0001193125-12-454027.txt : 20121106 0001193125-12-454027.hdr.sgml : 20121106 20121106134638 ACCESSION NUMBER: 0001193125-12-454027 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121106 DATE AS OF CHANGE: 20121106 EFFECTIVENESS DATE: 20121106 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRUDENTIAL INVESTMENT PORTFOLIOS, INC. 15 CENTRAL INDEX KEY: 0000278187 IRS NUMBER: 132974999 STATE OF INCORPORATION: MD FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-02896 FILM NUMBER: 121182649 BUSINESS ADDRESS: STREET 1: 100 MULBERRY STREET STREET 2: GATEWAY CENTER THREE CITY: NEWARK STATE: NJ ZIP: 07102 BUSINESS PHONE: 973-802-6469 MAIL ADDRESS: STREET 1: 100 MULBERRY STREET STREET 2: GATEWAY CENTER THREE CITY: NEWARK STATE: NJ ZIP: 07102 FORMER COMPANY: FORMER CONFORMED NAME: PRUDENTIAL HIGH YIELD FUND, INC. DATE OF NAME CHANGE: 20100219 FORMER COMPANY: FORMER CONFORMED NAME: DRYDEN HIGH YIELD FUND INC DATE OF NAME CHANGE: 20041213 FORMER COMPANY: FORMER CONFORMED NAME: PRUDENTIAL HIGH YIELD FUND INC DATE OF NAME CHANGE: 19950523 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRUDENTIAL INVESTMENT PORTFOLIOS, INC. 15 CENTRAL INDEX KEY: 0000278187 IRS NUMBER: 132974999 STATE OF INCORPORATION: MD FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-63394 FILM NUMBER: 121182650 BUSINESS ADDRESS: STREET 1: 100 MULBERRY STREET STREET 2: GATEWAY CENTER THREE CITY: NEWARK STATE: NJ ZIP: 07102 BUSINESS PHONE: 973-802-6469 MAIL ADDRESS: STREET 1: 100 MULBERRY STREET STREET 2: GATEWAY CENTER THREE CITY: NEWARK STATE: NJ ZIP: 07102 FORMER COMPANY: FORMER CONFORMED NAME: PRUDENTIAL HIGH YIELD FUND, INC. DATE OF NAME CHANGE: 20100219 FORMER COMPANY: FORMER CONFORMED NAME: DRYDEN HIGH YIELD FUND INC DATE OF NAME CHANGE: 20041213 FORMER COMPANY: FORMER CONFORMED NAME: PRUDENTIAL HIGH YIELD FUND INC DATE OF NAME CHANGE: 19950523 0000278187 S000004516 PRUDENTIAL HIGH YIELD FUND C000012404 Class R JDYRX C000012405 Class A PBHAX C000012406 Class B PBHYX C000012407 Class C PRHCX C000012408 Class Z PHYZX C000038950 Class New X C000038951 Class X C000109372 Class Q PHYQX 0000278187 S000038590 Prudential Short Duration High Yield Income Fund C000119073 A HYSAX C000119074 C HYSCX C000119075 Z HYSZX 485BPOS 1 d423830d485bpos.htm PRUDENTIAL INVESTMENT PORTFOLIOS, INC. 15 Prudential Investment Portfolios, Inc. 15

As filed with the Securities and Exchange Commission on November 6, 2012

Securities Act Registration No. 002-63394

Investment Company Act Registration No. 811-02896

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

PRE-EFFECTIVE AMENDMENT NO.

POST-EFFECTIVE AMENDMENT NO. 58 (X)

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

POST-EFFECTIVE AMENDMENT NO. 57 (X)

Check appropriate box or boxes

Prudential Investment Portfolios, Inc. 15

(formerly Prudential High Yield Fund, Inc.)

