PGIM ESG HIGH YIELD FUND
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A: PAAA
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C: PCCC
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Z: PZZZ
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R6: PR6R6
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To enroll in e-delivery, go to pgim.com/investments/resource/edelivery
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As with all mutual funds, 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.
© 2021 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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Class A
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Class C
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Class Z
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Class R6
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Maximum sales charge (load) imposed on purchases (as a percentage of offering price)
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3.25%
|
None
|
None
|
None
|
Maximum deferred sales charge (load) (as a percentage of the lower of the original purchase price or the net asset value at
redemption)
|
1.00%*
|
1.00%**
|
None
|
None
|
Maximum sales charge (load) imposed on reinvested dividends and other distributions
|
None
|
None
|
None
|
None
|
Redemption fee
|
None
|
None
|
None
|
None
|
Exchange fee
|
None
|
None
|
None
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None
|
Maximum account fee (accounts under $10,000)
|
$15
|
$15
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None***
|
None
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Class A
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Class C
|
Class Z
|
Class R6
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Management fee
|
0.50%
|
0.50%
|
0.50%
|
0.50%
|
Distribution and service (12b-1) fees
|
0.25%
|
1.00%
|
None
|
None
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Other expenses(1)
|
2.12%
|
7.56%
|
0.89%
|
0.91%
|
Total annual Fund operating expenses
|
2.87%
|
9.06%
|
1.39%
|
1.41%
|
Fee waiver and/or expense reimbursement
|
(2.07)%
|
(7.56)%
|
(0.85)%
|
(1.00)%
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Total annual Fund operating expenses after fee waiver and/or expense reimbursement(2)
|
0.80%
|
1.50%
|
0.54%
|
0.41%
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Share Class
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1 Year
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3 Years
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5 Years
|
10 Years
|
Class A
|
$404
|
$995
|
$1,612
|
$3,272
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Class C
|
$253
|
$1,953
|
$3,610
|
$6,305
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Class Z
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$55
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$356
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$679
|
$1,595
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Class R6
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$42
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$348
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$676
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$1,604
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Share Class
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1 Year
|
3 Years
|
5 Years
|
10 Years
|
Class A
|
$404
|
$995
|
$1,612
|
$3,272
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Class C
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$153
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$1,953
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$3,610
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$6,305
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Class Z
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$55
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$356
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$679
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$1,595
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Class R6
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$42
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$348
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$676
|
$1,604
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Investment Manager
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Subadviser
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Portfolio Managers
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Title
|
Service Date
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PGIM Investments LLC
|
PGIM Fixed Income
PGIM Limited
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Robert Cignarella, CFA
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Managing Director
and Head of U.S. High
Yield
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December 2021
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Robert Spano, CFA,
CPA
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Principal
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December 2021
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Ryan Kelly, CFA
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Principal
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December 2021
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Brian Clapp, CFA
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Principal
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December 2021
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Daniel Thorogood, CFA
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Principal
|
December 2021
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|
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Brian Barnhurst, CFA
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Principal
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December 2021
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Class A*
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Class C*
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Class Z*
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Class R6
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Minimum initial investment
|
$1,000
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$1,000
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None
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None
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Minimum subsequent investment
|
$100
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$100
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None
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None
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Principal Strategies: Investment Limits
|
■High Yield Fixed-Income Securities (Junk Bonds) that, at the time of investment, are included in the investable universe
based on the subadviser’s ESG methodology: At least 80% of investable assets
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Certain Non-Principal Strategies: Investment Limits
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■Foreign Fixed-Income Securities: Up to 20% of investable assets in U.S. currency denominated securities of foreign issuers;
up to 10% in non-U.S. currency denominated securities of foreign or domestic issuers
■Loan Participations and Assignments: Percentage varies
■Zero coupon bonds, PIK and deferred payment securities: Percentage varies
■Derivatives: Up to 25% of net assets
■Equity and Equity-related securities: Up to 10% of investable assets
■Illiquid Investments: Up to 15% of net assets
■U.S. Government securities or high-quality bank or corporate obligations: Up to 20% of investable assets; up to 100% on
temporary basis
■Asset-Backed Securities: Percentage varies
■Convertible Securities: Percentage varies
■Credit-Linked Securities: Up to 15% of net assets
■Short Sales: Up to 25% of net assets (excluding short sales against-the-box)
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Expected Distribution Schedule*
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Net Investment Income
|
Monthly
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Short-Term Capital Gains
|
Annually
|
Long-Term Capital Gains
|
Annually
