PGIM Short-Term Corporate Bond Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, PGIM Short-Term Corporate Bond Fund held 650 positions with $8.09B in net assets. Its ten largest holdings made up 10.9% of the fund. The PBSMX share class costs 0.71% a year. Over the 12 months to May 2026, PBSMX returned 4.3%, with dividends reinvested. In 2026 Q2 it added 92 new positions and exited 83.
The investment objective of the Fund is high current income consistent with the preservation of principal.
The fund invests at least 80% of its assets in corporate bonds of varying maturities, with a portfolio duration generally under three years, and may allocate up to 20% to below-investment-grade debt and up to 35% to dollar-denominated obligations issued by foreign corporations and governments. A subadviser manages day-to-day decisions using fundamental credit research combined with top-down economic analysis and quantitative models to identify securities offering attractive total return, yield, and credit quality. Because the fund's returns depend on the subadviser's security selection and credit analysis, performance will diverge from any broad bond index.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 3.38% · due 2028-02-29 | 2.82% | $228.05M | — |
PRUDENTIAL INVESTMENT PORTFOLIOS 9 | 2.41% | $195.39M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 3.88% · due 2028-03-31 | 0.98% | $79.61M | — |
BANK OF AMERICA CORP 1.73% · due 2027-07-22 | 0.78% | $63.40M | — |
(PIPA070) PGIM Core Government Money Market Fund | 0.74% | $59.87M | — |
ICG US CLO 2020-1 LTD 4.78% floating · due 2035-01-22 | 0.73% | $58.80M | — |
SALESFORCE INC 4.90% · due 2031-09-15 | 0.64% | $51.76M | — |
FORD MOTOR CREDIT COMPANY LLC 2.70% · due 2026-08-10 | 0.61% | $49.33M | — |
BANK OF NOVA SCOTIA (THE) 3.63% · due 2081-10-27 | 0.61% | $49.06M | — |
GOLDMAN SACHS GROUP INC (THE) 1.54% · due 2027-09-10 | 0.59% | $48.14M | — |
The 200 largest of 650 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 93.60% |
| Securitized | 6.14% |
| Cash & short-term | 3.15% |
| Stocks | 0.05% |
| Derivatives | -0.10% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
By sector
- Other
- 21.9%
- Financials
- 19.3%
- International
- 15.6%
- Utilities
- 6.6%
- 12 other sectors
- 36.6%
- Other
- 21.9%
- Financials
- 19.3%
- International
- 15.6%
- Utilities
- 6.6%
- Government
- 6.2%
- Securitized
- 6.0%
- Health Care
- 3.8%
- Information Technology
- 3.4%
- Cash
- 3.1%
- Real Estate
- 3.0%
- Energy
- 2.7%
- Industrials
- 2.5%
- Materials
- 1.8%
- Consumer Discretionary
- 1.5%
- Communication Services
- 1.4%
- Consumer Staples
- 1.3%
How it has done
PBSMX share class · total returns with dividends reinvested
Volatility over the last 12 months: 1.73%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 7 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.71% | +4.29% | +16.94% | +10.83% | -0.96% | |
| 1.49% | +3.48% | +14.33% | +6.70% | -1.03% | |
| 0.47% | +4.62% | +17.86% | +12.14% | -1.03% | |
| 1.05% | +3.94% | +15.78% | +8.96% | -0.99% | |
| 0.38% | +4.74% | +18.24% | +12.76% | -1.02% | |
| 0.88% | +4.20% | +16.48% | +9.95% | -1.06% | |
| 0.63% | +4.44% | +17.35% | +11.34% | -1.04% |
These classes hold the same portfolio, so the 6.06pp spread over 5 years is the cost difference between them — roughly 1.21pp a year — not a difference in what they own.
Fees & fund details
PGIM Short-Term Corporate Bond Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.38% – 1.49%· PBSMX 0.71%
- Portfolio turnover
- 50.00% a year · as of 2026 Q1
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
92 new· the largest 7
83 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 93.1% |
| Floating rate | 6.8% |
| Zero-coupon or unclassified | 0.1% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 7.3% |
| 1-3y | 35.5% |
| 3-5y | 28.6% |
| 5-10y | 15.8% |
| 10y+ | 9.8% |
| Unknown | 3.1% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 52% |
| Credit spreads | 48% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +2.71 yr |
| High yield | +0.08 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.04 yr | 1% |
| 1 yr | 0.97 yr | 32% |
| 5 yr | 1.74 yr | 57% |
| 10 yr | 0.19 yr | 6% |
| 30 yr | 0.10 yr | 3% |
| 3 mo | 0.03 yr | 1% |
| 1 yr | 0.92 yr | 33% |
| 5 yr | 1.73 yr | 62% |
| 10 yr | 0.09 yr | 3% |
| 30 yr | 0.02 yr | 1% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.04 | +0.03 | +0.00 | $24.6k | $2.7k |
| 1 yr | +0.97 | +0.89 | +0.02 | $722.8k | $18.6k |
| 5 yr | +1.74 | +1.68 | +0.05 | $1.36m | $40.7k |
| 10 yr | +0.19 | +0.09 | +0.00 | $72.3k | $486 |
| 30 yr | +0.10 | +0.02 | +0.00 | $12.9k | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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