Exact name of registrant as specified in charter

Gateway Center Three, 4th floor

100 Mulberry Street

Newark, New Jersey 07102

Address of Principal Executive Offices including Zip Code

(973) 367-7521

Registrant’s Telephone Number, Including Area Code

Deborah A. Docs

Gateway Center Three, 4th floor

100 Mulberry Street, 4th Floor

Newark, NJ 07102

Name and Address of Agent for Service

It is proposed that this filing will become effective:

X immediately upon filing pursuant to paragraph (b)

     on (            ) pursuant to paragraph (b)

     60 days after filing pursuant to paragraph (a)(1)

     on (            ) pursuant to paragraph (a)(1)

     75 days after filing pursuant to paragraph (a)(2)

     on (            ) pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:

     this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

SIGNATURES

Pursuant to the requirements of the Securities Act and the Investment Company Act, the Fund certifies that it meets all of the requirements for effectiveness of this Post-Effective Amendment to the Registration Statement under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment to the Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Newark, and State of New Jersey, on the 6th day of November, 2012.

 

Prudential Investment Portfolios, Inc. 15

*

Stuart S. Parker, President

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

 

Signature

 

   

Title

 

  

Date

 

*

    Director    
Kevin J. Bannon     

*

    Director  
Scott E. Benjamin     

*

    Director  
Linda W. Bynoe     

*

    Director  
Michael S. Hyland     

*

    Director  
Douglas H. McCorkindale     

*

    Director  
Stephen P. Munn     

*

    Director and President, Principal Executive  
Stuart S. Parker    Officer  

*

    Director  
Richard A. Redeker     

*

    Director  
Robin B. Smith     

*

    Director  
Stephen Stoneburn     

*

    Treasurer, Principal Financial and Accounting  
Grace C. Torres    Officer  

*By: /s/ Claudia DiGiacomo

    Attorney-in-Fact   November 6,
Claudia DiGiacomo      2012

POWER OF ATTORNEY

The undersigned Directors, Trustees and Officers of the Prudential Investments Mutual Funds, the Target Funds and The Prudential Variable Contract Accounts 2, 10 and 11 (collectively, the “Funds”), hereby constitute, appoint and authorize each of, Andrew French, Claudia DiGiacomo, Deborah A. Docs, Katherine P. Feld, Raymond O’Hara, Amanda Ryan, and Jonathan D. Shain, as true and lawful agents and attorneys-in-fact, to sign, execute and deliver on his or her behalf in the appropriate capacities indicated, any Registration Statements of the Funds on the appropriate forms, any and all amendments thereto (including pre- and post-effective amendments), and any and all supplements or other instruments in connection therewith, including Form N-PX, Forms 3, 4 and 5, as appropriate, to file the same, with all exhibits thereto, with the U.S. Securities and Exchange Commission (the “SEC”) and the securities regulators of appropriate states and territories, and generally to do all such things in his or her name and behalf in connection therewith as said attorney-in-fact deems necessary or appropriate to comply with the provisions of the Securities Act of 1933, section 16(a) of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, all related requirements of the SEC and all requirements of appropriate states and territories. The undersigned do hereby give to said agents and attorneys-in-fact full power and authority to act in these premises, including, but not limited to, the power to appoint a substitute or substitutes to act hereunder with the same power and authority as said agents and attorneys-in-fact would have if personally acting. The undersigned do hereby approve, ratify and confirm all that said agents and attorneys-in-fact, or any substitute or substitutes, may do by virtue hereof.

 

/s/ Kevin J. Bannon

     

/s/ Stuart S. Parker

Kevin J. Bannon      Stuart S. Parker

/s/ Scott E. Benjamin

     

/s/ Richard A. Redeker

Scott E. Benjamin      Richard A. Redeker

/s/ Linda W. Bynoe

     

/s/Robin B. Smith

Linda W. Bynoe      Robin B. Smith

/s/ Michael S. Hyland

     

/s/ Stephen Stoneburn

Michael S. Hyland      Stephen Stoneburn

/s/ Douglas H. McCorkindale

     

/s/ Grace C. Torres

Douglas H. McCorkindale      Grace C. Torres

/s/ Stephen P. Munn

     
Stephen P. Munn     
Dated: June 6, 2012     

Exhibit Index

 

Exhibit No.

