PGIM Securitized Credit Fund
Awards
Barron’s Best Fund Families: Ranked #4 for best fund family over the 1-year period ended 12/31/2024, among 48 qualifying fund families based on asset- weighted returns.
Seeks to maximize total return through a combination of current income and capital appreciation by investing primarily in securitized credit investments. The Fund may be appropriate for investors looking to gain exposure to structured product sectors within the fixed income market.
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. This chart represents historical performance and does not assume the effects of sales charges or varying fees and expenses of other share classes. If shown with sales charges or these other fees and expenses, performance could have been lower. It is not possible to invest directly in an index. Click here to view benchmark index definitions.
Inception date is that of a predecessor fund that reorganized into the Fund prior to the Fund's launch on July 1, 2019.
FUND INFORMATION
Fund StatisticS
|
Name
|
Weight
|
|---|---|
| Average Maturity (years) | 4.2 |
| Duration (years) | 0.3 |
Source: Morningstar. Morningstar Ratings may be calculated based on share class adjusted historical returns. If so, the fund’s independent Morningstar Rating metric uses the fund’s oldest class to determine its hypothetical rating for certain periods. Morningstar Ratings are calculated for managed products with a 3-year minimum history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. Rating is calculated based on a Morningstar Risk-Adjusted Return measure accounting for variation in a managed product's monthly excess performance that emphasizes downward variations more and rewards consistent performance, with no sales load adjustment. In each category, the top 10% receive 5 stars, with 4 stars for the next 22.5%, 3 stars for the next 35%, 2 stars for the next 22.5%, and 1 star for the bottom 10%. Overall Morningstar Rating is derived from a weighted average of the performance associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics: for 36-59 months of total returns, 100% 3-year rating, for 60-119 months of total returns, 60% 5-year rating/40% 3-year rating, and for 120 or more months of total returns, 50% 10-year rating/30% 5-year rating/20% 3-year rating.
The LSEG Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The LSEG Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is an objective, quantitative, risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the LSEG Lipper Fund Award. For more information, see lipperfundawards.com. Although LSEG Lipper makes reasonable efforts to ensure the accuracy and reliability of the data used to calculate the awards, their accuracy is not guaranteed. LSEG Lipper Fund Awards, © 2025 LSEG. All rights reserved. Used under license.
PGIM Securitized Credit Fund (Class R6) total return ranking for the 1-year period: 2/106 funds as of 11/30/2023. Inception date: Class R6: 11/16/2015. Lipper Funds category rankings are based on total return, do not take sales charges into account, and are calculated against all funds in each fund’s respective Lipper category.
Class R6 Lipper total return ranking for the 1-, and 3-year periods as of 12/31/2024 for the Alternative Credit Focus Fund category were: 30/106, and 1/95 funds, respectively. Past performance is no guarantee of future results.
Under normal market conditions, the Fund invests at least 80% of its investable assets in securitized credit investments, including derivative instruments that provide exposure to securitized credit investments and other similar credit instruments. and other similar credit instruments. Securitized credit investments are also referred to as “structured product securities” or “structured products” which bear risks of the underlying investments, index or reference obligation. The Fund may invest in fixed-income securities, which are subject to credit, market and interest-rate risk, including high yield (“junk”) bonds, which are subject to greater credit and market risks. The Fund may also invest in foreign securities, which are subject to currency fluctuation and political uncertainty; mortgage-related and asset-backed securities which are subject to prepayment risks, credit risk, interest rate risk, and liquidity and valuation risk; leveraging techniques, which may magnify loses; and derivative securities, which may carry market, credit, and liquidity risks. The Fund may not be involved in all sectors at a given time. The Fund is non-diversified which means that the Fund may invest a greater percentage of its assets in the securities of a single company or other issuer than a diversified fund. US Government and Agency Securities are subject to market risk, interest rate risk and credit risk. Not all US Government securities are insured or guaranteed by the full faith and credit of the US Government When investing in bank loans, the Fund’s ability to receive payments is subject to counterparty risk. As a new and relatively small fund, the Fund’s performance may not represent how the Fund is expected to perform in the long term. There is a risk that large shareholders may redeem all or a substantial portion of their investments in the Fund at any time, which could have a significantly negative impact on the Fund’s net asset value, liquidity and brokerage costs. These risks may increase the Fund’s share price volatility. There is no guarantee the Fund’s objective will be achieved. Please see the Fund’s Prospectus for more detailed information regarding risks.