|
Share Class
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Eligibility
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Class A*
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Retail investors
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Class C*
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Retail investors
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Class Z*
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Certain group retirement plans, institutional investors and certain other investors
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Class R6
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Certain group retirement plans, institutional investors and certain other investors
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Class A*
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Class C*
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Class Z*
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Class R6
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Minimum purchase amount
|
$1,000
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$1,000
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None
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None
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Minimum amount for
subsequent purchases
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$100
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$100
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None
|
None
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Maximum initial sales charge
|
3.25% of the
public
offering price
|
None
|
None
|
None
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Contingent Deferred Sales Charge (CDSC) (as a
percentage of the lower of the original purchase
price or the net asset value at redemption)
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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
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Annual distribution and
service (12b-1) fees
(shown as a percentage
of average daily net
assets)
|
0.25%
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1.00%
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None
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None
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Shareholder service fees
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None
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None
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None
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None
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Amount of Purchase
|
Sales Charge as a % of
Offering Price*
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Sales Charge as a % of
Amount Invested*
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Dealer Reallowance***
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Less than $100,000
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3.25%
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3.36%
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3.00%
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$100,000 to $249,999
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3.00%
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3.09%
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2.75%
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Amount of Purchase
|
Sales Charge as a % of
Offering Price*
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Sales Charge as a % of
Amount Invested*
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Dealer Reallowance***
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$250,000 to $499,999
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2.25%
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2.30%
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2.25%
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$500,000 to $4,999,999**
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None
|
None
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1.00%
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$5,000,000 to $9,999,999**
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None
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None
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0.50%
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$10,000,000 and over**
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None
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None
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0.25%
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FOR MORE INFORMATION
Please read this Prospectus before you invest in the Fund and keep it for future reference.
For information or shareholder questions contact:
|
|
■MAIL
Prudential Mutual Fund Services LLC
PO Box 9658
Providence, RI 02940
■WEBSITE
www.pgim.com/investments
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■TELEPHONE
(800) 225-1852
(973) 367-3529
(from outside the US)
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■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.
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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.
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|
■STATEMENT OF ADDITIONAL INFORMATION (SAI)
(incorporated by reference into this Prospectus)
■SEMI-ANNUAL REPORT
|
■ANNUAL REPORT
(contains a discussion of the market conditions and
investment strategies that significantly affected the
Fund's performance during the last fiscal year)
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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
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PGIM ESG High Yield Fund
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Share Class
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A
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C
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Z
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R6
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NASDAQ
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PAAA
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PCCC
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PZZZ
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PR6R6
|
CUSIP
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7XXX
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7XXXX
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7XXXXX
|
7XXXXXX
|
PGIM ESG HIGH YIELD FUND
|
|||
A:
AXXX
|
C:
CXXX
|
Z:
ZXXX
|
R6:
R6XX
|
Term
|
Definition
|
1933 Act
|
Securities Act of 1933, as amended
|
1934 Act
|
Securities Exchange Act of 1934, as amended
|
1940 Act
|
Investment Company Act of 1940, as amended
|
1940 Act Laws, Interpretations and Exemptions
|
Exemptive order, SEC release, no-action letter or similar relief or interpretations, collectively
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ADR
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American Depositary Receipt
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ADS
|
American Depositary Share
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Board
|
Fund’s Board of Directors or Trustees
|
Board Member
|
A trustee or director of the Fund’s Board
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CEA
|
Commodity Exchange Act, as amended
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CFTC
|
US Commodity Futures Trading Commission
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Code
|
Internal Revenue Code of 1986, as amended
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CMO
|
Collateralized Mortgage Obligation
|
ETF
|
Exchange-Traded Fund
|
EDR
|
European Depositary Receipt
|
Exchange
|
NYSE Arca, Inc.
|
Fannie Mae
|
Federal National Mortgage Association
|
FDIC
|
Federal Deposit Insurance Corporation
|
Fitch
|
Fitch Ratings, Inc.
|
Freddie Mac
|
Federal Home Loan Mortgage Corporation
|
GDR
|
Global Depositary Receipt
|
Ginnie Mae
|
Government National Mortgage Association
|
IPO
|
Initial Public Offering
|
IRS
|
Internal Revenue Service
|
LIBOR
|
London Interbank Offered Rate
|
Manager or PGIM Investments
|
PGIM Investments LLC
|
Moody’s
|
Moody’s Investors Service, Inc.
