PGIM Multi-Sector Credit Fund - USD I Accumulation

FACT SHEET

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Overall Morningstar Rating ^TM

Morningstar Medalist Rating^TM

Objective

The investment objective of the PGIM Multi-Sector Credit Fund (the "Fund") (prior to 01 August 2024, the Fund was known as PGIM Multi Asset Credit Fund) is to seek to outperform Bloomberg Multiverse 1-5yrs Ex Treasury A+ to B- USD GBP EUR Index (USD Hedged)^ (the "Benchmark") over a full market cycle on a total return basis. The Fund is actively managed and seeks to add value through a flexible investment strategy, investing in a variety of securities and instruments and using a variety of investment techniques which may include managing duration, credit quality, yield curve positioning, and currency exposure, as well as sector and security selection. There is no assurance that the investment objective will be achieved. The Fund’s investments may include debt, asset-backed securities, mortgage backed securities, Rule 144A securities, Reg S securities, certain loan instruments, trust preferred securities, preferred stock, and private placement securities. The Fund may also use derivatives (to a significant extent) for investment, risk management or hedging purposes. 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 defined below for additional information.

actively managed

Seeks to drive alpha through methodical, bottom-up security selection combined with tactical duration, credit quality, and yield curve positioning

deep & experienced team

With 180+ experienced investment professionals in the multi-sector group, few can match the experience, scale and resources of PGIM Fixed Income

risk-focused

Daily monitoring of issuer and market risks, with stress tests that help mitigate industry, issuer, credit quality, and liquidity concerns

All data as of 26 January 2026 unless otherwise indicated.

Fund features

Investment Manager: PGIM Fixed Income

Domicile: Ireland

Benchmark: Bloomberg Multiverse 1-5 Years Ex Treasury A+ to B- USD GBP EUR Index (USD Hedged)

Base Currency: USD

Dealing: Daily

Fund Net Assets (USD mm): 507.37

SFDR Classification: Article 8

FUND CHARACTERISTICS

AS OF 31 December 2025

	Fund	Benchmark
Number of Countries	59	104
Average Coupon (%)	4.70	4.05
Effective Duration (yrs)	3.04	2.57
Number of Issues	895	9,768
Average Quality (Moody's)	Baa1	Baa1
Spread (bps)	140	92
Turnover Ratio (Latest 12-Months)	52	—
Spread Duration (yrs)	4.07	2.63
Yield-to-Worst (% gross)	5.66	4.66
Number of Issuers	477	2,758
Weighted Avg. Life (yrs)	4.47	2.83
Yield-to-Maturity (% gross)	5.82	4.84

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

fees

Entry Charge: None

Exit Charge: None

Management (%): 0.40

Ongoing Charges (%): 0.48

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: IE00BZ4CS792

SEDOL: BZ4CS79

WKN: A2ARGH

Bloomberg: PMACUIA 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.

^The Fund’s Benchmark changed on 1 August 2024. The past performance data shown in the chart for annual periods prior to that date relates to the Fund’s performance against the previous Benchmark, ICE BofA US 3-Month Treasury Bill Index.

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.

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.

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.

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MORNINGSTAR INFORMATION

Overall Morningstar Rating™ out of 676 Global Flexible Bond, as of 31 December 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: 26 September 2016. Ratings 3yr 4/676, 5yr 5/546, 10yr N/A. See MORNINGSTAR INFORMATION at the bottom of this page.

©2026 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.

Investment Week Award

PGIM Multi-Sector Credit Fund (previously known as PGIM Multi Asset Credit Fund) received the award on 20/06/2024 based on data as of 31/01/2024.

fund administration

Investment Manager	PGIM, Inc.
Listing	Global Exchange Market of the Irish Stock Exchange plc
Depositary	State Street Custodial Services (Ireland) Limited
Administrator	State Street Fund Services (Ireland) Limited
Auditor	PwC
Reporting	Monthly 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.

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 Performance (%)

AS OF 31 December 2025

					ANNUALISED
Net Returns	1 Mo	3 Mo	YTD	1Yr	3Yr	5Yr	Since Inception (26 September 2016)
Fund	0.39	1.45	8.21	8.21	8.40	4.78	4.83
Benchmark	0.36	1.26	6.88	6.88	6.98	2.83	3.36
Difference	0.03	0.19	1.33	1.33	1.42	1.95	1.47

rolling 12 month Performance (%)

AS OF 31 December 2025

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Fund	—	6.29	1.04	9.60	2.91	2.82	-3.58	8.80	8.19	8.21
Benchmark	—	3.70	1.18	7.43	4.68	0.51	-6.55	7.97	6.08	6.88
Difference	—	2.59	-0.14	2.17	-1.77	2.31	2.97	0.83	2.11	1.33

CALENDAR YEAR Performance (%)

YEAR ENDED 31 DECEMBER

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Fund	—	6.29	1.04	9.60	2.91	2.82	-3.58	8.80	8.19	8.21
Benchmark	—	3.70	1.18	7.43	4.68	0.51	-6.55	7.97	6.08	6.88
Difference	—	2.59	-0.14	2.17	-1.77	2.31	2.97	0.83	2.11	1.33

The monthly calculated performance scenarios are available upon request.

