) (as a
percentage of the lower of the original purchase
price or the net asset value at redemption) |
1.00% on sales of
$500,000 or more made
within 12 months of
purchase |
1.00% on sales made
within 12 months of
purchase |
None |
None |
Annual distribution and service (12b-1) fees (shown
as a percentage of average daily net assets) |
0.25% |
1.00% |
None |
None |
|
Class A |
Class C |
Class Z |
Class R |
Existing Investors (Group Retirement Plans,
IRAs, and all other investors) |
No Change |
No Change |
No Change |
No Change |
New Group Retirement Plans |
Closed to group retirement plans wishing to add the share classes as new additions to plan menus on June 1, 2018,
subject to certain exceptions below | |||
New IRAs |
No Change |
No Change |
No Change |
Closed to all new
investors on June 1, 2018,
subject to certain
exceptions below |
All Other New Investors |
No Change |
No Change |
No Change |
Amount of Purchase |
Sales Charge as a % of
Offering Price* |
Sales Charge as a % of
Amount Invested* |
Dealer Reallowance*** |
Less than $100,000 |
2.25% |
2.30% |
2.00% |
$100,000 to $249,999 |
2.00% |
2.04% |
1.75% |
$250,000 to $499,999 |
1.25% |
1.27% |
1.25% |
$500,000 to $4,999,999** |
None |
None |
1.00% |
$5,000,000 to $9,999,999** |
None |
None |
0.50% |
$10,000,000 and over** |
None |
None |
0.25% |
Class A Shares | |||||
|
Year Ended February 28/29, | ||||
|
2024 |
2023 |
2022 |
2021 |
2020 |
Per Share Operating Performance(a): | |||||
Net Asset Value, Beginning of Year |
$8.98 |
$9.51 |
$9.65 |
$9.38 |
$9.72 |
Income (loss) from investment operations: | |||||
Net investment income (loss) |
0.78 |
0.54 |
0.32 |
0.45 |
0.53 |
Net realized and unrealized gain (loss) on investment and foreign currency
transactions |
0.16 |
(0.45) |
(0.13) |
0.27(b) |
(0.33) |
Total from investment operations |
0.94 |
0.09 |
0.19 |
0.72 |
0.20 |
Less Dividends and Distributions: | |||||
Dividends from net investment income |
(0.78) |
(0.62) |
(0.33) |
(0.45) |
(0.54) |
Tax return of capital distributions |
(0.01) |
- |
- |
- |
- |
Total dividends and distributions |
(0.79) |
(0.62) |
(0.33) |
(0.45) |
(0.54) |
Net asset value, end of Year |
$9.13 |
$8.98 |
$9.51 |
$9.65 |
$9.38 |
Total Return(c): |
11.03% |
1.22% |
1.93% |
8.25% |
2.14% |
| |||||
Ratios/Supplemental Data: | |||||
Net assets, end of Year (000) |
$189,497 |
$177,406 |
$221,472 |
$60,644 |
$61,392 |
Average net assets (000) |
$182,716 |
$203,544 |
$132,395 |
$48,786 |
$79,796 |
Ratios to average net assets(d): | |||||
Expenses after waivers and/or expense reimbursement |
1.00%(e) |
1.00%(e) |
0.95% |
0.97%(e) |
0.97% |
Expenses before waivers and/or expense reimbursement |
1.09% |
1.11%(e) |
1.07% |
1.17%(e) |
1.11% |
Net investment income (loss) |
8.67% |
6.01% |
3.29% |
5.04% |
5.53% |
Portfolio turnover rate(f) |
68% |
43% |
43% |
125% |
66% |
(a) |
Calculated based on average shares outstanding during the year. |
(b) |
The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing
of portfolio share transactions in relation to fluctuating market values. |
(c) |
Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year
reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. |
(d) |
Does not include expenses of the underlying funds in which the Fund invests. |
(e) |
Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.05%, 0.05% and 0.02%, respectively, which are being
excluded from the Fund's contractual waiver for the years ended February 28/29, 2024, 2023 and 2021, respectively. |
(f) |
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 February 28/29, | ||||
|
2024 |
2023 |
2022 |
2021 |
2020 |
Per Share Operating Performance(a): | |||||
Net Asset Value, Beginning of Year |
$8.98 |
$9.52 |
$9.66 |
$9.38 |
$9.72 |
Income (loss) from investment operations: | |||||
Net investment income (loss) |
0.71 |
0.48 |
0.25 |
0.39 |
0.46 |
Net realized and unrealized gain (loss) on investment and foreign currency
transactions |
0.18 |
(0.47) |
(0.14) |
0.28(b) |
(0.33) |
Total from investment operations |
0.89 |
0.01 |
0.11 |
0.67 |
0.13 |
Less Dividends and Distributions: | |||||
Dividends from net investment income |
(0.72) |
(0.55) |
(0.25) |
(0.39) |
(0.47) |
Tax return of capital distributions |
(0.01) |
- |
- |
- |
- |
Total dividends and distributions |
(0.73) |
(0.55) |
(0.25) |
(0.39) |
(0.47) |
Net asset value, end of Year |
$9.14 |
$8.98 |
$9.52 |
$9.66 |
$9.38 |
Total Return(c): |
10.33% |
0.36% |
1.16% |
7.56% |
1.38% |
| |||||
Ratios/Supplemental Data: | |||||
Net assets, end of Year (000) |
$51,783 |
$61,349 |
$69,648 |
$24,973 |
$32,673 |
Average net assets (000) |
$54,544 |
$70,642 |
$45,432 |
$25,795 |
$44,099 |
Ratios to average net assets(d): | |||||
Expenses after waivers and/or expense reimbursement |
1.75%(e) |
1.76%(e) |
1.70% |
1.72%(e) |
1.72% |
Expenses before waivers and/or expense reimbursement |
1.87% |
1.90%(e) |
1.84% |
1.94%(e) |
1.88% |
Net investment income (loss) |
7.92% |
5.32% |
2.54% |
4.31% |
4.78% |
Portfolio turnover rate(f) |
68% |
43% |
43% |
125% |
66% |
(a) |
Calculated based on average shares outstanding during the year. |
(b) |
The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing
of portfolio share transactions in relation to fluctuating market values. |
(c) |
Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year
reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. |
(d) |
Does not include expenses of the underlying funds in which the Fund invests. |
(e) |
Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.05%, 0.06% and 0.02%, respectively, which are being
excluded from the Fund's contractual waiver for the years ended February 28/29, 2024, 2023 and 2021, respectively. |
(f) |
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 February 28/29, | ||||
|
2024 |
2023 |
2022 |
2021 |
2020 |
Per Share Operating Performance(a): | |||||
Net Asset Value, Beginning of Year |
$8.99 |
$9.52 |
$9.66 |
$9.39 |
$9.73 |
Income (loss) from investment operations: | |||||
Net investment income (loss) |
0.80 |
0.55 |
0.35 |
0.47 |
0.56 |
Net realized and unrealized gain (loss) on investment and foreign currency
transactions |
0.17 |
(0.43) |
(0.14) |
0.28(b) |