|
NASDAQ
|
National Association of Securities Dealers Automated Quotations
|
NAV
|
Net Asset Value
|
NRSRO
|
Nationally Recognized Statistical Rating Organization
|
NYSE
|
New York Stock Exchange
|
OTC
|
Over the Counter
|
Prudential
|
Prudential Financial, Inc.
|
PMFS
|
Prudential Mutual Fund Services LLC
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QPTP
|
“Qualified publicly traded partnership” as the term is used in the Internal Revenue Code of 1986, as amended
|
REIT
|
Real Estate Investment Trust
|
Term
|
Definition
|
RIC
|
Regulated Investment Company, as the term is used in the Internal Revenue Code of 1986, as amended
|
S&P
|
S&P Global Ratings
|
SEC
|
US Securities and Exchange Commission
|
World Bank
|
International Bank for Reconstruction and Development
|
Independent Board Members
|
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|
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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: 94
|
President and Board Member, The Joyce
Foundation (charitable foundation) (since
2002); formerly Vice Chair, City Colleges of
Chicago (community college system)
(2011-2015); Trustee, National Park Foundation
(charitable foundation for national park system)
(2009-2018); Trustee, Economic Club of
Chicago (2009-2016); Trustee, Loyola University
(since 2018).
|
None.
|
Since September 2013
|
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
|
Kevin J. Bannon
1952
Board Member
Portfolios Overseen: 94
|
Retired; formerly Managing Director (April
2008-May 2015) and Chief Investment Officer
(October 2008-November 2013) of Highmount
Capital LLC (registered investment adviser);
formerly Executive Vice President and Chief
Investment Officer (April 1993-August 2007) of
Bank of New York Company; President (May
2003-May 2007) of BNY Hamilton Family of
Mutual Funds.
|
Director of Urstadt Biddle Properties (equity real
estate investment trust) (since September
2008).
|
Since July 2008
|
Linda W. Bynoe
1952
Board Member
Portfolios Overseen: 91
|
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: 93
|
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: 94
|
Retired; Executive Committee of the
Independent Directors Council (IDC) Board of
Governors (since October 2019); Member (since
November 2014) of the Governing Council of the
IDC (organization of independent mutual fund
directors); formerly President and Chief
Executive Officer (2005-2012), Senior Vice
President (2004-2005), Senior Vice President of
Sales and Marketing (1997-2004), and various
executive management positions (1990-1997),
John Hancock Funds, LLC (asset management);
Chairman, Investment Company Institute’s
Sales Force Marketing Committee (2003-2008).
|
None.
|
Since September 2013
|
Laurie Simon Hodrick
1962
Board Member
Portfolios Overseen: 90
|
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, 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: 93
|
Retired; formerly Chief Economist for the
Investment Company Institute (ICI)
(2005-2017); formerly Senior Economist and
Director of Industry and Financial Analysis at
the ICI (1998-2004); formerly Senior Economist,
Industry and Financial Analysis at the ICI
(1996-1998); formerly Staff Economist at the
Federal Reserve Board (1989-1996); Director,
ICI Mutual Insurance Company (2012-2017).
|
None.
|
Since March 2018
|
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
|
Grace C. Torres
1959
Board Member
Portfolios Overseen: 93
|
Retired; formerly Treasurer and Principal
Financial and Accounting Officer of the PGIM
Funds, Target Funds, Advanced Series Trust,
Prudential Variable Contract Accounts and The
Prudential Series Fund (1998-June 2014);
Assistant Treasurer (March 1999-June 2014)
and Senior Vice President (September
1999-June 2014) of PGIM Investments LLC;
Assistant Treasurer (May 2003-June 2014) and
Vice President (June 2005-June 2014) of AST
Investment Services, Inc.; Senior Vice President
and Assistant Treasurer (May 2003-June 2014)
of Prudential Annuities Advisory Services, Inc.
|
Director (since January 2018) of OceanFirst
Financial Corp. and OceanFirst Bank; formerly
Director (July 2015-January 2018) of Sun
Bancorp, Inc. N.A. and Sun National Bank.