- Monthly & Quarterly Performance
- Prices & Yields
Total Returns (%)
| TOTAL RETURNS (%) WITH SALES CHARGE WITHOUT SALES CHARGE | |||||||
|---|---|---|---|---|---|---|---|
| Cumulative | Average Annual | ||||||
| Class | Ticker | YTD | 1-Yr | 3-Yr | 5-Yr | 10-Yr | Since Inception |
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.
For periods prior to July 1, 2019, the Fund’s performance is that of an investment trust (the “Predecessor Fund”), which commenced operations on November 16, 2015. The performance of the Predecessor Fund has been adjusted to reflect the fees and expenses for the applicable class of shares of the Fund. If the performance of the Predecessor Fund had not been adjusted to reflect the fees and expenses of the Fund, the performance may have been higher than the performance shown for each class of shares. The Predecessor Fund was reorganized into the Fund immediately before the Fund commenced operations on July 1, 2019. Prior to the reorganization, the Predecessor Fund was managed by the Fund’s subadviser since its inception (using the same portfolio management team). The investment objective and strategies of the Predecessor Fund were, in all material respects, the same as those of the Fund, and the Predecessor Fund was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. However, the Predecessor Fund was not registered as an investment company under the Investment Company Act of 1940 ("1940 Act") and the Predecessor Fund was not subject to certain investment limitations, diversification requirements, liquidity requirements, daily net asset value calculation requirements and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986 which, if applicable, may have resulted in different performance.
See Daily Returns for the PGIM Securitized Credit Fund.
See Performance of other PGIM Investments Mutual Funds.
See Calendar Year Performance for the PGIM Securitized Credit Fund.
See Daily Returns for the PGIM Securitized Credit Fund.
See Quarterly SEC Standardized Performance of other PGIM Investments Mutual Funds.
See Calendar Year Performance for the PGIM Securitized Credit Fund.
|
Fund Expenses
|
Maximum sales charge (%)
|
|||
|---|---|---|---|---|
|
Class
|
Gross (%)
|
Net (%)
|
Date*
|
|
| A | 1.00 | 0.90 | 01/31/2027 | 3.25 |
| C | 1.82 | 1.65 | 01/31/2027 | 1.00 |
| R6 | 1.10 | 0.60 | 01/31/2027 | — |
| Z | 0.77 | 0.65 | 01/31/2027 | — |
*This date represents the contractual reduction date through which the net expense ratio is in effect.
Total return describes the return to the investor after net operating expenses but before any sales charges are imposed. Morningstar Category Average is unmanaged, is based on the average return of all funds in this category, and does not take into consideration applicable sales charges. Unless noted otherwise, Morningstar Category Average and index returns reflect performance beginning the closest month-end date to the Fund's inception. Benchmark since inception average is based on Class Z inception date. SEC standardized return describes the return to the investor after net operating expense and maximum sales charges are imposed. All returns assume share price changes as well as the compounding effect of reinvested dividends and capital gains. Returns may reflect fee waivers and/or expense reimbursements. Without such, returns would be lower. All returns 1-year or less are cumulative.
An investment cannot be made directly in an index or average. All indexes and averages are unmanaged.
Prices
|
Class
|
NAV ($)
|
NAV Change ($)
|
NAV Change (%)
|
POP ($)
|
Total Net Assets ($)
|
|---|---|---|---|---|---|
| A |
+9.80
|
N/C 0.00 | N/C 0.00 | 10.13 | 70,874,639.90 |
| C |
+9.79
|
N/C 0.00 | N/C 0.00 | — | 35,221,186.81 |
| R6 |
+9.79
|
-0.01
|
-0.10
|
— | 52,935,324.68 |
| Z |
+9.80
|
N/C 0.00 | N/C 0.00 | — | 2,398,489,173.50 |
NAV (Net Asset Value) is the $U.S. value of a single share of a fund, excluding any sales charges. Change shows the change in $U.S. value over the previous day:
= Gain, 
= Loss, 
= No Change.
See Prices of other PGIM Investments Mutual Funds.
52 Week High/Low
|
Class
|
52 Week High ($)
|
52 Week High Date
|
52 Week Low ($)
|
52 Week Low Date
|
|---|---|---|---|---|
| A | 9.80 | 01/27/2026 | 9.63 | 04/15/2025 |
| C | 9.79 | 01/27/2026 | 9.62 | 04/15/2025 |
| R6 | 9.80 | 01/26/2026 | 9.62 | 04/14/2025 |
| Z | 9.80 | 01/27/2026 | 9.63 | 04/15/2025 |
For share classes less than one year old, the 52-week high and 52-week low NAVs are calculated from inception to the current date.