(0.33) |
Total from investment operations |
0.97 |
0.12 |
0.21 |
0.75 |
0.23 |
Less Dividends and Distributions: | |||||
Dividends from net investment income |
(0.81) |
(0.65) |
(0.35) |
(0.48) |
(0.57) |
Tax return of capital distributions |
(0.01) |
- |
- |
- |
- |
Total dividends and distributions |
(0.82) |
(0.65) |
(0.35) |
(0.48) |
(0.57) |
Net asset value, end of Year |
$9.14 |
$8.99 |
$9.52 |
$9.66 |
$9.39 |
Total Return(c): |
11.30% |
1.48% |
2.18% |
8.51% |
2.40% |
| |||||
Ratios/Supplemental Data: | |||||
Net assets, end of Year (000) |
$1,542,156 |
$2,077,632 |
$3,794,840 |
$564,615 |
$424,819 |
Average net assets (000) |
$1,605,227 |
$3,121,921 |
$1,828,765 |
$283,976 |
$584,427 |
Ratios to average net assets(d): | |||||
Expenses after waivers and/or expense reimbursement |
0.76%(e) |
0.75%(e) |
0.70% |
0.72%(e) |
0.72% |
Expenses before waivers and/or expense reimbursement |
0.87% |
0.88%(e) |
0.81% |
0.90%(e) |
0.87% |
Net investment income (loss) |
8.91% |
6.06% |
3.55% |
5.18% |
5.78% |
Portfolio turnover rate(f) |
68% |
43% |
43% |
125% |
66% |
(a) |
Calculated based on average shares outstanding during the year. |
(b) |
The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing
of portfolio share transactions in relation to fluctuating market values. |
(c) |
Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and
distributions, if any. Total returns may reflect adjustments to conform to GAAP. |
(d) |
Does not include expenses of the underlying funds in which the Fund invests. |
(e) |
Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.06%, 0.05% and 0.02%, respectively, which are being
excluded from the Fund's contractual waiver for the years ended February 28/29, 2024, 2023 and 2021, respectively. |
(f) |
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 February 28/29, | ||||
|
2024 |
2023 |
2022 |
2021 |
2020 |
Per Share Operating Performance(a): | |||||
Net Asset Value, Beginning of Year |
$8.99 |
$9.53 |
$9.66 |
$9.39 |
$9.73 |
Income (loss) from investment operations: | |||||
Net investment income (loss) |
0.80 |
0.58 |
0.35 |
0.48 |
0.56 |
Net realized and unrealized gain (loss) on investment and foreign currency
transactions |
0.17 |
(0.47) |
(0.13) |
0.27(b) |
(0.33) |
Total from investment operations |
0.97 |
0.11 |
0.22 |
0.75 |
0.23 |
Less Dividends and Distributions: | |||||
Dividends from net investment income |
(0.81) |
(0.65) |
(0.35) |
(0.48) |
(0.57) |
Tax return of capital distributions |
(0.01) |
- |
- |
- |
- |
Total dividends and distributions |
(0.82) |
(0.65) |
(0.35) |
(0.48) |
(0.57) |
Net asset value, end of Year |
$9.14 |
$8.99 |
$9.53 |
$9.66 |
$9.39 |
Total Return(c): |
11.36% |
1.42% |
2.34% |
8.57% |
2.45% |
| |||||
Ratios/Supplemental Data: | |||||
Net assets, end of Year (000) |
$271,216 |
$350,700 |
$396,487 |
$16,970 |
$14,790 |
Average net assets (000) |
$286,529 |
$428,601 |
$180,674 |
$11,040 |
$25,645 |
Ratios to average net assets(d): | |||||
Expenses after waivers and/or expense reimbursement |
0.71%(e) |
0.70%(e) |
0.65% |
0.67%(e) |
0.67% |
Expenses before waivers and/or expense reimbursement |
0.77% |
0.76%(e) |
0.72% |
0.93%(e) |
0.81% |
Net investment income (loss) |
8.97% |
6.38% |
3.62% |
5.31% |
5.84% |
Portfolio turnover rate(f) |
68% |
43% |
43% |
125% |
66% |
(a) |
Calculated based on average shares outstanding during the year. |
(b) |
The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing
of portfolio share transactions in relation to fluctuating market values. |
(c) |
Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and
distributions, if any. Total returns may reflect adjustments to conform to GAAP. |
(d) |
Does not include expenses of the underlying funds in which the Fund invests. |
(e) |
Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.06%, 0.05% and 0.02%, respectively, which are being
excluded from the Fund's contractual waiver for the years ended February 28/29, 2024, 2023 and 2021, respectively. |
(f) |
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 Floating Rate Income Fund | ||||
Share Class |
A |
C |
Z |
R6 |
NASDAQ |
FRFAX |
FRFCX |
FRFZX |
PFRIX |
CUSIP |
74439V602 |
74439V701 |
74439V800 |
74439V883 |
PGIM FLOATING RATE INCOME FUND | ||||||||
A: FRFAX |
C: FRFCX |
Z: FRFZX |
R6: PFRIX |
|
|
|
|
|
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 |
1940 Act, 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: 103 |
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: 104 |
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: 101 |
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: 104 |
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: 104 |
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: 101 |
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: 104 |
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: 104 |
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: 104 |
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 Chief Operating Officer for PGIM
Investments LLC (January 2012-January 2024);
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 |
Scott E. Benjamin
1973
Board Member & Vice
President
Portfolios Overseen: 131 |
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 Global Product Management 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, Executive Vice President and Secretary of PGIM Investments (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); Corporate Counsel of AST Investment Services, Inc. (since August 2020) and Vice
President and Corporate Counsel (since January 2005) of Prudential; Chief Legal Officer (since September
2023) of the PGIM Credit Income Fund and 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.;
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 |
Vice President, Chief Compliance Officer of PGIM Investments LLC (since September 2022); Chief Compliance
Officer of AST Investment Services, Inc. (since October 2022); 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 (since September 2023) of the PGIM Credit Income Fund and 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 |
Fund Officers(a) |
|
|
Name
Year of Birth
Fund Position |
