Investment objective & strategy
As of Dec. 23, 2025 · prospectusObjective. The investment objective of the Fund is to seek positive returns over the long term, regardless of market conditions .
Strategy. The Fund has a flexible investment strategy and invests in a variety of securities and instruments. The Fund also uses a variety of investment techniques in pursuing its investment objective, which may include managing duration, credit quality, yield curve positioning and currency exposure, as well as sector and security selection. Under normal market conditions, the Fund invests at least 80% of its investable assets (net assets plus borrowings for investment purposes, if any) in debt securities (generally referred to as bonds) and/or investments that provide exposure to bonds. Investments in bonds may include, but are not limited to: mortgage-related securities, including collateralized mortgage-backed obligations or commercial mortgage-backed securities; asset-backed securities, including collateralized debt obligations or collateralized loan obligations; floating rate … The Fund has a flexible investment strategy and invests in a variety of securities and instruments. The Fund also uses a variety of investment techniques in pursuing its investment objective, which may include managing duration, credit quality, yield curve positioning and currency exposure, as well as sector and security selection. Under normal market conditions, the Fund invests at least 80% of its investable assets (net assets plus borrowings for investment purposes, if any) in debt securities (generally referred to as bonds) and/or investments that provide exposure to bonds. Investments in bonds may include, but are not limited to: mortgage-related securities, including collateralized mortgage-backed obligations or commercial mortgage-backed securities; asset-backed securities, including collateralized debt obligations or collateralized loan obligations; floating rate loans; U.S. and foreign corporate debt obligations; U.S. and foreign government debt obligations, including U.S. Government securities; and other debt obligations The Fund's investments in debt securities may include both fixed rate and floating rate securities. Investments that provide exposure to bonds include derivative instruments. The Fund may invest in derivative instruments, including futures, forwards, options and swaps, to try to enhance return or to reduce (hedge) investment risks. In managing the Funds assets, the subadviser uses a combination of top-down economic analysis and bottom-up research in conjunction with proprietary quantitative models and risk management systems. In the top-down economic analysis, the subadviser develops views on economic, policy and market trends. In its bottom-up research, the subadviser develops an internal rating and outlook on issuers. The rating and outlook are determined based on a thorough review of the financial health and trends of the issuer as well as an assessment of the issuers corporate governance (e.g., ownership structures and board effectiveness). The subadviser may also consider investment factors such as expected total return, yield, spread and potential for price appreciation as well as credit quality, maturity and risk. The Fund may invest in a security based upon the expected total return rather than the yield of such security. The Fund may invest up to 50% of its total assets in debt securities that are rated below investment grade (which are sometimes referred to as junk bonds) or, if unrated, of comparable quality at the time of purchase as determined by the Fund's subadviser.
Top holdings
As of Jan. 30, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| PGIM AAA CLO ETF - Old IO fund | PAAA | $117.25M | 3.44% |
| PGIM Ultra Short Bond ETF - Old IO fund | PULS | $117.03M | 3.44% |
| US TREASURY N/B | — | $113.82M | 3.34% |
| US TREASURY N/B | — | $103.21M | 3.03% |
| US TREASURY N/B | — | $76.99M | 2.26% |
| US TREASURY N/B | — | $69.17M | 2.03% |
| (PIPA070) PGIM Core Government Money Market Fund | — | $61.14M | 1.80% |
| US TREASURY N/B | — | $54.33M | 1.60% |
| PGIM Institutional Money Market Fund - D | — | $50.29M | 1.48% |
| US TREASURY N/B | — | $46.22M | 1.36% |
Portfolio moves
Oct 31, 2025 → Jan 30, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| PGIM Short Duration Multi-Sector Bond Fund · SDMAX, SDMCX, SDMQX, SDMZX | 32% | 0.32% |
| PGIM Strategic Bond Fund · PUCAX, PUCCX, PUCZX, PUCQX | 29% | 0.59% |
| PGIM Total Return Bond Fund · PDBAX, PDBCX, PDBZX, DTBRX, PTRQX, PDBRX, PDBSX | 24% | 0.39% |
Advisers
| Firm | Role |
|---|---|
| PGIM INVESTMENTS LLC | Adviser |
| PGIM Limited | Sub-adviser |
| PGIM, INC. | Sub-adviser |
Footnotes
- Expense ratio as of December 23, 2025, from the fund's prospectus.
- Net assets and holdings count as of January 30, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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