   

Description

     
EX-101.INS    XBRL Instance Document   
EX-101.SCH    XBRL Taxonomy Extension Schema Document   
EX-101.CAL    XBRL Taxonomy Extension Calculation Linkbase   
EX-101.DEF    XBRL Taxonomy Extension Definition Linkbase   
EX-101.LAB    XBRL Taxonomy Extension Labels Linkbase   
EX-101.PRE    XBRL Taxonomy Extension Presentation Linkbase   
EX-101.INS 2 pip15-20121026.xml XBRL INSTANCE DOCUMENT 0000278187 pip15:S000038590Member 2011-10-27 2012-10-26 0000278187 pip15:S000004516Member 2011-10-27 2012-10-26 0000278187 pip15:S000004516Member pip15:C000012405Member 2011-10-27 2012-10-26 0000278187 pip15:S000004516Member pip15:C000012406Member 2011-10-27 2012-10-26 0000278187 pip15:S000004516Member pip15:C000012407Member 2011-10-27 2012-10-26 0000278187 pip15:S000004516Member pip15:C000109372Member 2011-10-27 2012-10-26 0000278187 pip15:S000004516Member pip15:C000012404Member 2011-10-27 2012-10-26 0000278187 pip15:S000004516Member pip15:C000038951Member 2011-10-27 2012-10-26 0000278187 pip15:S000004516Member pip15:C000012408Member 2011-10-27 2012-10-26 0000278187 pip15:S000038590Member pip15:C000119073Member 2011-10-27 2012-10-26 0000278187 pip15:S000038590Member pip15:C000119074Member 2011-10-27 2012-10-26 0000278187 pip15:S000038590Member pip15:C000119075Member 2011-10-27 2012-10-26 0000278187 2011-10-27 2012-10-26 0000278187 pip15:S000004516Member rr:AfterTaxesOnDistributionsMember pip15:C000012405Member 2011-10-27 2012-10-26 0000278187 pip15:S000004516Member rr:AfterTaxesOnDistributionsAndSalesMember pip15:C000012405Member 2011-10-27 2012-10-26 0000278187 pip15:S000004516Member pip15:BarclaysUsCorporateHighYieldOnePercentIssuerCappedIndexMember 2011-10-27 2012-10-26 0000278187 pip15:S000004516Member pip15:LipperHighCurrentYieldFundsAverageIndexMember 2011-10-27 2012-10-26 pure iso4217:USD <b>If Shares Are Redeemed </b> <b>If Shares Are Redeemed</b> 932 750 881 280 <b>Example.</b> <b>Example.</b> 726 881 346 2012-09-30 <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleShareholderFeesPrudentialShortDurationHighYieldIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleShareholderFeesPRUDENTIALHIGHYIELDFUND column period compact * ~</div> <font style="Arial; MARGIN-BOTTOM: 3%;FONT-SIZE: 14pt"><b>PRUDENTIAL HIGH YIELD FUND</b></font> <font style="Arial; MARGIN-BOTTOM: 3%;FONT-SIZE: 14pt"><b>PRUDENTIAL SHORT DURATION HIGH YIELD INCOME FUND</b></font> You may qualify for sales charge discounts if you and an eligible group of investors purchase, or agree to purchase in the future, $50,000 or more in shares of the Fund or other funds in the Prudential Investments family of funds. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. 932 850 881 280 726 1181 346 &#176; The distributor of the Fund has contractually agreed through December 31, 2013 to reduce its distribution and service (12b-1) fees for Class A shares to .25% of the average daily net assets of the Class A shares, and to reduce its distribution and service (12b-1) fees for Class R shares to .50% of the average daily net assets of the Class R shares. These waivers may not be terminated by the distributor prior to December 31, 2013. The decision on whether to renew, modify or discontinue the waivers is subject to review by the distributor and the Fund's Board of Directors. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was 48% of the average value of its portfolio. www.prudentialfunds.com 0.2563 0.1081 You may qualify for sales charge discounts if you and an eligible group of investors purchase, or agree to purchase in the future, $100,000 or more in shares of the Fund or other funds in the Prudential Investments family of funds. 100000 50000 <b>Shareholder Fees (fees paid directly from your investment)</b> <b>Shareholder Fees (fees paid directly from your investment)</b> 0.0325 0 0 <b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b> 0 0.045 0 0 0 0 0 438 293 92 <b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b> Other Expenses (which include expenses for accounting and valuation services, custodian fees, audit and legal fees, transfer agency fees, fees paid to Independent Directors, and certain other miscellaneous items) are estimated for the Fund&#8217;s first fiscal year of operations. 535 639 265 51 114 765 63 The bar chart and Average Annual Total Returns table demonstrate the risk of investing in the Fund by showing how returns can change from year to year and by showing how the Fund's average annual total returns for the share class compare with a broad-based securities market index and a group of similar mutual funds. 2005-06-06 <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualFundOperatingExpensesPrudentialShortDurationHighYieldIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualFundOperatingExpensesPRUDENTIALHIGHYIELDFUND column period compact * ~</div> 485BPOS PRUDENTIAL INVESTMENT PORTFOLIOS, INC. 15 The tables below describe the sales charges, fees and expenses that you may pay if you buy and hold shares of the Fund.