Principal Occupation(s) During Past Five Years |
Length of
Service as Fund Officer |
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 |
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, the PGIM ETF Trust,
and Advanced Series Trust, The Prudential Series Fund and Prudential’s Gibraltar Fund, Inc.; 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, the PGIM ETF Trust, and Advanced Series Trust, The
Prudential Series Fund and Prudential’s Gibraltar Fund, Inc.; 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 PGIM ETF Trust (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, The Prudential Series Fund and Prudential’s Gibraltar
Fund, Inc. (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 |
Fund Officers(a) |
|
|
Name
Year of Birth
Fund Position |
Principal Occupation(s) During Past Five Years |
Length of
Service as Fund Officer |
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 Prudential’s Gibraltar Fund, Inc. (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 the PGIM ETF Trust (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, PGIM ETF Trust, Advanced Series Trust, The
Prudential Series Fund and Prudential’s Gibraltar Fund, Inc.; 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 |
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*** |
$4,313 |
None |
None |
$314,000* (30/100)** |
Kevin J. Bannon |
$4,610 |
None |
None |
$336,000* (31/101)** |
Linda W. Bynoe |
$4,403 |
None |
None |
$316,000* (29/98)** |
Barry Evans*** |
$5,227 |
None |
None |
$375,000* (31/101)** |
Keith F. Hartstein |
$5,830 |
None |
None |
$413,000* (31/101)** |
Laurie Simon Hodrick*** |
$4,733 |
None |
None |
$337,000* (29/98)** |
Brian Reid |
$5,247 |
None |
None |
$376,000* (31/101)** |
Grace C. Torres |
$5,187 |
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 |
Over $100,000 |
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 |
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: Interested Board Members | ||
Stuart S. Parker |
None |
Over $100,000 |
Scott E. Benjamin |
None |
Over $100,000 |
Management Fees Paid by the Fund |
|
|
|
|
2024 |
2023 |
2022 |
Gross Fee |
$13,838,610 |
$24,860,605 |
$14,217,222 |
Amount Waived/ Reimbursed by PGIM Investments* |
$(2,183,605) |
$(4,573,900) |
$(2,322,367) |
Net Fee |
$11,655,005 |
$20,286,705 |
$11,894,855 |
Subadvisory Fees Paid by PGIM Investments* | |||
|
2024 |
2023 |
2022 |
PGIM Fixed Income/ PGIM Limited |
$7,169,305 |
$12,680,302 |
$7,358,611 |
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 Fixed Income/PGIM Limited* |
Robert Cignarella, CFA |
13/$26,980,549,006 |
8/$6,774,515,278
4/$250,950,758 |
41/$14,614,465,210
4/$885,291,699 |
|
Brian Juliano |
30/$15,535,487,600 |
70/$29,084,038,458
1/$228,428,702 |
117/$21,717,188,890
3/$294,551,005 |
|
Parag Pandya, CFA |
28/$15,202,567,405 |
70/$29,084,038,458
1/$228,428,702 |
117/$21,717,188,890
3/$294,551,005 |
|
Ian F. Johnston |
28/$15,202,567,405 |
70/$29,084,038,458
1/$228,428,702 |
117/$21,717,188,890
3/$294,551,005 |
|
Robert W. Meyer, CFA |
28/$15,202,567,405 |
70/$29,084,038,458
1/$228,428,702 |
117/$21,717,188,890
3/$294,551,005 |
Personal Investments and Financial Interests of the Portfolio Managers | ||
Subadviser |
Portfolio Managers |
Investments and Other Financial Interests in the Fund and Similar
Strategies* |
PGIM Fixed Income/PGIM Limited |
Robert Cignarella, CFA |
None |
|
Brian Juliano |
$500,001-$1,000,000 |
|
Parag Pandya, CFA |
$10,001-$50,000 |
|
Ian F. Johnston |
$50,001-$100,000 |
|
Robert W. Meyer, CFA |
$10,001-$50,000 |
Securities Lending Activities: | |
Gross Income from securities lending activities |
$680,312 |
Fees and/or compensation for securities lending activities and related services |
|
Fees paid to securities lending agent from a revenue split |
$(6,168) |
Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral investment vehicle) |
$(9,436) |
Administrative fees not included in revenue split |
$— |
Indemnification fee not included in revenue split |
$— |
Rebate (paid to borrower) |
$(608,498) |
Other fees not included in revenue split (specify) |
$— |
Aggregate fees/compensation for securities lending activities |
$(624,102) |
Net Income from securities lending activities |
$56,210 |
Fees Paid to PMFS |
|
Fund Name |
Amount |
PGIM Floating Rate Income Fund |
$31,241 |
Payments Received by the Distributor |
|
CLASS A CONTINGENT DEFERRED SALES CHARGES (CDSC) |
$54,622 |
CLASS A DISTRIBUTION AND SERVICE (12B-1) FEES |
$456,791 |
CLASS A INITIAL SALES CHARGES |
$159,686 |
CLASS C CONTINGENT DEFERRED SALES CHARGES (CDSC) |
$5,419 |
CLASS C DISTRIBUTION AND SERVICE (12B-1) FEES |
$545,437 |
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 Distributor |
Class A |
$- |
$398,230 |
$130,712 |
$528,942 |
Class C |
$- |
$506,465 |
$8,781 |
$515,246 |
Offering Price Per Share | |
|
|
Class A |
|
NAV and redemption price per Class A share |
$9.13 |
Maximum initial sales charge (2.25% of the public offering price) |
$0.21 |
Offering Price Per Share | |
Maximum offering price to public |
$9.34 |
Class C |
|
NAV and redemption price per Class C share |
$9.14 |
Class Z |
|
NAV and redemption price per Class Z share |
$9.14 |
Class R6 |
|
NAV and redemption price per Class R6 share |
$9.14 |
Brokerage Commissions Paid by the Fund | |||
|
2024 |
2023 |
2022 |
Total brokerage commissions paid by the Fund |
$22,469 |
$32,960 |
$22,025 |
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 Floating Rate Income Fund |
Goldman Sachs & Co. LLC |
Debt |
$21,082,846 |
|
JPMorgan Chase & Co. |
Debt |
$64,518,805 |
Portfolio Turnover Rate |
|
|
Fund Name |
2024 |
2023 |
PGIM Floating Rate Income Fund |
68% |
43% |
Principal Fund Shareholders as of April 10, 2024 | |||
Fund Name and Share Class |
Shareholder Name and Address |
No. of Shares |
% of Class |
Floating Rate Income Fund - Class A |
MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS
CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY 10004-1901 |
4,505,388.448 |
21.62% |
|
NATIONAL FINANCIAL SERVICES LLC
FOR EXCLUSIVE BENEFIT OF
OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT - 4TH FLOOR
499 WASHINGTON BLVD
JERSEY CITY NJ 07310 |
