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Sources of data (unless otherwise noted) are as of 30 June 2023.  
 
¹Assets under management (AuM) are net unless otherwise noted. AuM totals may not sum due to rounding and double counting. AUM total includes $16 billion in assets managed by PGIM Fixed Income for affiliated businesses, $79 billion in PGIM Japan assets, and $130 million of which is sub-advised by PGIM Private Capital.   

²Past Performance is not a reliable indicator of future performance. Awards and ratings are subject to change without notice and do not constitute investment advice or an offer to buy any security. Please click on the disclosure link, for further information on the methodology.  

³Source: Morningstar. Based on all share classes with at least a 1-year track record in a ranked Morningstar EAA Category (Based on all share classes ranked by Morningstar).

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

In the United Kingdom, information is issued by PGIM Limited with 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), and with respect to its Italian operations by the Consob and Bank of Italy. In the European Economic Area (“EEA”), information may be issued by PGIM Netherlands B.V., PGIM Limited or PGIM Luxembourg S.A. depending on the jurisdiction.  PGIM Netherlands B.V., with registered office at Gustav Mahlerlaan 1212, 1081 LA, Amsterdam, The Netherlands, is authorised by the Autoriteit Financiële Markten (“AFM”) in the Netherlands (Registration number 15003620) and operates on the basis of a European passport. PGIM Luxembourg S.A., with registered office at 2, boulevard de la Foire, L-1528 Luxembourg, is authorised and regulated by the Commission de Surveillance du Secteur Financier (the “CSSF”) in Luxembourg (registration number A00001218) and operating on the basis of a European passport. In certain EEA countries, information is, where permitted, presented by PGIM Limited in reliance of provisions, exemptions or licenses available to PGIM Limited under temporary permission arrangements following the exit of the United Kingdom from the European Union. These materials are issued by PGIM Limited, PGIM Netherlands B.V. and/or PGIM Luxembourg S.A. to persons in the UK who are professional clients as defined  under the rules of the FCA and/or to persons in the EEA who are professional clients as defined in the relevant local implementation of Directive 2014/65/EU (MiFID II). In Switzerland, information is issued by PGIM Limited, London, through its Representative Office in Zurich with registered office: Kappelergasse 14, CH-8001 Zurich, Switzerland. PGIM Limited, London, Representative Office in Zurich is authorised and regulated by the Swiss Financial Market Supervisory Authority FINMA and these materials are issued to persons who are professional or institutional clients within the meaning of Art.4 para 3 and 4 FinSA in Switzerland. PGIM Limited, PGIM Netherlands B.V. and PGIM Luxembourg S.A. 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 adviser in the United States. Jennison and PGIM Quantitative Solutions are trading names of Jennison Associates LLC, and PGIM Quantitative Solutions LLC, respectively, both of which are SEC registered investment advisers and wholly owned subsidiaries of PGIM. Registration with the SEC does not imply a certain level or skill or training.

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/KID).  
   
This material is not suitable for distribution in the United States or to US Persons. The Fund 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 Fund is not registered under the U.S. Securities Act of 1933, as amended, nor the U.S. Investment Company Act of 1940, as amended, and therefore the shares of the Fund generally may not be offered or sold in the United States or its territories or possession to a U.S. person, as such terms as defined in the Prospectus.  

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”) or Key Information Document (the “KID”), depending on the jurisdiction (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 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. 

In connection with an investment in the Fund, in addition to reviewing the information, you should review the Fund Documents (Prospectus, the Supplement and the KIID/KID). You should review and carefully consider these documents, especially the risk factors explained within them, and should seek advice from your legal, tax, and other relevant advisers before making any decision to subscribe for the Fund’s Shares. If there is any conflict between this information and the Fund Documents, the Fund Documents shall prevail. You must rely solely on the information contained in the Fund Documents in making any decision to invest in the Fund.  

The Fund Documents as well as the latest annual and semi-annual report and accounts are available in English and can be obtained free of charge at PGIM Limited (at its registered office at Grand Buildings, 1-3 Strand Trafalgar Square, London, WC2N 5HR, United Kingdom or at www.pgimfunds.com) and/or PGIM Investments (Ireland) Limited (at its registered office at 2nd Floor, 5 Earlsfort Terrace, Dublin 2, Ireland or at www.pgimfunds.com) and/or PGIM Netherlands B.V. (at its registered office at Gustav Mahlerlaan 1212, 1081 LA, Amsterdam, The Netherlands or at www.pgimfunds.com) and/or PGIM Luxembourg S.A. (at its registered office at 2, boulevard de la Foire, L-1528 Luxembourg or at www.pgimfunds.com). The KIIDs/KIDs can be obtained from www.pgimfunds.com and are available in one of the official languages of each of the EU Member States into which each sub-fund has been notified for marketing under the Directive 2009/65/EC (the UCITS Directive). In addition, a summary of investor rights is available from www.pgimfunds.com. The summary is available in English. The sub-funds of the Company are currently notified for marketing into a number of EU Member States under the UCITS Directive. PGIM Funds plc can terminate such notifications for any share class and/or sub-fund of the Company at any time using the process contained in Article 93a of the UCITS Directive. 

© 2023 Prudential Financial, Inc. ('PFI') of the United States and its related entities. PGIM and the PGIM logo are service marks of PFI and its related entities, registered in many jurisdictions worldwide.