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Overall Morningstar Rating TM

Overall Morningstar Rating™ out of 675 USD High Yield Bond, as of 30 June 2025.

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Morningstar measures risk-adjusted returns. The overall rating is a weighted average based on the Fund's 3-, 5-, and 10-year star rating. Source: Morningstar. Inception: 11 August 2016. Ratings 3yr 4/675, 5yr 4/580, 10yr 5/347. See MORNINGSTAR INFORMATION at the bottom of this page.

Objective

The investment objective of the PGIM Broad Market U.S. High Yield Bond Fund (the "Fund") is to achieve a return through a combination of current income and capital appreciation while preserving invested capital. There is no guarantee that this objective will be achieved. The benchmark of the Fund is the Bloomberg U.S. High-Yield 1% Issuer Capped Index. The Fund will be invested in a diversified portfolio consisting primarily of high yield bonds that are originated in the US corporate bond markets. These high yield bonds will largely be a mix of fixed and floating rate instruments that are rated below investment grade. The Fund seeks to add value through active management by identifying and capturing relative value opportunities within the US high yield bond market with an active, risk managed approach using fundamental credit analysis. The Fund incorporates environmental, social and governance (“ESG”) factors into its investment process and promotes certain sustainability characteristics. PGIM Fixed Income has determined that the Fund qualifies as a Light Green Fund, which is a fund that seeks to comply with the principles of Article 8 of the SFDR. Please see the Company's Fund Documents as described below for additional information.

highly experienced

With over 50 years of experience investing in high yield bonds, PGIM Fixed Income has earned its reputation for successfully navigating multiple credit cycles

fundamentals-focused

A Leveraged finance group with over 50 investment professionals and credit analysts identifying opportunities using fundamental credit analysis

A HERITAGE OF MANAGING RISK

PGIM Fixed Income has been managing risk since 1875 with equal emphasis on risk, portfolio management and credit research

All data as of 08 August 2025 unless otherwise indicated.
Fund features
Investment Manager: PGIM, Inc.
Domicile: Ireland
Benchmark: Bloomberg U.S. High-Yield 1% Issuer Capped Index
Base Currency: USD
Dealing: Daily
Fund Net Assets (USD mm): 1548.06
SFDR Classification: Article 8
FUND CHARACTERISTICS
AS OF 30 June 2025
Fund
Benchmark
Effective Duration (yrs) 2.84 2.90
Yield-to-Worst (%) 6.90 7.03
Spread (bps) 286 290
Average Coupon (%) 6.34 6.54
Average Quality (Moody's) B1 B1
Number of Countries 17 28
Number of Issuers 330 859
Turnover Ratio (Latest 12-Months) 52

Due to the characteristics of the fund, the NAV may be highly volatile.

fees
Entry Charge: None
Exit Charge: None
Management (%): 0.50
Ongoing Charges (%): 0.54
Switching Fee: None

Swing pricing, as defined in the prospectus, may be applied on a subscription or redemption of shares to reflect the costs of dealing in the Fund's assets.

Symbols
ISIN: IE00BD1DGZ57
SEDOL: BD1DGZ5
WKN: A2APVX
Bloomberg: PGUHBIU ID
share class features

Where an investor's own currency is different to the currency of the fund, the return on investment may be affected by fluctuations in the currency exchange rate. Also, the use of financial derivative instruments may result in increased gains or losses within the Fund.

Source: PGIM, Inc. Past performance is no guarantee of future results.

This is a marketing communication. Further information about the Fund (including the current Prospectus and Fund Supplement, net asset value per share of the Fund, and most recent financial statements) is available from the applicable distributor.

This Summary Fund Profile is a financial promotion and qualified in its entirety by reference to the more complete information contained in the Company’s Prospectus (the “Prospectus”), Supplement (the “Supplement”) and Key Investor Information Document (the “KIID”) or Key Information Document (the "KID"), depending on the jurisdition (collectively the “Fund Documents”). Capitalised terms used herein without definition have the respective meanings provided in the Prospectus, Supplement and KIID/KID, as applicable. Investors should review the Fund Documents and seek advice prior to making an investment.