3,845,600.941 |
18.45% |
|
WELLS FARGO CLEARING SVCS LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523 |
2,560,373.200 |
12.29% |
|
VOYA INSTITUTIONAL TRUST COMPANY
ONE ORANGE WAY
WINDSOR CT 06095-4774 |
2,098,944.687 |
10.07% |
|
PERSHING LLC
1 PERSHING PLAZA
JERSEY CITY NJ 07399-0002 |
1,703,354.299 |
8.17% |
|
EDWARD D JONES & CO
ATTN: MUTUAL FUND SHAREHOLDER
ACCOUNTING
201 PROGRESS PKWY
MARYLAND HTS MO 63043-3003 |
1,325,550.758 |
6.36% |
Floating Rate Income 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 |
1,520,216.779 |
26.84% |
|
MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS
CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY 10004-1901 |
909,317.636 |
16.06% |
Principal Fund Shareholders as of April 10, 2024 | |||
Fund Name and Share Class |
Shareholder Name and Address |
No. of Shares |
% of Class |
|
NATIONAL FINANCIAL SERVICES LLC
FOR EXCLUSIVE BENEFIT OF
OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT - 4TH FLOOR
499 WASHINGTON BLVD
JERSEY CITY NJ 07310 |
652,980.200 |
11.53% |
|
RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN COURTNEY WALLER
880 CARILLON PARKWAY
ST PETERSBURG FL 33716 |
494,747.569 |
8.74% |
|
PERSHING LLC
1 PERSHING PLAZA
JERSEY CITY NJ 07399-0002 |
472,234.569 |
8.34% |
|
AMERICAN ENTERPRISE INVESTMENT SVC
(FBO) 41999970
707 2ND AVE SOUTH
MINNEAPOLIS MN 55402-2405 |
402,923.792 |
7.11% |
|
LPL FINANCIAL
A/C 1000-0005
4707 EXECUTIVE DRIVE
SAN DIEGO CA 92121-3091 |
399,950.978 |
7.06% |
|
CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCT FBO CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105 |
379,010.023 |
6.69% |
Floating Rate Income Fund - Class Z |
CHARLES SCHWAB CO
211 MAIN ST
SAN FRANCISCO CA 94105-1901 |
62,731,338.767 |
37.30% |
|
MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENEFIT OF ITS
CUSTOMERS
1 NEW YORK PLAZA FL 12
NEW YORK NY 10004-1901 |
19,849,680.449 |
11.80% |
|
NATIONAL FINANCIAL SERVICES LLC
FOR EXCLUSIVE BENEFIT OF
OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FLOOR
499 WASHINGTON BLVD
JERSEY CITY NJ 07310 |
16,415,637.583 |
9.76% |
|
AMERICAN ENTERPRISE INVESTMENT SVC
(FBO) 41999970
707 2ND AVE SOUTH
MINNEAPOLIS MN 55402-2405 |
15,302,715.038 |
9.10% |
|
PERSHING LLC
1 PERSHING PLAZA
JERSEY CITY NJ 07399-0002 |
11,089,559.798 |
6.59% |
|
WELLS FARGO CLEARING SVCS LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523 |
9,519,164.441 |
5.66% |
Floating Rate Income Fund - Class R6 |
EDWARD D JONES & CO
ATTN: MUTUAL FUND SHAREHOLDER
ACCOUNTING
201 PROGRESS PKWY
MARYLAND HTS MO 63043-3003 |
8,442,243.024 |
31.64% |
Principal Fund Shareholders as of April 10, 2024 | |||
Fund Name and Share Class |
Shareholder Name and Address |
No. of Shares |
% of Class |
|
KB LIFE INSURANCE CO LTD
298 GANGNAMDAE-RO KB LIFE TOWER
GANGNAM-GU SEOUL
REPUBLIC OF KOREA |
7,840,575.445 |
29.39% |
|
NATIONAL FINANCIAL SERVICES LLC
FOR EXCLUSIVE BENEFIT OF
OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FLOOR
499 WASHINGTON BLVD
JERSEY CITY NJ 07310 |
4,865,111.717 |
18.23% |
|
KB LIFE INSURANCE CO LTD
298 GANGNAMDAE-RO KB LIFE TOWER
GANGNAM-GU SEOUL
REPUBLIC OF KOREA |
2,714,676.605 |
10.17% |
Control Persons (as of April 10, 2024) | |||
Fund Name |
Shareholder Name and Address |
No. of Shares |
% of Voting Securities |
PGIM Floating Rate Income Fund |
CHARLES SCHWAB CO
211 MAIN ST
SAN FRANCISCO CA 94105-1901 |
63,329,933.030 |
28.61% |
Capital Loss Carryforward |
Capital Loss Carryforward Utilized |
$283,802,000 |
$— |
PGIM GOVERNMENT INCOME FUND | ||||
A: PGVAX |
C: PRICX |
R: JDRVX |
Z: PGVZX |
R6: PGIQX |
The Securities and Exchange Commission
(“SEC”) has not approved or disapproved the
Fund's shares, nor has the SEC determined
that this prospectus is complete or accurate.
It is a criminal offense to state otherwise. Mutual funds are distributed by Prudential
Investment Management Services LLC
(“PIMS”), member SIPC. PGIM Fixed Income
is a unit of PGIM, Inc. (“PGIM”), a registered
investment adviser. PIMS and PGIM are
Prudential Financial companies. © 2024
Prudential Financial, Inc. and its related
entities. The Prudential logo and the Rock
symbol are service marks of Prudential
Financial, Inc. and its related entities,
registered in many jurisdictions worldwide. |
|
|
Class A |
Class C |
Class R |
Class Z |
Class R6 |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) |
|
|
|
|
|
Maximum deferred sales charge (load) (as a percentage of the lower of the original purchase price or the net
asset value at redemption) |
|
|
|
|
|
Maximum sales charge (load) imposed on reinvested dividends and other distributions |
|
|
|
|
|
Redemption fee |
|
|
|
|
|
Exchange fee |
|
|
|
|
|
Maximum account fee (accounts under $10,000) |
$ |
$ |
|
|
|
|
Class A |
Class C |
Class R |
Class Z |
Class R6 |
Management fee |
|
|
|
|
|
Distribution and service (12b-1) fees |
|
|
|
|
|
Other expenses |
|
|
|
|
|
Total annual Fund operating expenses |
|
|
|
|
|
Fee waiver and/or expense reimbursement |
( |
( |
( |
( |
( |
Total annual Fund operating expenses after fee waiver and/or expense reimbursement(1,2) |
|
|
|
|
|
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 |
$ |
$ |
$ |
$ |
|
|
| ||
|
|
|
|
|
|
|
|
Return Before Taxes |
One Year |
Five Years |
Ten Years |
Since
Inception |
Inception
Date |
Class A Shares |
|
- |
|
- |
|
Class C Shares |
|
- |
- |
- |
|
Class R Shares |
|
- |
|
- |
|
Class R6 Shares |
|
- |
|
- |
|
Class Z Shares % (as of 12-31-23) | |||||
Return Before Taxes |
|
- |
|
- |
|
Return After Taxes on Distributions |
|
- |
- |
- |
|
Return After Taxes on Distributions and Sale of Fund Shares |
|
- |
|
- |
|
Index % (reflects no deduction for fees, expenses or taxes) (as of 12-31-23) | |||||
Bloomberg US Aggregate ex-Credit Index |
|
|
|
|
|
Bloomberg US Government Bond Index |
|
|
|
|
|
Investment Manager |
Subadviser |
Portfolio Managers |
Title |
Service Date |
PGIM Investments LLC |
PGIM Fixed Income* |
Robert Tipp, CFA |
Managing Director,
Chief Investment
Strategist, and Head
of Global Bonds |
November 2003 |
Investment Manager |
Subadviser |
Portfolio Managers |
Title |
Service Date |
|
|
Craig Dewling |
Managing Director
and Co-Chief