<br/><br/>You may qualify for sales charge discounts if you and an eligible group of investors purchase, or agree to purchase in the future, $50,000 or more in shares of the Fund or other funds in the Prudential Investments family of funds. More information about these discounts is available from your financial professional and is explained in <font style="font-style:italic;">Reducing or Waiving Class A's Initial Sales Charge</font> on page 25 of the Fund's Prospectus and in the Fund's Statement of Additional Information (SAI), in <font style="font-style:italic;">Rights of Accumulation</font> on page 49. The tables below describe the sales charges, fees and expenses that you may pay if you buy and hold shares of the Fund.<br/><br/>You may qualify for sales charge discounts if you and an eligible group of investors purchase, or agree to purchase in the future, $100,000 or more in shares of the Fund or other funds in the Prudential Investments family of funds. More information about these discounts is available from your financial professional and is explained in <font style="font-style: italic">Reducing or Waiving Class A's Initial Sales Charge</font> on page 23 of the Fund's Prospectus and in the Fund's Statement of Additional Information (SAI), in <font style="font-style: italic">Rights of Accumulation</font> on page 43. 0 0.01 0.01 0 0 0 0.01 0.05 0.01 0 0 0.06 0 -0.0046 -0.0041 -0.0041 0 0 0 0 0 0 0 The following hypothetical example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year, that the Fund's operating expenses remain the same and that all dividends and distributions are reinvested. Your actual costs may be higher or lower. 773 193 438 92 -0.0005 0 0 0 -0.0025 0 0 The following hypothetical example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year, that the Fund's operating expenses remain the same and that all dividends and distributions are reinvested. Your actual costs may be higher or lower. <b>INVESTMENTS, RISKS AND PERFORMANCE</b><br /><b>Principal Investment Strategies.</b> 535 139 165 51 114 165 63 1526 1466 1922 628 1625 1922 774 <b>INVESTMENTS, RISKS AND PERFORMANCE <br/>Principal Investment Strategies.</b> -0.0156 <div> <div class="MetaData"> <div>&nbsp;</div> <div> <table style="border-left: black 1px solid; line-height: 10pt; width: 70%; border-collapse: collapse; font-family: Arial; empty-cells: show; margin-bottom: 15pt; font-size: 8pt; border-top: black 1px solid;" cellspacing="0" cellpadding="4" align="center"> <tr><td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="bottom" colspan="2" align="center">Best Quarter:</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="bottom" colspan="2" align="center">Worst Quarter:</td></tr> <tr><td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">15.58%</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">2nd Quarter 2009</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">-17.17%</td> <td style="border-bottom: black 1px solid; border-right: black 1px solid;" valign="top" align="center">4th Quarter 2008</td></tr></table></div></div> </div> 2007-03-26 &#176; After-tax returns are calculated using the highest historical individual federal marginal tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for the indicated share class. After-tax returns for other classes will vary due to differing sales charges and expenses. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <b>Average Annual Total Returns % (as of 12-31-11)</b> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAnnualTotalReturnsPRUDENTIALHIGHYIELDFUNDBarChart column period compact * ~</div> 2012-10-26 0000278187 false 2012-10-26 <b>INVESTMENT OBJECTIVES</b> <b>INVESTMENT OBJECTIVE</b> <b>FUND FEES AND EXPENSES</b> <b>FUND FEES AND EXPENSES</b> 15 15 0 0.003 0.01 0 0.0061 0.0061 0.0061 0.0161 0.0231 0.0131 15 15 15 0 0 15 682 375 773 682 375 0 October 31, 2013 0.003 0.0075 0.01 0 0.0075 0.01 0 0.0017 0.0017 0.0017 0.0005 0.0017 0.0017 0.0017 0.0092 0.0137 0.0162 0.005 0.0137 0.0162 0.0062 <b>Portfolio Turnover.</b> The Fund will seek to achieve its investment objective by investing primarily in a diversified portfolio of high yield fixed income instruments that are rated below investment grade by a nationally recognized statistical rating organization (NRSRO) or, if unrated, are considered by the investment subadviser to be of comparable quality. Under normal market conditions, the Fund will invest at least 80% of its investable assets in a diversified portfolio of high yield fixed income instruments that are below investment grade with varying maturities and other investments (including derivatives) with similar economic characteristics. The term &#8220;below investment grade&#8221; in this prospectus refers to instruments either rated Ba1 or lower by Moody&#8217;s Investors Service (Moody&#8217;s), BB+ or lower by Standard &amp; Poor&#8217;s Ratings Services, a division of The McGraw Hill Companies, Inc. (Standard &amp; Poor&#8217;s) or Fitch, Inc. (Fitch), or comparably rated by another NRSRO, or, if unrated, are considered by the investment subadviser to be of comparable quality. The term &#8220;investable assets&#8221; in this prospectus refers to the Fund&#8217;s net assets plus any borrowings for investment purposes. The Fund&#8217;s investable assets will be less than its total assets to the extent that it has borrowed money for non-investment purposes, such as to meet anticipated redemptions. Although the Fund may invest in instruments of any duration or maturity, the Fund normally will seek to maintain a weighted average portfolio duration of three years or less and a weighted average maturity of five years or less. The Fund will provide 60 days&#8217; prior written notice to shareholders of a change in the 80% policy stated above. While the Fund makes every effort to achieve its objective, it can&#8217;t guarantee success.<br/><br/>The types of fixed-income securities in which the Fund may invest include bonds, debentures, notes, commercial paper, floating rate or variable rate instruments and other similar types of debt instruments, as well as loan participations and assignments, money market instruments, payment-in-kind securities and derivatives related to or referencing these types of securities and instruments. The Fund may invest in fixed income instruments of companies or governments. <br/><br/>In determining which securities to buy and sell, the investment subadviser will consider, among other things, the financial history and condition, earnings trends, analysts' recommendations, and the prospects and the management of an issuer. The investment subadviser generally will employ fundamental analysis in making such determinations. Fundamental analysis involves review of financial statements and other data to attempt to predict an issuer's prospects and to try to decide whether the price of the issuer's security is under-valued or overvalued. 725 734 511 160 409 911 199 725 434 511 160 409 511 199 <b>If Shares Are Not Redeemed</b> <b>Portfolio Turnover.</b> All investments have risks to some degree. Please remember that an investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency; and is subject to investment risks, including possible loss of your original investment.<br/><br/><b> Recent Market Events.</b> The equity and debt capital markets in the United States and internationally have experienced unprecedented volatility. The financial crisis has caused a significant decline in the value and liquidity of many securities. This environment could make identifying investment risks and opportunities especially difficult for the investment subadviser. These market conditions may continue or get worse. In response to the crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support could negatively affect the value and liquidity of certain securities. In addition, legislation recently enacted in the United States calls for changes in many aspects of financial regulation. The impact of the legislation on the markets, and the practical implications for market participants, may not be known for some time. <br/><br/><b> Risk of Increase in Expenses.</b> Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile.<br/><br/><b> Fixed Income Obligations Risk.</b> As with credit risk, market risk and interest rate risk, the Fund's holdings, share price, yield and total return may fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer&#8217;s goods and services. Certain types of fixed income obligations also may be subject to call and redemption risk, which is the risk that the issuer may call a bond held by the Fund for redemption before it matures and the Fund may lose income.<br/><br/><b> Junk Bonds Risk.</b> High-yield, high-risk bonds have predominantly speculative characteristics, including particularly high credit risk. Junk bonds tend to be less liquid than higher-rated securities. The liquidity of particular issuers or industries within a particular investment category may shrink or disappear suddenly and without warning. The non-investment grade bond market can experience sudden and sharp price swings and become illiquid due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by major investors, a high profile default or a change in the market's psychology.<br/><br/><b> Credit Risk.</b> This is the risk that the issuer, the guarantor or the insurer of a fixed-income security, or the counterparty to a contract, may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Additionally, the securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk.<br/><br/><b> Market Risk.</b> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Securities markets are volatile. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Regardless of how well an individual investment performs, if financial markets go down, you could lose money.<br/><br/><b> Foreign Securities Risk.</b> Investments in securities of non-U.S. issuers (including those denominated in U.S. dollars) generally involve more risk than investing in securities of U.S. issuers. Foreign political, economic and legal systems, especially those in developing and emerging market countries, may be less stable and more volatile than in the U.S. Foreign legal systems generally have fewer regulatory requirements than the U.S. legal system. In general, less information is publicly available about non-U.S. companies than about U.S. companies. Non-U.S. companies generally are not subject to the same accounting, auditing, and financial reporting standards as are U.S. companies. Additionally, the changing value of foreign currencies and changes in exchange rates could also affect the value of the assets the Fund holds and the Fund's performance. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Investments in emerging markets are subject to greater volatility and price declines.<br/><br/> In addition, the Fund's investments in non-U.S. securities may be subject to the risks of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of non-U.S. currency, confiscatory taxation and adverse diplomatic developments. Special U.S. tax considerations may apply. <br/><br/><b> Interest Rate Risk.</b> This is the risk that the securities in which the Fund invests could lose value because of interest rate changes. For example, bonds tend to decrease in value if interest rates rise. Debt obligations with longer maturities generally are more sensitive to interest rate changes. In addition, short-term and long-term interest rates do not necessarily move in the same direction or by the same amount. An instrument's reaction to interest rate changes depends on the timing of its interest and principal payments and the current interest rate for each of those time periods. Instruments with floating interest rates can be less sensitive to interest rate changes. Certain types of debt obligations are also subject to prepayment and extension risk. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as &#8220;prepayment risk.&#8221; When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund's holdings may fall sharply. This is referred to as &#8220;extension risk.&#8221;<br/><br/><b> Management Risk. </b>Actively managed mutual funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these techniques will produce the desired results. Additionally, the securities selected by the subadviser may underperform the markets in general, the Fund's benchmark and other mutual funds with similar investment objectives.<br/><br/><b> Liquidity Risk.</b> The Fund may invest in instruments that trade in lower volumes and are less liquid than other investments. Liquidity risk exists when particular investments made by the Fund are difficult to purchase or sell. Liquidity risk also includes the risk that the Fund may make investments that may become less liquid in response to market developments or adverse investor perceptions. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may have to accept a lower price or may not be able to sell the instrument at all. An inability to sell a portfolio position can adversely affect the Fund's value or prevent the Fund from being able to take advantage of other investment opportunities.<br/><br/> For more information on the risks of investing in this Fund, please see <font style="font-style: italic">How the Fund Invests&#8212;Investment Risks</font> in the Prospectus and <font style="font-style: italic">Investment Risks and Considerations </font>in the SAI. To achieve the Fund's income objective, we invest, under normal circumstances, at least 80% of the Fund's investable assets in a diversified portfolio of high yield fixed-income instruments rated Ba or lower by Moody's Investors Service (Moody's) or BB or lower by Standard &amp; Poor's Ratings Group (Standard &amp; Poor's), and instruments either rated by another major rating service or considered by us to be of comparable quality, that is, junk bonds. The term &#8220;investable assets&#8221; in this prospectus refers to the Fund's net assets plus any borrowings for investment purposes. The Fund's investable assets will be less than its total assets to the extent that it has borrowed money for non-investment purposes, such as to meet anticipated redemptions. The Fund will provide 60 days' prior written notice to shareholders of a change in the 80% policy stated above. While the Fund makes every effort to achieve its objectives, it can't guarantee success.