PGIM Total Return Bond Fund (PDBZX)
$
)
MorningStar Rankings
Source: Morningstar. All rights reserved. Used with permission. Class Z shares inception: 09/16/1996. Morningstar rankings are based on total return, do not include the effects of sales charges, and are calculated against all funds in the Morningstar Intermediate Core-Plus Bond category. Other share classes have different rankings. Past performance does not guarantee future results.
Past performance does not guarantee future results.
Seeks total return by investing in a diversified portfolio of bonds from multiple fixed income sectors. The Fund may be appropriate for investors seeking current income and capital appreciation in a diversified core fixed income fund.
Growth of $10,000
Past performance does not guarantee future results and current performance may be lower or higher than the past performance data quoted. The investment return and principal value will fluctuate, and shares, when sold, may be worth more or less than the original cost. This chart represents historical performance and does not assume the effects of sales charges or varying fees and expenses of other share classes. If shown with sales charges or these other fees and expenses, performance could have been lower. It is not possible to invest directly in an index. Click here to view benchmark index definitions.
FUND INFORMATION
Fund Statistics
|
Name
|
Weight
|
|---|---|
| Average Maturity (years) | 8.30 |
| Duration (years) | 6.00 |
| Standard Deviation (3 year) | 5.52 |
The Morningstar Medalist RatingTM is the summary expression of Morningstar’s forward-looking investment strategies analysis offered via specific vehicles on a Gold, Silver, Bronze, Neutral, and Negative scale. These ratings indicate the investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Investments are evaluated on 3 pillars (People, Parent, and Process) which, when coupled with a fee assessment, form the basis for Morningstar’s conviction in those product’s investment merits and determine the assigned rating. Pillar ratings are Low, Below Average, Average, Above Average, and High, and are evaluated qualitatively (either directly to a covered vehicle or indirectly when a covered vehicle’s ratings are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by expected performance into rating groups defined by their Morningstar Category and active or passive status. Analysts who directly cover a vehicle assign the 3 pillar ratings based on their qualitative assessment, subject to Analyst Rating Committee oversight, and monitor and reevaluate them at least every 14 months. Vehicle ratings are assigned monthly when covered either indirectly by analysts or by algorithm. For more information, please visit www.global.morningstar.com/managerdisclosures/. Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve the risk that the return target will not be met due to issues like unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment. Changes in underlying factors can mean the rating is subsequently no longer accurate. ‡Source: Morningstar.
Risks of investing in the fund include but are not limited to the following: Fixed Income investments are subject to credit, market, prepayment and interest rate risks, and their value will decline as interest rates rise. High yield (“junk”) bonds are subject to greater credit and market risks. Mortgage-backed and asset-backed securities tend to increase in value less than other debt securities when interest rates decline, but are subject to a similar risk of decline in market value during periods of rising interest rates. Floating rate and other loans are subject to the risk that failure to receive scheduled interest or principal payments on a loan would adversely affect the income of the Fund and would likely reduce the value of its assets. Collateralized Loan Obligations are subject to credit, interest rate, valuation and prepayment and extension risks, as well as risk of default on the underlying asset. Foreign securities are subject to currency fluctuations and political uncertainty. Investments in currency may result in a decline in the fund’s net asset value due to changes in exchange rates. Holders of structured product securities bear the risks of the underlying investments, index or reference obligation. Derivatives may carry market, credit and liquidity risks. There is no guarantee the Fund's objective will be achieved. Risks are more fully explained in the fund's prospectus.
- Monthly & Quarterly Performance
- Prices & Yields
Total Returns (%)
| TOTAL RETURNS (%) WITH SALES CHARGE WITHOUT SALES CHARGE | |||||||
|---|---|---|---|---|---|---|---|
| Cumulative | Average Annual | ||||||
| Class | Ticker | YTD | 1-Yr | 3-Yr | 5-Yr | 10-Yr | Since Inception |
Past performance does not guarantee future results and current performance may be lower or higher than the past performance data quoted. The investment return and principal value will fluctuate, and shares, when sold, may be worth more or less than the original cost.
See Daily Returns for the PGIM Total Return Bond Fund.