Investment Officer |
April 2007 |
|
|
Mick Meyler |
Managing Director
and Head of
Developed Market
Rates |
April 2021 |
|
|
Scott Donnelly, CFA |
Principal |
April 2021 |
|
|
Gary Wu, CFA |
Principal |
April 2021 |
|
Class A* |
Class C* |
Class R* |
Class Z* |
Class R6 |
Minimum initial investment |
$1,000 |
$1,000 |
None |
None |
None |
Minimum subsequent investment |
$100 |
$100 |
None |
None |
None |
Principal Strategies: Investment Limits |
■U.S. Government and agency securities: Up to 100%; at least 80% of investable assets ■Mortgage-related securities: Percentage varies; up to 100% of investable assets in U.S. Government-backed securities |
■Derivatives: Up to 25% of net assets (including swaps) (subject to the Fund's operation under the requirements of Rule
18f-4 under the Investment Company Act of 1940) |
Certain Non-Principal Strategies: Investment Limits |
■Reverse repurchase agreements and dollar rolls: Percentage varies ■Zero coupon bonds: Up to 25% of investable assets ■When-issued and delayed-delivery securities: Percentage varies ■Money market instruments: Up to 20% of investable assets; up to 100% on a temporary basis ■Asset-backed securities: Up to 20% of investable assets ■Foreign Fixed Income Securities: Up to 10% of investable assets |
Expected Distribution Schedule* |
|
Dividends |
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 R* |
Class Z* |
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 |
3.25% 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
$500,000 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) |
0.25% |
1.00% |
0.75% (0.50%
currently) |
None |
None |
|
Class A |
Class C |
Class Z |
Class R |
Existing Investors (Group Retirement Plans,
IRAs, and all other investors) |
No Change |
No Change |
No Change |
No Change |
New Group Retirement Plans |
Closed to group retirement plans wishing to add the share classes as new additions to plan menus on June 1, 2018,
subject to certain exceptions below | |||
New IRAs |
No Change |
No Change |
No Change |
Closed to all new
investors on June 1, 2018,
subject to certain
exceptions below |
All Other New Investors |
No Change |
No Change |
No Change |
Amount of Purchase |
Sales Charge as a % of
Offering Price* |
Sales Charge as a % of
Amount Invested* |
Dealer Reallowance*** |
Less than $100,000 |
3.25% |
3.36% |
3.00% |
$100,000 to $249,999 |
3.00% |
3.09% |
2.75% |
$250,000 to $499,999 |
2.25% |
2.30% |
2.25% |
$500,000 to $4,999,999** |
None |
None |
1.00% |
$5,000,000 to $9,999,999** |
None |
None |
0.50% |
$10,000,000 and over** |
None |
None |
0.25% |
Class A Shares | |||||
|
Year Ended February 28/29, | ||||
|
2024 |
2023 |
2022 |
2021 |
2020 |
Per Share Operating Performance(a): | |||||
Net Asset Value, Beginning of Year |
$7.90 |
$9.08 |
$9.86 |
$10.01 |
$9.33 |
Income (loss) from investment operations: | |||||
Net investment income (loss) |
0.22 |
0.15 |
0.07 |
0.06 |
0.16 |
Net realized and unrealized gain (loss) on investment and foreign currency
transactions |
(0.07) |
(1.14) |
(0.53) |
(0.05) |
0.72 |
Total from investment operations |
0.15 |
(0.99) |
(0.46) |
0.01 |
0.88 |
Less Dividends and Distributions: | |||||
Dividends from net investment income |
(0.25) |
(0.19) |
(0.16) |
(0.16) |
(0.20) |
Distributions from net realized gains |
- |
- |
(0.16) |
- |
- |
Total dividends and distributions |
(0.25) |
(0.19) |
(0.32) |
(0.16) |
(0.20) |
Net asset value, end of Year |
$7.80 |
$7.90 |
$9.08 |
$9.86 |
$10.01 |
Total Return(b): |
1.88% |
(10.90)% |
(4.72)% |
0.08% |
9.48% |
| |||||
Ratios/Supplemental Data: | |||||
Net assets, end of Year (000) |
$146,542 |
$185,497 |
$217,848 |
$268,126 |
$258,869 |
Average net assets (000) |
$170,802 |
$188,326 |
$244,663 |
$357,068 |
$255,449 |
Ratios to average net assets(c): | |||||
Expenses after waivers and/or expense reimbursement |
1.06% |
1.08% |
0.98% |
0.95% |
1.05% |
Expenses before waivers and/or expense reimbursement |
1.11% |
1.13% |
1.02% |
1.00% |
1.05% |
Net investment income (loss) |
2.87% |
1.84% |
0.74% |
0.56% |
1.67% |
Portfolio turnover rate(d)(e) |
111% |
197% |
143% |
232% |
119% |
(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 accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate. |
(e) |
The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives
and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher. |
Class C Shares | |||||
|
Year Ended February 28/29, | ||||
|
2024 |
2023 |
2022 |
2021 |
2020 |
Per Share Operating Performance(a): | |||||
Net Asset Value, Beginning of Year |
$7.92 |
$9.10 |
$9.88 |
$10.04 |
$9.35 |
Income (loss) from investment operations: | |||||
Net investment income (loss) |
0.16 |
0.06 |
(0.01)(b) |
(0.02)(b) |
0.08 |
Net realized and unrealized gain (loss) on investment and foreign currency
transactions |
(0.08) |
(1.13) |
(0.53) |
(0.05) |
0.73 |
Total from investment operations |
0.08 |
(1.07) |
(0.54) |
(0.07) |
0.81 |
Less Dividends and Distributions: | |||||
Dividends from net investment income |
(0.18) |
(0.11) |
(0.08) |
(0.09) |
(0.12) |
Distributions from net realized gains |
- |
- |
(0.16) |
- |
- |
Total dividends and distributions |
(0.18) |
(0.11) |
(0.24) |
(0.09) |
(0.12) |
Net asset value, end of Year |
$7.82 |
$7.92 |
$9.10 |
$9.88 |
$10.04 |
Total Return(c): |
0.97% |
(11.79)% |
(5.50)% |
(0.75)% |
8.67% |
| |||||
Ratios/Supplemental Data: | |||||
Net assets, end of Year (000) |
$3,622 |
$3,554 |
$6,098 |
$12,166 |
$7,768 |
Average net assets (000) |
$3,805 |
$4,311 |
$8,379 |
$13,921 |
$7,755 |
Ratios to average net assets(d): | |||||
Expenses after waivers and/or expense reimbursement |
1.95% |
2.11% |
1.81% |
1.69% |
1.88% |
Expenses before waivers and/or expense reimbursement |
2.00% |
2.16% |
1.85% |
1.74% |
1.88% |
Net investment income (loss) |
1.98% |
0.78% |
(0.09)% |
(0.20)% |
0.85% |
Portfolio turnover rate(e)(f) |
111% |
197% |
143% |
232% |
119% |
(a) |
Calculated based on average shares outstanding during the year. |
(b) |
The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses. |
(c) |
Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year
reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. |
(d) |