RISKS

An investment in the Fund involves a high degree of risk, including the risk that the entire amount invested may be lost. The Fund is primarily designed to purchase certain investments, which will introduce significant risk to the Fund, including asset performance, price volatility, administrative risk and counterparty risk. No guarantee or representation is made that any Fund’s investment program will be successful, or that such Fund’s returns will exhibit low correlation with an investor’s traditional securities portfolio.

Any investment in the Fund will be deemed to be a speculative investment and is not intended as a complete investment program. Investment in the Fund is suitable only for persons who can bear the economic risk of the loss of their investment and who meet the conditions set forth in the Fund Documents. There can be no assurances that the Fund will achieve its investment objective. Prospective and existing Investors should carefully consider the risks involved in an investment in the Fund, including, but not limited to, those discussed in the Fund Documents. Prospective and existing Investors should consult their own legal, tax and financial advisors about the risks of an investment in the Fund. Any such risk could have a material adverse effect on the Fund and its Shareholders.

 

fund administration

Investment Manager                  PGIM, Inc.
ListingGlobal Exchange Market of the Irish Stock Exchange plc
DepositaryState Street Custodial Services (Ireland) Limited
AdministratorState Street Fund Services (Ireland) Limited
AuditorPwC
ReportingMonthly statements
 Annual audited financial statements

fund structure

  • Ireland based UCITS fund
  • The Fund is a sub-fund of PGIM Funds plc (the “Company”)
  • The Company is an investment company with variable capital incorporated in Ireland with registered number 530399
  • The Company is established as an umbrella fund with segregated liability between sub-funds
  • The Company is managed by PGIM Investments (Ireland) Limited (the “Manager”). The Company and the Manager are each authorised in Ireland and regulated by the Central Bank of Ireland.

MORNINGSTAR INFORMATION

The Morningstar Rating for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts,exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustments for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

The Morningstar Medalist RatingTM is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee assessment, forms the basis for Morningstar’s conviction in those products’ investment merits and determines the Medalist Rating they’re assigned. Pillar ratings take the form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an analyst’s qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by their expected performance into rating groups defined by their Morningstar Category and their active or passive status. When analysts directly cover a vehicle, they assign the three pillar ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them at least every 14 months. When the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about these ratings, including their methodology, please go to global.morningstar.com/managerdisclosures/.

The Morningstar Medalist 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 such things as 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 product. A change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate.

©2025 Morningstar, Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar and/or its content providers; (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.

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.

Please refer to the Fund Documents for other important
information regarding the risks involved in an investment
in the Fund.

standard (%)
AS OF 31 July 2025
ANNUALISED
Net Returns
1 Mo
3 Mo
YTD
1Yr
3Yr
5Yr
Since Inception (11 August 2016)
Fund 0.41 4.17 5.43 9.03 7.43 4.76 5.49
Benchmark 0.47 4.04 5.02 8.65 8.03 5.13 5.35
Difference -0.06 0.13 0.41 0.38 -0.6 -0.37 0.14
rolling 12 month (%)
AS OF 31 July 2025
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Fund - - 3.21 8.78 4.62 10.87 -8.22 3.47 9.90 9.03
Benchmark - - 2.61 6.76 3.49 10.70 -8.01 4.49 11.06 8.65
Difference - - 0.60 2.02 1.13 0.17 -0.21 -1.02 -1.16 0.38
CALENDAR YEAR (%)

(Year Ended 31 December)

2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Fund - - 7.05 -0.93 16.61 7.39 5.56 -11.97 12.03 7.99
Benchmark - - 7.50 -2.21 14.27 6.59 5.16 -11.11 13.46 8.23
Difference - - -0.46 1.28 2.34 0.80 0.40 -0.86 -1.43 -0.24

The monthly calculated performance scenarios are available upon request.