|
Since November 2014
|
Interested Board Members
|
|||
Name
Year of Birth
Position(s)
Portfolios Overseen
|
Principal Occupation(s)
During Past Five Years
|
Other Directorships
Held During
Past Five Years
|
Length of
Board Service
|
Stuart S. Parker
1962
Board Member &
President
Portfolios Overseen: 93
|
President, Chief Executive Officer, Chief
Operating Officer and Officer in Charge of PGIM
Investments LLC (formerly known as Prudential
Investments LLC) (since January 2012); formerly
Executive Vice President of Jennison Associates
LLC and Head of Retail Distribution of PGIM
Investments LLC (June 2005-December 2011);
Investment Company Institute - Board of
Governors (since May 2012).
|
None.
|
Since January 2012
|
Scott E. Benjamin
1973
Board Member & Vice
President
Portfolios Overseen: 94
|
Executive Vice President (since May 2009) of
PGIM Investments LLC; Vice President (since
June 2012) of Prudential Investment
Management Services LLC; Executive Vice
President (since September 2009) of AST
Investment Services, Inc.; Senior Vice President
of Product Development and Marketing, PGIM
Investments (since February 2006); formerly
Vice President of Product Development and
Product Management, PGIM Investments LLC
(2003-2006).
|
None.
|
Since March 2010
|
Fund Officers(a)
|
|
|
Name
Year of Birth
Fund Position
|
Principal Occupation(s) During Past Five Years
|
Length of
Service as Fund Officer
|
Claudia DiGiacomo
1974
Chief Legal Officer
|
Chief Legal Officer, Executive Vice President and Secretary of PGIM Investments LLC (since August 2020); Chief
Legal Officer of Prudential Mutual Fund Services LLC (since August 2020); Chief Legal Officer of PIFM Holdco,
LLC (since August 2020); Vice President and Corporate Counsel (since January 2005) of Prudential; and
Corporate Counsel of AST Investment Services, Inc. (since August 2020); formerly Vice President and Assistant
Secretary of PGIM Investments LLC (2005-2020); formerly Associate at Sidley Austin Brown & Wood LLP
(1999-2004).
|
Since December 2005
|
Dino Capasso
1974
Chief Compliance Officer
|
Chief Compliance Officer (since July 2019) of PGIM Investments LLC; Chief Compliance Officer (since July
2019) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s
Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM High Yield Bond Fund, Inc., and PGIM Short
Duration High Yield Opportunities Fund; Vice President and Deputy Chief Compliance Officer (June 2017-2019)
of PGIM Investments LLC; formerly Senior Vice President and Senior Counsel (January 2016-June 2017), and
Vice President and Counsel (February 2012-December 2015) of Pacific Investment Management Company LLC.
|
Since July 2019
|
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; formerly Vice President and Corporate Counsel
(2010-2018) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President
and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary
(since January 2007) of Prudential Mutual Fund Services LLC.
|
Since October 2006
|
Diana N. Huffman
1982
Assistant Secretary
|
Vice President and Corporate Counsel (since September 2015) of Prudential; Vice President and Assistant
Secretary (since August 2020) of PGIM Investments LLC; formerly Associate at Willkie Farr & Gallagher LLP
(2009-2015).
|
Since March 2019
|
Melissa Gonzalez
1980
Assistant Secretary
|
Vice President and Corporate Counsel (since September 2018) of Prudential; Vice President and Assistant
Secretary (since August 2020) of PGIM Investments LLC; formerly Director and Corporate Counsel (March
2014-September 2018) of Prudential.
|
Since March 2020
|
Patrick E. McGuinness
1986
Assistant Secretary
|
Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Director and Corporate
Counsel (since February 2017) of Prudential; and Corporate Counsel (2012-2017) of IIL, Inc.
|
Since June 2020
|
Debra Rubano
1975
Assistant Secretary
|
Vice President and Corporate Counsel (since November 2020) of Prudential; formerly Director and Senior
Counsel of Allianz Global Investors U.S. Holdings LLC (2010-2020) and Assistant Secretary of numerous funds
in the Allianz fund complex (2015-2020).
|
Since December 2020
|
Kelly A. Coyne
1968
Assistant Secretary
|
Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).
|
Since March 2015
|
Christian J. Kelly
1975
Treasurer and Principal Financial
and Accounting Officer
|
Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018); formerly Director
of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of
the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009);
Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).
|
Since January 2019
|
Lana Lomuti
1967
Assistant Treasurer
|
Vice President (since 2007) and Director (2005-2007), within PGIM Investments Fund Administration; formerly
Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.