Does not include expenses of the underlying funds in which the Fund invests. |
(e) |
The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate. |
(f) |
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 February 28/29, | ||||
|
2024 |
2023 |
2022 |
2021 |
2020 |
Per Share Operating Performance(a): | |||||
Net Asset Value, Beginning of Year |
$7.91 |
$9.09 |
$9.87 |
$10.03 |
$9.34 |
Income (loss) from investment operations: | |||||
Net investment income (loss) |
0.21 |
0.13 |
0.04 |
0.03 |
0.13 |
Net realized and unrealized gain (loss) on investment and foreign currency
transactions |
(0.07) |
(1.14) |
(0.52) |
(0.06) |
0.73 |
Total from investment operations |
0.14 |
(1.01) |
(0.48) |
(0.03) |
0.86 |
Less Dividends and Distributions: | |||||
Dividends from net investment income |
(0.23) |
(0.17) |
(0.14) |
(0.13) |
(0.17) |
Distributions from net realized gains |
- |
- |
(0.16) |
- |
- |
Total dividends and distributions |
(0.23) |
(0.17) |
(0.30) |
(0.13) |
(0.17) |
Net asset value, end of Year |
$7.82 |
$7.91 |
$9.09 |
$9.87 |
$10.03 |
Total Return(b): |
1.80% |
(11.12)% |
(5.01)% |
(0.30)% |
9.26% |
| |||||
Ratios/Supplemental Data: | |||||
Net assets, end of Year (000) |
$6,504 |
$6,586 |
$8,465 |
$11,915 |
$11,346 |
Average net assets (000) |
$6,416 |
$7,218 |
$10,282 |
$12,173 |
$11,439 |
Ratios to average net assets(c): | |||||
Expenses after waivers and/or expense reimbursement |
1.25% |
1.35% |
1.28% |
1.24% |
1.35% |
Expenses before waivers and/or expense reimbursement |
1.55% |
1.65% |
1.57% |
1.54% |
1.60% |
Net investment income (loss) |
2.68% |
1.56% |
0.44% |
0.29% |
1.38% |
Portfolio turnover rate(d)(e) |
111% |
197% |
143% |
232% |
119% |
(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 accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate. |
(e) |
The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives
and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher. |
Class Z Shares | |||||
|
Year Ended February 28/29, | ||||
|
2024 |
2023 |
2022 |
2021 |
2020 |
Per Share Operating Performance(a): | |||||
Net Asset Value, Beginning of Year |
$7.89 |
$9.06 |
$9.84 |
$9.99 |
$9.31 |
Income (loss) from investment operations: | |||||
Net investment income (loss) |
0.27 |
0.21 |
0.12 |
0.10 |
0.20 |
Net realized and unrealized gain (loss) on investment and foreign currency
transactions |
(0.08) |
(1.14) |
(0.53) |
(0.04) |
0.71 |
Total from investment operations |
0.19 |
(0.93) |
(0.41) |
0.06 |
0.91 |
Less Dividends and Distributions: | |||||
Dividends from net investment income |
(0.29) |
(0.24) |
(0.21) |
(0.21) |
(0.23) |
Distributions from net realized gains |
- |
- |
(0.16) |
- |
- |
Total dividends and distributions |
(0.29) |
(0.24) |
(0.37) |
(0.21) |
(0.23) |
Net asset value, end of Year |
$7.79 |
$7.89 |
$9.06 |
$9.84 |
$9.99 |
Total Return(b): |
2.45% |
(10.27)% |
(4.26)% |
0.55% |
9.93% |
| |||||
Ratios/Supplemental Data: | |||||
Net assets, end of Year (000) |
$112,247 |
$250,587 |
$128,655 |
$233,898 |
$98,625 |
Average net assets (000) |
$199,984 |
$179,454 |
$163,472 |
$272,278 |
$82,582 |
Ratios to average net assets(c): | |||||
Expenses after waivers and/or expense reimbursement |
0.48% |
0.48% |
0.48% |
0.48% |
0.65% |
Expenses before waivers and/or expense reimbursement |
0.66% |
0.64% |
0.61% |
0.66% |
0.72% |
Net investment income (loss) |
3.42% |
2.53% |
1.23% |
1.00% |
2.06% |
Portfolio turnover rate(d)(e) |
111% |
197% |
143% |
232% |
119% |
(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 accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate. |
(e) |
The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives
and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher. |
Class R6 Shares | |||||
|
Year Ended February 28/29, | ||||
|
2024 |
2023 |
2022 |
2021 |
2020 |
Per Share Operating Performance(a): | |||||
Net Asset Value, Beginning of Year |
$7.88 |
$9.05 |
$9.83 |
$9.98 |
$9.30 |
Income (loss) from investment operations: | |||||
Net investment income (loss) |
0.27 |
0.20 |
0.12 |
0.10 |
0.21 |
Net realized and unrealized gain (loss) on investment and foreign currency
transactions |
(0.08) |
(1.13) |
(0.53) |
(0.04) |
0.71 |
Total from investment operations |
0.19 |
(0.93) |
(0.41) |
0.06 |
0.92 |
Less Dividends and Distributions: | |||||
Dividends from net investment income |
(0.29) |
(0.24) |
(0.21) |
(0.21) |
(0.24) |
Distributions from net realized gains |
- |
- |
(0.16) |
- |
- |
Total dividends and distributions |
(0.29) |
(0.24) |
(0.37) |
(0.21) |
(0.24) |
Net asset value, end of Year |
$7.78 |
$7.88 |
$9.05 |
$9.83 |
$9.98 |
Total Return(b): |
2.46% |
(10.28)% |
(4.26)% |
0.46% |
10.14% |
| |||||
Ratios/Supplemental Data: | |||||
Net assets, end of Year (000) |
$65,360 |
$83,613 |
$94,271 |
$113,817 |
$70,584 |
Average net assets (000) |
$77,396 |
$82,904 |
$106,410 |
$103,539 |
$59,164 |
Ratios to average net assets(c): | |||||
Expenses after waivers and/or expense reimbursement |
0.47% |
0.47% |
0.47% |
0.47% |
0.57% |
Expenses before waivers and/or expense reimbursement |
0.55% |
0.56% |
0.54% |
0.54% |
0.59% |
Net investment income (loss) |
3.45% |
2.45% |
1.25% |
1.02% |
2.14% |
Portfolio turnover rate(d)(e) |
111% |
197% |
143% |
232% |
119% |
(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 accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate. |
(e) |
The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives
and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher. |
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 Government Income Fund | |||||
Share Class |
A |
C |
R |
Z |
R6 |
NASDAQ |
PGVAX |
PRICX |
JDRVX |
PGVZX |
PGIQX |
CUSIP |
74439V107 |
74439V305 |
74439V503 |
74439V404 |
74439V875 |
PGIM GOVERNMENT INCOME FUND | ||||||||
A: PGVAX |
C: PRICX |
R: JDRVX |
Z: PGVZX |
R6: PGIQX |
|
|
|
|
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 |
1940 Act, 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: 103 |
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: 104 |
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: 101 |
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: 104 |
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 |