Source: PGIM, Inc. Past performance is no guarantee of future results. Net returns are calculated on a Net Asset Value (NAV) to NAV basis and reflect the deduction of ongoing fees, which include the management fee. Difference represents the difference between net returns and the benchmark and may reflect rounding differences. Benchmark is MSCI EM INDEX (the "Benchmark").

This is a marketing communication. Further information about the Fund (including the current Prospectus and Fund Supplement, net asset value per share of the Fund, and most recent financial statements) is available from the applicable distributor.

The Benchmark is an issuer-constrained version of the US Corporate High-Yield Index that covers non-investment grade, fixed-rate, taxable corporate bond market. It limits issuer exposures to a maximum 1% and redistributes the excess market value index-wide on a pro-rata basis. Securities must be rated BB/B using the middle rating of Moody’s, S&P, and Fitch, and have at least 1 year until final maturity. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg does not approve or endorse this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith..

Fund performance is as of the last business day of the month as defined in the Fund Supplement, which may differ from the month end. If any current shareholders would like to receive intra-month summaries please request this through your registered financial intermediary.

All data as of 30 June 2025 unless otherwise indicated.
All data as of 30 June 2025 unless otherwise indicated.
Sector Allocation (%)
Sector
Fund
Benchmark
High Yield 84.7% 99.2
US Government 5.9% 0.0
Bank Loan 4.3% 0.0
IG Corporates 2.4% 0.0
Emerging Markets 1.7% 0.8
Cash/Equiv 1.0%
Credit Quality (%)
Rating
Fund
Benchmark
AA 5.9 0.0
BBB 2.4 0.0
BB 36.5 50.8
B 37.0 35.9
CCC & Below 16.2 13.1
Not Rated 0.9 0.3
Cash/Equiv 1.0
TOP 10 INDUSTRIES (%)
Industry
Fund
Benchmark
Building Mat. & Home Const. 8.4 3.7
Gaming & Lodging & Leisure 7.4 6.4
Healthcare & Pharm. 7.1 7.2
Telecom 6.4 4.9
Cable & Satellite 6.1 6.0
Retailers & Restaurants 5.4 6.0
Finance Companies 5.3 4.4
Consumer Non-Cyclical 4.8 7.3
Energy - Upstream 4.6 5.2
Capital Goods 4.5 3.3
TOP 10 COUNTRIES (%)
Country
Fund
Benchmark
United States 86.8 86.7
Canada 5.4 4.3
France 1.5 1.2
United Kingdom 1.3 2.3
Jamaica 0.7 0.0
Switzerland 0.7 0.2
Zambia 0.4 0.0
Luxembourg 0.4 0.6
Italy 0.4 0.4
Australia 0.3 0.6
CURRENCY ALLOCATION (%)
Currency
Share Class
Benchmark
USD 99.9 100.0
EUR 0.1 0.0
Other Developed 0.0 0.0
Yen 0.0 0.0
Emerging Markets 0.0 0.0
TOP 10 ISSUERS (%)
Issuer
Fund
Benchmark
NEXT ALT SARL 2.8 1.7
Lumen Technologies 1.5 0.7
ECHOSTAR 1.5 1.5
VENTURE GLOBAL PARTNERS II LLC 1.5 1.4
TENET HEALTHCARE 1.2 0.9
DAVITA 1.2 0.4
CARVANA 1.1 0.4
BAUSCH HEALTH COMPANIES 1.1 0.9
ALLIED UNIVERSAL 1.1 0.5
FRONTIER COMMUNICATIONS PARENT 1.1 0.6
INDUSTRY ALLOCATION (%)
Industry
Fund
Benchmark
Industrial 81.6 84.8
Finance 10.3 12.1
Utility 0.8 3.0
REGIONAL ALLOCATION (%)
Region
Fund
Benchmark
Dollar Bloc 92.5 91.8
Europe 4.9 6.6
Latin America 0.9 0.0
Africa 0.4 0.0
Asia 0.2 1.5
Cash/Equiv 1.0
PGIM ESG IMPACT RATINGS DISTRIBUTION (%)
Score
Fund
Benchmark
Average PGIM ESG Impact Rating 51.6 50.3
85-100 (Net Positive) 0.8 0.1
65-80 (Advanced) 17.0 16.3
40-60 (Balanced) 71.7 57.4
20-35 (Lagging/Mixed) 10.4 14.1
0-15 (Net Negative) 0.0 0.3
Not Rated 0.0 11.8
MSCI ESG RISK RATINGS* (%)
Rating
Fund
Benchmark
AAA 3.9 4.1
AA 13.1 13.9
A 20.1 17.4
BBB 13.5 15.7
BB 10.3 11.1
B 5.1 5.8
CCC 2.1 2.3
Not Rated 32.1 29.6
MSCI CARBON METRICS (%)
Fund*
Benchmark
Corporates
Weighted Average Carbon Intensity** 155.1 220.0
(%) of Corporates 93.9 100.0
(%) of Corporates Coverage 68.5 71.9
Sovereigns
GHG emissions per capita (tons of CO2 eq) 17.6
(%) of Sovereigns 6.0 0.0
(%) of Sovereigns Coverage 100.0