See Performance of other PGIM Investments Mutual Funds.
See Calendar Year Performance for the PGIM Total Return Bond Fund.
See Daily Returns for the PGIM Total Return Bond Fund.
See Quarterly SEC Standardized Performance of other PGIM Investments Mutual Funds.
See Calendar Year Performance for the PGIM Total Return Bond Fund.
|
Fund Expenses
|
Maximum Sales Charge (%)
|
|||
|---|---|---|---|---|
|
Class
|
Gross (%)
|
Net (%)
|
Date*
|
|
| A | 0.76 | 0.75 | 02/28/2027 | 3.25 |
| C | 1.50 | 1.49 | 02/28/2027 | 1.00 |
| R | 1.28 | 1.01 | 02/28/2027 | — |
| R2 | 0.96 | 0.89 | 02/28/2027 | — |
| R4 | 0.69 | 0.64 | 02/28/2027 | — |
| R6 | 0.40 | 0.39 | 02/28/2027 | — |
| Z | 0.50 | 0.49 | 02/28/2027 | — |
*This date represents the contractual reduction date through which the net expense ratio is in effect.
Total return describes the return to the investor after net operating expenses but before any sales charges are imposed. Morningstar Category Average is unmanaged, is based on the average return of all funds in this category, and does not take into consideration applicable sales charges. Unless noted otherwise, Morningstar Category Average and index returns reflect performance beginning the closest month-end date to the Fund's inception. Benchmark since inception average is based on Class Z inception date. SEC standardized return describes the return to the investor after net operating expense and maximum sales charges are imposed. All returns assume share price changes as well as the compounding effect of reinvested dividends and capital gains. Returns may reflect fee waivers and/or expense reimbursements. Without such, returns would be lower. All returns 1-year or less are cumulative.
Morningstar Intermediate Core Plus Category Average: Intermediate-term core-plus bond portfolios invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, but generally have greater flexibility than core offerings to hold non-core sectors such as corporate high yield, bank loan, emerging-markets debt, and non-U.S. currency exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index.
Bloomberg U.S. Aggregate Bond Index covers the USD-denominated, investment-grade, fixed-rate or step up, taxable bond market of SEC-registered securities and includes bonds from Treasury, Government- Related, Corporate, MBS (agency fixed-rate & hybrid ARM passthroughs), ABS, & CMBS sectors. Securities included in the index must have at least 1 year until final maturity & be rated investment-grade (Baa3/ BBB-/BBB-) or better using middle rating of Moody’s, S&P, & Fitch.
An investment cannot be made directly in an index or average. All indexes and averages are unmanaged.
Prices
|
Class
|
NAV ($)
|
NAV Change ($)
|
NAV Change (%)
|
POP ($)
|
Total Net Assets ($)
|
|---|---|---|---|---|---|
| A |
+12.08
|
+0.03
|
0.25 | 12.49 | 2,249,502,446.78 |
| C |
+12.07
|
+0.03
|
0.25 | — | 248,219,982.03 |
| R |
+12.10
|
+0.03
|
0.25 | — | 256,797,944.87 |
| R2 |
+12.05
|
+0.03
|
0.25 | — | 35,021,494.21 |
| R4 |
+12.05
|
+0.03
|
0.25 | — | 48,178,085.81 |
| R6 |
+12.05
|
+0.03
|
0.25 | — | 23,467,695,686.24 |
| Z |
+12.04
|
+0.03
|
0.25 | — | 26,050,282,294.36 |
NAV (Net Asset Value) is the $U.S. value of a single share of a fund, excluding any sales charges. Change shows the change in $U.S. value over the previous day:
= Gain, 
= Loss, 
= No Change.
See Prices of other PGIM Investments Mutual Funds.
