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Sources of data (unless otherwise noted) are as of 30/06/2020.

For Professional Investors only. All investments involve risk, including the possible loss of capital.

In the European Economic Area (“EEA”), this financial promotion is issued by PGIM Limited or PGIM Netherlands B.V. to persons who are professional clients as defined in Directive 2014/65/EU (MiFID II), investing for their own account, for fund of funds, or discretionary clients. PGIM Limited's registered office: Grand Buildings, 1-3 Strand, Trafalgar Square, London, WC2N 5HR. PGIM Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number 193418). PGIM Netherlands B.V.'s registered office: Gustav Mahlerlaan 1212, 1081 LA  Amsterdam, The Netherlands. PGIM Netherlands B.V. is authorised by the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten  - AFM) as an alternative investment fund manager with MiFID top up service capabilities (Registration number 15003620).  PGIM Limited and PGIM Netherlands B.V. are authorized to provide financial services and passport those services into various jurisdictions in the EEA.  In the EEA, business activities are conducted by PGIM Limited or PGIM Netherlands B.V., which are indirect, wholly-owned subsidiaries of PGIM, Inc. (“PGIM” and the “Investment Manager”), the principal asset management business of Prudential Financial, Inc. ("PFI"), a company incorporated and with its principal place of business in the United States. 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. PGIM, the PGIM logo and the Rock symbol are service marks of PFI and its related entities, registered in many jurisdictions worldwide. PGIM Fixed Income and PGIM Real Estate are trading names of PGIM an SEC registered investment advisor in the United States. Jennison and QMA are trading names of Jennison Associates LLC, and QMA LLC, respectively, both of which are SEC registered investment advisors and wholly owned subsidiaries of PGIM.  

This is a sub-fund of PGIM Funds plc. In connection with an investment in the funds, in addition to reviewing the information, you should review the Fund Documents (Prospectus, the Supplement and the KIID). 
 
The funds may not be registered for public distribution in a number of jurisdictions. This material does not constitute an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not lawful or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation.
 
The information on this website is for informational or educational purposes. The information is not intended as investment advice and is not a recommendation about managing or investing assets. In providing these materials, PGIM is not acting as your fiduciary. This webpage qualified in its entirety by reference to the more complete information contained in the PGIM Funds plc's Prospectus (the “Prospectus”), Supplement (the “Supplement”) and Key Investor Information Document (the “KIID”) (collectively the “Fund Documents”). Capitalised terms used herein without definition have the respective meanings provided in the Prospectus, Supplement and KIID, as applicable. Investors should review the fund documents and seek advice prior to making an investment.

Risks

An investment in the funds involve a high degree of risk, including the risk that the entire amount invested may be lost. The funds are primarily designed to purchase certain investments, which will introduce significant risk to the funds, 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.

The Funds may be deemed to be a speculative investment and is not intended as a complete investment program. Investment in the Funds 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 Shareholders should carefully consider the risks involved in an investment in the Funds, including, but not limited to, those discussed in the Fund Documents. Prospective and existing Shareholders 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 Funds and its Shareholders.

Please click on this disclosure link for important information.

The views expressed herein are those of Jennison Associates, PGIM Fixed Income, PGIM Real Estate, and QMA at the time the comments were made, may not be reflective of their current opinions, and are subject to change without notice. Neither the information contained herein nor any opinion expressed shall be construed to constitute investment advice or an offer to sell or a solicitation to buy any securities mentioned herein. Neither PFI, its affiliates, nor their licensed sales professionals render tax or legal advice. Clients should consult with their attorney, accountant, and/or tax professional for advice concerning their particular situation. Certain information in this commentary has been obtained from sources believed to be reliable as of the date presented; however, we cannot guarantee the accuracy of such information, assure its completeness, or warrant such information will not be changed. The information contained herein is current as of the date of issuance (or such earlier date as referenced herein) and is subject to change without notice. The manager has no obligation to update any or all such information; nor do we make any express or implied warranties or representations as to the completeness or accuracy.