Source: PGIM, Inc. Totals may not equal 100% due to rounding. Portfolio holdings may not represent current, future investments or all of the portfolio’s holdings. Future portfolio holdings may not be profitable.

This is a marketing communication. Further information about the Fund (including the current Prospectus and Fund Supplement, net asset value per share of the Fund, and most recent financial statements) is available from the applicable distributor.

This Summary Fund Profile is a financial promotion and qualified in its entirety by reference to the more complete information contained in the Company’s Prospectus (the “Prospectus”), Supplement (the “Supplement”) and Key Investor Information Document (the “KIID”) or Key Information Document (the "KID"), depending on the jurisdition (collectively the “Fund Documents”). Capitalised terms used herein without definition have the respective meanings provided in the Prospectus, Supplement and KIID/KID, as applicable. Investors should review the Fund Documents and seek advice prior to making an investment.

1Dollar Bloc represents allocation to U.S., Australia, Canada, Bermuda, and Cayman Islands. Europe represents all European countries plus Russia, Kazakhstan, and Turkey.

2The Credit Quality allocation is based on the current ratings methodology of Bloomberg Global Family of Indices, which is as follows: If each of the Ratings Agencies (Moody’s, S&P, and Fitch) assigns ratings to an instrument, the methodology will attribute the middle rating to the instrument after dropping the highest and lowest ratings. If only two Ratings Agencies assign ratings, the methodology will attribute the more conservative (lower) rating of the two. If only one Ratings Agency assigns a rating, the methodology will attribute that rating.

3MSCI Carbon Metrics is a measure of a fund's exposure to carbon related potential market and regulatory risks and is computed as the sum product of the funds companies' carbon intensities and weights. Weighted Average Carbon Intensity provided by MSCI ESG Research.

*Excludes cash and derivatives. MSCI ESG Ratings provided by MSCI ESG Research.

**Represents issuer's greenhouse gas emissions / sales (tCO2e / $M sales)

4ESG scores exclude cash and derivatives. Benchmark statistics and ESG scores based on PGIM analytics and may differ from published statistics by official benchmark vendors. PGIM Fixed Income maintains a proprietary ESG ratings framework, where issuers or issues across all fixed income sectors are given an ESG rating in addition to a fundamental credit rating. More than 100 analysts seek to assign ESG ratings based on a 100-point scale in five-point increments, with zero as the lowest and 100 as the highest. In certain instances, it may not be possible or practical to obtain or analyse the information needed to assess and rate each investment and where this is the case our analysts may either make reasonable assumptions in order to rate the particular investments based on, for example, information relating to the particular industry of an underlying issuer or identify the investment as unrated. Does not constitute a recommendation regarding the merits of any investments or investment advice and should not be used as the basis for any investment decision. ESG Ratings are subject to change without notice.