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 |
Keith F. Hartstein
1956
Board Member &
Independent Chair
Portfolios Overseen: 104 |
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 |
Laurie Simon Hodrick
1962
Board Member
Portfolios Overseen: 101 |
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: 104 |
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: 104 |
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: 104 |
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 Chief Operating Officer for PGIM
Investments LLC (January 2012-January 2024);
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 |
Scott E. Benjamin
1973
Board Member & Vice
President
Portfolios Overseen: 131 |
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 Global Product Management 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, Executive Vice President and Secretary of PGIM Investments (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); Corporate Counsel of AST Investment Services, Inc. (since August 2020) and Vice
President and Corporate Counsel (since January 2005) of Prudential; Chief Legal Officer (since September
2023) of the PGIM Credit Income Fund and 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.;
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 |
Vice President, Chief Compliance Officer of PGIM Investments LLC (since September 2022); Chief Compliance
Officer of AST Investment Services, Inc. (since October 2022); 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 (since September 2023) of the PGIM Credit Income Fund and 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 |
Fund Officers(a) |
|
|
Name
Year of Birth
Fund Position |
Principal Occupation(s) During Past Five Years |
Length of
Service as Fund Officer |
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 |
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, the PGIM ETF Trust,
and Advanced Series Trust, The Prudential Series Fund and Prudential’s Gibraltar Fund, Inc.; 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, the PGIM ETF Trust, and Advanced Series Trust, The
Prudential Series Fund and Prudential’s Gibraltar Fund, Inc.; 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 PGIM ETF Trust (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, The Prudential Series Fund and Prudential’s Gibraltar
Fund, Inc. (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 |
Fund Officers(a) |
|
|
Name
Year of Birth
Fund Position |
Principal Occupation(s) During Past Five Years |
Length of
Service as Fund Officer |
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 Prudential’s Gibraltar Fund, Inc. (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 the PGIM ETF Trust (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, PGIM ETF Trust, Advanced Series Trust, The
Prudential Series Fund and Prudential’s Gibraltar Fund, Inc.; 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 |
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*** |
$1,813 |
None |
None |
$314,000* (30/100)** |
Kevin J. Bannon |
$1,887 |
None |
None |
$336,000* (31/101)** |
Linda W. Bynoe |
$1,843 |
None |
None |
$316,000* (29/98)** |
Barry Evans*** |
$2,010 |
None |
None |
$375,000* (31/101)** |
Keith F. Hartstein |
$2,133 |
None |
None |
$413,000* (31/101)** |
Laurie Simon Hodrick*** |
$1,917 |
None |
None |
$337,000* (29/98)** |
Brian Reid |
$2,020 |
None |
None |
$376,000* (31/101)** |
Grace C. Torres |
$2,010 |
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 |
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: Interested Board Members | ||
Stuart S. Parker |
None |
Over $100,000 |
Scott E. Benjamin |
None |
Over $100,000 |
Management Fees Paid by the Fund |
|
|
|
|
2024 |
2023 |
2022 |
Gross Fee |
$2,154,492 |
$2,172,398 |
$2,506,068 |
Amount Waived/ Reimbursed by PGIM Investments* |
$(520,085) |
$(467,788) |
$(405,369) |
Net Fee |
$1,634,407 |
$1,704,610 |
$2,100,699 |
Fund Subadviser & Fee Rate | ||
Fund |
Subadviser |
Fee Rate |
PGIM Government Income Fund |
PGIM Fixed Income |
0.235% on average daily net assets up to $1 billion;
0.20% on average daily net assets over $1 billion to $2 billion;
0.15% on average daily net assets over $2 billion to $3 billion;
0.13% on average daily net assets over $3 billion |
Subadvisory Fees Paid by PGIM Investments* | |||
|
2024 |
2023 |
2022 |
PGIM Fixed Income |
$1,077,246 |
$1,086,199 |
$1,253,034 |
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 Fixed Income* |
Robert Tipp, CFA |
46/$89,823,197,474 |
25/$37,165,627,097 |
109/$55,407,687,925
7/$3,374,954,289 |
|
Craig Dewling |
46/$89,801,556,276 |
19/$27,401,072,772
3/$1,528,908,263 |
154/$244,827,634,308
2/$512,864,091 |
|
Mick Meyler |
48/$17,170,128,886 |
22/$7,322,765,367
4/$1,252,358,624 |
132/$19,094,970,298
7/$864,108,062 |
|
Scott Donnelly, CFA |
47/$17,320,864,838 |
19/$8,288,188,214
3/$1,188,232,379 |
115/$53,802,039,761
2/$38,894,502 |
|
Gary Wu, CFA |
34/$7,903,903,740 |
18/$7,294,695,801
3/$1,188,232,379 |
116/$18,435,889,229
2/$38,894,502 |
Personal Investments and Financial Interests of the Portfolio Managers | ||
Subadviser |
Portfolio Managers |
Investments and Other Financial Interests in the Fund and Similar
Strategies* |
PGIM Fixed Income |
Robert Tipp, CFA |
None |
|
Craig Dewling |
$10,001 - $50,000 |
|
Mick Meyler |
$1 - $10,000 |
|
Scott Donnelly, CFA |
$1 - $10,000 |
|
Gary Wu, CFA |
$1 - $10,000 |
Securities Lending Activities: | |
Gross Income from securities lending activities |
$— |
Fees and/or compensation for securities lending activities and related services |
|
Fees paid to securities lending agent from a revenue split |
$— |
Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral investment vehicle) |
$— |
Administrative fees not included in revenue split |
$— |
Indemnification fee not included in revenue split |
$— |
Rebate (paid to borrower) |
$— |
Other fees not included in revenue split (specify) |
$— |
Aggregate fees/compensation for securities lending activities |
$— |
Net Income from securities lending activities |
$— |
Fees Paid to PMFS |
|
Fund Name |
Amount |
PGIM Government Income Fund |
$145,760 |