Yields
| Class | SEC 30-Day Subsidized Yield (%) | SEC 30-Day Unsubsidized Yield (%) | Offer Distb. Yield (%) | NAV Distb. Yield (%) | SEC-30 Day Sub Taxable Equivalent Yield (%) |
|---|---|---|---|---|---|
| A - View Prospectus | 4.78 | 4.73 | 4.68 | 4.84 | — |
| C - View Prospectus | 4.19 | 4.11 | — | 4.09 | — |
| R6 - View Prospectus | 5.24 | 5.16 | — | 5.14 | — |
| Z - View Prospectus | 5.20 | 5.11 | — | 5.09 | — |
See Yields of other PGIM Investments Mutual Funds.
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.
This material must be preceded or accompanied by a current prospectus or summary prospectus. Consider a fund's investment objectives, risks, charges, and expenses carefully before investing. The prospectus and summary prospectus contain this and other information about the fund. For more information about a fund, click on the prospectus or summary prospectus link above. Read them carefully before investing.
- Portfolio Summary
- Complete Holdings
Portfolio Attributes
Sector Breakdown (% of Assets)
|
Sector Breakdown
|
% of Assets
|
|---|---|
| ABS | 45.2% |
| Non Agency MBS | 28.1% |
| Commercial MBS | 21.8% |
| Investment Grade Corporates | 1.6% |
| U.S. Treasuries | 0.1% |
| Other | -0.3% |
| Cash/Equiv | 3.4% |
Credit Quality (% of Assets)
|
Credit Quality
|
% of Assets
|
|---|---|
| AAA | 24.9% |
| AA | 34.3% |
| A | 13.2% |
| BBB | 12.3% |
| BB | 7.0% |
| B | 0.4% |
| Not Rated | 4.5% |
| Cash/Equiv | 3.4% |
FUND STATISTICS
|
Fund Statistics
|
Years
|
|---|---|
| Average Maturity (years) | 4.2 |
| Duration (years) | 0.3 |
All data is unaudited and subject to change. Holdings/allocations may vary. This is not a recommendation to buy or sell any security listed. Largest holdings exclude cash, cash equivalents, money market funds and enhanced cash strategies. Totals may not sum due to rounding. Negative holdings reflect outstanding trades at period end.
ABOUT
Fund Holdings
Holdings are unaudited, may vary and are subject to change. Please refer to the Fund's annual report for audited holdings information. This is not a recommendation to buy or sell any security listed.
Value ($): Cash securities are calculated using market value and derivative securities are calculated using notional value.
Source: Bank of New York Mellon. Holdings are provided to Prudential Financial by the custodian bank and Prudential Financial is not responsible for any errors or omissions related to the holdings data.
© 2026, American Bankers Association. CUSIP Database provided by FactSet Research Systems Inc. All rights reserved.
Consider a fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus and summary prospectus contain this and other information about the fund. For more information about a fund, click on the prospectus or summary prospectus link above. Read them carefully before investing.
Investment products are distributed by Prudential Investment Management Services LLC (PIMS), member FINRA and SIPC. PGIM Investments is a registered investment advisor and investment manager to PGIM registered investment companies. PGIM Fixed Income is a unit of PGIM, Inc., a registered investment advisor. PGIM Limited acts as a subadvisor to all fixed income funds. PGIM Limited is an indirect, wholly-owned subsidiary of PGIM, Inc. (“PGIM”), the principal asset management business of Prudential Financial, Inc. (“PFI”), a company incorporated and with its principal place of business in the United States. All are Prudential Financial affiliates. PGIM is the principal asset management business of Prudential Financial, Inc. (PFI), and a trading name of PGIM, Inc. and its global subsidiaries and affiliates. ©2025 Prudential Financial, Inc. and its related entities. PGIM, PGIM Investments, PGIM Fixed Income, PGIM Limited, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.
This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation. Clients seeking information regarding their particular investment needs should contact their financial professional.
INVESTMENT PRODUCTS | Are not insured by the FDIC or any federal government agency | May lose value | Are not a deposit of or guaranteed by any bank or any bank affiliate.
Prudential Financial, Inc. 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.
5044609 Ed. 12/2025
| Security ID# (CUSIP/SEDOL) | Security Description | Ticker Symbol | Coupon Rate | Maturity Date | Shares/Notional | Value ($) | % of Portfolio |
|---|
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PGIM Fixed Income, with $862 billion in assets under management as of March 31, 2025, is a global asset manager offering active solutions across all fixed income markets. The company is headquartered in Newark, New Jersey, U.S.A. with affiliated offices across the globe, including in Amsterdam, Hong Kong, London, Munich, Paris, Singapore, Tokyo, and Zurich. 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. PGIM Limited is also a subadvisor on this fund. PGIM Limited is an indirect, wholly-owned subsidiary of PGIM, Inc. (“PGIM”), the principal asset management business of Prudential Financial, Inc. (“PFI”), a company incorporated and with its principal place of business in the United States.