©2025 MSCI ESG Research LLC. Reproduced by permission; no further redistribution permitted. Although PGIM's information providers, including without limitation MSCI ESG Research LLC and its affiliates (the “ESG Parties”) obtain information from sources they consider reliable, none of the ESG Parties warrants or guarantees the originality, accuracy and/or completeness, of any data herein and expressly disclaim all express or implied warranties, including those of merchantability and fitness for a particular purpose, with respect to any data herein. None of the ESG Parties shall have any liability for any errors or omissions in connection with any data herein, or any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

ABOUT

PGIM Fixed Income, with $821 billion in assets under management (as of 31 Mar 2024)1, is a global asset manager offering active solutions across all fixed income markets. The company has offices in Newark, N.J., London, Tokyo, Amsterdam and Singapore. At PGIM Fixed Income we believe that research-driven security selection is the most consistent strategy for adding value to client portfolios. The firm complements that base strategy with active sector rotation, duration management, and superior trade execution. Risk budgeting is central to this approach.

Robert Cignarella, CFA
Robert Cignarella, CFA

Managing Director and Head of U.S. High Yield for PGIM Fixed Income

|

PGIM Fixed Income

Robert Cignarella, CFA, is a Managing Director and Head of U.S. High Yield for PGIM Fixed Income.

Robert Spano, CFA
Robert Spano, CFA

Principal and Portfolio Manager for PGIM Fixed Income's U.S. High Yield Bond Team

|

PGIM Fixed Income

Robert Spano, CFA, CPA, is a Principal and a high yield portfolio manager for PGIM Fixed Income's U.S. High Yield Bond Team.

Brian Clapp
Brian Clapp

Principal and a high yield portfolio manager for PGIM Fixed Income's U.S. High Yield Team

|

PGIM Fixed Income

Brian Clapp, CFA, is a Principal and a high yield portfolio manager for PGIM Fixed Income's U.S. High Yield Team.

Michael Gormally
Michael Gormally

Vice President, Portfolio Manager, and a Trader for PGIM Fixed Income's U.S. High Yield Bond Team

|

PGIM Fixed Income

Michael Gormally is a Vice President, portfolio manager, and trader for PGIM Fixed Income's U.S. High Yield Bond Team

Brian Lalli
Brian Lalli

Principal and portfolio manager for PGIM Fixed Income's U.S. High Yield Bond Team

|

PGIM Fixed Income

Brian Lalli is a Principal and portfolio manager for PGIM Fixed Income's U.S. High Yield Bond Team.

Source: PGIM, Inc. Past performance is no guarantee of future results.

This is a marketing communication. Further information about the Fund (including the current Prospectus and Fund Supplement, net asset value per share of the Fund, and most recent financial statements) is available from the applicable distributor.

This Summary Fund Profile is a financial promotion and qualified in its entirety by reference to the more complete information contained in the Company’s Prospectus (the “Prospectus”), Supplement (the “Supplement”) and Key Investor Information Document (the “KIID”) or Key Information Document (the "KID"), depending on the jurisdition (collectively the “Fund Documents”). Capitalised terms used herein without definition have the respective meanings provided in the Prospectus, Supplement and KIID/KID, as applicable. Investors should review the Fund Documents and seek advice prior to making an investment.

1Assets under management (AUM) are based on company estimates and are subject to change.

For purposes of the biographies, the “Firm” is defined as Prudential Financial, Inc. ("PFI"). All PGIM and Prudential named entities are subsidiaries or affiliates of PFI. PFI. of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom.

3311439     Ed. 01/2024

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There is no guarantee that this objective will be achieved. Portfolio characteristics subject to change. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.