52 Week High/Low
|
Class
|
52 Week High ($)
|
52 Week High Date
|
52 Week Low ($)
|
52 Week Low Date
|
|---|---|---|---|---|
| A | 12.37 | 02/27/2026 | 11.77 | 04/11/2025 |
| C | 12.35 | 02/27/2026 | 11.76 | 04/11/2025 |
| R | 12.39 | 02/27/2026 | 11.79 | 04/11/2025 |
| R2 | 12.33 | 02/27/2026 | 11.74 | 04/11/2025 |
| R4 | 12.34 | 02/27/2026 | 11.74 | 04/11/2025 |
| R6 | 12.34 | 02/27/2026 | 11.75 | 04/11/2025 |
| Z | 12.32 | 02/27/2026 | 11.73 | 04/11/2025 |
For share classes less than one year old, the 52-week high and 52-week low NAVs are calculated from inception to the current date.
Yields
| Class | SEC 30-Day Subsidized Yield (%) | SEC 30-Day Unsubsidized Yield (%) | Offer Distb. Yield (%) | NAV Distb. Yield (%) | SEC-30 Day Sub Taxable Equivalent Yield (%) |
|---|---|---|---|---|---|
| A - View Prospectus | 4.01 | 4.01 | 3.88 | 4.01 | — |
| C - View Prospectus | 3.41 | 3.40 | — | 3.26 | — |
| R - View Prospectus | 3.90 | 3.63 | — | 3.75 | — |
| R2 - View Prospectus | 4.02 | 3.94 | — | 3.87 | — |
| R4 - View Prospectus | 4.26 | 4.22 | — | 4.12 | — |
| R6 - View Prospectus | 4.51 | 4.50 | — | 4.37 | — |
| Z - View Prospectus | 4.41 | 4.41 | — | 4.27 | — |
See Yields of other PGIM Investments Mutual Funds.
Past performance does not guarantee future results and current performance may be lower or higher than the past performance data quoted. The investment return and principal value will fluctuate, and shares, when sold, may be worth more or less than the original cost.
- Portfolio Summary
- Complete Holdings
Portfolio Attributes
Sector vs Benchmark
|
Sector
|
Fund (% of Assets)
|
Overweight Underweight
|
|---|---|---|
| U.S. Govt Related | 29.0% | -41.4% |
| Treas | 11.9% | —% |
| Agency | 0.4% | —% |
| MBS | 16.7% | —% |
| Inv Grade Corp | 21.4% | -2.0% |
| Foreign Govt Related | 1.2% | -0.9% |
| U.S Municipals | 1.0% | 0.3% |
| Bank Loans | 1.5% | 1.5% |
| Emerging Markets | 4.1% | 2.7% |
| Non Agency MBS | 5.7% | 5.7% |
| High Yield | 7.7% | 7.7% |
| Commercial MBS | 9.6% | 8.1% |
| ABS | 18.6% | 18.2% |
| Cash/Equiv | 0.1% | —% |
Credit Quality (% of Assets)
|
Credit Quality
|
Credit Quality Value
|
|---|---|
| AAA | 38.9% |
| AA | 27.6% |
| A | 7.9% |
| BBB | 12.4% |
| BB | 5.3% |
| B | 3.1% |
| CCC | 0.7% |
| Not Rated | 4.0% |
| Cash/Equiv | 0.1% |
FUND STATISTICS
|
Fund Statistics
|
Fund Statistics Value
|
|---|---|
| Average Maturity (years) | 8.3 |
| Duration (years) | 6.0 |
| Standard Deviation (3 year) | 5.52 |
All data is unaudited and subject to change. Holdings/allocations may vary. This is not a recommendation to buy or sell any security listed. Total number of holdings based on issuers. Largest holdings exclude cash, cash equivalents, money market funds and enhanced cash strategies. Negative holdings reflect outstanding trades at period end.
Fund Holdings
Holdings are unaudited, may vary and are subject to change. Please refer to the Fund's annual report for audited holdings information. This is not a recommendation to buy or sell any security listed.
Value ($): Cash securities are calculated using market value and derivative securities are calculated using notional value.
Source: Bank of New York Mellon. Holdings are provided to Prudential Financial by the custodian bank and Prudential Financial is not responsible for any errors or omissions related to the holdings data.
© 2026, American Bankers Association. CUSIP Database provided by FactSet Research Systems Inc. All rights reserved.