Payments Received by the Distributor |
|
CLASS A DISTRIBUTION AND SERVICE (12B-1) FEES |
$427,005 |
CLASS A INITIAL SALES CHARGES |
$36,671 |
CLASS C CONTINGENT DEFERRED SALES CHARGES (CDSC) |
$272 |
CLASS C DISTRIBUTION AND SERVICE (12B-1) FEES |
$38,048 |
CLASS R DISTRIBUTION AND SERVICE (12B-1) FEES |
$32,080 |
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 Distributor |
Class A |
$- |
$374,764 |
$66,218 |
$440,982 |
Class C |
$- |
$37,736 |
$992 |
$38,728 |
Class R |
$- |
$27,450 |
$376 |
$27,826 |
Offering Price Per Share | |
|
|
Class A |
|
NAV and redemption price per Class A share |
$7.80 |
Maximum initial sales charge (3.25% of the public offering price) |
$0.26 |
Maximum offering price to public |
$8.06 |
Class C |
|
NAV and redemption price per Class C share |
$7.82 |
Class R |
|
NAV and redemption price per Class R share |
$7.82 |
Class Z |
|
NAV and redemption price per Class Z share |
$7.79 |
Class R6 |
|
NAV and redemption price per Class R6 share |
$7.78 |
Brokerage Commissions Paid by the Fund | |||
|
2024 |
2023 |
2022 |
Total brokerage commissions paid by the Fund |
$48,669 |
$46,406 |
$47,180 |
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 Government Income Fund |
None |
None |
None |
Portfolio Turnover Rate |
|
|
Fund Name |
2024 |
2023 |
PGIM Government Income Fund |
111% |
197% |
Principal Fund Shareholders (as of April 10, 2024) | |||
Fund Name and Share Class |
Shareholder Name and Address |
No. of Shares |
% of Class |
Government Income Fund – Class A |
EDWARD D JONES & CO
ATTN: MUTUAL FUND SHAREHOLDER
ACCOUNTING
201 PROGRESS PKWY
MARYLAND HTS MO 63043-3003 |
4,053,982.132 |
21.65% |
|
WELLS FARGO CLEARING SVCS LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523 |
3,161,652.355 |
16.89% |
|
PERSHING LLC
1 PERSHING PLAZA
JERSEY CITY NJ 07399-0002 |
1,949,231.277 |
10.41% |
Principal Fund Shareholders (as of April 10, 2024) | |||
Fund Name and Share Class |
Shareholder Name and Address |
No. of Shares |
% of Class |
|
NATIONAL FINANCIAL SERVICES LLC
FOR EXCLUSIVE BENEFIT OF
OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT – 4TH FLOOR
499 WASHINGTON BLVD
JERSEY CITY NJ 07310 |
1,189,057.125 |
6.35% |
Government Income Fund – Class C |
RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN COURTNEY WALLER
880 CARILLON PARKWAY
ST PETERSBURG FL 33716 |
201,563.293 |
44.55% |
|
WELLS FARGO CLEARING SVCS LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523 |
72,933.383 |
16.12% |
|
AMERICAN ENTERPRISE INVESTMENT SVC
(FBO) 41999970
707 2ND AVE SOUTH
MINNEAPOLIS MN 55402-2405 |
35,920.181 |
7.94% |
Government Income Fund – Class Z |
LPL FINANCIAL
A/C 1000-0005
4707 EXECUTIVE DRIVE
SAN DIEGO CA 92121-3091 |
3,626,068.214 |
27.60% |
|
NATIONAL FINANCIAL SERVICES LLC
FOR EXCLUSIVE BENEFIT OF
OUR CUSTOMERS
ATTN MUTUAL FUNDS DEPT 4TH FLOOR
499 WASHINGTON BLVD
JERSEY CITY NJ 07310 |
2,731,409.400 |
20.79% |
|
WELLS FARGO CLEARING SVCS LLC
SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523 |
1,560,344.071 |
11.88% |
|
AMERICAN ENTERPRISE INVESTMENT SVC
(FBO) 41999970
707 2ND AVE SOUTH
MINNEAPOLIS MN 55402-2405 |
1,552,446.449 |
11.82% |
|
MERRILL LYNC,PIERC,FENNER&SMITH
FOR THE SOLE BENEFIT OF ITS CUST
4800 DEER LAKE DR E
JACKSONVILLE FL 32246-6484 |
1,509,238.183 |
11.49% |
|
RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN COURTNEY WALLER
880 CARILLON PARKWAY
ST PETERSBURG FL 33716 |
668,032.082 |
5.08% |
Government Income Fund – Class R |
EMPOWER TRUST FBO
GREAT WEST IRA ADVANTAGE
C/O FASCORE LLC
8515 E ORCHARD RD 2T2
GREENWOOD VILLAGE CO 80111 |
634,802.419 |
78.40% |
|
MERRILL LYNC,PIERC,FENNER&SMITH
FOR THE SOLE BENEFIT OF ITS CUST
4800 DEER LAKE DR E
JACKSONVILLE FL 32246-6484 |
127,322.747 |
15.73% |
Principal Fund Shareholders (as of April 10, 2024) | |||
Fund Name and Share Class |
Shareholder Name and Address |
No. of Shares |
% of Class |
Government Income Fund – Class R6 |
EDWARD D JONES & CO
ATTN: MUTUAL FUND SHAREHOLDER ACCOUNTING
201 PROGRESS PKWY
MARYLAND HTS MO 63043-3003 |
6,402,191.081 |
78.55% |
|
ENTERTAINMENT INDUSTRY 401K PLAN
ENTERTAINMENT INDUSTRY 401K PLAN
8525 E ORCHARD RD 6T3
GREENWOOD VILLAGE CO 80111 |
1,048,228.005 |
12.86% |
Control Persons (as of April 10, 2024) | |||
Fund Name |
Shareholder Name and Address |
No. of Shares |
% of Voting Securities |
Government Income Fund |
EDWARD D JONES & CO
ATTN: MUTUAL FUND SHAREHOLDER
ACCOUNTING
201 PROGRESS PKWY
MARYLAND HTS MO 63043-3003 |
10,482,329.233 |
25.38% |
Capital Loss Carryforward |
Capital Loss Carryforward Utilized |
$62,063,000 |
$— |
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 |
Name and Principal Business Address |
Positions and Offices with Underwriter |
Positions and Offices with Registrant |
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, Inc. 14 |
* |
Stuart S. Parker, President |
Signature |
Title |
Date |
*
Ellen S. Alberding |
Director |
|
*
Kevin J. Bannon |
Director |
|
*
Scott E. Benjamin |
Director |
|
*
Linda W. Bynoe |
Director |
|
*
Barry H. Evans |
Director |
|
*
Keith F. Hartstein |
Director |
|
*
Laurie Simon Hodrick |
Director |
|
*
Stuart S. Parker |
Director and President, Principal Executive Officer |
|
*
Brian K. Reid |
Director |
|
*
Grace C. Torres |
Director |
|
*
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 |
April 26, 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 |
|
Item 28
Exhibit No. |
Description |
(d)(1)(iii) |
Expense Cap for PGIM Government Income Fund. |
(d)(2)(iii) |
Expense Cap for PGIM Floating Rate Income Fund. |
(j) |
Consent of independent registered public accounting firm. |
(m)(4) |
Rule 12b-1 fee waiver for Class R Shares of PGIM Government Income Fund. |
(p)(1) |
Code of Ethics of the Registrant. |
(p)(2) |
Code of Ethics, Information Barrier Standards, Personal Securities Trading Standards and Global Insider
Trading Policy of PGIM Investments LLC and AST Investment Services, Inc. dated January 2024. |
(p)(3) |
Investment Adviser Code of Ethics, Information Barrier Standards, Personal Securities Trading Standards
and Global Insider Trading Policy of PGIM Fixed Income and PGIM Real Estate, each, a business unit of
PGIM, Inc. |