|
Since April 2014
|
Russ Shupak
1973
Assistant Treasurer
|
Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration.
|
Since September 2019
|
Deborah Conway
1969
Assistant Treasurer
|
Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.
|
Since September 2019
|
Elyse M. McLaughlin
1974
Assistant Treasurer
|
Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.
|
Since September 2019
|
Dana E. Cordes
1978
Anti-Money Laundering Compliance
Officer
|
Vice President, Corporate Compliance (since June 2021) of Prudential; formerly, Director Global Financial
Crimes Unit (December 2015 to June 2021) of Prudential; formerly, Director, Operational Risk Management for
Prudential Real Estate Investors (January 2010 to December 2015). Ms. Cordes obtained a Certified Anti-Money
Laundering Specialist designation in 2017.
|
Since September 2021
|
Name
|
Aggregate Fiscal Period
Compensation from 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**
|
$800
|
None
|
None
|
$329,000 (33/95)*
|
Kevin J. Bannon
|
$800
|
None
|
None
|
$312,000 (33/95)*
|
Linda W. Bynoe
|
$800
|
None
|
None
|
$336,000 (33/95)*
|
Barry H. Evans**
|
$800
|
None
|
None
|
$331,000 (32/94)*
|
Keith F. Hartstein
|
$800
|
None
|
None
|
$410,000 (33/95)*
|
Laurie Simon Hodrick**
|
$800
|
None
|
None
|
$320,000 (32/94)*
|
Brian K. Reid
|
$800
|
None
|
None
|
$320,000 (32/94)*
|
Grace C. Torres
|
$800
|
None
|
None
|
$338,000 (32/94)*
|
Board Committee Meetings (for most recently completed fiscal year)*
|
||
Audit Committee
|
Nominating & Governance Committee
|
Dryden & Gibraltar Investment Committees
|
N/A
|
N/A
|
N/A
|
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
|
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
|
||
Barry H. Evans
|
None
|
Over $100,000
|
Keith F. Hartstein
|
None
|
Over $100,000
|
Laurie Simon Hodrick
|
None
|
Over $100,000
|
Brian K. Reid
|
None
|
Over $100,000
|
Grace C. Torres
|
None
|
Over $100,000
|
Board Member Share Ownership: Interested Board Members
|
||
Stuart S. Parker
|
None
|
Over $100,000
|
Scott E. Benjamin
|
None
|
Over $100,000
|
Other Funds and Investment Accounts Managed by the Portfolio Managers
|
|||||
Fund
|
Subadviser
|
Portfolio Managers
|
Registered Investment
Companies/Total Assets
|
Other Pooled
Investment Vehicles/
Total Assets
|
Other Accounts/
Total Assets
|
PGIM ESG High Yield Fund
|
PGIM Fixed Income/
PGIM Limited*
|
Robert Cignarella, CFA
|
12/$34,852,261,313
|
11/$9,069,529,613
1/$108,063,271
|
34/$14,657,760,917
4/$1,205,786,804
|
|
|
Robert Spano, CFA, CPA
|
11/$33,080,569,051
|
11/$9,069,529,613
1/$108,063,271
|
34/$14,657,760,917
4/$1,205,786,804
|
|
|
Ryan Kelly, CFA
|
11/$33,080,569,051
|
11/$9,069,529,613
1/$108,063,271
|
34/$14,657,760,917
4/$1,205,786,804
|
|
|
Brian Clapp, CFA
|
11/$33,080,569,051
|
11/$9,069,529,613
1/$108,063,271
|
34/$14,657,760,917
4/$1,205,786,804
|
Other Funds and Investment Accounts Managed by the Portfolio Managers
|
|||||
Fund
|
Subadviser
|
Portfolio Managers
|
Registered Investment
Companies/Total Assets
|
Other Pooled
Investment Vehicles/
Total Assets
|
Other Accounts/
Total Assets
|
|
|
Daniel Thorogood, CFA
|
32/$40,809,549,666
|
26/$11,141,088,724
2/$273,590,633
|
143/$17,824,136,657
11/$1,308,776,346
|
|
|
Brian Barnhurst, CFA
|
11/$33,080,569,051
|
11/$9,069,529,613
1/$108,063,271
|
34/$14,657,760,917
4/$1,205,786,804
|
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