1The benchmark for the Fund changed from ICE BofA US 3-Month Treasury Bill Index ("Benchmark 2") to Bloomberg Multiverse 1-5yrs Ex Treasury A+ to B- USD GBP EUR Index (USD Hedged) ("Benchmark 1") on 1 August 2024. The performance of the share class is shown against ICE BofA US 3-Month Treasury Bill Index for comparison purposes only. Difference is calculated based on the ICE BofA US 3-Month Treasury Bill Index ("Benchmark 2").

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 Bloomberg Multiverse 1-5yrs Ex Treasury A+ to B- USD GBP EUR Index (USD Hedged) (the "Benchmark").

The Benchmark tracks the performance of a single US 3-month Treasury Bill issue purchased at the beginning of the month and held for a full month. The issue selected by the Benchmark at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date. SOURCE ICE DATA INDICES, LLC (“ICE DATA”), IS USED WITH PERMISSION. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND PGIM INVESTMENTS, OR ANY OF ITS PRODUCTS OR SERVICES.

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.

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All data as of 31 December 2025 unless otherwise indicated.

TABLE
CHARTS

Top 10 Issuers (%)

	Fund	Bench
UNITED STATES OF AMERICA	18.8	0.0
FEDERAL NATIONAL MORTGAGE ASSOCIATION	2.8	0.0
MORGAN STANLEY	1.8	1.0
CARLYLE CLO	1.3	0.0
JPMORGAN CHASE & CO	1.2	1.2
WELLS FARGO & COMPANY	1.2	0.8
FEDERAL HOME LOAN MORTGAGE CORPORATION	1.1	0.0
KKR CLO	1.0	0.0
BRAVO_NQM	0.8	0.0
SPIRE CLO	0.8	0.0

Sector Allocation (%)

	Fund	Bench
IG Corporates	25.3	66.7
High Yield	18.3	13.4
US Government	14.7	0.0
ABS	10.1	0.1
Emerging Markets	9.5	13.1
Mortgages	5.2	0.0
Non-Agency MBS	4.5	0.0
Non-US Govt Related	3.3	6.4
CMBS	2.7	0.2
Bank Loan	1.2	0.0
Municipals	1.1	0.1
Swaps	0.6	0.0
Cash & Equivalents	3.5	0.0

Credit Quality (%)

	Fund	Bench
AAA	4.3	—
AA	32.0	—
A	13.8	42.4
BBB	18.3	40.1
BB	15.1	11.3
B	9.9	6.1
CCC & Below	2.3	—
Not Rated	2.3	0.1
Cash & Equivalents	2.0	0.0

REGIONAL ALLOCATION (%)

	Fund	Bench
Dollar	60.3	47.5
Europe	26.8	38.2
Latin America	4.7	2.4
Africa	1.9	0.7
Asia	1.7	7.3
Supranational	1.3	1.1
Middle East	0.0	2.9
Cash & Equivalents	3.5	0.0

TOP 10 COUNTRIES (%)

	Fund	Bench
United States	57.6	43.8
European Union	10.2	0.0
United Kingdom	4.5	6.6
France	2.7	9.5
Canada	2.4	2.4
Spain	1.4	2.7
Germany	1.4	5.3
Supranational	1.3	1.1
Netherlands	1.0	2.0
Mexico	1.0	0.8

CURRENCY ALLOCATION (%)


USD	98.1
Euro	1.2
EM	0.4
Yen	0.3
Other Developed	0.1

TOP 10 INDUSTRIES (%)

	Fund	Bench
Banking	11.5	24.5
Telecom	2.9	3.4
Automotive	2.7	5.3
REIT	2.6	2.1
Retailers & Restaurants	2.4	1.9
Technology	2.4	4.8
Health Care & Pharmaceutical	2.2	4.8
Building Materials & Home Construction	2.2	1.1
Consumer Non-Cyclical	1.9	4.7
Energy - Midstream	1.8	1.8

INDUSTRY ALLOCATION (%)

	Fund	Bench
Industrial	27.3	43.8
Finance	17.9	35.0
Utility	1.1	5.7

MSCI CARBON METRICS (%)

	Fund	Bench
Corporates	—	—
Weighted Average Carbon Intensity	104.2	168.4
(%) of Corporates	53.0	93.4
(%) of Corporates Coverage	75.1	88.6


Sovereigns	—	—
GHG emissions per capita (tons of CO2 eq)	15.2	10.7
(%) of Sovereigns	22.2	6.3
(%) of Sovereigns Coverage	95.1	77.3

MSCI ESG RISK RATINGS (%)

	Fund	Bench
AAA	2.5	10.9
AA	11.9	28.0
A	27.0	21.7
BBB	11.5	15.1
BB	6.4	7.4
B	3.1	3.4
CCC	0.7	1.1
Not Rated	37.0	12.4

PGIM ESG IMPACT RATINGS DISTRIBUTION (%)

	Fund	Bench
Average PGIM ESG Impact Rating	54.1	53.0
85-100 (Net Positive)	3.8	0.3
65-80 (Advanced)	12.4	23.6
40-60 (Balanced)	77.7	58.2
20-35 (Lagging/Mixed)	5.3	9.3
0-15 (Net Negative)	—	1.9
Not Rated	0.7	6.7

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.

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.

©2026 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.

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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.