<br/><br/>In determining which securities to buy and sell, the investment subadviser will consider, among other things, the financial history and condition, earnings trends, analysts' recommendations, and the prospects and the management of an issuer. The investment subadviser generally will employ fundamental analysis in making such determinations. Fundamental analysis involves review of financial statements and other data to attempt to predict an issuer's prospects and to try to decide whether the price of the issuer's security is under-valued or overvalued. and is subject to investment risks, including possible loss of your original investment. All investments have risks to some degree. Please remember that an investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency; and is subject to investment risks, including possible loss of your original investment.<br /><br /><b>Recent Market Events.</b> The equity and debt capital markets in the United States and internationally have experienced unprecedented volatility. The financial crisis has caused a significant decline in the value and liquidity of many securities. This environment could make identifying investment risks and opportunities especially difficult for the investment subadviser. These market conditions may continue or get worse. In response to the crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support could negatively affect the value and liquidity of certain securities. In addition, legislation recently enacted in the United States calls for changes in many aspects of financial regulation. The impact of the legislation on the markets, and the practical implications for market participants, may not be known for some time.<br /><br /><b> Risk of Increase in Expenses.</b> Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile.<br /><br /><b> Fixed Income Obligations Risk.</b> As with credit risk, market risk and interest rate risk, the Fund's holdings, share price, yield and total return may fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer&#8217;s goods and services. Certain types of fixed income obligations also may be subject to call and redemption risk, which is the risk that the issuer may call a bond held by the Fund for redemption before it matures and the Fund may lose income.<br /><br /><b> Junk Bonds Risk.</b> High-yield, high-risk bonds have predominantly speculative characteristics, including particularly high credit risk. Junk bonds tend to be less liquid than higher-rated securities. The liquidity of particular issuers or industries within a particular investment category may shrink or disappear suddenly and without warning. The non-investment grade bond market can experience sudden and sharp price swings and become illiquid due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by major investors, a high profile default or a change in the market's psychology.<br /><br /><b> Credit Risk. </b>This is the risk that the issuer, the guarantor or the insurer of a fixed-income security, or the counterparty to a contract, may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Additionally, the securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk.<br /><br /><b> Market Risk.</b> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Securities markets are volatile. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Regardless of how well an individual investment performs, if financial markets go down, you could lose money.<br /><br /><b> Interest Rate Risk.</b> This is the risk that the securities in which the Fund invests could lose value because of interest rate changes. For example, bonds tend to decrease in value if interest rates rise. Debt obligations with longer maturities generally are more sensitive to interest rate changes. In addition, short-term and long-term interest rates do not necessarily move in the same direction or by the same amount. An instrument's reaction to interest rate changes depends on the timing of its interest and principal payments and the current interest rate for each of those time periods. Instruments with floating interest rates can be less sensitive to interest rate changes. Certain types of debt obligations are also subject to prepayment and extension risk. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as &#8220;prepayment risk.&#8221; When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund's holdings may fall sharply. This is referred to as &#8220;extension risk.&#8221;<br /><br /> For more information on the risks of investing in this Fund, please see <font style="font-style:italic;">How the Fund Invests&#8212;Investment Risks</font> in the Prospectus and <font style="font-style:italic;">Investment Risks and Considerations </font>in the SAI. and is subject to investment risks, including possible loss of your original investment. Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future. <b>Annual Total Returns (Class A Shares)<sup style="font-size:85%;vertical-align:text-top;">1</sup></b> 0.03 -0.2241 0.4798 0.0479 Worst Quarter: The total return of Class A shares from 1-1-12 through 9-30-12 2009-06-30 2008-12-31 0.1558 -0.0059 0.0305 0.0453 -0.0184 0.0507 0.0007 -0.025 0.0002 0.0756 0.0754 0.0838 0.0757 0.0453 0.046 0.0721 0.0564 0.0498 0.0281 0.0901 0.0699 <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedPrudentialShortDurationHighYieldIncomeFund column period compact * ~</div> After-tax returns are calculated using the highest historical individual federal marginal tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for the indicated share class. After-tax returns for other classes will vary due to differing sales charges and expenses. <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedPRUDENTIALHIGHYIELDFUND column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedPRUDENTIALHIGHYIELDFUND column period compact * ~</div> 2012-10-26 <b>If Shares Are Not Redeemed </b> December 31, 2013 The investment objective of the Fund is <font style="font-weight:bold;">to maximize current income</font>. The investment objective of the Fund is to provide a <font style="font-weight: bold">high level of current income</font>. 0 0 0 0 0 0 0.007 0.007 0.007 0.0115 0.019 0.009 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0045 0.0045 0.0045 0.0045 0.0045 0.0045 0.0045 0.0062 0.0162 0.0112 0.005 0.0162 0.0137 0.0087 1526 1466 1922 628 1625 1922 774 <b>Principal Risks of Investing in the Fund</b>. 0.48 <b>Principal Risks of Investing in the Fund</b>. Please remember that an investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency; <b>The Fund&#8217;s Past Performance.</b> <font style="font-weight: normal"> The Fund has not been in operation for a full calendar year, and hence has no past performance data to present. A number of factors&#8212;including risk&#8212;can affect how the Fund will perform in the future.</font> The Fund has not been in operation for a full calendar year, and hence has no past performance data to present. Please remember that an investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency; <b>The Fund's Past Performance.</b> The following bar chart shows the Fund's performance for the indicated share class for each full calendar year of operations or for the last 10 calendar years, whichever is shorter. The bar chart and Average Annual Total Returns table demonstrate the risk of investing in the Fund by showing how returns can change from year to year and by showing how the Fund's average annual total returns for the share class compare with a broad-based securities market index and a group of similar mutual funds.<br/><br/>Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future. Updated Fund performance information is available online at www.prudentialfunds.com. 0.0997 0.1024 0.0244 0.1417 These annual total returns do not include deductions for sales charges. If the sales charges were included, the annual total returns would be lower than those shown. Best Quarter: -0.1717 0.0644 0.0654 0.0679 0.0742 0.0609 0.0302 0.033 0.0766 0.051 <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleTransposedPrudentialShortDurationHighYieldIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.prudentialfunds.com/role/ScheduleExpenseExampleTransposedPRUDENTIALHIGHYIELDFUND column period compact * ~</div> 2012-10-26 As a secondary investment objective, the Fund will seek <font style="font-weight:bold;">capital appreciation</font>, but only when consistent with the Fund's primary investment objective of current income. Other Expenses (which include expenses for accounting and valuation services, custodian fees, audit and legal fees, transfer agency fees, fees paid to Independent Directors, and certain other miscellaneous items) are estimated for the Fund's first fiscal year of operations. The Manager has contractually agreed through October 31, 2013 to limit net annual Fund operating expenses (exclusive of distribution and service (12b-1) fees, interest, brokerage, extraordinary and certain other expenses, including taxes, interest and brokerage commissions) of each class of shares to 0.90% of the Fund's average daily net assets. This waiver may not be terminated by the Manager prior to October 31, 2013. The decision on whether to renew, modify or terminate the expense cap is subject to review by the Manager and the Fund's Board of Directors. The Distributor has contractually agreed through October 31, 2013 to limit the Fund's Class A distribution and service (12b-1) fees to 0.25% of the Fund's Class A average daily net assets. This waiver may not be terminated by the Distributor prior to October 31, 2013. The decision on whether to renew, modify or terminate the waiver is subject to review by the Distributor and the Fund's Board of Directors. These annual total returns do not include deductions for sales charges. If the sales charges were included, the annual total returns would be lower than those shown. The total return of Class A shares from 1-1-12 through 9-30-12 was 10.81 %. 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