|
Over $1,000,000
|
|
Robert Spano, CFA, CPA
|
$100,001 - $500,000
|
|
Ryan Kelly, CFA
|
$50,001 - $100,000
|
|
Brian Clapp, CFA
|
$100,001 - $500,000
|
|
Daniel Thorogood, CFA
|
$50,001 - $100,000
|
|
Brian Barnhurst, CFA
|
$100,001 - $500,000
|
Portfolio Turnover Rate
|
|
|
Fund name
|
2021
|
2020
|
PGIM ESG High Yield Fund
|
N/A
|
N/A
|
PGIM Short Duration High Yield Income Fund
|
|
Class A Common Stock
|
800,000,000
|
Class C Common Stock
|
700,000,000
|
Class R6 Common Stock
|
1,500,000,000
|
Class T Common Stock
|
75,000,000
|
Class Z Common Stock
|
5,500,000,000
|
PGIM High Yield Fund
|
|
Class A Common Stock
|
6,000,000,000
|
Class B Common Stock
|
50,000,000
|
Class C Common Stock
|
1,000,000,000
|
Class R Common Stock
|
500,000,000
|
Class R2 Common Stock
|
300,000,000
|
Class R4 Common Stock
|
300,000,000
|
Class R6 Common Stock
|
37,000,000,000
|
Class T Common Stock
|
300,000,000
|
Class Z Common Stock
|
41,000,000,000
|
PGIM ESG High Yield Fund
|
|
Class A Common Stock
|
200,000,000
|
Class C Common Stock
|
300,000,000
|
Class R6 Common Stock
|
400,000,000
|
Class Z Common Stock
|
600,000,000
|
Name and Principal Business Address
|
Positions and Offices with Underwriter
|
Positions and Offices with Registrant
|
Adam Scaramella (1)
|
President
|
N/A
|
Monica Oswald (3)
|
Executive Vice President
|
N/A
|
Stuart S. Parker (2)
|
Executive Vice President
|
Board Member and
President
|
Scott E. Benjamin (2)
|
Vice President
|
Board Member and
Vice President
|
Francine Boucher (1)
|
Senior Vice President, Chief
Legal Officer and Secretary
|
N/A
|
Peter J. Boland (2)
|
Senior Vice President
and Chief Administrative Officer
|
N/A
|
John N. Christolini (3)
|
Senior Vice President and
Co-Chief Compliance Officer
|
N/A
|
Jaynthi K Gandhi (2)
|
Senior Vice President
and Chief Compliance Officer
|
N/A
|
Robert Smit (2)
|
Senior Vice President, Comptroller
and Chief Financial Officer
|
N/A
|
Hansjerg Schlenker (2)
|
Senior Vice President and
Chief Operations Officer
|
N/A
|
Lenore J Paoli (3)
|
Senior Vice President and
Chief Risk Officer
|
N/A
|
Peter Puzio (3)
|
Senior Vice President
|
N/A
|
Kevin Chaillet (1)
|
Treasurer
|
N/A
|
Dana E. Cordes (4)
|
Vice President and Anti-Money
Laundering Officer
|
Anti-Money Laundering
Compliance Officer
|
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
|
Treasurer, Principal Financial and Accounting
Officer
|
|
*By: /s/ Diana Huffman
Diana Huffman
|
Attorney-in-Fact
|
September 24, 2021
|
|
|
/s/ Ellen S. Alberding
Ellen S. Alberding
|
/s/ Laurie Simon Hodrick
Laurie Simon Hodrick
|
/s/ Kevin J. Bannon
Kevin J. Bannon
|
/s/ Christian J. Kelly
Christian J. Kelly
|
/s/ Scott E. Benjamin
Scott E. Benjamin
|
/s/ Stuart S. Parker
Stuart S. Parker
|
/s/ Linda W. Bynoe
Linda W. Bynoe
|
/s/ Brian K. Reid
Brian K. Reid
|
/s/ Barry H. Evans
Barry H. Evans
|
/s/ Grace C. Torres
Grace C. Torres
|
/s/ Keith F. Hartstein
Keith F. Hartstein
|
|
|
|
Dated: January 7, 2021
|
|
Item 28
Exhibit No.
|
Description
|
(a)(22)
|
Articles Supplementary dated September 16, 2021.
|
NJ\*:5I^D:+Y>DW?VC3YYI+F A@417.[:F
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M70'^,(7 ]F]0 ?%Y/%GAM8+T1Z7?17LD?V:VF.PBRAZ;8U)^\1NRY.26)ZDU
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MF#JG7[WMUID>L:7-!//%J5F\-O\ ZZ19U*Q_[QSQ^->5?\([J$GQ%N+6*VD^
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MKW6EV=YDR0@,?XUX/_UZ+C.