Brian Juliano, Edwin Wilches, CFA, Gabriel Rivera and Jordan Cohen are jointly and primarily responsible for the day-to-day management of the PGIM Securitized Credit Fund.
Brian Juliano
Managing Director and Head of the U.S. Leveraged Loan Team
Brian Juliano is a Managing Director and Head of the U.S. Leveraged Loan Team for PGIM Fixed Income.
Edwin Wilches, CFA
Managing Director and Co-Head of PGIM Fixed Income Securitized Products team
Edwin Wilches, CFA, is a Managing Director and Co-Head of PGIM Fixed Income’s Securitized Products team.
Gabriel Rivera
Managing Director and Co-Head PGIM Fixed Income’s Securitized Products Team
Public & Private Fixed Income
Gabriel Rivera is a Managing Director and Co-Head of PGIM Fixed Income’s Securitized Products Team.
Jordan Cohen
PGIM Fixed Income Principal and CMBS Portfolio Manager
Public & Private Fixed Income
Jordan Cohen is a PGIM Fixed Income Principal and CMBS Portfolio Manager.
Average Maturity is the average time to maturity for a bond. Credit quality is calculated using the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s, S&P, or Fitch. The Not Rated category consists of securities that have not been rated by an NRSRO. Duration measures investment risk that takes into account both a bond's interest payments and its value to maturity. Standard deviation depicts how widely returns vary around its average and is used to understand the range of returns most likely for a given fund. A higher standard deviation generally implies greater volatility. Overweight/Underweights are benchmarked against the Bloomberg US Aggregate Bond Index, which covers the USD-denominated, investment-grade, fixed-rate or step up, taxable bond market of SEC-registered securities and includes bonds from Treasury, Government- Related, Corporate, MBS (agency fixed-rate & hybrid ARM passthroughs), ABS, & CMBS sectors. Securities included in the index must have at least 1 year until final maturity & be rated investment-grade (Baa3/ BBB-/BBB-) or better using middle rating of Moody’s, S&P, & Fitch. All indexes and averages are unmanaged. Due to data availability, statistics may not be as of the current reporting period.
Enhanced cash strategies are variations on traditional money market vehicles. They are designed to provide liquidity and principal preservation, but with more of an emphasis on seeking returns that are superior to those of traditional money market offerings.
Source: Benchmarks - Lipper Inc.; Statistics - Morningstar Inc.; All other data from PGIM, Inc.
© 2026 Morningstar, Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar; (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.
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Class R6 and Z shares may be available to group retirement plans and institutional investors through certain retirement, mutual fund wrap and asset allocation programs. They may also be available to institutional investors. Class Z shares may be available through fee- or commission-based retail brokerage programs of certain financial intermediaries. Class A, C, and Z shares are generally closed to new retirement plans. Please see the prospectus for additional information about fees, expenses, and investor eligibility.
Consider a fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus and summary prospectus contain this and other information about the fund. For more information about a fund, click on the prospectus or summary prospectus link above. Read them carefully before investing.
Investment products are distributed by Prudential Investment Management Services LLC (PIMS), member FINRA and SIPC. PGIM Investments is a registered investment advisor and investment manager to PGIM registered investment companies. PGIM Fixed Income is a unit of PGIM, Inc., a registered investment advisor. PGIM Limited acts as a subadvisor to all fixed income funds. PGIM Limited is an indirect, wholly-owned subsidiary of PGIM, Inc. (“PGIM”), the principal asset management business of Prudential Financial, Inc. (“PFI”), a company incorporated and with its principal place of business in the United States. All are Prudential Financial affiliates. PGIM is the principal asset management business of Prudential Financial, Inc. (PFI), and a trading name of PGIM, Inc. and its global subsidiaries and affiliates. ©2025 Prudential Financial, Inc. and its related entities. PGIM, PGIM Investments, PGIM Fixed Income, PGIM Limited, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.
This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation. Clients seeking information regarding their particular investment needs should contact their financial professional.
INVESTMENT PRODUCTS | Are not insured by the FDIC or any federal government agency | May lose value | Are not a deposit of or guaranteed by any bank or any bank affiliate.
Prudential Financial, Inc. 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.
5020093 Ed. 11/2025
Fund Literature
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