PGIM Fixed Income is a unit of PGIM, Inc., a registered investment advisor. PGIM Limited acts as a subadvisor to all fixed income funds. PGIM Limited is an indirect, wholly-owned subsidiary of PGIM, Inc. (“PGIM”), the principal asset management business of Prudential Financial, Inc. (“PFI”), a company incorporated and with its principal place of business in the United States. All are Prudential Financial affiliates. PGIM is the principal asset management business of Prudential Financial, Inc. (PFI), and a trading name of PGIM, Inc. and its global subsidiaries and affiliates.
5044609 Ed. 12/2025
| Security ID# (CUSIP/SEDOL) | Security Description | Ticker Symbol | Coupon Rate | Maturity Date | Shares/Notional | Value ($) | % of Portfolio |
|---|
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MANAGEMENT
PGIM Investments is a registered investment advisor and investment manager to PGIM registered investment companies. PGIM Investments is a Prudential Financial and PGIM, Inc. affiliate. For more information on the fund's sub-advisors(s), please click here.
Gregory Peters, Robert Tipp, Richard Piccirillo, Matthew Angelucci and Tyler Thorn of PGIM Fixed Income are primarily responsible for management of the PGIM Total Return Bond Fund.
Gregory Peters
Co-Chief Investment Officer of Public and Private Fixed Income at PGIM
Gregory Peters is Co-Chief Investment Officer of Public and Private Fixed Income at PGIM.
Robert Tipp, CFA
Managing Director, Chief Investment Strategist, and Head of Global Bonds at PGIM Fixed Income
Robert Tipp, CFA, is a Managing Director, Chief Investment Strategist, and Head of Global Bonds at PGIM Fixed Income.
Richard Piccirillo
Managing Director and Co-Head of PGIM's Multi-Sector Team
Richard Piccirillo is a Managing Director and Co-Head of PGIM's Multi-Sector Team.
Matthew Angelucci, CFA
Co-Senior Portfolio Manager, Global Bonds
Public & Private Fixed Income
Matthew Angelucci, CFA, is a Managing Director and senior portfolio manager on the Multi-Sector Team responsible for Global Bond Strategies.
Tyler Thorn
Principal and Portfolio Manager for PGIM Fixed Income's Multi-Sector Team
Public & Private Fixed Income
Tyler Thorn is a Principal and a portfolio manager on the Multi-Sector Team at PGIM Fixed Income.
Average Maturity is the average time to maturity for a bond. Credit quality is calculated using the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s, S&P, or Fitch. The Not Rated category consists of securities that have not been rated by an NRSRO. Duration measures investment risk that takes into account both a bond's interest payments and its value to maturity. Standard Deviation depicts how widely returns vary around its average and is used to understand the range of returns most likely for a given fund. A higher standard deviation generally implies greater volatility. Due to data availability, statistics may not be as of the current reporting period.
Source: Benchmarks - Lipper Inc.; Statistics - Morningstar Inc.; All other data from PGIM, Inc.
© 2026 Morningstar, Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not guarantee future results.
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Class R shares are closed to new investors. Class R2 shares and Class R4 shares are only offered for sale to group retirement plans available through a retirement recordkeeper or third party administrator. Class R6 and Z shares may be available to group retirement plans and institutional investors through certain retirement, mutual fund wrap and asset allocation programs. They may also be available to institutional investors. Class Z shares may be available through fee- or commission-based retail brokerage programs of certain financial intermediaries. Class A, C, and Z shares are generally closed to new retirement plans. Please see the prospectus for additional information about fees, expenses, and investor eligibility.
PGIM Fixed Income is a unit of PGIM, Inc., a registered investment advisor. PGIM Limited acts as a subadvisor to all fixed income funds. PGIM Limited is an indirect, wholly-owned subsidiary of PGIM, Inc. (“PGIM”), the principal asset management business of Prudential Financial, Inc. (“PFI”), a company incorporated and with its principal place of business in the United States. All are Prudential Financial affiliates. PGIM is the principal asset management business of Prudential Financial, Inc. (PFI), and a trading name of PGIM, Inc. and its global subsidiaries and affiliates.
5267260 Ed. 03/2026
Fund Literature
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