Prudential Investment Portfolios, Inc. 15
655 Broad Street
Newark, New Jersey 07102
September 24, 2021
VIA EDGAR SUBMISSION
Securities and Exchange Commission
100 F Street, NE
Washington, D.C. 20549
Re:Prudential Investment Portfolios, Inc. 15 Form N-1A
Post-Effective Amendment No. 80 to the Registration
Statement under the Securities Act of 1933;
Amendment No. 79 to the Registration Statement under
the Investment Company Act of 1940
Securities Act Registration No. 002-63394
Investment Company Act No. 811-02896
Dear Sir or Madam:
On behalf of PGIM ESG High Yield Fund (the “Fund”), a new series of Prudential Investment Portfolios, Inc. 15 (the “Company”), pursuant to the Securities Act of 1933, as amended (the “1933 Act”), and the Investment Company Act of 1940, as amended (the “1940 Act”), transmitted herewith for filing is Post-Effective Amendment No. 80 to the Registration Statement under the 1933 Act; Amendment No. 79 to the Registration Statement under the 1940 Act (the “Amendment”).
This filing is being made pursuant to Rule 485(a)(2) under the 1933 Act in order to add the Fund as a new series of the Company.
The Fund intends to file a subsequent post-effective amendment on or about December 8, 2021 pursuant to Rule 485(b) under the 1933 Act, to include certain other exhibits, as well as non-material financial and other information, and information responsive to any comments from the staff of the Securities and Exchange Commission (the “Staff”) regarding the Amendment filed herewith.
To assist you with the review of this filing, we note that the Amendment contains all applicable Staff comments made to the following registration statements of mutual funds in the same fund complex as the Fund (collectively the “Prior Registration Statements”): Prudential Investment Portfolios 5, Registration Statement on Form N-1A, effective December 16, 2019 (File No. 333-82621 and No. 811-09439); Prudential Investment Portfolios 8, Registration Statement on Form N-1A, effective July 1, 2019 (File No. 33-48066 and No. 811-06677); Prudential Investment Portfolios 12, Registration Statement on Form N-1A, effective June 19, 2018 (File No. 333-42705 and No. 811-08565); Prudential World Fund, Inc., Registration Statement on Form N-1A, effective December 12, 2017 (File No. 002-89725 and No. 811-03981); Prudential Global Total Return Fund, Inc., Registration Statement on Form N-1A, effective December 12, 2017 (File No. 033-63943 and No. 811-04661); Prudential Investment Portfolios 5, Registration Statement on Form N-1A, effective December 13, 2016 (File No. 333-82621 and No. 811-09439); Prudential Investment Portfolios 2, Registration Statement on Form N-1A/A, effective May 17, 2017 (File No. 333-215689 and No. 811-09999); Prudential Investment Portfolios 9, Registration Statement on Form N-1A, effective December 13, 2016 (File No. 333-66895 and No. 811-09101); Prudential Investment Portfolios 3, Registration Statement on Form N-1A, effective on July 9, 2015 (File No. 333-95849 and 811-09805); Prudential Investment Portfolios 3, Registration Statement on Form N-1A, effective on April 21, 2015 (File No. 333-95849 and 811-09805); Prudential World Fund, Registration Statement on Form N-1A, effective on September 24, 2013 (File No. 002-89725 and 811-03981); Prudential Investment Portfolios 15, Registration Statement on Form N-1A, effective on October 26, 2012 (File No. 002-63394 and 811-02896); Prudential Investment Portfolios 12, effective December 21, 2010 (File No. 333-42705, and 811-08565), Prudential Investment Portfolios 17, effective December 23, 2013 (File No. 33-55441, and 811-07215), Prudential Investment Portfolios 18, effective December 18, 2013 (File No. 333-43491, and 811-08587), (collectively the “Prior Registration Statements”).
We would appreciate receiving the Staff’s comments, if any, on or about October 25, 2021.
Any questions or comments with respect to the Registration Statement may be communicated to Diana Huffman at (973) 367-8982.
Sincerely,
/s/Diana Huffman
Diana Huffman
Vice President & Corporate Counsel